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"value": "The company and its subsidiaries, together forming the group, comprise UK, Swedish and Dutch life and pensions businesses. The UK segment consists of the CA and CASLP businesses, as described in Note 7. The acquisition of Sanlam Life & Pensions UK (SLP) took place on 28 April 2022, and the business subsequently changed its legal name to CASLP. Its activities are performed almost entirely in the UK, where it underwrites life risks such as those associated with death, disability and health and provides a portfolio of investment contracts for the savings and retirement needs of customers through asset management. It is substantially closed to new business, such that new insurance contracts are only issued to existing customers, dependent on their changing needs. The Swedish segment comprises the Movestic business, as described in Note 7. Its activities are performed predominantly in Sweden, where it underwrites life, accident and health risks and provides a portfolio of investment contracts. It is open to new business, distributing its products principally through independent financial advisors. The Dutch segment comprises the Waard Group and Scildon businesses, as described in Note 7. These represent the group\u2019s Dutch life businesses. The Waard Group originally consisted of three insurance companies Waard Leven N.V., Hollands Welvaren Leven N.V. and Waard Schade N.V., and a servicing company, Waard Verzekering. The Waard Group\u2019s policy base is predominantly made up of term life policies, although also includes unit-linked policies and some non-life policies, covering risks such as occupational disability and unemployment.",
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"value": "Statement of compliance The consolidated financial statements have been prepared in accordance with United Kingdom adopted international accounting standards in conformity with the requirements of the Companies Act 2006. Both the parent company financial statements and the group financial statements have been prepared and approved by the directors in accordance with United Kingdom adopted international accounting standards. IFRS 9 \u2013 temporary exemption \u2018IFRS 9 Financial Instruments\u2019 was effective from 1 January 2018 and replaced \u2018IAS 39 Financial Instruments: Recognition and Measurement\u2019. The group has however elected to defer the application of IFRS 9 in the consolidated financial statements, applying the temporary exemption available under \u2018Amendments to IFRS 4 Insurance Contracts: Applying IFRS 9 Financial Instruments with IFRS 4\u2019. The temporary exemption is available to reporting entities whose activities are predominantly connected with insurance and the IASB recommended that the exemption applies until the earlier of the introduction of \u2018IFRS 17 Insurance Contracts\u2019 and 1 January 2023. To support the application of the temporary exemption, an assessment of the group\u2019s liabilities was made as at 31 December 2017. The assessment determined that the proportion of liabilities connected within scope of IFRS 4, together with other liabilities connected with insurance, was greater than 90% of the total liabilities of the group as at that date. Other liabilities connected with insurance include non-derivative investment contract liabilities measured at fair value under IAS 39, with a value of \u00a33,420.3m at 31 December 2017. Certain disclosures are required as a result of deferring the application of IFRS 9 and these disclosures are contained in Note 5 and Note 24 to the financial statements. Chesnara plc (the company) does not meet the qualifying criteria for temporary exemption from applying IFRS 9 as a stand-alone reporting entity. Therefore, IFRS 9 has been applied to the parent company financial assets within these financial statements. Standards issued but not yet effective or adopted by the group At the date of authorisation of these financial statements the following table shows new accounting standards or amendments to, or interpretations of, standards relevant to the group, which are not yet effective or adopted by the group: Title Subject IFRS 17 Insurance contracts Amendments to IAS 1 Classification of liabilities as current or non-current Amendments to IAS 1 Disclosure of accounting policies Amendments to IAS 1 Non-current liabilities with covenants Amendments to IAS 8 Definition of accounting estimates Amendments to IFRS 16 Lease liability in a sale and leaseback The directors do not expect that the adoption of the standards, amendments and interpretations listed above will have a material impact on the financial statements of the group in future periods, except as follows IFRS 17 \u2013 Insurance Contracts \u2018IFRS 17 Insurance Contracts\u2019 is effective for annual reporting periods beginning on or after 1 January 2023 and brings about significant changes in the recognition, measurement, presentation and disclosure of insurance and reinsurance contracts for the group. IFRS 17 requires insurance liabilities to be broken down into separate component parts, consisting of the Liability for Remaining Coverage (LRC) and the Liability for Incurred Claims (LIC). The LRC comprises the present value of future cash flows and also introduces a risk adjustment for non-financial risk, measuring uncertainty in the amount and timing of the cash flows. The LIC is in respect of outstanding claims for insured events that have already occurred. The component parts of the LRC are collectively described as fulfilment cash flows and the movements in the fulfilment cash flows either impact the profit and loss or the Contractual Service Margin (CSM), the final component of the LRC. The CSM represents the future unearned profits of the insurance contracts and as such will be a key measure in the future reporting of insurance contracts. In the case that a group of contracts is onerous, a loss component is established instead of a CSM, with losses on onerous contracts recognised in profit or loss immediately. For reinsurance contracts held, the reinsurance contract assets will consist of the Asset for Remaining Coverage (ARC) and the Asset for Incurred Claims (AIC). The components of the ARC are similar to the LRC, with the following distinct differences: \u2013 The risk adjustment for non-financial risk represents the amount of risk being transferred by the cedant to the reinsurer; \u2013 The CSM represents the net cost or net gain on purchasing reinsurance and can be positive or negative; and \u2013 To the extent that onerous contracts are reinsured, a loss recovery component shall be established at the date the underlying onerous losses are recognised to cater for the expected recoveries of the underlying losses from the reinsurance contracts held. Measurement models IFRS 17 introduces a General Measurement Model (GMM) as the default method to determine how movements in the fulfilment cash flows impact either profit and loss or the CSM. For example, changes in the fulfilment cash flows that relate to future service impact the CSM; and changes to fulfilment cash flows due to the effect of the time value of money and the effect of financial risk do not adjust the CSM and instead impact the profit and loss. The Variable Fee Approach (VFA) is a modification of the GMM and is used where the insurance contract meets the IFRS 17 definition as having \u2018direct participating features\u2019. This means that the nature of the contract is predominantly for the provision of an investment service rather than the insurance benefits also provided. The Premium Allocation Approach (PAA) is a further simplification that can be applied for short-duration contracts whereby all movements in the liability goes to profit and loss. Reinsurance contracts are considered separately to gross insurance contracts with the majority of reinsurance contracts within the group measured under the GMM and a small amount measured under PAA. Disclosure As well as introducing more detailed disclosures relating to insurance and reinsurance contracts, IFRS 17 will have a significant impact on the presentation of the income statement with a separate insurance service result and investment result. The disclosure of insurance contracts and reinsurance contracts in the group financial statements will follow the IFRS 8 operating segment split already applied. Key judgements The group will apply a \u2018bottom-up\u2019 approach to determining discount rates with the most liquid liabilities with reference to Solvency II risk free interest rate term structures whilst an additional illiquidity premia will be applied to less liquid liabilities. The group will calculate the Risk Adjustment using a Cost of Capital (CoC) methodology similar to the Solvency II Risk Margin approach, whilst incorporating risk drivers consistent with the contract boundaries applicable under IFRS 17. The CoC rate will reflect that used in the group\u2019s own EcV reporting. The CSM at the end of the reporting period will be allocated to profit and loss based on the relevant underlying coverage units where the number of coverage units in a group is determined by considering, for each contract, the quantity of the benefits provided under a contract and its expected coverage period. The quantity of benefits provided is based on the maximum benefit payment which may become due. For contracts that provide an investment return or investment related service, the account balance is generally considered the main driver for determining the amount of service provided in a period. For products that provide an insurance service the sum assured, in excess of any account balance, is considered the main driver for determining the amount of insurance service provided in a period. IFRS 17 is required to be applied retrospectively unless it is impracticable to do so due to the lack of available and supportable historical information. For a Fully Retrospective Approach (FRA), the CSM at the date of transition is calculated by rolling forward the CSM determined at inception of the contract as if IFRS 17 had always applied. The group has been able to apply the FRA to its Dutch businesses with the inception date for the contracts acquired being the date of historical acquisition into the group. Where the FRA is impracticable, a choice between a Modified Retrospective Approach (MRA) and a Fair Value Approach (FVA) is permitted. The FVA has been applied for CA plc in the UK where the length of time elapsed since acquisition into the group has meant that the retrospective application of IFRS 17 is not possible or practicable. Scope and classification In applying IFRS 17, we have conducted a full product assessment across the group to determine the contracts within scope of IFRS 17 and also to classify the contacts into contract groups for measurement purposes based on factors such as risks, expected profitability and date of recognition of the contract. For context, under IFRS 4 the net insurance contracts make up approximately 35% of total liabilities of the group as at 31 December 2022 and although there are some differences in scope under IFRS 17, this will not change the general composition of the balance sheet. The majority of the Swedish business comprises savings contracts with some smaller value personal risk products. While we are satisfied with the assessment of the personal risk products (measured as PAA) and the majority of the savings benefits (savings component to be measured under IFRS 9 with income protection and waiver of premium benefits where provided to be separated from the host contract and measured under PAA), there is a minority of the savings benefits for which we are finalising our assessment; however, this makes up a small proportion of the total Swedish business and the liability value within the group as a whole, with the unit value of the savings balances representing less than 2% of the total liability value of the group at 31 December 2022. We will finalise this assessment for the interim 2023 reporting. As with all elements of our implementation, our assessment will first and foremost be based on our interpretation of the IFRS 17 standard, factoring in other considerations including market practice, commercial substance, materiality and operational limitations. Accounting for acquisitions and profit recognition IFRS 17 provides specific guidance on accounting for transfers of insurance contracts under a business combination and as such, the requirements of IFRS 3 \u2018Business Combinations\u2019 are modified as a result on IFRS 17 becoming effective. There is no longer any Acquired Value of In-Force Business (AVIF) calculated in respect of insurance contracts on acquisition and no immediate profit recognised on insurance contracts acquired, as was the case when IFRS 4 was extant. Instead a CSM is established, recognising the future profit that will be earned from the insurance contracts acquired as the insurance and investment-related service is provided. As a result, IFRS 17 will generally result in delayed profit recognition compared to IFRS 4. A delay in profit recognition will also generally be true for existing business, as changes in fulfilment cash flows considered to be in respect of future service will adjust the CSM, with revenue recognised only for the current service provided. This is in contrast to IFRS 4 where all changes in the insurance contract value were booked immediately to profit and loss. IFRS 9 \u2013 Financial Instruments \u2018IFRS 9 Financial Instruments\u2019 was effective from 1 January 2018 and replaces \u2018IAS 39 Financial Instruments: Recognition and Measurement\u2019. The group elected to defer the application of IFRS 9 in the consolidated financial statements, applying the temporary exemption available under \u2018Amendments to IFRS 4 Insurance Contracts: Applying IFRS 9 Financial Instruments with IFRS 4\u2019. IFRS 9.4.1 requires financial assets to be classified into the following measurement categories based on an assessment of the business model of the group and the contractual cash flow characteristics of the assets: \u2013 Amortised Cost (AC) where the financial asset is in a \u2018hold to collect\u2019 business model and where contractual cash flows arising are Solely Payments of Principal and Interest (SPPI). \u2013 Fair Value Through OCI (FVTOCI) where the financial asset is in a \u2018hold to collect and sell\u2019 business model and where contractual cash flows arising are SPPI. \u2013 Fair Value Through Profit or Loss (FVTPL) where the financial asset does not fit into either of the above classifications or where the entity elects to measure financial assets at FVTPL. The majority of the group\u2019s financial assets and liabilities will be classified as FVTPL either mandatorily as prescribed by IFRS 9, or by designating as such, as permitted under IFRS 9.4.1.5 to avoid an accounting mismatch that would otherwise have occurred with the valuation of the corresponding liabilities. Borrowings and short-term receivables will be classified as AC and no assets will be categorised as FVTOCI. The valuation of the vast majority of assets will therefore be consistent with the current valuation method under IAS 39 in these financial statements. The only exception to this is the mortgage loan portfolio within Waard, where currently under IAS 39, both the direct mortgages and savings mortgages are measured at AC. In order to avoid an accounting mismatch with the measurement of the corresponding liability valuation under IFRS 17, these assets will be designated as FVTPL under IFRS 9. The impact of these changes in classification and measurement on application of IFRS 9 to the overall group net equity position is considered below. As the measurement of assets under IFRS 9 cannot be considered without reference to the measurement of liabilities under IFRS 17, the impact below combines the impact of applying both IFRS 9 and IFRS 17. Although not mandatory, for the 2023 reporting cycle, the group will elect to apply IFRS 9 within its comparative statements from 1 January 2022 in line with IFRS 17 in order to avoid any potential accounting mismatch that may otherwise arise. Initial application and impact of IFRS 17 and IFRS 9 in the group financial statements The group has had an IFRS 17 and IFRS 9 implementation programme in place since 2018 across its various divisions and central group function. Significant progress has been made during 2022 to ensure financial and operational readiness for the 2023 reporting cycle, including the production of comparative information from 1 January 2022; the opening balance sheet date for reporting purposes. The 2023 financial statements of the group will disclose a restated balance sheet as at 1 January 2022 applying both IFRS 17 and IFRS 9. The Statement of Changes in Equity will contain an opening adjustment from the previously reported net equity position at 1 January 2022 to the comparative position reported in the 2023 financial statements. The impact to net equity at 1 January 2022 on application of IFRS 17 has been calculated by management, but as this has only recently been finalised it is still subject to our final governance procedures and has not yet been audited and therefore has not been disclosed in these financial statements. Across the group there will be various offsetting impacts to the net equity position as at 1 January 2022, the key ones being: \u2013 Recognition of the CSM as an explicit liability representing future unearned profits (net of reinsurance this will result in a decrease to net equity); \u2013 Recognition of an explicit liability for Risk Adjustment for non-financial risk (net of reinsurance this will result in a decrease to net equity); \u2013 The move from a variety of local methodologies with different areas of implicit margin to a valuation of \u2018best estimate\u2019 future cash flows discounted using market interest rates (net of reinsurance this will result in an increase to net equity); and \u2013 Derecognition of Deferred Acquisition Costs (DAC) in respect of insurance contracts (decrease to net equity).",
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"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-7": {
"value": "Basis of consolidation The consolidated financial statements incorporate the financial statements of the company and of entities controlled by the company (its subsidiaries), made up to 31 December each year. Control is achieved when the company is exposed or has rights to the variable returns from the involvement with the entity and has the ability to affect those returns through its power over the entity. The parent company financial statements present information about the company as a separate entity and not about its group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group\u2019s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling interest\u2019s share of changes in equity since the date of the combination. Profit or loss and each component of other comprehensive income are attributed to the company and to the non-controlling interests. Total comprehensive income is attributed to the company shareholders and to the non-controlling interests even if this results in the non-controlling interests having a deficit balance. The results of subsidiaries acquired or disposed of during the year are included in the Consolidated Statement of Comprehensive Income from the effective date of acquisition or up to the effective date of disposal. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by the group. All intra-group transactions, balances, income and expenses are eliminated on consolidation.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-8": {
"value": "Basis of preparation The consolidated and parent company financial statements have been prepared on a going concern basis. The directors believe that they have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. In making this assessment, the directors have taken into consideration the points as set out in the financial management section under the heading \u2018Going Concern\u2019. The financial statements are presented in pounds sterling, rounded to the nearest thousand, and are prepared on the historical cost basis except that the following assets and liabilities are stated at their fair value: derivative financial instruments; financial instruments at fair value through income; assets and liabilities held for sale; investment property; and investment contract liabilities at fair value through income. Assets and liabilities are presented on a current and non-current basis in the Notes to the financial statements. If assets are expected to be recovered or liabilities expected to be settled within a year, they are classified as current. If they are expected to be recovered or settled in more than one year, they are classified as non-current. The Company Balance Sheet is also presented in this manner. The preparation of financial statements in conformity with IFRSs requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the year in which the estimate is revised if the revision affects only that year, or in the year of the revision and future years if the revision affects both current and future years. Judgements made by management in the process of applying the group\u2019s accounting policies that have a significant effect on the financial statements and estimates with a significant risk of material adjustment in the next year are set out in Note 3. The accounting policies set out below, unless otherwise stated, have been applied consistently to all years presented in these consolidated financial statements. In accordance with IFRS 4, Insurance Contracts, on adoption of IFRS the group applied existing accounting practices for insurance and participating investment contracts, modified as appropriate to comply with the IFRS framework and applicable standards, introducing changes only where they provide more reliable and relevant information.",
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"fact-9": {
"value": "d) Business combination The group uses the purchase method of accounting for the acquisition of subsidiaries. The cost of an acquisition is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange. Expenses directly attributable to the acquisition are expensed as incurred. The acquiree\u2019s identifiable assets, liabilities, and contingent liabilities, which meet the conditions for recognition under IFRS 3, are measured initially at their fair values at the acquisition date. Gains arising on a bargain purchase, where the net fair value of the identifiable assets, liabilities and contingent liabilities of the acquiree exceeds the cost of acquisition, is recognised in the Consolidated Statement of Comprehensive Income at the acquisition date. The non-controlling interest in the acquiree is initially measured at the non-controlling interest\u2019s proportion of the net fair value of the assets, liabilities and contingent liabilities recognised.",
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"fact-10": {
"value": "Foreign currencies The individual financial statements of each group company are presented in the currency of the primary economic environment in which it operates, being its functional currency. For the purpose of these consolidated financial statements, the results and financial position of each group company are expressed in pounds sterling, which is the functional currency of the parent company and the presentation currency of the consolidated financial statements. In preparing the financial statements of the individual companies, transactions in currencies other than the entity\u2019s functional currency, being foreign currencies, are recorded at the rates of exchange prevailing on the dates of the transactions. Income and expense items are translated at the average exchange rates for the year, unless exchange rates fluctuate significantly during the period, in which case the exchange rates at the dates of transactions are used. At each balance sheet date, monetary assets and liabilities which are denominated in foreign currencies are retranslated at the rates prevailing on the balance sheet date and exchange differences are recognised in profit or loss. Non-monetary items carried at fair value, which are denominated in foreign currencies, are translated at the rates prevailing when the fair value was determined. For the purpose of presenting consolidated financial statements, the assets and liabilities of the group\u2019s foreign operations are translated at exchange rates prevailing on the balance sheet date. Income and expense items are translated at the average exchange rates for the year, unless exchange rates fluctuate significantly during the period, in which case the exchange rates at the dates of transactions are used. Exchange differences arising are classified as other comprehensive income and are recognised in the group\u2019s foreign currency translation reserve. Such translation differences are recognised as income or as expense in the year in which the operation is disposed of. Transactions relating to business combinations denominated in foreign currencies are translated into sterling at the exchange rates prevailing on the transaction date.",
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"fact-11": {
"value": " Product classification The group\u2019s products are classified at inception as either insurance or investment contracts for accounting purposes. Insurance contracts are contracts which transfer significant insurance risk and remain as insurance contracts until all rights and obligations are extinguished or expire (see below for how we classify different products). They may also transfer financial risk. Investment contracts are contracts which carry financial risk, with no significant insurance risk. Where contracts contain both insurance and investment components and the investment components can be measured reliably, for certain Movestic products, the contracts are unbundled and the components are separately accounted for as insurance contracts and investment contracts respectively. In some insurance contracts and investment contracts the financial risk is borne by the policyholders. Such contracts are usually unit-linked contracts. With-profits contracts, which subsist only within the UK business, all contain a Discretionary Participation Feature (DPF) which entitles the holder to receive, as a supplement to guaranteed benefits, additional benefits or bonuses, which may be a significant portion of the total contractual benefits. In respect of the S&P component of the CA segment, the amount and timing of such contractual benefits are at the discretion of the group and are contractually based on realised and/or unrealised investment returns on a specified pool of assets held by the group. The terms and conditions of these contracts, together with UK regulations, set out the bases for the determination of the amounts on which the additional discretionary benefits are based and within which the group may exercise its discretion as to the quantum and timing of their payment to contract holders. In respect of the original CA book, all such contracts are wholly reinsured with ReAssure Limited (now part of the Phoenix Group), and the amount or timing of the additional payments are contractually at the discretion of the reinsurer and are contractually based on: (i) the performance of a specified pool of contracts or a specified type of contract; or (ii) realised and/or unrealised investment returns on a specified pool of assets held by the reinsurer; or (iii) the profit or loss of the reinsurer. For the purpose of assessing whether significant insurance risk exists, the following general framework is applied: \u2013 Unit-linked contract with death benefit greater than 105% of unit fund: A threshold has been set to determine significant insurance risk, and for this group of products the assessment is made with reference to the policyholder\u2019s unit fund. In the event that the death benefit on a product is deemed to exceed 105% of the value of the unit fund, it is classified as an insurance product. \u2013 Unit-linked product with death benefit based on premiums received: Products that have a death benefit based on premiums received are deemed to carry significant insurance risk, as there are plausible scenarios where the additional amounts may be significant. \u2013 Unit-linked product with death benefit of a fixed sum assured: A death benefit that is a fixed sum assured is classed as having significant insurance risk as there are plausible scenarios where additional amounts may be significant. \u2013 With-profits \u2013 guaranteed minimum pensions: Guaranteed minimum pension products have significant insurance risk as the cost to the provider is contingent on the policyholder, their survival to maturity and the annuity market. \u2013 With-profits \u2013 guaranteed minimum fund value: These products have a death benefit equal to the present value of the guarantee which may be onerous depending on the timing of the death. \u2013 Protection: Protection products, such as term assurance or whole of life products, carry clear insurance risk, as the potential benefit can far exceed the premiums for the product. Investment income Investment income comprises income from financial assets and rental income from investment properties. Income from financial assets comprises dividend and interest income, net fair value gains and losses (both unrealised and realised) in respect of financial assets classified as fair value through income, and realised gains on financial assets classified as loans and receivables. Dividends are accrued on an ex-dividend basis. Interest received and receivable in respect of interest-bearing financial assets classified as fair value through income is included in net fair value gains and losses. For loans and receivables and cash and cash equivalents interest income is calculated using the effective interest method. Rental income from investment properties under operating leases is recognised in the Consolidated Statement of Comprehensive Income on a straight-line basis over the term of each lease. Lease incentives are recognised in the Consolidated Statement of Comprehensive Income as an integral part of the total lease income. ) Acquired value of in-force business Acquired in-force insurance and investment contracts arising from business combinations are measured at fair value at the time of acquisition. The difference between the fair value of insurance contracts and the liability measured in accordance with the group\u2019s accounting policies for the contracts is recorded as acquired present value of in-force business. The present value of in-force business is carried gross of tax and is amortised against income on a time profile which, it is intended, will broadly match the profile of the underlying emergence of surplus as anticipated at the time of acquisition. The present value of in-force insurance contracts is tested for recoverability/impairment as part of the liability adequacy test. The present value of in-force investment contracts recognised under IAS 38 is stated at cost less accumulated amortisation and impairment losses. The initial cost is deemed to be the fair value of the contractual customer relationships acquired. The acquired present value of the in-force investment contracts is carried gross of tax and is amortised against income on a time profile which, it is intended, will broadly match the profile of the underlying emergence of profit from the contracts. The recoverable amount is estimated at each balance sheet date. If the recoverable amount is less than the carrying amount, an impairment loss is recognised in the Consolidated Statement of Comprehensive Income and the carrying amount is reduced to its recoverable amount. Acquired value of customer relationships The acquired value of customer relationships arising from business combinations is measured at fair value at the time of acquisition. This comprises the discounted cash flows relating to new insurance and investment contracts which are expected to arise from existing customer relationships. These are carried gross of tax, are amortised in accordance with the expected emergence of profit from the new contracts and are tested periodically for recoverability. v) Policyholders\u2019 funds held by the group and liabilities relating to policyholders\u2019 funds held by the group Policyholders\u2019 funds held by the group and liabilities relating to policyholders\u2019 funds held by the group are recognised at fair value. (i) Policyholders\u2019 funds held by the group The policyholders\u2019 funds held by the group represent the assets associated with an investment product in the Swedish business, where the assets are held on behalf of the policyholder and where all the risks and rewards associated with the assets are the policyholders\u2019 not the group\u2019s. The policyholders\u2019 funds held by the group are held for investment purposes on behalf of the policyholders and are designated as at fair value through income. The fair values of the policyholders\u2019 funds held by the group are the accumulation of the bid prices of the underlying assets at the balance sheet date. Transactions in these financial assets are recognised on the trade date, which is when the group commits (on behalf of the policyholder) to purchase or sell the assets. (ii) Liabilities relating to policyholders\u2019 funds held by the group The liability relating to policyholders\u2019 funds held by the group represents the liability that matches the asset policyholders\u2019 funds held by the group. As stated previously, the risk and rewards associated with the investment product (and its underlying assets and matching liability) lie with the policyholders, not the group. Share capital Shares are classified as equity when there is no obligation to transfer cash or other assets. Incremental costs directly attributable to the issue of equity instruments are shown in equity as a deduction from the proceeds, net of tax. Incremental costs directly attributable to the issue of equity instruments, as consideration for the acquisition of a business, are included in the cost of acquisition Acquisitions and portfolio transfers Acquisitions are accounted for under IFRS 3 \u2018Business combinations\u2019. This requires management to perform an assessment of the fair value of the assets and liabilities acquired and consideration paid at the point of acquisition. In the event that the fair value of the assets and liabilities exceeds the fair value of the consideration, this is recognised as a day 1 gain. Where the fair value of the consideration exceeds the fair value of the assets and liabilities acquired it is recognised as a goodwill intangible asset on the group balance sheet. Where a transaction is not deemed to be a business combination it is accounted for as an asset and liability purchase. In this scenario the group identifies and recognise the individual identifiable assets acquired (including those assets that meet the definition of, and recognition criteria for, intangible assets in IAS 38 Intangible Assets) and liabilities assumed. The cost of the group shall be allocated to the individual identifiable assets and liabilities on the basis of their relative fair values at the date of purchase Climate change In our climate-related financial disclosures on pages 70 to 84 we identify that climate change related risks have the potential to manifest as an \u2018Investment and liquidity risk\u2019 (Principal Risk 1) or a \u2018Regulatory change risk\u2019 (Principal Risk 2). Whilst climate change risk is one of the most significant challenges facing the world, with Chesnara having its part to play in shaping policies and practices that contribute to managing climate risk challenges, the year end balance sheet does not include any significant judgements that are underpinned by a particular climate change scenario. As a consequence, we do not believe that climate change risk is currently a key source of estimation uncertainty.",
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"fact-12": {
"value": "Insurance contracts There are fundamental differences between the nature of the insurance contracts subsisting in the UK, Swedish and Dutch businesses, including inter alia contract longevity. The related product characteristics are set out for the separate UK, Swedish and Dutch businesses in Note 5. As a consequence, the alignment of income and expense recognition with the underlying assumption of risk leads to the adoption of separate accounting policies appropriate to each business, as follows: (i) Premiums Across all four businesses, both regular and up-front single payment premiums are accounted for when they fall due, or in the case of unit-linked insurance contracts, when the liability is recognised, and exclude any taxes or duties based on premiums. Outward reinsurance premiums are accounted for when due. In Sweden, written premiums for non-life (general) insurance business comprise the premiums on contracts incepting in the financial year. Written premiums are stated gross of commission payable to intermediaries and exclusive of taxes and duties paid on premiums. For the annually renewed risk contracts in Sweden, unearned premiums are those proportions of the premium which relate to periods of risk after the balance sheet date. Unearned premiums are calculated on a straight-line basis according to the duration of the policy underwritten. (ii) Claims and benefits Claims are accounted for in the accounting year in which they are due or notified. Surrenders are accounted for in the accounting year in which they are paid. Claims include policyholder bonuses allocated in anticipation of a bonus declaration. Reinsurance recoveries are accounted for in the same period as the related claim. Swedish non-life claims incurred comprise claims and related expenses paid in the year and changes in provisions for outstanding claims, including provisions for claims incurred but not yet reported and related expenses, together with any adjustments to claims from previous years. Provision is made at the year end for the estimated cost of claims incurred but not settled at the balance sheet date, including the cost of claims incurred but not yet reported. The estimated cost of claims includes expenses to be incurred in settling claims. Outstanding claims provisions are not discounted. Provisions are calculated gross of any reinsurance recoveries. All reasonable steps are taken to ensure that there is appropriate information regarding claims exposures. However, given the uncertainty in establishing claims provisions, it is likely that the final outcome will prove to be different from the original liability established. The estimation of outstanding claims provisions is described in Note 30. iii) Acquisition costs In the UK, Swedish and Scildon segments, acquisition costs comprise all direct and indirect costs arising from the conclusion of insurance contracts. They are initial fees amortised at a rate based on the pattern of anticipated margins in respect of the related policies. An explicit deferred acquisition cost asset is established in the balance sheet to the extent that acquisition costs exceed initial fees deducted. Such costs that are deferred to future years are reviewed to ensure they do not exceed available future margins. Renewal commission and other direct and indirect acquisition costs arising on enhancements to existing contracts are expensed as incurred. iv) Measurement of insurance contract provisions In the UK and Dutch businesses, insurance contract provisions are measured using accounting policies having regard to the principles laid down in Council Directive 2002/83/EC. Insurance contract provisions are determined following an annual actuarial investigation of the long-term funds and are calculated initially on a statutory basis in order to comply with the reporting requirements of the Prudential Sourcebook for Insurers and the Dutch Central Bank respectively. This valuation is then adjusted to remove certain contingency reserves and to remove excess prudence from other reserves. In accordance with this, the provisions are calculated on the basis of current information, using the specific valuation methods set out below. Unit-linked provisions are measured by reference to the value of the underlying net asset value of the group\u2019s unitised investment funds, determined on a bid value basis, at the balance sheet date. For immediate annuities in payment the provision is calculated as the discounted value of the expected future annuity payments under the policies, allowing for mortality, including projected improvements in future mortality, interest rates and expenses. For certain temporary annuities in payment no allowance for mortality or mortality improvement has been made. In respect of CA (S&P), for those classes of non-linked business with a discretionary participation feature, a gross premium method has been used to value the liability, whereby expected income and costs have been projected, allowing for mortality, interest rates and expenses. For the other classes of non-linked business the provision is calculated on a net premium basis, being the level of premium consistent with a premium stream, the discounted value of which, at the outset of the policy, would be sufficient to cover exactly the discounted value of the original guaranteed benefits at maturity, or at death if earlier, on the valuation basis. The provision is then calculated by subtracting the present value of future net premiums from the present value of the benefits guaranteed at maturity, or death if earlier, as a result of events up to the balance sheet date. Negative provisions do not arise under the net premium method, which makes no allowances for voluntary discontinuances by policyholders, and which only implicitly allows for future policy maintenance costs. In respect of CA (original book) for those classes of non-linked and unit-linked business where policyholders participate in profits the liability is wholly reassured to ReAssure Limited. The liability is calculated on a net premium basis, but is then increased to the realistic liability as a result of the liability adequacy test. Insurance contract provisions are tested for adequacy by discounting current estimates of all contractual cash flows and comparing this amount to the carrying value of the provision and any related assets: this is known as the liability adequacy test. Where a shortfall is identified, an additional provision is made and the group recognises the deficiency in income for the year. Insurance contract provisions can never be definitive as to their timing or the amount of claims and are therefore subject to subsequent reassessment on a regular basis. In Sweden, provision is made at the year end for the estimated cost of claims incurred but not settled at the balance sheet date, including the cost of claims incurred but not yet reported. The estimated cost of claims includes expenses to be incurred in settling claims. Outstanding claim provisions are not discounted other than for income protection and waiver of premium benefits, where payments may be made for a considerable period of time. h) Investment contracts All reasonable steps are taken to ensure that there is appropriate information regarding claims exposures. However, given the uncertainty in establishing claims provisions, it is likely that the final outcome will prove to be different from the original liability established. (i) Amounts collected Amounts collected on investment contracts, which primarily involve the transfer of financial risk such as long-term savings contracts, are accounted for using deposit accounting, under which the amounts collected, less any initial fees deducted, are credited directly to the balance sheet as an adjustment to the liability to the investor. (ii) Amounts deposited with reinsurers Amounts deposited with reinsurers under reinsurance arrangements, which primarily involve the transfer of financial risk, are entered directly to the balance sheet as amounts deposited with reinsurers. These assets are designated on initial recognition as at fair value through income. (iii) Benefits For investment contracts, benefits paid are not included in the income statement but are instead deducted from investment contract liabilities in the accounting period in which they are paid. (iv) Acquisition costs Acquisition costs relating to investment contracts comprise directly attributable incremental acquisition costs, which vary with, and are related to, securing new contracts, and are recognised as an asset to the extent that they represent the contractual right to benefit from the provision of investment management services. The asset is presented as a deferred acquisition cost asset and is amortised over the expected term of the contract, as the fees relating to the provision of the services are recognised. All other costs are recognised as expenses when incurred. (v) Liabilities All investment contract liabilities are designated on initial recognition as held at fair value through income. The group has designated investment contract liabilities at fair value through income as this more closely reflects the basis on which the businesses are managed. The financial liability in respect of unit-linked contracts is measured by reference to the value of the underlying net asset value of the unitised investment funds, determined on a bid value, at the balance sheet date. For the UK business, the impact of deferred tax on unrealised capital gains is passed to the policyholder and for the Swedish business a policyholder yield tax in respect of an estimate of the investment return on the underlying investments in the unitised funds is also reflected in the measurement of the respective unit-linked liabilities. Investment contract liabilities are managed together with related investment assets on a fair value basis as part of the documented risk management strategy. The fair value of other investment contracts is measured by discounting current estimates of all contractual cash flows that are expected to arise under contracts.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInsuranceContracts",
"language": "en",
"entity": "scheme:213800VFRMBRTSZ3SJ06",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-13": {
"value": "i) Reinsurance The group cedes reinsurance in the normal course of business for the purpose of avoiding the retention of undue concentration of risk on any one life, policyholder or loss event (for example multiple losses under a group Life contract). Assets, liabilities and income and expense arising from ceded reinsurance contracts are presented separately from the related assets, liabilities, income and expenses from the related insurance contracts because the reinsurance arrangements do not relieve the group from its direct obligations to its policyholders. Only rights under contracts that give rise to a significant transfer of insurance risk are accounted for as reinsurance assets, which comprise amounts due from insurance companies for paid and unpaid losses and ceded life policy benefits. Rights under contracts that do not transfer significant insurance risk are accounted for as financial instruments and are presented as amounts deposited with reinsurers. The net premiums payable to a reinsurer may be more or less than the reinsurance assets recognised by the group in respect of the reinsurance cover purchased. Any gain or loss is recognised in the income statement in the period in which the reinsurance premiums are payable. Rights under reinsurance contracts comprising the reinsurers\u2019 share of insurance contract provisions and accrued policyholder claims are estimated in a manner that is consistent with the measurement of the provisions held in respect of the related insurance contracts and in accordance with the terms of the reinsurance contract. Such assets are deemed impaired if there is objective evidence, as a result of an event that occurred after its initial recognition, that the group may not recover all amounts due and the event has a reliably measurable impact on the amounts that the group will receive from the reinsurer. Impairment losses reduce the carrying value of the related reinsurance assets to their recoverable amount and are recognised as an expense in the income statement. The group enters into certain financing arrangements, which are established in the form of a reinsurance contract, but which are substantively in the form of a financial instrument. Such arrangements are classified and presented as borrowings within financial liabilities.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForReinsuranceExplanatory",
"language": "en",
"entity": "scheme:213800VFRMBRTSZ3SJ06",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-14": {
"value": ") Fee and commission income and other operating income Fee and commission income: In accordance with IFRS 15, fees charged for investment management services provided in connection with investment contracts are recognised as revenue over time, as the services are provided. Initial fees which exceed the level of recurring fees and relate to the future provision of services are deferred and amortised over the anticipated period over time in which services will be provided. Initial fees charged for investment management services provided in connection with insurance contracts are recognised over time as revenue when earned. For both insurance and investment contracts, initial fees, annual management charges and contract administration charges are recognised over time as revenue on an accruals basis. Surrender charges are recognised as a reduction to policyholder claims and benefits incurred when the surrender benefits are paid. Benefit-based fees comprising charges made to unit-linked insurance and investment funds for mortality and morbidity benefits are recognised over time as revenue on an accruals basis. For insurance and investment contracts, commissions received or receivable which do not require the group to render further services are recognised at the point at which the commission becomes due. However, when it is probable that the group will be required to render further services during the life of the contract, the commission, or part thereof, is deferred and recognised over time as revenue over the period in which services are rendered. Other operating income: Fee income from investment managers is recognised in accordance with IFRS 15 and is in relation to Movestic, and is received from the fund companies, based on the value of the managed assets. The fee income is recognised and adjusted on an ongoing basis, as Movestic meets its commitments.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFeeAndCommissionIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:213800VFRMBRTSZ3SJ06",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-15": {
"value": "l) Expenses (i) Operating lease payments Under IFRS 16, the depreciation of right-of-use assets is recognised in the Statement of Comprehensive Income as an administration expense. Payments made in relation to lease commitments are reflected in the balance sheet as a reduction to the corresponding lease liability. (ii) Financing costs Financing costs comprise interest payable on borrowings and on reinsurance claims deposits included within reinsurance payables, calculated using the effective interest rate method. Under IFRS 16, interest on lease liabilities is recognised in the Statement of Comprehensive Income as finance costs.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
"language": "en",
"entity": "scheme:213800VFRMBRTSZ3SJ06",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-16": {
"value": "m) Income taxes Income tax on the profit or loss for the year comprises current and deferred tax and is recognised in the Consolidated Statement of Comprehensive Income. Tax that relates directly to transactions reflected within equity is also presented within equity. (i) Current tax Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years. (ii) Deferred tax Deferred tax is provided using the balance sheet liability method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the balance sheet date. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefit will be realised. Within each tax jurisdiction that the group operates, there exists the ability to offset individual deferred tax assets and deferred tax liabilities. (iii) Policyholders\u2019 fund yield tax Certain of the group\u2019s policyholders within the Swedish business are subject to a yield tax which is calculated based on an estimate of the investment return on underlying investments within their unitised funds. The group is under an obligation to deduct the yield tax from the policyholders\u2019 unitised funds and to remit these deductions to the tax authorities. The remittance of this tax payment is included in other operating expenses as it does not comprise a tax charge on group profits.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800VFRMBRTSZ3SJ06",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-17": {
"value": "p) Software assets An intangible asset in respect of internal development software costs is only recognised if all of the following conditions are met: (i) an asset is created that can be identified; (ii) it is probable that the asset created will generate future economic benefits; and (iii) the development costs of the asset can be measured reliably. Where no internally-generated intangible asset can be recognised, development expenditure is recognised as an expense in the period in which it is incurred. Software assets, including internally developed software, are amortised on a straight-line basis over their estimated useful life, which typically varies between 3 and 5 years.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800VFRMBRTSZ3SJ06",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-18": {
"value": "q) Property and equipment Items of property and equipment are stated at cost less accumulated depreciation and impairment losses. Depreciation is charged to the Consolidated Statement of Comprehensive Income on a straight-line basis over the estimated useful economic lives of the property and equipment on the following basis: Computers and similar equipment 3 to 5 years Fixtures and other equipment 5 years Assets held under leases, as right of use assets, are depreciated over their useful economic lives on the same basis as owned assets, or where shorter, over the term of the relevant lease. These include office buildings, office and IT equipment and motor vehicles.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800VFRMBRTSZ3SJ06",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-19": {
"value": "Investment property Investment properties are properties which are held either to earn rental income or for capital appreciation or for both. On initial recognition investment properties are measured at cost including attributable transaction costs, and are subsequently measured at fair value. Independent external valuers, having an appropriate recognised professional qualification and recent experience in the location and category of property being valued, value the portfolio every 12 months. These are self-invested fund properties which are initially recorded at purchase price and then valued triennially, by an independent professional valuer, on an open market basis, using valuation models in accordance with the Practice Statements in the RICS Appraisal and Valuation Standards (5th Edition). The portfolio is revalued annually using an index valuation on each property. Any funds in receipt of the sale of the property are for the benefit of the respective pension fund members. The fair values reflect market values at the balance sheet date, being the estimated amount for which a property could be exchanged on the date of valuation between a willing buyer and a willing seller in an arm\u2019s length transaction after proper marketing wherein the parties had each acted knowledgeably, prudently and without compulsion. Any gain or loss arising from a change in fair value is recognised in the profit and loss. Rental income from investment property is accounted for as described in Accounting Policy (l).",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory",
"language": "en",
"entity": "scheme:213800VFRMBRTSZ3SJ06",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-20": {
"value": "Financial assets Investments in subsidiaries are carried in the Company Balance Sheet at cost less impairment. All financial assets held for investment purposes other than the Waard mortgage loan portfolio and derivative financial instruments are designated as at fair value through income on initial recognition since they are managed, and their performance is evaluated, on a fair value basis in accordance with documented investment and risk management strategies. This designation is also applied to the group\u2019s investment contracts, since the investment contract liabilities are managed together with the investment assets on a fair value basis as part of the documented risk management strategy. Purchases and sales of \u2018regular way\u2019 financial assets are recognised on the trade date, which is when the group commits to purchase, or sell, the assets. All financial assets are initially measured at fair value plus, in the case of financial assets not classified as fair value through income, transaction costs that are directly attributable to their acquisition. Subsequent to initial recognition, financial assets classified as at fair value through income are measured at their fair value without any deduction for transaction costs that may be incurred on their disposal. The fair values of financial assets quoted in an active market are their bid prices at the balance sheet date. The mortgage loan portfolio and mortgage loan portfolio cash deposit held by the Waard Group are stated at amortised cost less impairment losses and incorporates the effective interest rate calculation method. Financial assets not recognised at fair value through income are regularly reviewed for objective evidence of impairment. In determining whether objective evidence exists, the group considers, among other factors, the financial stability of the counterparty, current market conditions and fair value volatility. Financial assets are derecognised when contractual rights to receive cash flows from the financial assets expire, or where the financial assets have been transferred together with substantially all the risks and rewards of ownership.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800VFRMBRTSZ3SJ06",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-21": {
"value": "Insurance and other receivables, prepayments Financial assets classified as insurance and other receivables are stated at amortised cost less impairment losses. A provision for the impairment of loans and receivables is established when there is objective evidence that the group will not be able to collect all the amounts due according to the original contract terms after the date of the initial recognition of the asset and when the impact on the estimated cash flows of the financial asset can be reliably measured. Prepayments are held at cost and are amortised over the relevant time period.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800VFRMBRTSZ3SJ06",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-22": {
"value": "Derivative financial instruments Derivative financial instruments are recognised at fair value. The gain or loss on re-measurement to fair value is recognised immediately in profit or loss. Hedge accounting has not been applied. The fair value of interest rate swaps is the estimated amount that the group would receive or pay to terminate the swap at the balance sheet date, taking into account current interest rates and the current creditworthiness of the swap counterparties. The fair value of forward exchange contracts is their quoted market price at the balance sheet date, being the present value of the quoted forward price. Embedded derivatives which are not closely related to their host contracts and which meet the definition of a derivative are separated and fair valued through income.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800VFRMBRTSZ3SJ06",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-23": {
"value": "Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks and other short-term highly liquid investments. Highly liquid is defined as havin a short maturity of 3 months or less at their acquisition. Operating activities cash flows includes loans and financial investments. The purchases are funded from cash flows associated with the origination of insuranc and investment contracts, net of payments of related benefits and claims. This is due to the cash receipts and payments made on behalf of the customers fo which their funds are held by the entity. Dividends and interest received from the financial investments are captured within the operating activities. Investing activities cash flows cash includes payments to acquire property, plant and equipment, intangibles, and other long-term assets. These payments includ those relating to capitalised development costs. Financing activities cash flows include cash proceeds from issuing shares capital, cash payments to owners to acquire or redeem the entity\u2019s shares, cas repayments of amounts borrowed, cash payments by a lessee for the reduction of the outstanding liability relating to a finance lease, dividends paid out t shareholders, and interest paid on the borrowings.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:213800VFRMBRTSZ3SJ06",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-24": {
"value": "Impairment The carrying amounts of the group\u2019s assets other than reinsurance assets (refer to (i) on page 152) and assets which are carried at fair value are reviewed at each balance sheet date to determine whether there is any indication of impairment. If any such indication exists, the assets\u2019 recoverable amount is estimated in order to determine the extent of the impairment loss, if any. An impairment loss is recognised whenever the carrying amount of an asset exceeds its recoverable amount and impairment losses are recognised in the Consolidated Statement of Comprehensive Income. The recoverable amount of the cash generating unit is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money. Impairment losses are reversed through the Consolidated Statement of Comprehensive Income if there is a change in the estimates used to determine the recoverable amount. Such losses are reversed only to the extent that the assets\u2019 carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation where applicable, if no impairment loss had been recognised",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:213800VFRMBRTSZ3SJ06",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-25": {
"value": "Provisions Provisions are recognised when the group has a present, legal or constructive obligation as a result of past events such that it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate of the amount of the obligation can be made. Where the effect of the time value of money is material, the amount of the provision is the present value of the expenditure expected to be required to settle the obligation. The group recognises provisions for onerous contracts when the expected benefits to be derived from a contract are less than the unavoidable costs of meeting the obligations under the contract",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800VFRMBRTSZ3SJ06",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-26": {
"value": "Borrowings Borrowings are recognised initially at fair value, less transaction costs, and are subsequently measured at amortised cost using the effective interest rate method, with interest expense recognised in the Consolidated Statement of Comprehensive Income on an effective yield basis. The effective interest rate method is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts future cash payments through the expected life of the financial liability.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:213800VFRMBRTSZ3SJ06",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-27": {
"value": "Leases The group assesses whether a contract is or contains a lease, at inception of the contract. The group recognises a right-of-use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets (such as tablets and personal computers, small items of office furniture and telephones). For these leases, the group recognises the lease payments as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased assets are consumed. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the group uses its incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise: Fixed lease payments Variable lease payments The amount expected to be payable by the lessee under residual value guarantees The exercise price of purchase options The payments of penalties for terminating the lease, if the lease term reflects the exercise of an option to terminate the lease The lease liability is presented as a separate line in the consolidated balance sheet. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made. The group re-measures the lease liability (and makes a corresponding adjustment to the related right-of-use asset) whenever: The lease term has changed or there is a change in the assessment of exercise of a purchase option, in which case the lease liability is re-measured by discounting the revised lease payments using a revised discount rate. The lease payments change due to changes in an index rate or a change in expected payment under a guaranteed residual value, in which cases the lease liability is re-measured by discounting the revised lease payments using the initial discount rate (unless the lease payment change is due to a floating interest rate, in which case a revised discount rate is used). A lease contract is modified and the lease modification is not accounted for as a separate lease, in which case the lease liability is measured by discounting the revised lease payments using a revised discount rate. The group did not make any such adjustments during the periods presented. The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the commencement day and any initial direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses. The right-of-use assets are depreciated over the shorter period of lease term and useful life of the underlying asset. If a lease transfer\u2019s ownership of the underlying asset or the cost of the right-of-use asset reflects that the group expects to exercise a purchase option, the related right-of-use asset is depreciated over the useful life of the underlying asset. The depreciation starts at the commencement date of the lease. The group does not have any leases that include purchase options or transfer ownership of the underlying asset. The right-of-use assets are presented within the same line item as that within which the corresponding underlying assets would be presented if these were owned. For the group this is \u2018Property and Equipment\u2019. For short-term leases (lease of than 12 months or less) and leases of low-value assets (such as personal computers and office furniture) the group has opted to recognise a lease expense on a straight-line basis as permitted by IFRS 16. This expense is presented within \u2018Other operating expenses\u2019 in the Consolidated Income Statement. As a practical expedient, IFRS 16 permits a lessee not to separate non-lease components, and instead account for any lease and associated non-lease components as a single arrangement. The group has not used this practical expedient. The group\u2019s weighted average incremental borrowing rate applied to lease liabilities during 2022 is 5.2% for the UK division, 2.8% for the Swedish division and 2.0% for the Dutch division.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:213800VFRMBRTSZ3SJ06",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-28": {
"value": " Employee benefits (i) Pension obligations UK businesses Group companies operate defined contribution pension schemes, which are funded through payments to insurance companies, to which group companies pay fixed contributions. There are no legal or constructive obligations on group companies to pay further contributions if the fund does not hold sufficient assets to pay employee benefits relating to service in current and prior periods. Accordingly, group companies have no further payment obligations once the contributions have been paid. Contributions to defined contribution pension schemes are recognised in the Consolidated Statement of Comprehensive Income when due. Swedish business The group participates in a combined defined benefit and defined contribution scheme for the benefit of its employees. However, the Scheme is a multi- employer scheme, with the associated assets and liabilities maintained on a pooled basis. There is limited information available to the group to allow it to account for the Scheme as a defined benefit scheme and, in accordance with IAS 19 Employee Benefits, it is, therefore, accounted for as a defined contribution scheme. Contributions paid to the Scheme are recognised in the Consolidated Statement of Comprehensive Income when due. Dutch business (Waard) Group companies operate defined contribution pension schemes, which are funded through payments to insurance companies, to which group companies pay fixed contributions. There are no legal or constructive obligations on group companies to pay further contributions if the fund does not hold sufficient assets to pay employee benefits relating to service in current and prior periods. Accordingly, group companies have no further payment obligations once the contributions have been paid. Contributions to defined contribution pension schemes are recognised in the Consolidated Statement of Comprehensive Income when due. Dutch business (Scildon) Scildon had a defined benefit plan which was closed and transferred into a defined contribution pension plan during 2019. The defined Benefit Pension Scheme was administered by Stichting Pensionfonds Legal & General Nederland. The company had agreed to contribute to the premium for the unconditional part of the pension. The company paid a contribution to the Scheme and subsequently had no further financial obligations with respect to this part of the Scheme. During 2019, a new defined contribution pension scheme was established for the benefit of Scildon employees. (ii) Bonus plans The group recognises a liability and an expense for bonuses based on a formula that takes into consideration the profit attributable to the company\u2019s shareholders after certain adjustments. The expense is recognised in the Consolidated Statement of Comprehensive Income on an accruals basis.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800VFRMBRTSZ3SJ06",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-29": {
"value": " Share-based payments The value of employee share options and other equity settled share based payments is calculated at fair value at the grant date using appropriate and recognised option pricing models. Vesting conditions, which comprise service conditions and performance conditions, other than those based upon market conditions, are not taken into account when estimating the fair value of such awards but are taken into account by adjusting the number of equity instruments included in the ultimate measurement of the transaction amount. The value of the awards is recognised as an expense on a systematic basis over the period during which the employment services are provided. Where an award of options is cancelled by an employee, the full value of the award (less any value previously recognised) is recognised at the cancellation date",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:213800VFRMBRTSZ3SJ06",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-30": {
"value": "Shares held in treasury Where the company purchases its own equity share capital, the consideration paid, including directly attributable costs, is deducted from total shareholders\u2019 equity and shown separately as \u2018treasury shares\u2019 until they are cancelled. Where such shares are subsequently sold, any consideration received is credited to the share premium account",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:213800VFRMBRTSZ3SJ06",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-31": {
"value": "Dividends Dividend distributions to the company\u2019s shareholders are recognised in the period in which the dividends are paid, and, for the final dividend, when approved by the company\u2019s shareholders at the Annual General Meeting",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:213800VFRMBRTSZ3SJ06",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-32": {
"value": "Other payables and payables related to direct insurance and investment contracts Insurance and investment contract payables and other payables are recognised when due and are measured on initial recognition at the fair value of the consideration paid",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:213800VFRMBRTSZ3SJ06",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-33": {
"value": " Investment in subsidiaries Investments in subsidiaries are carried in the statement of financial position at cost less impairment. The company assesses at each reporting date whether an investment is impaired by assessing whether any indicators of impairment exist. If objective evidence of impairment exists, the company calculates the amount of impairment as the difference between the recoverable amount of the group entity and its carrying value and recognises the amount as an expense in the income statement. The recoverable amount is determined based on the cash flow projections of the underlying entities.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:213800VFRMBRTSZ3SJ06",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-34": {
"value": "Critical accounting judgements and key sources of estimation and uncertainty The group makes estimates and assumptions that affect the reported amounts of assets and liabilities and also makes critical accounting judgements in applying the group\u2019s accounting policies. Such estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable. The more critical areas, where accounting estimates and judgements are made, are set out below. Each item identifies the business segments, as described in Note 7, to which it is relevant. Critical accounting judgements (a) Classification of long-term contracts (CA, CASLP, Movestic, Waard Group and Scildon) The group has exercised judgement in its classification of long-term business between insurance and investment contracts, which fall to be accounted for differently in accordance with the policies set out in Note 2 Significant Accounting Policies. Insurance contracts are those where significant risk is transferred to the group under the contract and judgement is applied in assessing whether the risk so transferred is significant, especially with regard to pensions contracts, which are predominantly, but not exclusively, created for investment purposes. Refer to Note 2(f) \u2013 Product Classification on page 150. Key sources of estimation and uncertainty (a) Acquired value of in-force business (CASLP) The group applies accounting estimates and judgements in determining the fair value, amortisation and recoverability of acquired in-force business relating to insurance and investment contracts. In the initial determination of the acquired value of in-force business, the group uses actuarial models to determine the expected net cash flows (on a discounted basis) of the policies acquired. The key assumptions applied in the models are driven by the expected behaviour of policyholders on termination rates, expenses of management and age of individual contract holders as well as global estimates of investment growth, based on recent experience at the date of acquisition. The assumptions applied within the models are considered against historical experience of each of the relevant factors. Refer to Accounting Policy Note 2(n) on page 153 and Note 19 on page 183. The acquired value of in-force business is amortised on a basis that reflects the expected profit stream arising from the business acquired at the date of acquisition. Acquired value of in-force business is tested for recoverability by reference to expected future income and expense levels. Such impairment testing requires a degree of estimation and judgement. In particular the value is sensitive to the rate at which future cash flows are discounted and to the rates of return on invested assets, based on applying a range of discount rates, which have been determined with reference to our review of the current market assessment of the true value of money and the risks specific to the asset for which the cash flows have not been adjusted. The rates used for the purpose of the impairment testing range from 4% to 12%. As at 31 December 2022 there is deemed to be a key source of estimation and uncertainty regarding the AVIF for CASLP, for which the carrying value of acquired in-force business, net of amortisation, is \u00a352.2m. A 400 basis point increase in the effective discount rate would reduce the underlying value of in-force business in CASLP by \u00a311.3m. A 10% fall in projected future profits would reduce the underlying value of in-force business in CASLP by \u00a35.7m (b) Deferred acquisition costs and deferred income \u2013 investment contracts (CA, Movestic and Scildon) The group applies judgement in deciding the amount of direct costs that are incurred in acquiring the rights to provide investment management services in connection with the issue of investment contracts. Judgement is also applied in establishing the amortisation of the assets representing these contractual rights and the recognition of initial fees received in respect of these contracts. The assets are amortised over the expected lifetime of the investment management service contracts and deferred income, where applicable, is amortised over the expected period over which it is earned. Estimates are applied in determining the lifetime of the investment management service contracts and in determining the recoverability of the contractual rights assets by reference to expected future income and expense levels. This test for recoverability is performed using best estimates of future cash flows, using a market consistent estimate of future investment returns. Refer to Accounting Policy 2(j) on page 152 and Note 18 on page 183. As at 31 December 2022, the carrying values of deferred acquisition costs, net of amortisation, and of deferred income, in respect of CA, were \u00a30.9m and \u00a31.9m respectively (as at 31 December 2021: \u00a31.1m and \u00a32.3m respectively). The impact on the above numbers of a one year movement in the estimated lifetime of the management services contract or amortisation period is not material. As at 31 December 2022, the carrying values of deferred acquisition costs, net of amortisation, in respect of Movestic, was \u00a351.9m (as at 31 December 2021: \u00a353.6m). An increase in the length of the amortisation period by one year would have increased profit before tax for the year ended 31 December 2022 by \u00a33.7m and shareholders\u2019 equity as at 31 December 2022 by \u00a33.7m. As at 31 December 2022, the carrying values of deferred acquisition costs, net of amortisation, in respect of Scildon, was \u00a310.0m (as at 31 December 2021: \u00a38.6m). An increase in the length of the amortisation period by one year would have increased profit before tax for the year ended 31 December 2022 by \u00a35.1m and shareholders\u2019 equity as at 31 December 2022 by \u00a34.0m. (c) Estimates of future payments arising on insurance contracts Longer-term business: The group has to make a number of estimates in order to calculate the liabilities for long-term insurance business. Such estimates are also used when performing liability adequacy tests to verify the adequacy of IFRS technical provisions. These estimates include areas such as future mortality and morbidity rates, the level of contract persistency, investment returns, administration expenses and the costs of guarantees. Future expenses are based on management\u2019s best estimate at the balance sheet date, and include the costs and benefits of in-flight projects to the extent there is reasonable certainty as to their outcome. The technical provisions for such contracts arise in CA, CASLP, Waard Group and Scildon, and are summarised in Note 30 on page 196. The total carrying value at 31 December 2022 was \u00a33,705.0m (31 December 2021: \u00a33,758.6m). Further information on how these estimates are derived, along with the sensitivity of the balance sheet to these assumptions on a gross and net of reinsurance basis, is included in Note 30 on page 196. Products with guarantees: The group has offered guaranteed annuity options within certain contracts. Estimates have been made of the number of contract holders who will exercise these options, in order to measure their value. Changes in investment conditions could result in significantly more contract holders exercising their options than the group has assumed in determining the liabilities arising from these contracts. S&P with-profits contracts contain a Discretionary Participation Feature (DPF) which entitles the holder to receive, as a supplement to guaranteed benefits, additional benefits or bonuses: \u2013 that may be a significant portion of the total contractual benefits; \u2013 whose amount or timing is contractually at the discretion of the group; and \u2013 that are contractually based on realised and/or unrealised investment returns on a specified pool of assets held by the group. The terms and conditions of these contracts, together with UK regulations, set out the bases for the determination of the amounts on which the additional discretionary benefits are based and within which the group may exercise its discretion as to the quantum and timing of their payment to contract holders. As at 31 December 2022, the carrying value of insurance contract liabilities which contain S&P discretionary participation features was \u00a3206.4m (31 December 2021: \u00a3257.6m). This amount is part of the technical provisions for CA in Note 30a) on page 196. Key sensitivities for this balance are included within the sensitivities disclosure for CA in Note 30 on page 202. (d) Investment in subsidiary CA The group applies accounting estimates and judgements in determining the holding value and recoverability of its investment in subsidiaries, in particular that of Countrywide Assured plc. An annual impairment test is performed which requires a degree of estimation and judgement, and for which management have determined that the reported EcV of the UK business is appropriate to be used as a proxy for the IAS 36 \u2018value in use\u2019 assessment, as this value takes into account the future cash flows and hence future profitability of the business. This assessment showed that as at the balance sheet date, there was a deficit of \u00a325m against the carrying value of the investment in subsidiary value and hence the conclusion drawn was that a \u00a325m impairment of the carrying value was necessary.",
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"value": " 4 Exchange rates The group\u2019s principal overseas operations during the year were located within Sweden and the Netherlands. The results and cash flows of these operations have been translated into sterling at an average rate for the year of \u00a31 = SEK 12.47 (2021: \u00a31 = SEK 11.80) for the Swedish business and \u00a31 = EUR 1.17 (2021: \u00a31 = EUR 1.16) for the Dutch business. Assets and liabilities have been translated at the year end rate of \u00a31 = SEK 12.49 (31 December 2021: \u00a31 = SEK 12.21) for the Swedish business and \u00a31 = EUR 1.13 (31 December 2021: \u00a31 = EUR 1.19) for the Dutch business. Total foreign currency exchange rate gains for the year ended 31 December 2022 recognised in the Consolidated Statement of Comprehensive Income of \u00a35.8m (year ended 31 December 2021: loss of \u00a323.9m).",
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"fact-35": {
"value": "5 Management of insurance risk The group\u2019s management of insurance risk is a critical aspect of its business. The primary insurance activity carried out by the group comprises the assumption of the risk of loss from persons that are directly subject to the risk. Such risks in general relate to life, accident, health and financial perils that may arise from an insurable event. As such, the group is exposed to the uncertainty surrounding the timing and severity of claims under the related contracts. The principal risk is that the frequency and severity of claims is adverse to that expected. The theory of probability is applied to the pricing and provisioning for a portfolio of insurance contracts. Insured events are, by their nature, random, and the actual number and size of events during any one year may vary from those estimated using established statistical techniques. The risk under assurance policies is partly naturally hedged by risks under annuity policies where the exposure is to the risk of longevity. The group manages its insurance risk through adoption of underwriting strategies, the aim of which is to avoid the assumption of undue concentration of risk, approval procedures for new products, pricing guidelines and adoption of reinsurance strategies, the aim of which is to reinforce the underwriting strategy by avoiding the retention of undue concentration of risk on any one life. Notwithstanding that the group pursues common overarching objectives and employs similar techniques in managing these risks, the disparate characteristics of the products and of the market and regulatory environments of the UK, Swedish and Dutch businesses are such that insurance risk is managed separately for the separate businesses. Accordingly, the information which follows differentiates these businesses. The UK and Waard businesses, which are substantially closed to new business, are differentiated in the information provided below, where necessary. The Swedish and Dutch businesses, which are open to new business, comprise the Movestic and Scildon segments respectively. ) UK business Terms and conditions of insurance contracts The terms and conditions of insurance contracts that have a material effect on the amount, timing and uncertainty of future cash flows arising from insurance contracts are set out in the product analyses below, which give an assessment of the main products of the UK business and of the ways in which the associated risks are managed. Sums assured/benefits per annum \u2013 gross and net of reinsurance 31 December 2022 2021 Gross Net Gross Net \u00a3000 \u00a3000 \u00a3000 \u00a3000 Long-term unit-linked without DPF (sums assured) 1,494,249 1,350,438 1,627,050 1,462,498 Long-term non-linked without DPF (sums assured) 6,867,769 852,752 7,547,127 950,035 Immediate annuities (benefits per annum) 9,574 4,836 4,916 34 Deferred annuities with DPF (benefits per annum) 1,738 1,738 1,767 1,767 Long-term with DPF (sums assured) 257,284 251,715 268,082 261,817 Long-term unit-linked and non-linked insurance contracts \u2013 without discretionary participation features Product features The UK business has written both unit-linked and non-linked contracts, which include death and morbidity benefits on a whole life, endowment and term assurance basis. In addition there are immediate annuities primarily written from vesting pensions. There are also immediate annuity contracts in the recently acquired CASLP business. For contracts where death is the insured risk, the most significant factors that could increase risk are epidemics and pandemics (such as COVID - 19, SARS or a flu pandemic) or widespread changes in lifestyle, such as eating, smoking and exercise habits, resulting in earlier or more claims than expected. Management of risks Unit-linked insurance contracts are contracts where charges are made for insurance risk and administration charges and the primary purpose of which is to provide an investment return to policyholders. In addition, the policyholder is insured against death and serious injury. Unit-linked contracts operate by investing the policyholders\u2019 premiums into pooled investment funds of the UK business, the policyholders\u2019 share of the fund being represented by units. The benefit is payable on death, or maturity if earlier, the amount payable on death being subject to a guaranteed minimum amount. For these contracts, all of the investment risk is borne by the policyholder as investment performance directly affects the value of the unit fund and hence the benefits payable. Therefore, there is exposure to insurance risk only insofar as the value of the unit-linked fund is lower than the guaranteed minimum death benefit. For a material portion of the business, the charges taken for mortality and morbidity costs are reviewable, which allows the company to mitigate some of its insurance risk. The UK business also has a small amount of unit-linked annuities, which provide regular income payments which vary in amount depending on the value of the policyholder\u2019s underlying unit fund. These contracts do not have a surrender value. (a) UK business (continued) Non-linked business contains three distinct groups of products: (i) A number of products representing approximately 74% (2021: 75%) of sums assured, provide fixed and guaranteed benefits and have fixed future premiums. For these there are no mitigating terms and conditions that reduce the insurance risk accepted; (ii) Immediate annuities in both CA and CASLP provide regular income payments generally during the outstanding life of the policyholder, and in some cases that of a surviving spouse or partner. In certain cases payments may be guaranteed for a minimum period. These expose the business to longevity risk, though this is mitigated to some extent by reinsurance. (iii) For the remainder of the business, which is operated on a quasi-linked basis, charges are made for mortality risk on a monthly basis and these charges may be altered based on mortality experience, thereby minimising the exposure to mortality risk. In the light of charges made for insurance risk and administration services and of the investment performance of the assets notionally backing these contracts, the premium payable may be altered at regular intervals. A number of these contracts also include Permanent Health Insurance (PHI) benefits which have reviewable charges, which may be altered, based on morbidity experience, thereby minimising the exposure to morbidity risk, subject to the company being satisfied that it is fair to customers to do so. Delays in implementing increases in charges and market or regulatory restraints over the extent of the increases may reduce this mitigating effect. Reinsurance is used extensively on the business described above to mitigate concentrations of insurance risk. Including a large concentration of the immediate annuities. The insurance risk is further managed through pricing, product design and, for non-linked and quasi-linked contracts, appropriate investment strategy. Concentration of insurance risk Exposures to material insurance risks, on individual cases, are avoided through the use of reinsurance. Long-term insurance contracts \u2013 with discretionary participation features \u2013 CA Product features CA historically wrote with-profits business in the UK, where the policyholder benefits comprise a guaranteed sum assured payable on death or at maturity, to which may be added a discretionary annual bonus and a discretionary terminal bonus. Management of risks This business is wholly reassured to ReAssure Limited and hence the only risk retained by CA for this business is the risk of default by the reinsurer. This risk is detailed in the credit risk management section of Note 6. Long-term insurance contracts \u2013 with discretionary participation features \u2013 CA (S&P) Product features At retirement the with-profits deferred annuity contracts provide for guaranteed minimum pensions and the with-profits endowments provide for guaranteed minimum lump sums. With-profits whole of life policies guarantee a minimum amount payable on death. The guaranteed annuities or lump sums represent investment returns on contributions mainly at 5% p.a. A terminal bonus may be paid at maturity or retirement, and on death, depending on the investment performance of the with-profits policyholder assets when the policyholder receives the higher of the asset share and the minimum guaranteed amount. The asset share is based on the contributions invested plus an allocation of investment return less a fixed charge for expenses, and certain direct expenses. In accordance with the Principles and Practices of Financial Management for its with-profits business S&P may make a deduction of up to 1.5% per annum from the asset shares of with-profits policyholders to meet the future cost of guarantees. The amount deducted remains part of the assets in the with-profits policyholder funds. The size of the deduction is reassessed at least annually. In the event of a policyholder choosing to transfer out, the amount payable is not guaranteed and is based on the asset share. Management of risks For life endowment and whole of life policies mortality risk is material. This risk is mitigated to some extent by the use of reinsurance. The risk is to increases in mortality rates, which are most likely to be from epidemics (such as COVID-19, SARS or a flu pandemic) or widespread changes in lifestyle, such as eating, smoking and exercise habits, resulting in earlier or more claims than expected. For deferred annuity contracts, the risk is to improving mortality. The risk is managed through the initial pricing, and technical provisions are assessed allowing for future mortality improvements based on industry available information on mortality experience. Concentration of insurance risk Exposures to material insurance risks, on individual cases, are avoided through the use of reinsurance. Other risks on insurance contracts Apart from financial risks relating to the financial assets, which support life assurance contracts, as set out in Note 6, there are other significant types of risk pertaining to life insurance contracts written by the UK business, as follows: Expense risk The strategy of the UK business is to outsource the majority of operational activities to third party administrators in order to reduce the significant expense inefficiencies that would arise with fixed and semi-fixed costs on a diminishing policy base. There are, however, risks associated with the use of outsourcing. In particular, there will be a need in future to renegotiate the terms of the outsourcing arrangements as the existing agreements expire, and to determine the level of outsourcing required to manage the CASLP business in future. There is also a risk that, at some point in the future, third party administrators could default on their obligations. The UK business monitors the financial soundness of third party administrators and has retained step-in rights on the more significant of these agreements. There are also contractual arrangements in place which provide for financial penalties in the event of default by the administration service provider. Persistency risk Persistency risk is the risk that the investor cancels the contract or discontinues paying new premiums into the contract, thereby exposing the UK business to a loss resulting from an adverse movement in the actual experience compared to that expected in the product pricing. Although changes in the levels of persistency would not adversely affect the result in the short term, they would reduce future profits available from the contract. Assumptions and sensitivities The assumptions and sensitivities relating to insurance contract provisions for the UK business are set out in Note 30 Insurance Contract Provisions. (b) Swedish business The terms and conditions of insurance contracts which have a material effect on the amount, timing and uncertainty of future cash flows arising from insurance contracts are set out in the product analyses below, which give an assessment of the main products of Movestic and of the ways in which the associated risks are managed. The breakdown of the insurance products of Movestic, by gross and net premiums written and by claims outstanding, which reflects the scale of business written, is as follows: Premiums Year ended 31 December 2022 2021 Gross Net Gross Net \u00a3000 \u00a3000 \u00a3000 \u00a3000 Group Sweden 6,346 4,567 5,871 4,992 Norway 5 \u2013 1 1 2 Individual Death 3,086 1,615 3,187 1,859 Waiver of premium 1,019 400 1,485 500 Income protection 2,154 1,379 2,822 407 12,610 7,961 13,376 7,760 Claims outstanding As at 31 December 2022 2021 Gross Net Gross Net \u00a3000 \u00a3000 \u00a3000 \u00a3000 Group Sweden 24,738 19,312 28,935 22,361 Norway 106 23 131 28 Individual Death 1,760 1,360 1,234 994 Waiver of premium 5,360 2,042 8,165 2,962 Income protection 15,858 7,715 21,504 10,121 47,822 30,452 59,969 36,466 Terms and conditions Product features \u2013 group contracts Group contracts insure policyholders in respect of death with the option to include additional accident and disability benefits. Policyholders may also include their spouse and children (up to the age of 25) on the policy. Policies are sold in Sweden and have been sold in Norway in the past via intermediaries. Group contracts sold in Sweden allow the policyholder to choose the sum assured level. Contracts sold in Norway have sum assured levels that are normally determined by the policyholders\u2019 employer and apply to all members of that company scheme. The Swedish product typically provides a maximum coverage of insured benefits up to 40 times a base amount (31 December 2022: SEK 48,300, being approximately \u00a33,867) although most policies are between 5 to 20 times the base amount. The Norwegian product provides a maximum coverage of insured benefits up to 80 times a base amount (31 December 2022 NOK: 111,477 being approximately \u00a38,924) although most policies are between 5 to 15 times the base amount. All contracts are for an annual period. Product features \u2013 individual contracts In relation to individual contracts, Movestic writes contracts, which include death and morbidity benefits on term assurance with disability, waiver of premium and income protection options. Policies are sold in Sweden and all sales are intermediated. In relation to the income protection and the waiver of premium benefits within the individual contracts, the monthly benefits upon a claim may be payable to the policyholders over a long period up to their retirement. The contracts have been unbundled as between insurance and investment contracts. Risk in respect of investment contracts is described in Note 6. All insurance contracts are for an annual period and payments are made on a monthly basis. Management of risk The main risk associated with the group and individual contracts is the frequency and size of claims (for either death or accident or sickness). Claims experience can be variable, with the main factors being the age, sex and occupation of the policyholder. In addition, for the group contracts, Movestic is exposed to a single loss event that covers a number of employees of an organisation. (b) Swedish business (continued) The key risks are managed through appropriate product design and pricing of the policies to ensure that the potential cost to Movestic of these events (and associated expenses of underwriting and administration) are reflected in the price charged to the policyholder. Key controls implemented include a defined pricing structure based on the characteristics of the policyholder and the regular review of management information on the type and frequency of accidents. Group contracts are issued on an annual basis which means that Movestic\u2019s exposure runs for a period of 12 months, after which Movestic has the option to decline to renew or can increase the price on renewal. Individual contracts are long-term contracts but Movestic has the option to review the premiums on an annual basis. For both the group and individual contracts, between 1% to 80% of the premiums and claims relating to this product are ceded to a reinsurer which reduces the overall insurance risk exposure to Movestic. The claim portfolio arising from the acquisition of the business of Aspis Liv, a small Swedish Life and Health insurer in 2010, is reinsured for approximately 80% of the claims amount. In addition, for the majority of the group contracts, the loss arising from a single event to multiple employees is reinsured. The reinsurance provides indemnity for a single loss between SEK 5m (approximately \u00a30.4m) and SEK 150m (approximately \u00a312.0m). Concentration of insurance risk Concentration of insurance risk is determined by reference to benefits assured for individual contracts and by estimated maximum loss for group contracts. Regarding benefits assured for individual contracts, the combined effect of reinsurance and the fact that the vast majority of the total benefit assured relates to numerous small value contracts, limit the level of concentration risk. Through the use of reinsurance exposures to material insurance risks on individual cases are avoided, with 98.5% of the business having retained sums assured of less than \u00a3250,000. In respect of group contracts, the business is exposed to multiple employees of the same organisation being involved in a single loss event. Movestic forecasts that its maximum loss would be approximately SEK 299m (approximately \u00a324.0m) gross of reinsurance and SEK 5m (approximately \u00a30.4m) after reinsurance. Assumptions and sensitivities for group contract and individual contract insurance contract provisions Information relating to insurance contract provisions assumptions and sensitivities for the Swedish business is set out in Note 30 Insurance Contract Provisions. (c) Waard Group Sums assured/benefits per annum \u2013 gross and net of reinsurance 31 December 2022 2021 Gross Net Gross Net \u00a3000 \u00a3000 \u00a3000 \u00a3000 Long-term unit-linked without DPF (sums assured) 697,653 434,809 791,980 461,425 Long-term non-linked without DPF (sums assured) 3,183,358 1,292,156 3,459,369 1,498,384 Protection Product feature Waard\u2019s original business mainly consists of term life, sold as a single premium policy in combination with a loan or mortgage. Policy conditions allow for a surrender value at lapse. In addition, similar types of policies covering the risk of disability, unemployment and accident were written. The most significant factors that could increase risk are epidemics and changes in lifestyle and the social security environment. The policies acquired from Monuta and Argenta are mainly term life and endowments with some profit sharing conditions. The recently acquired policies from Robein Leven are primarily endowments. Management of risks The portfolio is in run-off and no significant underwriting occurs. For the existing portfolio, the division entered into an excess of loss and catastrophe (Life) and quota share (Health) reinsurance agreement to mitigate the risk in excess of risk appetite for mortality, disability and unemployment. Concentration of insurance risk Waard did not write group life and health contracts and an excess of loss limit of \u20ac100,000 is applied for life risk, hence concentration risk is limited. Unit-linked Product features Waard Leven has a small amount of unit-linked business with policies paying out 90% of the unit-value at death of the policyholder and 100% at expiry. Early surrender triggers smaller charges for policyholders. The unit-linked policies acquired from Robein Leven are a mixture of savings and annuity contracts, with the latter paying regular income payments which vary in amount depending on the value of the policyholder\u2019s underlying unit fund. Persistency and expense risk The portfolio is small and very mature. To mitigate the expense risk, management may also consider the possibility of merging the portfolio into a larger scale one, keeping cost levels appropriate. Persistency levels are moderate and largely depend on investment performance. Assumptions and sensitivities The assumptions and sensitivities relating to insurance contract provisions for Waard are set out in Note 30 Insurance Contract Provisions. (d) Scildon Sums assured/benefits per annum \u2013 gross and net of reinsurance 31 December 2022 2021 Gross Net Gross Net \u00a3000 \u00a3000 \u00a3000 \u00a3000 Long-term unit-linked without DPF (sums assured) 1,540,527 1,330,553 1,618,087 1,430,318 Long-term non-linked without DPF (sums assured) 44,592,321 19,163,770 39,631,901 17,195,631 Immediate annuities (benefits per annum) 66,347 46,025 52,626 34,227 Deferred annuities 5 5 4 4 Protection Product feature The division mainly wrote term life, sold as a regular premium policy. Older policy profit sharing conditions (before 2011) allow for a surrender value at lapse or profit sharing at maturity. The current mass market product has no surrender value or profit sharing. The most significant factors that could increase risk are epidemics and changes in lifestyle leading to higher mortality. Management of risks Term assurances are the main new business product type and significant underwriting occurs. Quota share reinsurance agreements are in place with a maximum retention per policy, to mitigate the risk in excess of risk appetite for mortality at the moment of underwriting. Catastrophe reinsurance is in place to mitigate the loss arising from a catastrophe risk event. The national NHT cover in case of terrorism is in place. Concentration of insurance risk Scildon does write group pensions contracts (SME segment) with an excess of loss limit of \u20ac200,000 per life, hence concentration risk is limited. Unit-linked Product features Scildon writes unit-linked and index-linked business, with most policies paying out 0%, 90% or 110% of the unit-value at death of the policyholder and 100% at maturity. Early surrender triggers smaller charges for policyholders. Index linked policies contain either explicit or implicit guarantees, which triggers smaller charges for policyholders. The group pension contracts are also unit-linked in nature. Persistency and expense risk The portfolio is large, but slowly decreasing. To mitigate the expense risk, management may also consider the possibility of merging the portfolio into a larger scale one, keeping cost levels appropriate. Persistency levels are moderate and due to the guarantees given for some policies there is a prevailing risk of high persistency. Assumptions and sensitivities The assumptions and sensitivities relating to insurance contract provisions for Scildon are set out in Note 30 Insurance Contract Provisions",
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"value": "6 Management of financial risk The group is exposed to a range of financial risks, principally through its insurance contracts, financial assets, including assets representing shareholder assets, financial liabilities, including investment contracts and borrowings, and its reinsurance assets. In particular, the key financial risk is that, in the long term, proceeds from financial assets are not sufficient to fund the obligations arising from its insurance and investment contracts and borrowings. The most important components of this financial risk are market risk (interest rate risk, equity and property price risk, foreign currency exchange risk and liquidity risk), and credit risk, including the risk of reinsurer default. The group has some foreign currency exchange rate risk in relation to movements between the Swedish krona and the euro against sterling, arising from its ownership of Movestic, Scildon and the Waard Group. However, in 2022 a currency hedge was established to remove some future currency risk. The terms and conditions of insurance contracts that have a material effect on the amount, timing and uncertainty of future cash flows arising from insurance contracts are set out in Note 5. The terms and conditions of investment contracts that have a material effect on the amount, timing and uncertainty of future cash flows arising from investment contracts are as follows: The group provides two types of investment contract: unit-linked savings and unit-linked pensions predominantly written in the UK and Sweden. (i) Unit-linked savings are single or regular premium contracts, with the premiums invested in a pooled investment fund, where the policyholder\u2019s investment is represented by units or trust accounts where the policyholder decides where to invest. On certain contracts there is a small additional benefit payable on death which is deemed not to transfer significant insurance risk to the business for these contracts. The benefits payable at maturity or surrender of the contracts are the underlying value of the investment in the unit-linked funds or trust accounts, less surrender charges where applicable. (ii) Unit-linked pensions are single or regular premium contracts with features similar to unit-linked savings contracts. Benefits are payable on transfer, retirement or death. (iii) No investment contracts exist within the Dutch business. Market risk management i) General The group businesses manage their market risks within Asset Liability Matching (ALM) frameworks that have been developed to achieve long-term investment returns at least equal to their obligations under insurance and investment contracts, with minimal risk. Within the ALM frameworks the businesses periodically produce reports at legal entity and asset and liability class level, which are circulated to the businesses\u2019 key management. The principal technique of the ALM frameworks is to match assets to the liabilities arising from insurance and investment contracts by reference to the type of benefits payable to policyholders, with separate portfolios of assets being maintained for each distinct class of liability. For unit-linked contracts the group\u2019s objective is to match the liabilities, both insurance and investment contract liabilities, with units in the assets of the funds to which the value of the liabilities is linked, such that the policyholder bears the market risk. This minimises the impact of market risks on these contracts, such that the remaining primary exposure to market risk is the risk of volatility in asset-related fees due to the impact of interest rate, equity price and foreign currency movements on the fair value of the unit-linked assets, on which asset-related fees are based. For non-unit-linked business, the group\u2019s objective is to match the timing of cash flows from insurance and investment contract liabilities with the timing of cash flows from assets subject to identical or similar risks. By matching the cash flows of liabilities with those of suitable assets, market risk is managed effectively, whilst liquidity risk is minimised. These processes to manage the risks, which the group has not changed from previous periods, ensure that the group is able to meet its obligations under its contractual liabilities as they fall due. With respect to CA (S&P) there is significant additional risk insofar as investment returns on policyholder with-profits assets supporting the with-profits business may result in insufficient policyholder assets to meet contractual obligations to with-profits policyholders, because of the impact of contract guarantees. The Notes below explain how market risks are managed using the categories utilised in the businesses\u2019 ALM frameworks. In particular, the ALM frameworks require the management of interest risk, equity price risk, and liquidity risk at the portfolio level, so that the appropriate risks for each portfolio may be managed in an effective way. The following tables reconcile the classes and portfolios used in the businesses\u2019 ALM frameworks to relevant items in the consolidated balance sheet and are followed by a portfolio-by-portfolio description of the nature of the related market risk and how that risk is managed. 31 December 2022 Other non-linked *Insurance contracts Unit-linked contracts Annuities in and other contracts with DPF payment shareholder Total \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 Assets Property and equipment \u2013 \u2013 \u2013 7,894 7,894 Investment properties 93,266 \u2013 \u2013 1,215 94,481 Reinsurers\u2019 share of insurance contract provisions 8,333 35,743 53,102 99,137 196,315 Amounts deposited with reinsurers 32,803 \u2013 \u2013 \u2013 32,803 Financial assets Equity securities at fair value through income 79,233 \u2013 \u2013 \u2013 79,233 Holdings in collective investment schemes at fair value through income 7,473,464 168,618 46,491 468,635 8,157,208 Debt securities at fair value through income 17,600 49,421 10,877 854,813 932,711 Financial assets held at amortised cost 271,390 \u2013 \u2013 33,838 305,228 Derivative financial instruments \u2013 141 \u2013 \u2013 141 Total financial assets 7,841,687 218,180 57,368 1,357,286 9,474,521 Insurance and other receivables (4,943 ) 554 \u2013 41,061 36,672 Prepayments 159 46 \u2013 15,425 15,630 Reinsurers\u2019 share of accrued policyholder claims 5,624 73 \u2013 8,428 14,125 Income taxes 5,035 \u2013 \u2013 811 5,846 Cash and cash equivalents 81,686 1,296 252 92,060 175,294 Total assets 8,063,650 255,892 110,722 1,623,317 10,053,581 Liabilities Insurance contract provisions 2,634,557 235,134 108,938 632,632 3,611,261 Other provisions \u2013 \u2013 \u2013 7,953 7,953 Financial liabilities Investment contracts at fair value through income 5,800,871 \u2013 \u2013 3,998 5,804,869 Lease liabilities \u2013 \u2013 \u2013 1,233 1,233 Borrowings 2,013 \u2013 \u2013 209,963 211,976 Derivative financial instruments \u2013 119 \u2013 3,731 3,850 Total financial liabilities 5,802,884 119 \u2013 218,925 6,021,928 Deferred tax liabilities \u2013 \u2013 \u2013 8,095 8,095 Reinsurance payables 285 7 \u2013 48,529 48,821 Payables related to direct insurance and investment contracts 43,987 5,356 1,784 98,596 149,723 Income taxes 452 \u2013 \u2013 3,974 4,426 Other payables 5,292 215 \u2013 29,643 35,150 Bank overdrafts 3 \u2013 \u2013 16 19 Total liabilities 8,487,460 240,831 110,722 1,048,363 9,887,376 (i) General (continued) 31 December 2021 Other non-linked *Insurance contracts Unit-linked contracts Annuities in and other contracts with DPF payment shareholder Total \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 Assets Property and equipment \u2013 \u2013 \u2013 7,830 7,830 Investment properties \u2013 \u2013 \u2013 1,071 1,071 Reinsurers\u2019 share of insurance contract provisions 9,446 38,157 69,949 130,198 247,750 Amounts deposited with reinsurers 38,295 \u2013 \u2013 \u2013 38,295 Financial assets Equity securities at fair value through income 6,352 \u2013 \u2013 \u2013 6,352 Holdings in collective investment schemes at fair value through income 6,208,981 230,262 \u2013 418,811 6,858,054 Debt securities at fair value through income 9,453 61,803 21,981 884,962 978,199 Financial assets held at amortised cost 274,014 \u2013 \u2013 19,797 293,811 Derivative financial instruments 94 170 \u2013 \u2013 264 Total financial assets 6,498,894 292,235 21,981 1,323,570 8,136,680 Insurance and other receivables 1,480 2,284 \u2013 31,849 35,613 Prepayments 105 46 \u2013 13,094 13,245 Reinsurers\u2019 share of accrued policyholder claims 5,178 118 \u2013 11,044 16,340 Income taxes \u2013 \u2013 \u2013 7,233 7,233 Cash and cash equivalents 5,544 873 532 63,138 70,087 Total assets 6,558,942 333,713 92,462 1,589,027 8,574,144 Liabilities Insurance contract provisions 2,755,508 297,650 90,736 674,518 3,818,412 Other provisions \u2013 \u2013 \u2013 992 992 Financial liabilities Investment contracts at fair value through income 4,116,514 \u2013 \u2013 4,058 4,120,572 Lease liabilities \u2013 \u2013 \u2013 2,019 2,019 Borrowings \u2013 \u2013 \u2013 47,185 47,185 Derivative financial instruments \u2013 \u2013 \u2013 \u2013 \u2013 Total financial liabilities 4,116,514 \u2013 \u2013 53,262 4,169,776 Deferred tax liabilities \u2013 \u2013 \u2013 15,699 15,699 Reinsurance payables 297 7 70,110 70,414 Payables related to direct insurance and investment contracts 31,765 6,128 1,726 89,643 129,262 Income taxes 5,427 \u2013 \u2013 1,100 6,527 Other payables 2,715 1,804 \u2013 19,472 23,991 Bank overdrafts 7 20 \u2013 229 256 Total liabilities 6,912,233 305,609 92,462 925,025 8,235,329 *Insurance contracts with DPF include shareholder funds within the CA (S&P) with-profits funds. Unit-linked contracts For unit-linked contracts, which may be insurance or investment contracts, the group matches the financial liabilities, with units in the financial assets of the funds to which the value of the liabilities is linked, such that the policyholders bear the principal market risk (being interest rate, equity price and foreign currency risks) and credit risk. Accordingly, this approach results in the group having no significant direct market or credit risk on these contracts. Its primary exposure to market risk is the risk of volatility in asset-related fees due to the impact of interest rate, equity price and foreign exchange rate movements on the fair value of the assets held in the linked funds, on which asset-related fees are based. There is residual exposure to market risk on certain unit-linked contracts where the group provides to policyholders guarantees as to fund performance or additional benefits which are not dependent on fund performance. This exposure is mitigated to the extent that the group matches the obligations with suitable financial assets external to the unit-linked funds, such that the residual exposure is not considered to be material. Insurance contracts with discretionary participation features Insurance contracts with discretionary participation features subsist entirely within the UK businesses in the form of with-profits policies. For the CA business, where the policyholder benefits comprise a discretionary annual bonus and a discretionary terminal bonus, the with-profits business is wholly reinsured to ReAssure Limited and hence there is no market risk for this class of business. Policyholders have the option, for a small element of the with-profits business, to invest a portion of their investment in unit-linked funds as an alternative to the with-profits fund. In this case, a portion of the business is retained, with the management of financial risks of this portion being the same as described under \u2018Unit-linked contracts\u2019 above. For the CA (S&P) business the primary investment objective of the with-profits policyholder funds is that the guaranteed minimum benefits of the with-profits policyholders should be met entirely from the policyholder funds. The secondary investment objective is, where possible, to provide a surplus in excess of the guaranteed minimum benefits. The entire surplus in the policyholder fund accrues to the with-profits policyholders. Any deficit in the policyholder fund is ultimately borne by shareholders. Therefore, the group has a significant exposure to market risk in relation to with-profits business should the with-profits policyholder assets be unable to fully meet the cost of guarantees. To achieve the investment objectives, the funds may invest in a range of asset classes including property, equities, fixed interest securities, convertibles, cash and derivatives, both in UK and overseas. Such exposure may be achieved by investment in collective investment schemes (including such schemes with total or absolute return objectives or which include investments in commodities). Investment guidelines restrict the level of exposure for certain asset categories. In respect of derivatives, these may only be used for the purposes of reduction of investment risks and efficient portfolio management. Annuities in payment These are contracts which pay guaranteed financial benefits, generally monthly, for the lifetime of the policyholder, and in some cases of their spouse. The financial component of these contracts is a guaranteed fixed interest rate: accordingly, the group\u2019s primary financial risk on these contracts is the risk that interest income and capital redemptions from the fixed interest debt securities backing the liabilities are insufficient to fund the benefits payable. The group manages some of this risk with the use of reinsurance on most of its book of annuities in CA. The book of annuities in CASLP is not reinsured. The interest rate risk on non-reinsured annuity contracts is minimised by holding fixed interest debt securities of a suitable duration and quality so as to match the asset and liability cash flows as close as practically possible. Regular monitoring of the interest rate risk is carried out by analysis of expected cash flows from the financial assets held with those for the liabilities, which are determined by means of projecting expected cash flows from the contracts. Other non-linked contracts and shareholder funds These categories, in which market risk is borne by shareholders, consist of non-linked insurance contracts without DPF and of net shareholder assets representing shareholders\u2019 equity. The group manages market risks by setting investment guidelines which restrict market exposures. Non-linked contracts without DPF include contracts which pay guaranteed benefits on death or other insured events, the terms being fixed at the inception of the contract. Exposure to market price risk is minimised by generally investing in fixed-interest debt securities, while interest rate risk is generally managed by closely matching contracts written with financial assets of suitable yield and duration. To the extent that the group is unable to fully match its interest rate risk, it makes provision in respect of assumed shortfalls on guaranteed returns to policyholders. Shareholder funds at both group parent company and operating subsidiary level, in accordance with corporate objectives and, in some instances, in accordance with local statutory solvency requirements, are invested in order to protect capital and to minimise market and credit risk. Accordingly, they are generally invested in assets of a shorter-term liquid nature, which gives rise to the risk of lower returns on these investments due to changes in short-term interest rates. (ii) Liquidity risk Liquidity risk is the risk that adequate liquid funds are not available to settle liabilities as they fall due and is managed by forecasting cash requirements and by adjusting investment management strategies to meet those requirements. Liquidity risk is generally mitigated by holding sufficient investments which are readily marketable in sufficiently short timeframes to allow the settlement of liabilities as they fall due. Where liabilities are backed by less marketable assets, for example investment properties, there are provisions in contractual terms which allow deferral of redemptions in times of adverse market conditions. The group\u2019s substantial holdings of money market assets also serve to reduce liquidity risk. The tables below present a maturity analysis of the group\u2019s liabilities, showing balance sheet carrying value and distinguishing between investment contracts and insurance contracts and other liabilities. The time bands have been updated and as a result the prior year has been represented. 31 December 2022 Contractual cash flows (undiscounted) Carrying values and cash Carrying value <1 yr 1- 2 yrs 2 - 5 yrs 5 - 10 yrs 10 - 15 yrs 15 - 20 yrs >20 yrs Total flows arising from: \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 Insurance contract liabilities Unit-linked 2,634,557 2,634,557 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 2,634,557 With DPF 235,134 70,321 27,145 86,444 58,862 29,979 4,489 4,175 281,415 Annuities in payment 108,938 8,212 7,855 21,860 29,946 21,424 13,773 12,056 115,126 Other non-linked 632,632 127,412 99,539 248,754 284,033 172,057 84,587 61,752 1,078,134 Total insurance contract liabilities 3,611,261 2,840,502 134,539 357,058 372,841 223,460 102,849 77,983 4,109,232 Investment contract liabilities Unit-linked 5,800,871 5,800,871 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 5,800,871 Other 3,998 3,998 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 3,998 Total investment contract liabilities 5,804,869 5,804,869 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 5,804,869 Liabilities relating policyholder\u2019s fund held by the group 1,130,476 1,130,476 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 1,130,476 Lease liabilities 1,233 699 534 \u2013 \u2013 \u2013 \u2013 \u2013 1,233 Borrowings 211,976 211,976 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 211,976 Derivatives 3,850 3,850 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 3,850 Total financial liabilities 7,152,404 7,151,870 534 \u2013 \u2013 \u2013 \u2013 \u2013 7,152,404 Other liabilities Other provisions 7,953 7,953 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 7,953 Deferred tax liabilities 8,095 8,095 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 8,095 Reinsurance payables 48,821 48,821 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 48,821 Payables related to direct insurance and investment contracts 149,723 149,723 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 149,723 Deferred income 2,383 2,383 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 2,383 Income taxes 4,426 4,426 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 4,426 Other payables 35,150 35,150 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 35,150 Bank overdrafts 19 19 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 19 Total 11,020,235 10,248,942 135,073 357,058 372,841 223,460 102,849 77,983 11,518,206 31 December 2021 Contractual cash flows (undiscounted) Carrying values and cash Carrying value <1 yr 1- 2 yrs 2 - 5 yrs 5 - 10 yrs 10 - 15 yrs 15 - 20 yrs >20 yrs Total flows arising from: \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 Insurance contract liabilities Unit-linked 2,755,508 2,755,508 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 2,755,508 With DPF 297,650 70,957 30,836 85,106 65,310 35,956 6,587 4,499 299,251 Annuities in payment 90,736 4,890 4,680 13,144 18,312 13,443 8,957 8,316 71,742 Other non-linked 674,518 99,018 87,239 234,748 269,417 161,614 77,287 54,091 983,414 Total insurance contract liabilities 3,818,412 2,930,373 122,755 332,998 353,039 211,013 92,831 66,906 4,109,915 Investment contract liabilities Unit-linked 4,116,514 4,116,514 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 4,116,514 Other 4,058 4,058 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 4,058 Total investment contract liabilities 4,120,572 4,120,572 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 4,120,572 Liabilities relating policyholder\u2019s fund held by the group 990,700 990,700 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 990,700 Lease liabilities 2,019 843 479 661 44 \u2013 \u2013 \u2013 2,027 Borrowings 47,185 47,185 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 47,185 Derivatives \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Total financial liabilities 5,160,476 5,159,300 479 661 44 \u2013 \u2013 \u2013 5,160,484 Other liabilities Other provisions 992 992 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 992 Deferred tax liabilities 15,699 15,699 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 15,699 Reinsurance payables 70,414 70,414 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 70,414 Payables related to direct insurance and investment contracts 129,262 129,262 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 129,262 Deferred income 2,809 2,809 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 2,809 Income taxes 6,527 6,527 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 6,527 Other payables 23,991 23,991 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 23,991 Bank overdrafts 256 256 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 256 Total 9,228,838 8,339,623 123,234 333,659 353,083 211,013 92,831 66,906 9,520,349 The maturity analysis for unit-linked insurance and investment contracts presents all the liabilities as due in the earliest period in the table because they are repayable or transferable on demand. Note 6(i) on page 164 provides more information on the assets held to match these liabilities. Insurance contracts with DPF (with-profits business) can be surrendered before maturity for a cash amount specified in contractual terms and conditions. Accordingly, a maturity analysis based on the earliest contractual repayment date would present all the liabilities as due in the earliest period of the table because this option can be exercised immediately by all policyholders. As stated above, CA insurance contracts with DPF are wholly reinsured to ReAssure Limited and hence, in practice, there is no liquidity risk, the only risk retained for this business being the risk of default by the reinsurer, which is detailed under \u2018Credit Risk Management\u2019 on page 171. The maturity analysis in respect of the CA (S&P) segment of the business, however, is presented on an estimated basis, in accordance with the anticipated maturity profile and on estimates of mortality. The undiscounted contractual cash flows stated above, are based upon the cash flows payable directly to customers and hence do not include an estimate of future expenses incurred, as is the case in the balance sheet carrying values. (iii) Currency risk Currency risk is the risk that the fair value or future cash flows of an asset or liability will change as a result of movements in foreign exchange rates. The group\u2019s exposure to currency risk is minimised to the extent that the risk on investments denominated in foreign currencies which back unit-linked investment and insurance contracts is borne by policyholders. It is, however, exposed to currency risk through: (i) its investment in Movestic, the assets and liabilities of which are principally denominated in Swedish krona; and (ii) its investment in Waard and Scildon, the assets and liabilities of which are principally denominated in euros. The group\u2019s currency risk through its ownership of Movestic, Scildon and Waard Group is reflected in: (i) foreign exchange translation differences arising on the translation into sterling and consolidation of Movestic, Scildon and Waard Group\u2019s financial statements; and (ii) the impact of adverse exchange rate movements on cash flows between Chesnara plc and its foreign subsidiaries: in the short term these relate to cash flows from Movestic, Scildon and Waard to Chesnara by way of dividend payments. The risk on cash flows is managed by closely monitoring exchange rate movements. During the year, Chesnara plc has implemented a foreign currency hedge. The following tables set out the group\u2019s exposure to assets and liabilities denominated in foreign currencies, expressed in sterling, at the respective balance sheet date: 31 December 2022 2021 \u00a3000 \u00a3000 Swedish krona Assets 3,938,942 4,553,626 Liabilities (3,850,345 ) (4,461,968 ) Net assets 88,597 91,658 Euro Assets 2,604,290 2,598,222 Liabilities (2,361,034 ) (2,304,904 ) Net assets 243,256 293,318 Norwegian krone Assets 150 162 Liabilities (117 ) (122 ) Net assets 33 40 US dollar Assets 840 673 Liabilities (402 ) (97 ) Net assets 438 576 (iv) Sensitivities The table below shows the impact of movements in market risk variables identified above on profit before tax for the year under review and on shareholder equity as at the balance sheet date. We believe these risk variables represent the ones that are most reasonably possible to occur in the future, to which the group results are sensitive. The variables are: (i) a 10% increase and decrease in equity and property values; (ii) a 100 basis point increase and decrease in per annum market rates of interest; and (iii) a 10% favourable and adverse movement in foreign currency exchange rates. As explained above, market risks relating to assets backing unit-linked insurance and investment contract liabilities are borne by policyholders, while there is shareholder exposure to volatility in asset-related fees due to the impact of interest rate, equity price and foreign exchange rate movements on the fair value of the assets held in the linked funds, on which asset-related fees are based. Accordingly, the sensitivities to these risks are presented on the next page. Gross of reinsurance Variation in/arising from 2022 2021 Profit before Shareholders \u2019 Profit before Shareholders \u2019 tax equity tax equity \u00a3m \u00a3m \u00a3m \u00a3m 100 basis point increase in market rates of interest (40.1 ) (29.9 ) (45.8 ) (34.2 ) 100 basis point decrease in market rates of interest 31.1 23.1 25.6 19.0 10% increase in equity and property prices 2.1 1.6 2.5 1.9 10% decrease in equity and property prices (2.6 ) (2.0 ) (2.8 ) (2.2 ) 10% favourable movement in SEK: sterling exchange rate (4.4 ) 6.1 1.3 10.2 10% adverse movement in SEK: sterling exchange rate 4.5 (4.3 ) (1.1 ) (8.3 ) 10% favourable movement in EUR: sterling exchange rate (19.1 ) 21.3 (0.1 ) 32.6 10% adverse movement in EUR: sterling exchange rate 16.9 (16.4 ) 0.1 (26.7 ) Net of reinsurance Variation in/arising from 2022 2021 Profit before Shareholders \u2019 Profit before Shareholders \u2019 tax equity tax equity \u00a3m \u00a3m \u00a3m \u00a3m 100 basis point increase in market rates of interest (45.4 ) (34.2 ) (59.1 ) (45.0 ) 100 basis point decrease in market rates of interest 36.7 27.7 39.4 30.2 10% increase in equity and property prices 5.5 4.3 6.5 5.2 10% decrease in equity and property prices (6.0 ) (4.7 ) (6.8 ) (5.4 ) 10% favourable movement in SEK: sterling exchange rate (4.4 ) 6.1 1.3 10.2 10% adverse movement in SEK: sterling exchange rate 4.5 (4.3 ) (1.1 ) (8.3 ) 10% favourable movement in EUR: sterling exchange rate (19.1 ) 21.3 (0.1 ) 32.6 10% adverse movement in EUR: sterling exchange rate 16.9 (16.4 ) 0.1 (26.7 ) The impact of a 100 basis point increase in market rates of interest has reduced in 2022 relative to 2021, due to the rise in interest rates over the year, which has reduced the convexity of assets and liabilities making them less sensitive to a further rise in interest rates. The gross of reinsurance impact of a 100 basis point decrease in market rates of interest has risen, but when reinsurance is taken into account the sensitivity has fallen for the same reason that interest rates have risen. The 10% increase and decrease in equity sensitivities have fallen relative to 2021 due to the fall in equity markets, which has reduced the amount of equities being stressed across the group. The impact of a 10% movement in the SEK: sterling and EUR: sterling exchange rates in 2022 reflect the new currency hedge in Chesnara plc, which acts to make an adverse currency movement more favourable and vice-versa for a favourable currency movement. More generally, the impacts on profit before tax have been measured with regards to performance over 2022 on the income statement. (v) Credit risk management The group has exposure to credit risk, which is the risk that a counterparty will be unable to pay amounts in full when due. Key areas where the group is exposed to credit risk are: \u2013 Counterparty risk with respect to debt securities and cash deposits; \u2013 The mortgage loan portfolio held by Waard with respect to the interest and capital repayments due from the borrowers; \u2013 Reinsurers\u2019 share of insurance liabilities; \u2013 Amounts deposited with reinsurers in relation to investment contracts; \u2013 Amounts due from reinsurers in respect of claims already paid; and \u2013 Insurance and other receivables. In addition, there will be some exposures to individual policyholders, on amounts due on insurance contracts. These are tightly controlled, with contracts being terminated or benefits amended if amounts owed are outstanding for more than a specified period of time, so that there is no significant risk to the results of the businesses. The group businesses structure the levels of credit risk they accept by placing limits on their exposure to a single counterparty, or group of counterparties. Such risks are subject to at least an annual review, while watch lists are maintained for exposures requiring additional review. Although the businesses hold a significant proportion of their financial assets in debt securities and cash deposits, the risk of default on these is mitigated to the extent that any losses arising in respect of unit-linked assets backing the insurance and investment contracts which the businesses issue would effectively be passed on to policyholders and investors through the unit-linked funds backing the insurance and investment contracts. Reinsurance is used to manage insurance risk in the businesses. This does not, however, discharge the businesses\u2019 liability as primary insurers. If a reinsurer fails to pay a claim for any reason, the businesses remain liable for the payment to the policyholder. The group limits its exposure to reinsurance counterparties with a credit rating lower than BBB- and the creditworthiness of reinsurance exposures is regularly monitored as part of the group\u2019s risk framework. The creditworthiness of major reinsurers is considered on an annual basis by reviewing their financial strength. The following table presents the assets of the group which are subject to credit risk and a reconciliation to the balance sheet carrying value of each item: 31 December 2022 2021 Balance Balance Amount sheet Amount sheet Policyholder subject to carrying Policyholder subject to carrying linked credit risk value linked credit risk value \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 Reinsurers\u2019 share of insurance contract liabilities 35 196,280 196,315 \u2013 247,750 247,750 Amounts deposited with reinsurers \u2013 32,803 32,803 \u2013 38,295 38,295 Holdings in collective investment schemes 7,724,558 432,650 8,157,208 6,547,136 310,918 6,858,054 Debt securities 17,600 915,111 932,711 9,455 968,744 978,199 Policyholders\u2019 funds held by the group 1,130,476 \u2013 1,130,476 990,700 \u2013 990,700 Financial assets held at amortised cost 304,697 531 305,228 293,811 \u2013 293,811 Derivative financial instruments \u2013 141 141 \u2013 264 264 Insurance and other receivables (4,942 ) 41,614 36,672 14,842 20,771 35,613 Reinsurers\u2019 share of accrued policyholder claims 73 14,052 14,125 119 16,221 16,340 Income taxes 5,151 695 5,846 21 7,212 7,233 Cash and cash equivalents 81,685 93,609 175,294 2,396 67,691 70,087 Total 9,259,333 1,727,486 10,986,819 7,858,480 1,677,866 9,536,346 The amounts presented above as policyholder linked represent unit-linked assets where the risk is borne by the holders of unit-linked insurance and investment contracts, except for (i) reinsurers\u2019 share of insurers\u2019 contract provisions and (ii) amounts deposited with reinsurers in respect of investment contracts, where the risk of default is borne by shareholders. The acquisition of the Argenta portfolio included a substantial number of saving plans designed to save the capital amount due to a bank to pay off personal mortgages. Common in the Netherlands is a structure whereby the insurance company providing the savings vehicle invests in the policyholder\u2019s mortgage, which are held by the bank that provides the mortgage. The arrangement with the bank is structured such that any impact as a result of default of the mortgage by the policyholder is incurred by the bank only, with no impact to Chesnara. These assets earn the same interest as the mortgage, thereby providing a perfect investment match against the insurance liability. Assets held to cover insurance contracts with DPF, held within a segregated with-profits fund, are included as being subject to credit risk, as such risk will be borne by shareholders where default would result in there being insufficient with-profits policyholder assets to fund minimum guaranteed obligations. However, in normal circumstances (where the asset share is in excess of the minimum guaranteed amount) substantially all the credit risk remains with policyholders. The group\u2019s exposure to credit risk is summarised as: Credit rating As at 31 December 2022 AAA AA A BBB Below BBB Unrated Total \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 Reinsurers share of insurance contract liabilities \u2013 119,208 \u2013 2,919 \u2013 74,188 196,315 Amounts deposited with reinsurers \u2013 32,803 \u2013 \u2013 \u2013 \u2013 32,803 Holdings in collective investment schemes 303,625 190,942 2,297,517 328,123 85,256 4,951,745 8,157,208 Debt securities at fair value through income 315,798 317,852 172,504 124,701 \u2013 1,856 932,711 Policyholders\u2019 funds held by the group \u2013 71,666 248,382 116,873 86,392 607,163 1,130,476 Financial assets held at amortised cost \u2013 \u2013 33,307 \u2013 \u2013 271,921 305,228 Derivative financial instruments \u2013 \u2013 141 \u2013 \u2013 \u2013 141 Insurance and other receivables 2,300 9,387 2,226 1,620 \u2013 21,139 36,672 Reinsurers share of accrued policyholder claims \u2013 12,724 \u2013 394 \u2013 1,007 14,125 Income taxes \u2013 \u2013 \u2013 \u2013 \u2013 5,846 5,846 Cash and cash equivalents \u2013 17,374 147,260 160 \u2013 10,500 175,294 Total 621,723 771,956 2,901,337 574,790 171,648 5,945,365 10,986,819 Credit rating As at 31 December 2021 AAA AA A BBB Below BBB Unrated Total \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 Reinsurers share of insurance contract liabilities \u2013 170,076 \u2013 3,822 \u2013 73,852 247,750 Amounts deposited with reinsurers \u2013 38,295 \u2013 \u2013 \u2013 \u2013 38,295 Holdings in collective investment schemes 439,477 279,300 2,508,789 352,639 137,722 3,140,127 6,858,054 Debt securities at fair value through income 214,886 365,487 303,109 94,621 \u2013 96 978,199 Policyholders\u2019 funds held by the group \u2013 66,006 309,634 22,600 73,320 519,140 990,700 Financial assets held at amortised cost \u2013 \u2013 \u2013 \u2013 \u2013 293,811 293,811 Derivative financial instruments \u2013 \u2013 170 \u2013 \u2013 94 264 Insurance and other receivables 2,574 9,421 8,954 887 \u2013 13,777 35,613 Reinsurers share of accrued policyholder claims \u2013 14,924 \u2013 832 \u2013 584 16,340 Income taxes \u2013 \u2013 \u2013 \u2013 \u2013 7,233 7,233 Cash and cash equivalents \u2013 5,868 64,389 175 \u2013 (345 ) 70,087 Total 656,937 949,377 3,195,045 475,576 211,042 4,048,369 9,536,346 The \u2018Financial assets held at amortised cost\u2019, which consists of the two mortgage loan portfolios, and \u2018Insurance and other receivables\u2019 assets in the credit risk rating table are not held at fair value or managed on a fair value basis. The cash flows for all of these assets consist solely of payments of principal and interest. These assets are not considered to have a low credit rating as at 31 December 2022. Included within reinsurers\u2019 share of insurance contract provisions and amounts deposited with reinsurers (in respect of investment contracts) above, is a total significant exposure of \u00a369.2m as at 31 December 2022 (31 December 2021: \u00a376.0m) to ReAssure, which has been included within the \u2018AA\u2019 rating category. Of the ReAssure amount \u00a343.6m (31 December 2021: \u00a350.0m) is in respect of currently guaranteed benefits. This counterparty exposure has been mitigated by ReAssure granting to CA a floating charge over related investment assets, which ranks that company equally with ReAssure policyholders. In order to monitor the ongoing creditworthiness of ReAssure, CA plc reviews the financial statements and regulatory returns submitted by ReAssure to the PRA on an annual basis. No credit limits were exceeded during the year ended 31 December 2022 and 31 December 2021. Monument Re makes up \u00a350.2m of the unrated exposure to reinsurers share of insurance contract liabilities as at 31 December 2022 (31 December 2021: \u00a369.9m). This is protected through the use of a funds withheld arrangement under which the reinsurer has deposited collateral to CA plc in respect of the value of expected future reinsured claim payments. Debt securities Policyholder Policyholder Non-linked/ linked with-profit shareholder Total As at 31 December 2022 \u00a3000 \u00a3000 \u00a3000 \u00a3000 Austria \u2013 \u2013 17,935 17,935 Belgium \u2013 \u2013 32,861 32,861 France 653 5,193 149,488 155,334 Germany \u2013 361 104,304 104,665 Italy \u2013 \u2013 18,274 18,274 Ireland \u2013 \u2013 17,124 17,124 Netherlands 521 2,484 123,086 126,091 Poland \u2013 \u2013 431 431 Portugal \u2013 \u2013 \u2013 \u2013 Spain \u2013 424 20,839 21,263 UK 13,767 25,882 172,907 212,556 Other 2,184 4,845 107,249 114,278 Europe 17,125 39,189 764,498 820,812 USA 475 7,950 81,387 89,812 Other \u2013 1,568 593 2,161 North America 475 9,518 81,980 91,973 Australia \u2013 \u2013 12,540 12,540 Other \u2013 \u2013 7,386 7,386 Asia Pacific \u2013 \u2013 19,926 19,926 Total 17,600 48,707 866,404 932,711 Debt securities Policyholder Policyholder Non-linked/ linked with-profit shareholder Total As at 31 December 2021 \u00a3000 \u00a3000 \u00a3000 \u00a3000 Austria \u2013 \u2013 30,849 30,849 Belgium \u2013 \u2013 34,183 34,183 France 825 3,965 170,026 174,816 Germany \u2013 480 161,920 162,400 Italy \u2013 \u2013 31,148 31,148 Ireland \u2013 \u2013 24,263 24,263 Netherlands 551 2,339 79,981 82,871 Poland \u2013 \u2013 616 616 Portugal \u2013 \u2013 1,738 1,738 Spain \u2013 495 18,620 19,115 UK 4,556 38,044 136,634 179,234 Other 2,931 5,906 110,657 119,494 Europe 8,863 51,229 800,635 860,727 USA 590 9,547 82,665 92,802 Other \u2013 174 1,101 1,275 North America 590 9,721 83,766 94,077 Australia \u2013 \u2013 7,436 7,436 Other \u2013 \u2013 15,959 15,959 Asia Pacific \u2013 \u2013 23,395 23,395 Total 9,453 60,950 907,796 978,199 There are no direct holdings in debt securities within Russia or Ukraine.",
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"value": "7 Operating segments The group considers that it has no product or distribution-based business segments. It reports segmental information on the same basis as reported internally to the chief operating decision maker, which is the board of directors of Chesnara plc. The segments of the group as at 31 December 2022 comprise: UK: This segment represents the group\u2019s UK life insurance and pensions run-off portfolio and comprises the business of Countrywide Assured plc (CA) and Sanlam Life & Pensions UK (SLP). CA consists of its original business and that of City of Westminster Assurance Company Limited which was acquired in 2005 and the long-term business transferred to CA during 2006. It also contains Save & Prosper Insurance Limited which was acquired on 20 December 2010 and its then subsidiary Save & Prosper Pensions Limited. The S&P business was transferred to CA during 2011. It also contains the business of Protection Life, which was purchased on 28 November 2013 and the business of which was transferred to CA effective from 1 January 2015. Sanlam Life & Pensions UK (SLP) was acquired on 28 April 2022, and subsequently changed its the legal name to CASLP. CA and CASLP are responsible for conducting unit-linked and non-linked business, including a with-profits portfolio, which carries significant additional market risk, as described in Note 6 Management of Financial Risk. Movestic: This segment comprises the group\u2019s Swedish life and pensions business, Movestic Livf\u00f6rs\u00e4kring AB (Movestic) and its subsidiary company Movestic Kapitalforvaltning AB (investment fund management company) which are open to new business, and which are responsible for conducting both unit-linked and pensions and savings business and providing some life and health product offerings. Waard Group: This segment represents the group\u2019s closed Dutch life business, which was acquired on 19 May 2015 and comprised the three insurance companies Waard Leven N.V., Hollands Welvaren Leven N.V. and Waard Schade N.V., and a servicing company, Waard Verzekering. During 2017, the book of policies held within Hollands Welvaren Leven N.V. was successfully integrated into Waard Leven and consequently Hollands Welvaren Leven N.V. was deregistered on 19 December 2018. The Waard Group\u2019s policy base is predominantly made up of term life policies, although also includes unit-linked policies and some non-life policies, covering risks such as occupational disability and unemployment. On 1 October 2019, the Waard Group acquired a small portfolio of policies from Monuta insurance, which consists of term and savings policies. On 21 November 2019, the Waard Group completed a deal to acquire a portfolio of term life insurance policies and saving mortgages insurance policies (from Belgian Insurance provider Argenta Assuranties N.V.). The completion took place on the 31 August 2020, at which stage Waard Group obtained control. On 31 December 2020, Waard entered into an agreement to acquire a portfolio of term life insurance policies, unit-linked policies and funeral insurance policies from Dutch insurance provider Brand New Day Levensverzekeringen N.V. (BND). The portfolio was successfully migrated on 10 April 2021. On 25 November 2021, Waard entered into an agreement with Monument Re Group to acquire Robein Leven, a specialist provider of traditional and linked savings products, mortgages and annuities in the Netherlands. The acquisition was successfully completed on 28 April 2022, thereby extending the existing group. The Waard Group\u2019s policy base is predominantly made up of term life policies, although also includes unit-linked policies and some non-life policies, covering risks such as occupational disability and unemployment. This segment is closed to new business. Scildon: This segment represents the group\u2019s open Dutch life insurance business, which was acquired on 5 April 2017. Scildon\u2019s policy base is predominantly made up of individual protection and savings contracts. It is open to new business and sells protection, individual savings and group pension contracts via a broker-led distribution model. Other group activities: The functions performed by the parent company, Chesnara plc, are defined under the operating segment analysis as other group activities. Also included therein are consolidation and elimination adjustments. The accounting policies of the segments are the same as those for the group as a whole. Any transactions between the business segments are on normal commercial terms in normal market conditions. The group evaluates performance of operating segments on the basis of the profit before tax attributable to shareholders of the reporting segments and the group as a whole. There were no changes to the measurement basis for segment profit during the year ended 31 December 2022. Segmental income statement for the year ended 31 December 2022 Waard Other group Movestic Group Scildon activities U K (Swed e n ) (Netherlands ) (Netherlands ) (U K ) Total \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 Insurance premium revenue 33,065 12,120 32,128 240,144 \u2013 317,457 Insurance premium ceded to reinsurers ( 14,170 ) (4,651 ) (3,776 ) (22,224 ) \u2013 (44,821 ) Net insurance premium revenue 18,895 7,469 28,352 217,920 \u2013 272,636 Fee and commission income 27,928 15,927 133 49,392 \u2013 93,380 Net investment return (297,659 ) (876,844 ) (6,599 ) (302,326 ) (3,585 ) (1,487,013 ) Other operating income 17,704 30,667 \u2013 \u2013 \u2013 48,371 Segmental revenue, net of investment return (233,132 ) (822,781 ) 21,886 (35,014 ) (3,585 ) (1,072,626 ) Net insurance contract claims and benefits incurred 137,517 (937 ) (23,640 ) (42,797 ) \u2013 70,143 Net change in investment contract liabilities 130,099 871,205 \u2013 \u2013 \u2013 1,001,304 Fees, commission and other acquisition costs (20,827 ) (22,348 ) (1,303 ) (390 ) \u2013 (44,868 ) Administrative expenses: Depreciation charge on property and equipment (36 ) \u2013 \u2013 \u2013 \u2013 (36 ) Other (25,081 ) (1 3,287 ) (6,939 ) (25,523 ) (14 ,231 ) (85,061 ) Operating expenses (2 ) (8,698 ) \u2013 \u2013 \u2013 (8,700 ) Financing costs (228 ) (823 ) (1 ) \u2013 (9,497 ) ( 10,549 ) (Loss)/profit before tax and consolidation adjustments (11,690 ) 2,331 (9,997 ) (103,724 ) (27,313 ) (150,393 ) Other operating expenses: Charge for amortisation of acquired value of in-force business (7,075 ) (2,171 ) (830 ) (3,183 ) \u2013 (13,259 ) Charge for amortisation of acquired value of customer relationships \u2013 (45 ) \u2013 \u2013 \u2013 (45 ) Fees, commission and other acquisition costs \u2013 1,312 \u2013 124 \u2013 1,436 Se gm e nt a l inco me le s s expe n s e s ( 18 ,765 ) 1,427 ( 10, 827 ) (10 6,78 3 ) (27, 3 13 ) (1 6 2,2 6 1 ) Profit arising on business combinations and portfolio acquisitions 9,565 \u2013 5,796 \u2013 \u2013 15,361 (L oss)/pro fi t bef o re tax (9,2 0 0 ) 1,42 7 ( 5,0 3 1 ) (106 ,78 3 ) (27,31 3 ) (14 6, 9 00 ) Income tax credit 14,177 14 1,307 27,686 5,383 48,567 (L oss)/pro fi t af te r tax 4 ,977 1, 441 (3,7 2 4 ) ( 7 9 , 097 ) ( 21,93 0 ) (9 8,33 3 ) Further analysis of the segmental profit before tax and consolidation adjustments can be found on page 54 of the financial review section. (ii) Segmental balance sheet as at 31 December 2022 Waard Other group Movestic Group Scildon activities U K (Swed e n ) (Netherlands ) (Netherlands ) (U K ) Total \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 Total assets 4,772,475 3,952,482 587,787 1,927,937 112,671 11,353,352 Total liabilities (4,601,373 ) (3,850,5 13 ) (5 1 9,9 50 ) (1, 846,714 ) (201,685 ) ( 11,0 20, 235 ) Net assets 171,102 101,969 67,837 81,223 (89,014 ) 333,117 Investment in associates \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Additions to non-current assets \u2013 10,548 254 769 \u2013 11,571 An explanation of the nature of valuation differences between the measurements in reportable segments\u2019 assets and liabilities can be found in Accounting Policy Note 2(g). (iii) Segmental income statement for the year ended 31 December 2021 Waard Other group Movestic Group Scildon activities U K (Swed e n ) (Netherlands ) (Netherlands ) (U K ) Total \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 Insurance premium revenue 36,004 13,796 32,546 229,700 \u2013 312,046 Insurance premium ceded to reinsurers (87,353 ) (5, 374 ) (3,406 ) (19,748 ) \u2013 (11 5,88 1 ) Net insurance premium revenue (51,349 ) 8,422 29,140 209,952 \u2013 196,165 Fee and commission income 22,140 18,029 76 49,730 \u2013 89,975 Net investment return 179,662 821,381 11,928 160,006 1 1 1,172,988 Other operating income 13,681 32,887 \u2013 \u2013 \u2013 46,568 Segmental revenue, net of investment return 164,134 880,719 41,144 419,688 1 1 1,505,696 Net insurance contract claims and benefits incurred (34,545 ) (2,787 ) (35,849 ) (396,718 ) \u2013 (469,899 ) Net change in investment contract liabilities (77,568 ) (820,901 ) \u2013 \u2013 \u2013 (898,469 ) Fees, commission and other acquisition costs (316 ) (23,598 ) (713 ) (1,816 ) \u2013 (26,443 ) Administrative expenses: Amortisation charge on software assets \u2013 (1,306 ) \u2013 (36 ) \u2013 (1,342 ) Depreciation charge on property and equipment \u2013 (115 ) (54 ) (577 ) \u2013 (746 ) Other ( 16,090 ) (12,794 ) (4,407 ) (20,992 ) ( 11, 554 ) (65,837 ) Operating expenses 5 (5,972 ) \u2013 \u2013 3 (5,964 ) Financing costs \u2013 (1,179 ) (1 ) \u2013 (1,092 ) (2,272 ) Profit/(loss) before tax and consolidation adjustments 35,620 12,067 120 (451 ) (12,632 ) 34,724 Other operating expenses: Charge for amortisation of acquired value of in-force business (1,443 ) (2,467 ) (838 ) (3,436 ) \u2013 (8,184 ) Charge for amortisation of acquired value of customer relationships \u2013 (55 ) \u2013 \u2013 \u2013 (55 ) Fees, commission and other acquisition costs \u2013 1,878 \u2013 542 \u2013 2,420 Se gm e nt a l inco me le s s expe n s e s 34 ,1 77 11 ,423 ( 718 ) (3,34 5 ) (1 2, 6 3 2 ) 2 8, 905 Loss arising on business combinations and portfolio acquisitions \u2013 \u2013 (93 ) \u2013 \u2013 (93 ) Pro fi t/(los s) bef o r e tax 34,1 7 7 11, 4 23 (8 11 ) ( 3,345 ) ( 1 2, 6 32 ) 2 8, 8 1 2 Income tax (expense)/credit (4,979 ) (1 ) 188 444 2,830 (1,518 ) Pro fi t/(los s) af t er tax 2 9 ,198 11 ,42 2 (6 23 ) (2,90 1 ) (9 ,80 2 ) 2 7, 294 (iv) Segmental balance sheet as at 31 December 2021 Waard Other group Movestic Group Scildon activities U K (Swed e n ) (Netherlands ) (Netherlands ) (U K ) Total \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 Total assets 2,551,611 4,568,400 389,846 2,122,474 54,674 9,687,005 Total liabilities (2,420,861 ) (4,462,163 ) (347,961 ) (1,963,052 ) (34 ,8 0 1 ) (9,228,838 ) Net assets 130,750 106,237 41,885 159,422 19,873 458,167 Investment in associates \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Additions to non-current assets \u2013 11,590 197 4,483 \u2013 16,270",
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"value": "8 Fees and commission income Year ended 31 December 2022 2021 Fee income \u00a3000 \u00a3000 Policy-based fees 44,822 43,620 Fund management-based fees recognised under IFRS 15 31,599 27,318 Fund management-based fees recognised under IFRS 4 4,473 5,964 Benefit-based fees 9,250 10,242 Change in deferred income \u2013 gross 453 508 Change in deferred income \u2013 reinsurers\u2019 share (31 ) (41 ) Total fee income 90,566 87,611 Commission income 2,814 2,364 Total fee and commission income 93,380 89,975 13 Fees, commission and other acquisition costs Year ended 31 December 2022 2021 \u00a3000 \u00a3000 Directly expensed costs: Insurance contracts Commission, new business and renewal costs 6,420 6,235 Deferred amount (5,626 ) (4,483 ) 794 1,752 Investment contracts Commission, new business and renewal costs 37,189 17,818 Deferred amount (8,102 ) (8,891 ) 29,087 8,927 Amortisation of deferred acquisition costs: Insurance contracts 4,733 4,441 Investment contracts 8,838 8,929 Investment contracts-reinsurance (20 ) (26 ) Impairment losses \u2013 \u2013 Total 43,432 24,023",
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"value": "9 Net investment return Year ended 31 December 2022 2021 \u00a3000 \u00a3000 Dividend income 37,475 12,325 Interest income 32,598 33,150 Rental income from investment properties 4,771 100 Net fair value gains and losses Equity securities designated as at fair value through income on initial recognition (1,318,751 ) 1,145,279 Debt securities designated as at fair value through income on initial recognition (231,742 ) (18,492 ) Derivative financial instruments (3,921 ) 605 Investment properties (7,443 ) 21 Net investment return (1,487,013 ) 1,172,988 Net fair value gains and losses in respect of holdings in collective investment schemes are included in the line that is most appropriate taking into account the nature of the underlying investments. No amounts included in net fair value gains and losses of financial instruments were estimated using a valuation technique (year ended 31 December 2021: \u00a3nil).",
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"value": "10 Other operating income Year ended 31 December 2022 2021 \u00a3000 \u00a3000 Fee income from investment managers 39,978 40,932 Charges to policyholder funds for yield tax 8,344 5,561 Other 49 75 Total other operating income 48,371 46,568",
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"value": "11 Insurance contract claims and benefits Year ended 31 December 2022 2021 \u00a3000 \u00a3000 Claims and benefits paid to insurance contract holders 458,530 506,490 (Decrease)/increase in insurance contract provisions (510,572 ) 23,577 Total insurance contract claims and benefits (52,042 ) 530,067 Reinsurer\u2019s share of claims and benefits (18,101 ) (60,168 ) Net insurance contract claims and benefits incurred (70,143 ) 469,899 32 Investment contracts at fair value through income and amounts deposited with reinsurer Analysis by operating segment 31 December 2022 2021 Amount Amount Investment deposited Investment deposited contract with contract with liability reinsurer Net liability reinsurer Net \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 UK 3,015,104 32,803 2,982,301 738,458 38,295 700,163 Movestic 2,789,765 \u2013 2,789,765 3,382,114 \u2013 3,382,114 Total 5,804,869 32,803 5,772,066 4,120,572 38,295 4,082,277 Current 118,830 32,803 86,027 78,580 38,295 77,764 Non-current 5,686,039 \u2013 5,686,039 4,041,992 \u2013 4,004,513 Total 5,804,869 32,803 5,772,066 4,120,572 38,295 4,082,277 The fair values of the group\u2019s investment contract liabilities have been disclosed according to a three-level valuation hierarchy in Note 24. 33 Liabilities relating to policyholders\u2019 funds held by the group Unit-linked 31 December 2022 2021 \u00a3000 \u00a3000 Balance at I January 990,700 332,117 Deposits received 699,908 603,487 Fees deducted from account balances (3,242 ) (2,775 ) Investment yield (393,037 ) 197,739 Foreign exchange translation difference (22,249 ) (87,004 ) Other movements (141,604 ) (52,864 ) Balance at 31 December 1,130,476 990,700 Current 20,370 16,404 Non-current 1,110,106 974,296 Total 1,130,476 990,700 The fair values of the \u2018Liabilities relating to Policyholders\u2019 funds held by the group\u2019 are determined according to a three-level valuation hierarchy, which is explained in Note 24. The fair value of these liabilities is based on the aggregation of prices quoted in active markets of their associated assets (Level 1), as disclosed in Note 24. (b) Analysis of movement in insurance contract provisions Year ended 31 December 2022 2021 Gross Reinsurance Net Gross Reinsurance Net \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 Balance at 1 January 3,818,412 247,750 3,570,662 3,958,037 197,068 3,760,969 Additions \u2013 Arising on acquisition 378,756 1,014 377,742 11,731 \u2013 11,731 Premiums received 284,997 15,145 269,852 283,952 15,764 268,188 Fees deducted (53,648 ) ( 1,1 97 ) (52,451 ) (62,021 ) (1,250 ) (60,771 ) Reserves released in respect of benefits paid (592,604 ) (30,122 ) (562,482 ) (450,808 ) 39,122 (489,930 ) Movements in provisions for contracts sold \u2013 Movestic in current year 8,018 3,135 4,883 11,077 5,406 5,671 in prior years ( 12 ,46 3 ) (6,206 ) (6 ,257 ) ( 10,214 ) (3,930 ) (6,284 ) Investment return (3 18 ,61 3 ) (23,007 ) (295,606 ) 260,433 (2,459 ) 262, 892 Other movements (22 ,734 ) (9,503 ) (1 3 , 231 ) (25,255 ) 1 5 1 (25,406 ) Foreign exchange translation difference 1 2 1, 140 (694 ) 12 1,834 ( 158 ,520 ) (2,122 ) (156,398 ) Balance at 31 December 3,611,261 196,315 3,414,946 3,818,412 247,750 3,570,662 (c) Basis and assumptions for calculating insurance contract provisions UK (i) Basis The process used to determine the assumptions underlying the calculation of IFRS technical provisions, which are checked to ensure that they are consistent with observed market prices or other published information, is intended to result in conservative estimates of the most likely, or expected, outcome. The assumptions which are considered include the expected number and timing of deaths, other claims and investment returns over the period of risk exposure. A reasonable allowance is made for the level of uncertainty within the contracts. The technical provision for CA (S&P with-profits) contracts is based on the guaranteed minimum benefits and is calculated on a gross premium basis, by subtracting the present value of future premiums from the present value of future benefits payable under the policy, until it ceases at maturity, or death if earlier. The gross premium method makes explicit allowance for future policy maintenance costs. If the net present value of the future discounted cash flows is positive, no asset is recognised. Provision is not made for future bonuses as all bonuses are terminal bonuses. For those classes of CA non-linked and unit-linked business where policyholders participate in profits, the liability is wholly reinsured to ReAssure. When performing the gross liability adequacy test allowance is made for expected future bonuses paid by ReAssure. This is based on the realistic liabilities of the underlying policies reinsured, as provided to CA by ReAssure. For all other classes of unit-linked and quasi-linked business, including unit-linked business in CASLP, the technical provision consists of a provision equal to the value of the matching unit-linked assets plus an additional reserve calculated on a gross premium basis, by subtracting the present value of future premiums from the present value of future benefits payable under the policy, until it ceases at maturity, or death if earlier. The gross premium method makes explicit allowance for future policy maintenance costs. If the net present value of the future discounted cash flows is positive, no asset is recognised. For immediate annuities in payment in CA and CASLP the technical provision is calculated as the discounted value of the expected future annuity payments under the policies, allowing for mortality, interest rates and expenses. For certain group business within the PL component of CA, the technical provisions are assessed on an unearned premium method considered appropriate for the nature and scale of the liabilities. For the remainder of the PL business, the technical provisions are calculated on a gross premiums basis, by subtracting the present value of future premiums from the present value of future benefits payable under the policy, until it ceases at maturity, or lapse or death if earlier. The gross premiums method makes explicit allowance for future policy maintenance costs. If the net present value of future discounted cash flows is positive no asset is recognised. For all other classes of non-linked business, the technical provision is calculated on a net premium basis, being the level of premium consistent with a premium stream, the discounted value of which, at the outset of the policy, would be sufficient to cover exactly the discounted value of the original guaranteed benefits at maturity, or at death if earlier, on the valuation basis. The provision is then calculated by subtracting the present value of future net premiums from the present value of the benefits guaranteed at maturity, or death if earlier, as a result of events up to the balance sheet date. Negative provisions do not arise under the net premium method, which makes no allowances for voluntary discontinuances by policyholders, and which only implicitly allows for future policy maintenance costs. Where reinsurance exists, the value of reinsurance assets are calculated by considering the cash flows to and from the reinsurers and applying the principles used for the calculation of gross technical provisions. (ii) Principal assumptions Mortality A base mortality table is selected which is most appropriate for each type of contract taking into account rates charged by reinsurers. The mortality rates reflected in these tables are periodically adjusted, allowing for emerging experience and changes in reinsurer rates. The mortality assumptions used on the blocks of business most sensitive to changes in mortality assumptions are disclosed below. Ex-Protection Life, Life Business: 80% TMN00 select and 80% TFN00 select (non-smokers), 80% TMS00 select and 80% TFS00 select (smokers). Annuitant mortality (CA): 89% PMA08 table and 89% PFA08 table, with 100% CMI_2021 improvements with a 2.0% long-term convergence rate from 31 December 2022. Annuitant mortality (CASLP conventional annuities): 110% PMA08 table and 110% PFA08 table, with 100% CMI_2019 improvements with a 2.0% long-term convergence rate from 31 December 2022. Morbidity Morbidity tables are derived based on reinsurer tables. These are periodically adjusted to take into account emerging experience where appropriate. Persistency In general, no allowance is made for lapses or surrenders within the valuation of insurance contract liabilities, which is a prudent assumption. For CA (S&P) unit-linked business, when assessing additional reserves for expenses and mortality risk, allowance has been made for lapses at a prudent level of 75% of the expected level as indicated by recent experience, the rates used being: Rate of lapse 31 December 2022 2021 SPI ** SPP ** SPI SPP Assurances: Regular premium plans 2.063% 3.000% 2.063% 3.000% Single premium contracts 2.250% 3.938% 2.250% 3.938% Linked TIC* \u2013 5.000% \u2013 5.000% *Trustee Investment Contract (TIC), a unit-linked contract. **SPI (CA S&P Insurance business)/SPP (S&P Pension business). Discount rates CA uses appropriate rates of interest, for different product types, in discounting projected liabilities. As at 31 December 2022 for the material product types, these lay between 3.40% and 4.85% (31 December 2021: between 0.65% and 1.70%). The rates of interest shown above have been set after consideration of the risk of default on non-government bonds by applying the following adjustments to the earned yield: (i) Risk reduction of 0.1% for supranational issuers such as the European Investment Bank; (ii) For other issuers, a portion of the excess yield above that available on government backed bonds, where the portion varies by credit rating; and (iii) An overall maximum margin over the equivalent term government fixed interest security of 1.5%. Credit rating AAA AA A BAA BA B CAA+ Reduction 25% 40% 45% 50% 65% 75% 80% For many of the life insurance products the interest rate risk is managed through asset/liability management strategies that seek to match the interest rate sensitivity of the assets to that of the underlying liabilities. The overall objective of these strategies is to limit the net change in value of assets and liabilities arising from interest rate movements. Technical provisions for with-profits contracts are particularly sensitive to the interest rate used when discounting due to the existence of investment guarantees. Renewal expenses and inflation The renewal expenses assumed by CA are based on the charges made to CA by its two third party insurance administration services providers, with appropriate margins. The renewal expenses assumed by CASLP reflect a per policy allocation of future expected expenses, with appropriate margins. These expenses are assumed to inflate at a mix of current inflation rates in the UK, being the Retail Price Index and the National Average Earnings Index. Explicit allowance is also made for those governance expenses which are charged to CA and CASLP funds. Taxation For BLAGAB contracts subject to policyholder tax it has been assumed that current tax legislation and tax rates will not change. The sensitivities of technical provisions to changes in assumptions are set out overleaf. (iii) Valuation of options and guarantees Contracts with discretionary participation features The principal financial options and guarantees in CA (S&P) are (i) minimum benefits payable on maturity or retirement for participating business; (ii) the option to extend the term under the Personal Retirement Account contract on terms potentially beneficial to the policyholder; (iii) the option to increase premiums under the Personal Retirement Account contract on terms potentially beneficial to the policyholder; and (iv) certain insurability options offered. Provisions for CA (S&P) contracts with DPF provide for the present value of projected payments to policyholders based on guaranteed minimum investment returns, mainly at 5% per annum. When the insurance contract provisions established on this basis are greater than the associated policyholder asset shares, a shareholder charge for the cost of guarantees arises. The actual cost to shareholders depends principally on the future investment performance of the associated policyholders\u2019 assets and on the rate of discontinuance of policies prior to maturity. The cost of guaranteeing a minimum investment return on the S&P contracts with DPF has been assessed on a market consistent basis. This involved the use of a stochastic asset model which is designed to establish a cost of guarantees which is consistent with prices in the market at the valuation date, for example the prices of derivative instruments. The actual cost to shareholder depends principally on the future investment performance of the associated policyholders\u2019 assets and on the rate of discontinuance of policies prior to maturity. For the remaining options and guarantees the cost has been assessed on an approximate basis, appropriate to the level of materiality of the results. The following sets out the cumulative charge to shareholders for the cost of guarantees on these bases: Year ended 31 December 2022 2021 \u00a3000 \u00a3000 At beginning of the year 10,481 18,812 Charge/(credit) to income (1,399 ) (8,331 ) At the end of year 9,082 10,481 The cost of guarantees are sensitive to changes in the value of investments. A 1% decrease in investment yields would decrease net profit and net equity by \u00a32.1m (31 December 2021: \u00a33.5m). A 10% fall in equities would decrease net profit and net equity by \u00a32.63m (31 December 2021: \u00a32.6m). Timed Investment Funds Certain investment funds, the \u2018Timed Investment Funds\u2019, carry a guarantee that the price at maturity date or death will not be less than the highest price attained between commencement and contract cessation. The cost of the guarantee can be managed by changing the Investment Policy adopted by each fund. In respect of this guarantee: (i) a monthly charge of 1\u204448% of the fund value is made; and (ii) investment conditions were such as to require the establishment of a reserve of \u00a3680,000 as at 31 December 2022 (31 December 2021: \u00a3914,000). The reserve for a given fund is derived as the discounted exposure at fund maturity date, the exposure being the difference between the guaranteed Timed Investment Fund value and the projected fund maturity value, with the latter projected value being derived assuming an immediate fall in value of equities within the fund of 20% and allowing for future investment returns, including presumed future equity investment return of 3.1% per annum. The Timed Investment Fund reserve is sensitive to changes in the value of equities, however a 10% fall in equities at 31 December 2022 would not impact net equity. This is because the fund is expected to grow sufficiently that guarantees would not bite even after the fund value has been stressed. Guaranteed Growth Fund The Guaranteed Growth Fund (GGF) is a deposit-based contract which provides a return to policyholders that is linked to the average residential mortgage rate. However, the assets backing the contract are largely held as cash on deposit. There is, therefore, likely to be a shortfall between the return given to policyholders and the return earned on assets, and the value of this shortfall is reserved for. Reserves for this product comprise a \u2018unit\u2019 reserve of the current value of the benefits held and a non-unit reserve for expenses. The underlying fund at 31 December 2022 was \u00a33.5m (31 December 2021: \u00a33.5m). 403 policies invested in the fund (31 December 2021: 410), of which 18 (31 December 2021: 19) were paying premiums (for a total of approximately \u00a36,000 per annum (31 December 2021: \u00a36,000)). For the valuation of contract liabilities, the following are projected for each future year: \u2013 the benefit outgo from the fund; \u2013 the investment return from the assets backing the fund; and \u2013 the difference between these items. These differences are then discounted and summed to establish the GGF loss reserve. The following assumptions are used for calculating the loss reserve: Rate of growth of liability 4.41% pa Rate of return on cash 3.43% pa Discount rate 3.40% pa Retirement age 90% of business with policyholders retiring at age 65 10% of business with policyholders retiring at age 70 Terminations before retirement 3% pa The reserve for the guarantee as at 31 December 2022 was \u00a30.1m (31 December 2021: \u00a30.1m). (iii) Valuation of options and guarantees (continued) Deferral of retirement ages Policyholders with a Personal Retirement Account and Guaranteed Plus Retirement Plan may defer their retirement age on terms that may be beneficial to the policyholder. The cost of policyholders exercising this benefit is assessed using a prudent assumption as to the level of take-up of the option and deferral to age 70. The reserve for this option as at 31 December 2022 was \u00a30.1m (31 December 2021: \u00a31.0m). The reason for the fall in reserves relative to 2021 is the rise in interest rates, which has reduced the additional guarantee cost arising when policyholders choose to defer retirement. Increase of premiums on Personal Retirement Account Policyholders with a Personal Retirement Account may increase their regular premium contribution on terms that can be beneficial to the policyholder. The cost of policyholders exercising this benefit is assessed using a prudent assumption as to the level of take-up of the option. The reserve for this option as at 31 December 2022 was \u00a30.03m (31 December 2021: \u00a30.03m). Insurability options Policyholders with certain contracts have the right to increase their sum assured without underwriting, in certain circumstances. The reserve for this option as at 31 December 2022 was \u00a30.3m (31 December 2021: \u00a30.3m). Guaranteed annuity options A limited number of pension plans offer guaranteed annuity options at retirement. The cost of this option is assessed assuming a prudent assessment of the take-up of the option and of the cost. The reserve for this option as at 31 December 2022 is \u00a30.1m (31 December 2021: \u00a30.1m). Sweden (i) Basis Group contracts are sold on an annual basis and the individual contracts include an option for Movestic to increase the premium on an ongoing basis. Therefore, for both group and individual contracts, Movestic adopts a reserving approach that is similar to that of a non-life insurance business, with claim reserves projected using an estimated loss ratio with reference to previous loss development for earlier years. The insurance contract provisions comprise unearned premium provisions, outstanding claims and associated reinsurance recoveries. Except for the income protection and the waiver of premium benefits within the individual contracts, provisions for the insurance contracts are not discounted because of the short-term nature of the liabilities, which are generally paid by the fourth year of development for a single accident year. Income protection and waiver of premium contracts are discounted following Finansinspektionen guidelines. Unearned premiums Unearned premiums represent a proportion of the premium relating to policies that expire after the balance sheet date. Unearned premiums are calculated automatically by the underwriting system and are released to income on a straight-line basis over the period of the policy. Outstanding claims Outstanding claims include notified claims, claims incurred as at the balance sheet date but not reported and an estimate of the cost of handling the claims. The key risk in respect of notified claims is that they are paid or handled inappropriately (for example invalid or fraudulent claims are paid). Management information is reviewed on a regular basis to identify unusual trends in the payment of claims. The estimation of claims Incurred But Not Reported (IBNR) is generally subject to a greater degree of uncertainty than the estimation of costs of settling claims already notified to Movestic, where more information about the claim event is generally available. In calculating the estimated cost of claims which have not been notified, Movestic uses a variety of estimation techniques, generally based upon statistical analyses of historical experience, which assumes that the development pattern of the current claims will be consistent with past experience. The most common methods that are used are the chain ladder method and the Bornhuetter-Ferguson method. Chain ladder methods involve the analysis of historical claims development factors and the selection of estimated development factors based on this historical pattern. The selected factors are applied to cumulative claims data for each accident year that is not fully developed to provide an estimated ultimate claims cost. The Bornhuetter-Ferguson method uses a combination of an initial estimate of the expected loss ratio and an estimate based on observed claims experience. The two estimates are combined using a formula that gives more weight to the experience-based estimate as time passes. The use of different approaches assists in giving greater understanding of the trends inherent in the data being projected and also assists in setting the range of possible outcomes. The most appropriate estimation technique is selected taking into account the characteristics of the policies sold. Where deemed appropriate, an allowance is made for changes or uncertainties which may create distortions in the underlying statistics or which might cause the cost of unsettled claims to increase or reduce when compared with the cost of previously settled claims. Although claims reserves are considered reasonable, on the basis of information available to Movestic, the ultimate liabilities will vary as a result of subsequent information and events. (ii) Principal assumptions Income protection and waiver of premium benefits within individual contracts For reported claims, the liabilities are reviewed on a case by case basis. A discounted cash flow model is used to determine the liabilities and the key factors used are: \u2013 the probability of \u2018recovery\u2019 (i.e. return to work). The recovery rates depend on age, sex and length of time the claimant has been claiming the benefits; \u2013 the mortality rate; and \u2013 the discount rate. For unreported claims, the claims development table is used. The development of insurance liabilities provides a measure of Movestic\u2019s ability to estimate the ultimate value of claims. The top half of the table overleaf illustrates how Movestic\u2019s estimate of total claims outstanding for each accident year has changed at successive year ends. The bottom half of the table reconciles the cumulative claims to the amount appearing in the balance sheet. An accident-year basis is considered to be the most appropriate for the business written by Movestic. The information is presented on both a gross and net of reinsurance basis. (iii) Analysis of claims development \u2013 gross 2017 2018 2019 2020 2021 2022 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 Estimate of ultimates End of accident year 28,651 26,231 17,466 14,709 1 1,623 8,565 One year later 21,259 17,178 12,546 1 1,686 9,034 Two years later 20,683 16,810 10,662 8,859 Three years later 18,334 16,246 9,867 Four years later 17,217 14,744 Five years later 16,515 Current estimate of ultimate claims 16,515 14,744 9,867 8,859 9,034 8,565 Cumulative payments ( 1 1,972 ) (9,602 ) (7,632 ) (4,879 ) (3,886 ) (2,8 1 6 ) In balance sheet 4,543 5,142 2,235 3,980 5,148 5,749 Provision for prior years 20,934 Liability in balance sheet 47,732 Analysis of claims development \u2013 net 2017 2018 2019 2020 2021 2022 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 Estimate of ultimates End of accident year 10,116 8,620 8,594 9,506 6,402 5,449 One year later 1,831 9,366 4,821 7,296 6,014 Two years later 9,935 8,986 4,208 5,633 Three years later 8,650 8,504 3,784 Four years later 7,936 7,528 Five years later 7,722 Current estimate of ultimate claims 7,722 7,528 3,784 5,633 6,014 5,449 Cumulative payments (4,536 ) (4, 238 ) (2,898 ) (3,392 ) (2 ,761 ) (2,179 ) In balance sheet 3,186 3,290 886 2,241 3,253 3,270 Provision for prior years 14,267 Liability in balance sheet 30,394 Netherlands (Waard Group) (i) Basis For protection policies insurance contract provisions comprise a technical reserve for future claims and a claim reserve for those not settled to completion at the reporting date. For general insurance contracts an unearned premium reserve reflecting the non-expired term of contract is held plus claims provision. For insurance contracts where the policy value reflects the value of supporting assets (unit-linked contracts) the Insurance Contract Provision equals the value of assets held. (ii) Principal assumptions The technical reserve uses assumptions for mortality, expenses and discounting that were used in the contract pricing, reflecting a book reserve approach. Different assumptions are used for each portfolio (e.g. Waard Leven has different assumptions for the following portfolios: DSB, HW UL portfolio/DSB Index UL, MGL, Argenta, BND ). As an example, the most material portfolio (Argenta Savings Mortgages) uses the following mortality and discount rate assumptions: Interest: EIOPA curve at 31 August 2020, without VA Mortality: 80% of the generational prognosis table AG2018 The continued appropriateness of these assumptions are assessed by undertaking a liability adequacy test. Claims reserves for general insurance business in Waard Schade contain assessment of those IBNR which are regularly updated reflecting analysis of recent reporting patterns. Netherlands (Scildon) (i) Basis For insurance contracts where the policy value reflects the value of supporting assets (unit-linked contracts), the Insurance Contract Provision equals the value of assets held. For non-linked contracts the insurance contract provisions are calculated as the discounted value of future claims and expenses less any expected premium income. For any given policy if the net present value of future discounted cash flows is positive then no asset is recognised. Additionally, a liability adequacy test is performed to verify the adequacy of the IFRS technical provisions. The test is carried out by comparing the carrying amount of IFRS provisions with the best-estimate provisions calculated under Solvency II regulations. If the value of best-estimate provisions is higher, then the difference is added to the total value of IFRS provisions as a LAT deficit. (ii) Principal assumptions The technical reserve uses assumptions for mortality, expenses and discounting that were used in the contract pricing, reflecting a book reserve approach. The assumptions differ by product type, and there are also different assumptions applied within each product type depending on when the contract was written. The unit-linked products are the most material, and an example of the mortality tables used are the GBM 1976-1980 (males) and GBV 1976-1980 (females). For annuities, an example of the mortality tables applied are the GBM 1980-1985 (males) and GBV 1980-1985 (females) tables and the discount rate assumption is the Solvency II curve (including VA) less investment costs, where investment costs are determined annually. For the annuity portfolio mark to market interest assumptions are used. Term policies written after 2015 are reserved on best-estimate market value reserves. (d) Sensitivity to changes in assumptions Impact on reported profits and equity to changes in key variables Gross of reinsurance CA Scildon Movestic Change in net of tax Change in net of tax Change in net of tax profits and equity profits and equity profits and equity 2022 2021 2022 2021 2022 2021 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Change in variable 100 basis point increase credit spreads (0.4 ) (2.0 ) (14.6 ) (22.5 ) n/a n/a 100 basis point increase in Investment return 1.2 2.9 (25.8 ) (33.2 ) (0.6 ) (1.3 ) 100 basis point decrease in Investment return (2.4 ) (3.2 ) 19.9 19.5 0.5 1.1 10% increase in mor tality/morbidity (12 .2 ) (15.6 ) (4.1 ) (3.2 ) n/a n/a 10% increase in mor tality alone (9.8 ) ( 12.6 ) (4.1 ) (3.2 ) n/a n/a 10% increase in morbidity alone (2.3 ) (3.0 ) \u2013 \u2013 n/a n/a 10% increase in policy maintenance expenses (3.9 ) (4.1 ) (0.8 ) (0.8 ) n/a n/a 10% mass lapse 11.4 13.4 0.5 0.4 n/a n/a 5% increase in loss ratio n/a n/a n/a n/a (1.9 ) (2.3 ) 5% decrease in loss ratio n/a n/a n/a n/a 1.9 2.3 Net of reinsurance CA Scildon Movestic Change in net of tax Change in net of tax Change in net of tax profits and equity profits and equity profits and equity 2022 2021 2022 2021 2022 2021 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Change in variable 100 basis point increase credit spreads (2.6 ) (3.7 ) (14.4 ) (22.2 ) n/a n/a 100 basis point increase in Investment return (3.2 ) (8.0 ) (25.1 ) (32.2 ) (1.2 ) (2.3 ) 100 basis point decrease in Investment return 2.4 8.5 (18.9 ) 17.9 1.2 2.2 10% increase in mor tality/morbidity 0.8 (0.1 ) (3.4 ) (3.7 ) n/a n/a 10% increase in mortality alone 1.1 0.4 (3.4 ) (3.7 ) n/a n/a 10% increase in morbidity alone (0.4 ) (0.5 ) \u2013 \u2013 n/a n/a 10% increase in policy maintenance expenses (3.7 ) (3.8 ) (1.4 ) (1.6 ) n/a n/a 10% mass lapse 5.0 5.2 1.0 (1.0 ) n/a n/a 5% increase in loss ratio n/a n/a n/a n/a (1.2 ) (1.4 ) 5% decrease in loss ratio n/a n/a n/a n/a 1.2 1.4 UK business (CA and CASLP) Assumptions are adjusted for changes in mortality, investment return, policy maintenance expenses and expense inflation to reflect anticipated changes in market conditions and market experience and price inflation. CA and CASLP re-run their valuation models on various bases. An analysis of sensitivity around various scenarios provides an indication of the sensitivity of the estimates to changes in assumptions in respect of its life assurance contracts. The table presented overleaf demonstrates the sensitivity of assets and insured liability estimates to particular movements in assumptions used in the estimation process. Certain variables can be expected to impact on life assurance liabilities more than others, and consequently a greater degree of sensitivity to these variables may be expected. The above sensitivities are calculated as an expected impact on IFRS-based profits, both gross and net reinsurance and net of tax and the analysis has been prepared for a change in the stated variable, with all other assumptions remaining constant. The sensitivities to the changes in investment returns are calculated taking into account the consequential changes to valuation assumptions. The sensitivities to mortality and morbidity (critical illness) rates shown overleaf are calculated on the assumption that there would be no consequential change in rates to policyholders. In practice, group policy is to pass costs on to policyholders where it is contractually permitted and where it considers that the impact of the change is significant and subject to treating customers fairly. The main expense risk is that of unforeseen changes to third party administration expenses: the impact shown above quantifies a 10% increase in those expenses. In 2022 the impact of CASLP\u2019s sensitivities have been incorporated into the UK result, although this has not had a material effect as CASLP consists primarily of investment contracts, which are not subject to these sensitivities. The impact of a 100 basis point increase/decrease in investment returns has fallen over 2022 due to the rise in interest rates, which has reduced the convexity of assets and liabilities making them less sensitive to interest rate movements. Swedish business (Movestic) The key sensitivities in the measurement of the group and individual contracts insurance claim reserves within Movestic are a movement in the loss ratio applied to earned premium and the foreign exchange risk arising on business written in Norway. In addition, for the income protection and the waiver of premium benefits within the individual contracts, the claims reserves are impacted by the discount rate used. The impact of these sensitivities is shown overleaf. Dutch business (Waard Group) The most material sensitivity within Waard Group is interest rates. Due to the fact that Waard measures its insurance contract liabilities using historical rates of interest, a rise in interest rates results in a fall in the value of fixed-interest assets with no change in the value of liabilities. The impact on net of tax profits and equity net of reinsurance at 2022 is \u00a3(2.5)m (2021: \u00a3(2.5)m). Dutch business (Scildon) Similar to Waard, Scildon measures the majority of its insurance contract liabilities using historical assumptions, which usually means that the value of IFRS provisions is fairly stable under many sensitivities. Similarly to CA, the impact of a 100 basis point increase in investment returns has fallen due to the rise in interest rates over 2022, which has reduced the sensitivity of the assets being stressed to a further rise in interest rates. The impact of a 100 basis point increase in credit spreads has fallen for the same reason. 30 Insurance contract provisions (a) Analysis of insurance contract provisions by operating segment 31 December 2022 2021 Gross Reinsurance Net Gross Reinsurance Net \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 UK 1,402,908 181,300 1,221,608 1,529,259 228,704 1,300,555 Movestic 49,991 17,992 31,999 59,813 23,381 36,432 Waard Group 363,967 2,256 361,711 341,787 2,628 339,159 Scildon 1,794,395 (5,233 ) 1,799,628 1,887,553 (6,963 ) 1,894,516 Total insurance contract provisions 3,611,261 196,315 3,414,946 3,818,412 247,750 3,570,662 Current 435,517 9,540 425,977 517,557 11,753 505,804 Non-current 3,175,744 186,775 2,988,969 3,300,855 235,997 3,064,858 Total 3,611,261 196,315 3,414,946 3,818,412 247,750 3,570,662",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInsuranceContractsExplanatory",
"language": "en",
"entity": "scheme:213800VFRMBRTSZ3SJ06",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-43": {
"value": " 12 Change in investment contract liabilities Year ended 31 December 2022 2021 \u00a3000 \u00a3000 Changes in the fair value of investment contracts designated on initial recognition as fair value through income (611,073 ) 707,1 19 Changes in the fair value of policyholders\u2019 funds held by the group designated on initial recognition as fair value through income (392,884 ) 195,460 Total (decrease)/increase in investment contract liabilities (1,003,957 ) 902,579 Reinsurers\u2019 share of investment contract liabilities 2,653 (4,110 ) Net (decrease)/increase in investment contract liabilities (1,001,304 ) 898,469 Investment contract benefits comprise benefits accruing to holders of investment contracts issued by the group.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentContractsLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800VFRMBRTSZ3SJ06",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-44": {
"value": "14 Administrative expenses Year ended 31 December 2022 2021 Note \u00a3000 \u00a3000 Personnel-related costs 44 37,850 31,358 Investment management fees 1,725 2,055 Amortisation charge on software assets 1,785 1,382 Depreciation charge on property and equipment 732 749 Costs paid to third-party administrators 12,837 1 1,246 Depreciation of right-of-use assets 659 739 Other goods and services 29,509 20,396 Total 85,097 67,925 Included in other goods and services above are the following amounts payable to the auditor and its associates, exclusive of VAT. Year ended 31 December 2022 2021 \u00a3000 \u00a3000 Fees payable to the company\u2019s auditor for the audit of the company\u2019s financial statements 447 443 Fees payable to the company\u2019s auditor and its associates for other services to the group: The audit of the company\u2019s subsidiaries pursuant to legislation* 1,712 836 Audit-related assurance services** 1,071 217 Total 3,230 1,496 *Includes \u00a3609k (2021: \u00a3112k) audit fees in respect of the Movestic, Waard and Scildon audit in the year performed by EY. **Includes \u00a3344k (2021: nil) fees related to assurance services in respect of Waard and Scildon in the year performed by EY.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800VFRMBRTSZ3SJ06",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-45": {
"value": "15 Other operating expenses Year ended 31 December 2022 2021 \u00a3000 \u00a3000 Charge for amortisation of acquired value of in-force business 13,259 8,184 Charge for amortisation of acquired value of customer relationships (AVCR) 45 55 Other Payment of yield tax relating to policyholder funds 8,344 5,561 Other 356 403 Total 8,700 5,964",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:213800VFRMBRTSZ3SJ06",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"fact-46": {
"value": "16 Financing costs Year ended 31 December 2022 2021 Note \u00a3000 \u00a3000 Interest expense on bank borrowings 609 1,036 Interest expense on financial reinsurance 35 796 1,138 Interest expenses on lease liabilities 28 95 Interest expense on Tier 2 debt 8,887 \u2013 Other interest 229 3 Total financing costs 10,549 2,272 Interest expense on bank borrowings and Tier 2 debt is calculated using the effective interest rate method and is the total interest expense for financial liabilities that are not designated at fair value through income.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:213800VFRMBRTSZ3SJ06",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"fact-47": {
"value": "17 Income tax Total income tax comprises Year ended 31 December 2022 2021 \u00a3000 \u00a3000 CA and other group activities \u2013 net expense 19,560 (2,149 ) Movestic \u2013 net expense 14 (1 ) Waard Group \u2013 net credit/(expense) 1,307 188 Scildon \u2013 net credit 27,686 444 Total net credit/(expense) 48,567 (1,518 ) UK business CA and other group activities Year ended 31 December 2022 2021 \u00a3000 \u00a3000 Current tax Current year (3,180 ) (2,732 ) Overseas tax 11 \u2013 Adjustment to prior years 1,549 (2 ) Net expense (1,620 ) (2,734 ) Deferred tax Origination and reversal of temporary differences 21,180 585 Total income tax credit/(expense) 19,560 (2,149 ) Reconciliation of effective tax rate on profit before tax Year ended 31 December 2022 2021 \u00a3000 \u00a3000 (Loss)/profit before tax (69,982 ) 21,545 Income tax using the domestic corporation tax rate of 19.0% (2021: 19.0%) 13,296 (4,094 ) Non- taxable profit on acquisition of subsidiary (4,750 ) \u2013 Other permanent differences 194 414 Effect of UK tax bases on insurance profits 7,796 \u2013 Offset of franked investment income \u2013 1,435 Variation in rate of tax on amortisation of acquired in-force value 3,337 (8 ) Impact of new life tax regime (421 ) \u2013 Effect of change in tax rate 108 29 Other \u2013 77 Under provided in previous years \u2013 (2 ) Total income tax credit/(expense) 19,560 (2,149 ) The Finance Act 2021 increased the rate of corporation tax from 19% to 25% from 1 April 2023. The prevailing rate of UK corporation tax for the year remained at 19%. Movestic Movestic Year ended 31 December 2022 2021 \u00a3000 \u00a3000 Current tax Current year expense (4 ) \u2013 Adjustments for prior years \u2013 (7 ) Net expense (4 ) (7 ) Deferred tax Origination and reversal of temporary differences 18 6 Total income tax credit/(expense) 14 (1 ) Reconciliation of effective tax rate on profit before tax Year ended 31 December 2022 2021 \u00a3000 \u00a3000 Profit before tax 1,427 11,423 Income tax using the domestic corporation tax rate of 20.6% (21.4%) (294 ) (2,353 ) Non-taxable income in relation to unit-linked business 1,460 2,737 Impact of different tax rate for subsidiaries \u2013 \u2013 Non-taxable fair value adjustment (164 ) (108 ) Temporary differences 47 (19 ) Permanent differences \u2013 \u2013 Unrecognised tax recoverable (886 ) (175 ) Non-deductible expenses (149 ) (76 ) Under provided in prior years \u2013 (7 ) Total income tax credit/(expense) 14 (1 ) Waard Group Waard Group Year ended 31 December 2022 2021 \u00a3000 \u00a3000 Current tax Current year expense (1,077 ) (349 ) Adjustment to prior years \u2013 (66 ) Net expenses (1,077 ) (415 ) Deferred tax Origination and reversal of temporary differences 2,384 603 Total income tax credit 1,307 188 Reconciliation of effective tax rate on profit before tax Year ended 31 December 2022 2021 \u00a3000 \u00a3000 Loss before tax (5,031 ) (811 ) Income tax using the domestic corporation tax rate of 25% 1,307 243 Impact of different tax rate for subsidiaries \u2013 \u2013 Permanent differences \u2013 (55 ) Total income tax credit 1,307 188 Scildon Scildon Year ended 31 December 2022 2021 \u00a3000 \u00a3000 Current tax (3,960 ) (1,032 ) Adjustments for prior year \u2013 \u2013 Net expense (3,960 ) (1,032 ) Deferred tax Origination and reversal of temporary differences 31,646 1,789 Impact to changes in tax rates \u2013 (313 ) Total income tax credit 27,686 444 Reconciliation of effective tax rate on profit before tax Year ended 31 December 2022 2021 \u00a3000 \u00a3000 Loss before tax (106,783 ) (3,345 ) Income tax using the domestic corporation tax rate of 25% 27,550 863 Non-taxable fair value adjustment \u2013 (94 ) Permanent differences 136 (15 ) Non-deductible expenses \u2013 (310 ) Total income tax credit 27,686 444",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800VFRMBRTSZ3SJ06",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-48": {
"value": "18 Investment subsidiary Company Year ended 31 December 2022 2021 Note \u00a3000 \u00a3000 Balance at 1 January 354,720 354,720 Additions \u2013 Arising on acquisition 51 37,850 \u2013 Capital contribution 46,476 \u2013 Balance at 31 December 439,046 354,720 Impairment: Balance at 1 January \u2013 \u2013 Impairment for the year (25,000 ) \u2013 Balance at 31 December (25,000 ) \u2013 Carrying amounts: At 1 January 354,720 354,720 At 31 December 414,046 354,720 During the year, as a result of the assessment performed on whether an investment is impaired by assessing whether any indicators of impairment exist, the company carried out a review of the recoverable amount of Countrywide Assured plc. The review led to the recognition of an impairment loss of \u00a325m, which has been recognised in profit or loss. Included within additions is the \u00a337.9m consideration for the acquisition of CASLP, a \u00a325m capital contribution made to CASLP upon acquisition and \u00a321.5m capital contribution made to Waard to provide funding for the Conservatrix acquisition.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:213800VFRMBRTSZ3SJ06",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-49": {
"value": "19 Deferred acquisition costs Year ended 31 December 2022 2021 \u00a3000 \u00a3000 Balance at 1 January 63,327 69,051 Additions 13,704 13,420 Amortisation charged to income (13,571 ) (13,370 ) Impairment losses \u2013 \u2013 Foreign exchange translation difference (655 ) (5,774 ) Balance at 31 December 62,805 63,327 Current 1 1,202 10,927 Non-current 51,603 52,400 Total 62,805 63,327 The amortisation charged to income is recognised in fees, commission and other acquisition costs (see Note 13",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredAcquisitionCostsArisingFromInsuranceContractsExplanatory",
"language": "en",
"entity": "scheme:213800VFRMBRTSZ3SJ06",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-50": {
"value": "21 Software assets 31 December 2022 2021 \u00a3000 \u00a3000 Cost: Balance at 1 January 28,756 28,790 Additions 2,400 2,540 Foreign exchange translation difference (625 ) (2,574 ) Balance at 31 December 30,531 28,756 Amortisation and impairment losses: Balance at 1 January 19,872 20,282 Amortisation charge for the year 1,785 1,382 Foreign exchange translation difference (426 ) (1,793 ) Balance at 31 December 21,231 19,871 Carrying amounts at 31 December 9,300 8,885 20 Acquired value of in-force business (AVIF) Year ended 31 December 2022 2021 Note \u00a3000 \u00a3000 Cost: Balance at 1 January 214,461 221,886 Additions \u2013 Arising on acquisition 51 59,579 771 Foreign exchange translation difference 291 (8,196 ) Balance at 31 December 274,331 214,461 Amortisation and impairment losses: Balance at 1 January 164,832 160,231 Amortisation for the year 13,259 8,184 Foreign exchange translation difference (682 ) (3,583 ) Balance at 31 December 177,409 164,832 Carrying amounts: At 1 January 49,629 61,655 At 31 December 96,922 49,629 The amortisation charged to the Consolidated Statement of Comprehensive Income is recognised in other operating expenses (see Note 15).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:213800VFRMBRTSZ3SJ06",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-51": {
"value": "22 Property and equipment 31 December 2022 2021 \u00a3000 \u00a3000 Cost: Balance at 1 January 14,462 14,114 Additions \u2013 Arising on acquisition 4,388 \u2013 Addition 512 1,833 Disposals (1,601 ) (954 ) Revaluation 798 570 Foreign exchange translation difference 481 (1,101 ) Balance at 31 December 19,040 14,462 Amortisation and impairment losses: Balance at 1 January 6,632 5,396 Additions \u2013 Arising on acquisition 4,364 \u2013 Addition \u2013 1,089 Depreciation charge for the year 1,391 1,488 Disposals (1,425 ) (849 ) Foreign exchange translation difference 184 (492 ) Balance at 31 December 11,146 6,632 Carrying amounts at 31 December 7,894 7,830 The group leases several assets including office buildings, office and IT equipment and motor vehicles. The average lease term is 3 years. Right-of-use assets Non-investment Property & Motor 2022 property equipment vehicles Hardware Software Other Total \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 Carrying amounts at 1 January 1,873 29 37 39 \u2013 13 1,991 Additions 98 \u2013 7 \u2013 \u2013 \u2013 105 Disposals (205 ) \u2013 \u2013 \u2013 \u2013 \u2013 (205 ) Depreciation charge (568 ) ( 19 ) (33 ) (33 ) \u2013 (6 ) (659 ) Foreign exchange translation difference (22 ) \u2013 2 ( 1 ) \u2013 ( 1 ) (22 ) Carrying amounts at 31 December 1,176 10 13 5 \u2013 6 1,210 Amount recognised in profit and loss Non-investment Property & Motor 2022 property equipment vehicles Hardware Software Other Total \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 Interest expense on lease liabilities 33 \u2013 \u2013 \u2013 \u2013 \u2013 33 Fixed lease expense 605 19 33 35 \u2013 5 697 Total cash outflow for leases 638 19 33 35 \u2013 5 730 Right-of-use assets Non-investment Property & Motor 2021 property equipment vehicles Hardware Software Other Total \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 Carrying amounts at 1 January 2,583 51 102 92 \u2013 2 2,830 Additions 98 \u2013 8 \u2013 \u2013 16 122 Disposals \u2013 \u2013 (17 ) \u2013 \u2013 \u2013 (17 ) Depreciation charge (619 ) (20 ) (49 ) (46 ) \u2013 (5 ) (739 ) Foreign exchange translation difference ( 189 ) (2 ) (7 ) (7 ) \u2013 \u2013 (205 ) Carrying amounts at 31 December 1,873 29 37 39 \u2013 13 1,991 Amount recognised in profit and loss Non-investment Property & Motor 2021 property equipment vehicles Hardware Software Other Total \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 Interest expense on lease liabilities 43 \u2013 1 1 \u2013 \u2013 45 Fixed lease expense 645 19 48 47 \u2013 6 765 Total cash outflow for leases 688 19 49 48 \u2013 6 810",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800VFRMBRTSZ3SJ06",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-52": {
"value": "23 Investment properties 31 December 2022 2021 \u00a3000 \u00a3000 Balance at 1 January 1,071 1,124 Additions \u2013 Arising on acquisition 102,974 \u2013 Additions 865 \u2013 Disposals (2,758 ) \u2013 Revaluation (7,734 ) 21 Foreign exchange translation difference 63 (74 ) Balance at 31 December 94,481 1,071 Investment properties were bought for investment purposes in line with the investment strategy of the group. The properties are independently valued in accordance with International Valuation Standards on the basis of determining the open market value of the investment properties on an annual basis. The latest valuations were conducted as at 31 December 2022. Within the investment properties, part of it is directly held (SIPP Commercial Property). There is no observable input and therefore its classed as level 3 totalling \u00a375.8m, see Note 24. Both of these amounts are disclosed in net investment return (see Note 9). Expenses incurred in the operation and maintenance of investment properties are disclosed in other operating expenses (see Note 15).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory",
"language": "en",
"entity": "scheme:213800VFRMBRTSZ3SJ06",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-53": {
"value": " 24 Financial instruments Group Financial assets by measurement category at 31 December 2022 2021 \u00a3000 \u00a3000 Fair value through income Designated at fair-value through income on initial recognition 9,169,152 7,842,605 Policyholders\u2019 funds held by the group 1,130,476 990,700 Derivative financial instruments 141 264 Total assets measured at fair value through income 10,299,769 8,833,569 Financial assets held at amortised cost 305,228 293,811 Total 10,604,997 9,127,380 Except as detailed in the following table, the directors consider that the carrying value amounts of financial assets and financial liabilities recorded at amortised cost in the financial statements are approximately equal to their fair values. Financial assets that are not held at fair value or managed on a fair value basis, consist of mortgage loan portfolio cash deposits and a mortgage loan portfolio, which are both held at amortised cost. The fair value of these assets as at 31 December 2022 was \u00a3294.3m (31 December 2021: \u00a3294.7m) and the change in fair value in the year was a decrease of \u00a30.4m. All other financial assets are held on a fair value basis and have a value of \u00a310,317.3m as at 31 December 2022 (31 December 2021: \u00a38,833.6m) with a change in fair value in the year of an increase of \u00a31,483.7m (31 December 2021: \u00a3677.6m). Fair value is the amount for which an asset or liability could be exchanged between willing parties in an arm\u2019s length transaction. The tables below show the determination of fair value according to a three-level valuation hierarchy. Fair values are generally determined at prices quoted in active markets (Level 1). However, where such information is not available, the group applies valuation techniques to measure such instruments. These valuation techniques make use of market- observable data for all significant inputs where possible (Level 2), but in some cases it may be necessary to estimate other than market-observable data within a valuation model for significant inputs (Level 3). Fair value measurement at 31 December 2022 Level 1 Level 2 Level 3 Total Financial assets \u00a3000 \u00a3000 \u00a3000 \u00a3000 Investment properties 1,215 \u2013 93,266 94,481 Financial assets Equities \u2013 Listed 79,233 \u2013 \u2013 79,233 Holdings in collective investment schemes 7,942,461 46,505 168,242 8,157,208 Debt securities \u2013 fixed rate: Government bonds 420,681 24,200 \u2013 444,881 Listed 429,316 54,960 \u2013 484,276 Debt securities \u2013 floating rate listed 3,554 \u2013 \u2013 3,554 Total debt securities 853,551 79,160 \u2013 932,711 Policyholders\u2019 funds held by the group 1,130,476 \u2013 \u2013 1,130,476 Derivative financial instruments \u2013 141 \u2013 141 Total 10,006,936 125,806 261,508 10,394,250 Current 2,192,019 Non-current 8,202,231 Total 10,394,250 Financial liabilities Investment contracts at fair value through income \u2013 6,856,574 \u2013 6,856,574 Liabilities related to policyholders\u2019 funds held by the group 1,130,476 \u2013 \u2013 1,130,476 Derivative financial instruments \u2013 3,681 \u2013 3,681 Total 1,130,476 6,860,255 \u2013 7,990,731 Fair value measurement at 31 December 2021 Level 1 Level 2 Level 3 Total Financial assets \u00a3000 \u00a3000 \u00a3000 \u00a3000 Investment properties 1,071 \u2013 \u2013 1,071 Financial assets Equities \u2013 Listed 6,352 \u2013 \u2013 6,352 Holdings in collective investment schemes 6,602,615 65,210 190,229 6,858,054 Debt securities \u2013 fixed rate: Government bonds 554,146 96 \u2013 554,242 Listed 406,608 \u2013 \u2013 406,608 Debt securities \u2013 floating rate listed 17,349 \u2013 \u2013 17,349 Total debt securities 978,103 96 \u2013 978,199 Policyholders\u2019 funds held by the group 990,700 \u2013 \u2013 990,700 Derivative financial instruments \u2013 264 \u2013 264 Total 8,578,841 65,570 190,229 8,834,640 Current 2,309,678 Non-current 6,524,962 Total 8,834,640 Financial liabilities Investment contracts at fair value through income \u2013 4,120,573 \u2013 4,120,573 Liabilities related to policyholders\u2019 funds held by the group 990,700 \u2013 \u2013 990,700 Total 990,700 4,120,573 \u2013 5,111,273 Investment properties The investment properties are valued by external Chartered Surveyors using industry standard techniques based on guidance from the Royal Institute of Chartered Surveyors. The valuation methodology includes an assessment of general market conditions and sector level transactions and takes account of expectations of occupancy rates, rental income and growth. Properties undergo individual scrutiny using cash flow analysis to factor in the timing of rental reviews, capital expenditure, lease incentives, dilapidation and operating expenses; these reviews utilise both observable and unobservable inputs. Holdings in collective investment schemes The fair value of holdings in collective investment schemes classified as Level 2 in 2021 are related to our UK operation, and Scildon operation for the prior year. These do not meet the classification as Level 1, as their fair value is determined using valuation techniques with observable market inputs. The holdings classified as Level 3 \u00a3133.1m (Dec 2021: \u00a3173.9m) also relate to our Scildon operation, and represent investments held in a mortgage fund. These are classified as Level 3 as the fair value is derived from valuation techniques that include inputs that are not based on observable market data. There is also a small holding of assets classified as Level 3 \u00a335.1m (Dec 2021: \u00a316.3m) from our Movestic operation which are unlisted. The valuation of the vast majority of these assets is based on unobservable prices from trading on the over-the-counter market. Debt securities The debt securities classified as Level 2 at 2021 and 2022 are traded in active markets with less depth or wider bid-ask spreads. This does not meet the classification as Level 1 inputs. The fair values of debt securities not traded in active markets are determined using broker quotes or valuation techniques with observable market inputs. Financial instruments valued using broker quotes are classified at Level 2, only where there is a sufficient range of available quotes. These assets were valued using counterparty or broker quotes and were periodically validated against third-party models. Derivative financial instruments Within derivative financial instruments is a financial reinsurance embedded derivative related to our Movestic operation. The group has entered into a reinsurance contract with a third party that has a section that is deemed to transfer significant insurance risk and a section that is deemed not to transfer significant insurance risk. The element of the contract that does not transfer significant insurance risk has two components and has been accounted for as a financial liability at amortised cost and an embedded derivative asset at fair value. The embedded derivative represents an option to repay the amounts due under the contract early at a discount to the amortised cost, with its fair value being determined by reference to market interest rate at the balance sheet date. It is, accordingly, determined at Level 2 in the three-level fair value determination hierarchy set out above. Further detail can be found in Note 27. Investment contract liabilities The investment contract liabilities in Level 2 of the valuation hierarchy represent the fair value of linked and non-linked liabilities valued using established actuarial techniques utilising market observable data for all significant inputs, such as investment yields. Significant unobservable inputs in Level 3 instruments valuations The Level 3 instruments held in the group are in relation to investments held in an Aegon managed Dutch Mortgage Fund that contains mortgage-backed assets in the Netherlands. The fair value of the mortgage fund is determined by the fund manager on a monthly basis using an in-house valuation model. The valuation model relies on a number of unobservable inputs, the most significant being the assumed conditional prepayment rate, the discount rate and the impairment rate, all of which are applied to the anticipated modelled cash flows to derive the fair value of the underlying asset. The assumed Conditional Prepayment Rate (CPR) is used to calculate the projected prepayment cash flow per individual loan and reflects the anticipated early repayment of mortgage balances. The CPR is based on 4 variables: Contract age \u2013 The CPR for newly originated mortgage loans will initially be low, after which it increases for a couple of years to its maximum expected value, and subsequently diminishes over time. Interest rate differential \u2013 The difference between the contractual rates and current interest rates are positively correlated with prepayments. When contractual rates are higher than interest rates of newly originated mortgages, we observe more prepayments and the vice versa. Previous partial repayments \u2013 Borrowers who made a partial prepayment in the past, are more likely to do so in the future. Burnout effect \u2013 Borrowers who have not made a prepayment in the past, while their option to prepay was in the money, are less likely to prepay in the future. The projected prepayment cash flows per loan are then combined to derive an average expected lifetime CPR, which is then applied to the outstanding balance of the fund. The CPR used in the valuation of the fund as at 31 December 2022 was 4.9% (31 December 2021: 6.1%). The expected projected cash flows for each mortgage within the loan portfolio are discounted using rates that are derived using a matrix involving the following three parameters: The remaining fixed rate term of the mortgage Indexed Loan to Value (LTV) of each mortgage Current (Aegon) mortgage rates. At 31 December 2022 this resulted in discounting the cash flows in each mortgage using a range from 4.29% to 4.92% (31 December 2021: 1.29% to 2.02%). An impairment percentage is applied to those loan cash flows which are in arrears, to reflect the chance of the loan actually going into default. For those loans which are 1, 2 or 3 months in arrears, an impairment percentage is applied to reflect the chance of default. This percentage ranges from 0.60% for 1 month in arrears to 13.70% for loans which are 3 months in arrears (31 December 2021: 0.60% for 1 month in arrears to 13.70% for loans which are 3 months in arrears). Loans which are in default receive a 100% reduction in value. The value of the fund has the potential to decrease or increase over time. This can be as a consequence of a periodic reassessment of the conditional prepayment rate and/or the discount rate used in the valuation model. A 1 percent increase in the CPR would reduce the value of the asset by \u00a31.7m (31 December 2021: \u00a33.5m). A 1 percent decrease in the CPR would increase the value of the asset by \u00a32.1m (31 December 2021: \u00a35.2m). A 1 percent increase in the discount rate would reduce the value of the asset by \u00a39.6m (31 December 2021: \u00a313.7m). A 1 percent decrease in the discount rate would increase the value of the asset by \u00a311.1m (31 December 2021: \u00a315.8m). Reconciliation of Level 3 fair value measurements of financial instruments Level 3 movement 31 December 2022 2021 \u00a3000 \u00a3000 At start of period 190,229 185,424 Additions \u2013 acquisition of subsidiary 102,974 \u2013 Transfers into Level 3 \u2013 16,314 Total gains and losses recognised in the income statement (42,224 ) 796 Purchases 14,691 \u2013 Settlements (11,452 ) \u2013 Exchange rate adjustment 7,290 (12,305 ) At the end of period 261,508 190,229 31 December Carrying amount Fair value 2022 2021 2022 2021 \u00a3000 \u00a3000 \u00a3000 \u00a3000 Financial liabilities Borrowings 208,849 47,185 157,000 46,588 Borrowings consist of the Tier 2 debt and an amount due in relation to financial reinsurance. As at the end of 2021, prior to the raising of the Tier 2 debt, it also consisted of bank loans. The fair value of the Tier 2 debt is calculated using quoted prices in active markets and they are classified as Level 1 in the fair value hierarchy. The amount due in relation to financial reinsurance is fair valued with reference to market interest rates at the balance sheet date. The fair value of the bank loans are taken as the principal outstanding at the balance sheet date. These are calculated using floating rates with the amortised cost being determined net of unamortised arrangement fees which form part of the effective interest rate calculation. During the year, there was a transfer between Level 2 to Level 3 in relation to mortgage-backed assets. There were no other transfers between Levels 1, 2 and 3 during the year. The group holds no Level 3 liabilities as at the balance sheet date. Company Fair value measurement at 31 December 2022 2021 \u00a3000 \u00a3000 Holdings in collective investment schemes 106,291 39,456 Total 106,291 39,456 Current 106,291 39,456 Non-current \u2013 \u2013 Total 106,291 39,456 There were no Level 2 and Level 3 assets. The amounts held in collective investment schemes at a Chesnara plc company level are in relation to liquidity funds.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800VFRMBRTSZ3SJ06",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-54": {
"value": " 25 Financial assets held at amortised cost Year ended 31 December 2022 2021 \u00a3000 \u00a3000 Mortgage loan portfolio cash deposits 271,920 274,014 Mortgage loan portfolio 33,308 19,797 305,228 293,811 Current 2,932 1,764 Non-current 302,296 292,047 Total 305,228 293,811 Within the mortgage loan portfolio there is a balance of policyholder loans, which are short-term funding relating to the buying and selling of policies and are recovered within 1 year of the reporting date. The fair value of these loans is derived from valuation techniques that include inputs that are not based on observable market data. As result, these are classed as Level 3 amounting to \u00a30.5m",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800VFRMBRTSZ3SJ06",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-55": {
"value": "26 Insurance and other receivables and prepayments Group Insurance and other receivables 31 December 2022 2021 \u00a3000 \u00a3000 Receivables arising from insurance contracts Brokers 866 980 Policyholders 663 665 Receivables arising from investment contracts Policyholders 3,895 2,510 Reinsurance receivables 8,017 8,651 Commission receivables 61 75 Other receivables Accrued interest income 8,511 13,898 Receivables from fund management companies 477 1,399 Other 14,182 7,435 Total 36,672 35,613 Current 28,932 34,797 Non-current 7,740 816 Total 36,672 35,613 The carrying amount is a reasonable approximation of fair value. Prepayments 31 December 2022 2021 \u00a3000 \u00a3000 Prepayments 15,630 13,245 Current 15,309 12,771 Non-current 321 474 Total 15,630 13,245 The carrying amount is a reasonable approximation of fair value.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800VFRMBRTSZ3SJ06",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
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"fact-56": {
"value": " 27 Derivative financial instruments During the year, Chesnara entered into a foreign currency hedge. There are derivatives held within the unit-linked and with-profits funds, and also an option to repay a financial reinsurance contract early, which comprises an embedded derivative. 31 December 2022 2021 Asset Liability Asset Liability \u00a3000 \u00a3000 \u00a3000 \u00a3000 Exchange-traded futures 141 119 170 \u2013 Foreign currency hedge \u2013 3,498 \u2013 \u2013 Financial reinsurance embedded derivative \u2013 233 94 \u2013 Total 141 3,850 264 \u2013 Current 141 3,713 203 \u2013 Non-current \u2013 137 61 \u2013 Total 141 3,850 264 \u2013 Derivatives within unit-linked funds As part of its investment management strategy, the group purchases derivative financial instruments as part of its investment portfolio for unit-linked investment funds, which match the liabilities arising on its unit-linked insurance and investment business. A variety of equity futures are part of the portfolio matching the unit-linked investment and insurance liabilities. Derivatives are used to facilitate more efficient portfolio management allowing changes in investment strategy to be reflected by futures transactions rather than a high volume of transactions in the underlying assets. All the contracts are exchange-traded futures, with their fair value being the bid price at the balance sheet date. They are, accordingly, determined at Level 1 in the three-level fair value determination hierarchy set out in Note 24. Exchange-traded futures (by geographical investment market) 31 December 2022 2021 Asset Liability Asset Liability \u00a3000 \u00a3000 \u00a3000 \u00a3000 Australia \u2013 \u2013 \u2013 \u2013 Switzerland \u2013 \u2013 \u2013 \u2013 Europe \u2013 55 12 \u2013 UK \u2013 \u2013 \u2013 \u2013 Hong Kong \u2013 \u2013 \u2013 \u2013 Japan 141 \u2013 133 \u2013 USA \u2013 64 25 \u2013 Total 141 119 170 \u2013 Financial reinsurance embedded derivative In respect of Movestic, the group has a reinsurance contract with a third party that has an element that is deemed to transfer significant insurance risk and an element that is deemed not to transfer significant insurance risk. This assessment has been determined by management based on the contractual terms of the reinsurance agreement. The element of the contract that does not transfer significant insurance risk has two components and has been accounted for as a financial liability at amortised cost and an embedded derivative at fair value. The embedded derivative represents an option to repay the amounts due under the contract early at a discount to the amortised cost, with its fair value being determined by reference to market interest rates at the balance sheet date. It is, accordingly, determined at Level 2 in the three-level fair value determination hierarchy set out in Note 24. Derivatives within CA (S&P with-profits funds) As part of its investment management strategy, CA enters into a limited range of derivative instruments to manage its exposure to various risks. CA uses equity index futures in order to economically hedge equity market risk in the with-profit funds\u2019 investments. The change in fair value of the futures contracts is intended to offset the change in fair value of the underlying equities being hedged. CA settles the market value of the futures contracts on a daily basis by paying or receiving a variation margin. The futures contracts are not discounted as this daily settlement is equal to the change in fair value of the futures. As a result, there is no additional fair value to recognise in relation to these derivatives on the balance sheet at the year end. CA also purchases exchange rate futures to mitigate exchange rate risk within its with-profits funds. These contracts are exchange-traded contracts in active markets with their fair value being the bid price at the balance sheet date. They are, accordingly, determined at Level 1 in the three-level fair value determination hierarchy set out in Note 24. Derivatives within Chesnara As part of its investment management strategy, Chesnara entered into a foreign currency hedge to reduce Chesnara\u2019s exposure to FX movements between sterling and both the euro and Swedish krona. These contracts are exchange-traded contracts in active markets with their fair value being the bid price at the balance sheet date. They are, accordingly, determined at Level 2 in the three-level fair value determination hierarchy set out in Note 24. Company 31 December 2022 2021 Asset Liability Asset Liability \u00a3000 \u00a3000 \u00a3000 \u00a3000 Foreign currency hedge \u2013 3,498 \u2013 \u2013 Total \u2013 3,498 \u2013 \u2013 Current \u2013 3,498 \u2013 \u2013 Non-current \u2013 \u2013 \u2013 \u2013 Total \u2013 3,498 \u2013 \u2013",
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"value": " 28 Cash and cash equivalents Group 31 December 2022 2021 \u00a3000 \u00a3000 Bank and cash balances 115,390 69,569 Call deposits due within 1 month 59,904 518 Call deposits due after 1 month \u2013 \u2013 Total cash and cash equivalents 175,294 70,087 Bank overdrafts (19 ) (256 ) Cash and cash equivalents in the statement of cash flows 175,275 69,831 The effective interest rate on short-term bank deposits was 0.00% (2021: 0.00%), with an average maturity of 1 day (2021: 1 day). All deposits included in cash and cash equivalents were due to mature within 1 month of their acquisition. All balances are current and available on demand. Included in cash and cash equivalents held by the group are balances totalling \u00a381.6m (2021: \u00a35.5m) held in unit-linked policyholders\u2019 funds. 31 December Foreign exchange 1 January Financing translation New Other 31 December 2022 cash flows differences leases changes (ii ) 2022 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 Tier 2 debt \u2013 200,000 \u2013 \u2013 356 200,356 Bank loan (i) 31,273 (31,175 ) (98 ) \u2013 \u2013 \u2013 Financial reinsurance 15,912 (5,960 ) (345 ) \u2013 \u2013 9,607 Lease liabilities 2,019 (342 ) (459 ) \u2013 15 1,233 Total 49,204 162,523 (902 ) \u2013 371 211,196 (i) The cash flows from bank loans and other borrowings make up the net amount of proceeds from borrowings and repayments of borrowings in the cash flow statement. (ii) Other changes include interest accruals and payments. Company 31 December 2022 2021 \u00a3000 \u00a3000 Bank and cash balances 1,274 6,558 Cash deposits due within 1 month 97 97 Total 1,371 6,655 All balances are current and available on demand. 31 December Foreign exchange 1 January Financing translation New Other 31 December 2022 cash flows differences leases changes (ii ) 2022 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 Tier 2 debt \u2013 200,000 \u2013 \u2013 356 200,356 Bank loan (i) 31,273 (31,175 ) (98 ) \u2013 \u2013 \u2013 Lease liabilities 158 (62 ) \u2013 \u2013 \u2013 96 Total 31,431 168,763 (98 ) \u2013 356 200,452 (i) The cash flows from bank loans and other borrowings make up the net amount of proceeds from borrowings and repayments of borrowings in the cash flow statement. (ii) Other changes include interest accruals and payments.",
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"value": " 29 Capital management (a) Regulatory context Solvency II The Chesnara group is required to comply with the Solvency II capital regime. Solvency II came into force on 1 January 2016 and is an EU insurance legislation that aims to unify the EU insurance market and enhance consumer protection. This regime currently remains applicable to the UK post Brexit, albeit the PRA has made some changes to the provision of technical information such as the risk free yield curve, which is now based on SONIA swap rates, and the volatility adjustment and symmetric adjustment, which are now derived using indices more relevant to the UK. A more thorough review of Solvency II by the PRA is underway with the aim of adapting the regulatory framework to reflect the UK\u2019s position outside the EU and ensure it is fit for the future. The Solvency II regime includes rules over the quantity and quality of capital (known as Own Funds) that insurance companies and groups need in order to meet the regime\u2019s required level of capital (known as the Solvency Capital Requirement). The Chesnara group operates exclusively within the UK and the EU and as a result the Solvency II regime applies to the group and all regulated insurance companies within the group. The regulators responsible for the supervision of the group and its subsidiaries have been shown in Section (c)(i). The Solvency II regime has specific rules regarding how Own Funds are recognised and valued. In a number of cases, the IFRS and Solvency II value of an asset and liability are the same, but in some cases there are differences. In particular, liabilities for insurance and investment contracts are valued differently, with IFRS remaining largely based on the previous Solvency I regime. In addition, Solvency II has differing treatments for certain intangible assets. A high level reconciliation between the IFRS net assets and Solvency II Own Funds of the group and its subsidiaries has been provided in part (c)(ii) of this Note. Regarding the Solvency Capital Requirement (SCR) of the Chesnara group and its subsidiaries, the group has elected to use the \u2018standard formula\u2019 approach for its calculation, which means we are applying the formulae as included in the Solvency II framework. The calculations within the standard formula have been designed such that, on the basis that an insurance company holds Own Funds that are at least equal to its SCR, it will be able to withstand a 1 in 200 year event. An alternative would have been to use an \u2018internal model\u2019 but this was not deemed appropriate for the size and complexity of the Chesnara group. Company law As well as complying with the Solvency II regime, each company within the group is required to comply with relevant company law capital and distribution rules. (b) Objectives, policies and processes for managing capital (i) Objectives To manage compliance with the externally imposed capital requirements the group and its subsidiaries have established capital management policies in place. The objectives of these policies are: \u2013 to ensure that capital is managed in a way that is consistent with the business strategy of the group and its subsidiaries, in that they: \u2013 promote fair customer outcomes through protecting policyholders; \u2013 provide protection to shareholders through ensuring that the business is adequately protected against stress events; and \u2013 provide a framework to support the decision making process for returns to shareholders via dividends. \u2013 to ensure that capital of the group and its subsidiaries is managed in accordance with the board\u2019s risk appetite, in particular each board\u2019s aversion for Own Funds to fall below the SCR. (ii) Policies In light of the objectives for the group\u2019s and its subsidiaries\u2019 capital management policies, the following quantitative limits for managing Own Funds are applied across the group: Waard Region CA Movestic Group Scildon Group Dividend paying limit: Own Funds stated as % of SCR 120% 120% 135% 175% 140% Management actions limit: Own Funds stated as % of SCR 110% 110% 135% 175% 110% Dividend paying limit: This is the point at which a dividend would cease to be paid, until at such time the solvency position was restored above this point. This limit is set by the relevant board in each division with reference to its respective risk appetite, as articulated in each divisions\u2019 Capital Management Policy. Management actions limit: This is the point at which, should Own Funds fall below this level, additional management actions would be considered to restore Own Funds back above this level. In essence this represents an internal \u2018ladder of intervention limit\u2019 that is set by the group and divisional boards. To put the above table and definitions in context, and taking group as an example, this means that the group will not pay a dividend should the payment of the dividend take the group Own Funds to below 140% of its SCR. Should Own Funds fall below 110% of SCR additional management actions will be taken. (iii) Process for management of capital The following key processes and procedures are in place across the group to manage adherence to the capital management policies in place: \u2013 Internal solvency reporting: A number of internal reports are produced that focus on the solvency position of the group/company. These include the Own Risk & Solvency Assessment (ORSA) Report, a quarterly actuarial report and a quarterly finance report. All of these are presented to and approved by the board. \u2013 Production of projections: On at least an annual basis, solvency projections are produced for the group and its subsidiaries. These projections are included in both the business plans and the ORSA Report and show how management anticipates the solvency position to develop over time. The projections process includes assessing the impact of a number of different stress scenarios to ensure that the sensitivities of the business are understood. Both the ORSA and the business plans are presented to and approved by the board. \u2013 Regular review of internal limits in place: On at least an annual basis, the limits described in (b)(ii) of this Note are reviewed and assessed, having regard to the developments of the business and any other changes that may have affected the group\u2019s/divisions\u2019 risk appetite. \u2013 Recovery management protocol: A protocol for management actions has been designed which, in effect, represents an internally set \u2018ladder of intervention\u2019. The protocol includes items such as solvency monitoring frequency, what level of escalations are required and what management actions need to be considered. \u2013 Monthly solvency monitoring: Full solvency calculations are performed on a quarterly basis. For intra quarter months a monthly solvency estimate is produced. Where full estimation routines are not practical intra valuation solvency can be monitored through trigger monitoring and sensitivity analysis. In addition to the group level indicators, the Chesnara board will remain close to any indications of divisional solvency movements by means of divisional MI and quarterly business reviews. On at least a monthly basis specific key risk indicators are monitored against pre-defined trigger points. The trigger points are set having regard for the sensitivity of the group to certain scenarios. Trigger points and the list of risk indicators being monitored are assessed at least annually. (iv) Compliance during year The group, and all insurance companies within the group, held Own Funds above their respective Solvency Capital Requirements at all times during the year. (c) Quantitative analysis (i) Group solvency position The unaudited solvency position of the group and its divisions at 31 December 2022, and at 31 December 2021, has been shown in the tables below. They present a view of the solvency position which may differ to the position of the individual insurance company(ies) within that division. 31 December 2022 (unaudited) Other group and Waard consolidation Region UK Movestic Group Scildon adjustments Group \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Own Funds (pre dividends) 194.2 185.4 85.0 132.4 30.9 627.9 Proposed dividend (56.0 ) (1 2.0 ) (5.3 ) \u2013 50.5 (22. 8 ) Own Funds (post dividends) 138.2 173.4 79.7 132.4 81.4 605.1 SCR 99.4 106.9 13.5 70.3 16.6 306.7 Solvency surplus 38.8 66.5 66.2 62.1 n/a 298.4 Solvency ratio 139% 162% 591% 188% n/a 197% Dividend paying limit (% of SCR) 120% 120% 175% 135% n/a 140% Dividend paying limit (\u00a3) 119.3 128.3 23.6 94.9 n/a 429.4 Surplus over dividend paying limit 18.9 45.1 56.1 37.5 n/a 175.7 31 December 2021 (unaudited) Other group and Waard consolidation Region UK Movestic Group Scildon adjustments Group \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Own Funds (pre dividends) 158.3 234.4 50.5 151.5 (15.2 ) 579.6 Proposed dividend (27.5 ) \u2013 (6.1 ) (5.0 ) 16.5 (22.1 ) Own Funds (post dividends) 130.8 234.4 44.4 146.5 1.3 557.5 SCR 100.4 158.6 11.1 76.4 20.3 366.8 Solvency surplus 30.4 75.8 33.3 70.1 n/a 190.7 Solvency ratio 130% 148% 400% 192% n/a 152% Dividend paying limit (% of SCR) 120% 120% 150% 175% n/a 110% Dividend paying limit (\u00a3) 120.5 190.3 16.7 133.7 n/a 403.5 Surplus over dividend paying limit 10.3 44.1 27.8 12.8 n/a 154.0 (ii) Reconciliation between Solvency II Own Funds and IFRS net assets (unaudited) The tables below show the key differences between the Solvency II Own Funds reported in part (c)(i) and the group\u2019s IFRS net assets. 31 December 2022 (unaudited) Other group and Waard consolidation Region UK Movestic Group Scildon adjustments Group \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Solvency II Own Funds (post dividends) 138.2 173.4 79.7 132.4 81.4 605.1 Add Back: Ring-fenced fund surplus restrictions 0.0 \u2013 \u2013 \u2013 \u2013 0.0 Add Back: Intangible assets 53.1 77.9 3.5 31.8 \u2013 166.3 Add Back: Tier 2 debt and restriction \u2013 \u2013 \u2013 \u2013 (153.3 ) (153.3 ) Add Back: Foreseeable dividends 56.0 12.0 5.3 \u2013 (50.5 ) 22.8 Add Back: Difference in valuation of technical provisions (48.6 ) (161.6 ) (26.8 ) (100.8 ) 42.1 (295.7 ) Add Back: Difference in deferred tax (25.3 ) 0.0 7.5 17.8 (9.9 ) (9.9 ) Add Back: Other valuation differences (2.3 ) 0.3 (1.4 ) \u2013 1.2 (2.2 ) IFRS Net Assets 171.1 102.0 67.8 81.2 (89.0 ) 333.1 31 December 2021 (unaudited) Other group and Waard consolidation Region UK Movestic Group Scildon adjustments Group \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Solvency II Own Funds (post dividends) 130.8 234.4 44.5 146.5 1.3 557.5 Add Back: Ring-fenced fund surplus restrictions 7.9 \u2013 \u2013 \u2013 \u2013 7.9 Add Back: Intangible assets (0.6 ) 81.9 4.2 32.4 \u2013 117.9 Add Back: Foreseeable dividends 27.5 \u2013 6.1 5.0 (16.5 ) 22.1 Add Back: Difference in valuation of technical provisions (48.5 ) (210.8 ) (16.0 ) (21.8 ) 47.9 (249.2 ) Add Back: Difference in deferred tax 13.4 (0.2 ) 4.5 (2.7 ) (1 1.5 ) 3.5 Add Back: Other valuation differences 0.3 0.9 (1.3 ) \u2013 (1.4 ) (1.5 ) IFRS Net Assets 130.8 106.2 42.0 159.4 19.8 458.2 Further information on how the group uses Solvency II, and metrics derived from Solvency II, as Alternative Performance Measures can be found in Section E on pages 235 to 241.",
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"value": " 31 Other provisions \u00a3000 Balance at I January 2022 992 Additions \u2013 Arising on acquisition 9,809 Charge in the year 174 Amounts utilised during the year (3,022 ) Balance at 3I December 2022 7,953 Prior to the acquisition of CASLP, the other provisions were an immaterial amount. Majority of provisions at the year end relate to mis-selling of \u00a35.2m. During the year, a provision of \u00a3174k was recognised representing interest on claims held within the client money account. These are clients who are either deceased or we have no contact details for them. The provision is recalculated monthly based on the claims held at the end of the month. The interest rate is 1% below the Bank of England base rate.",
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"value": " 34 Lease liabilities The group leases several assets including office buildings, office and IT equipment and motor vehicles. Maturity analysis 31 December 2022 Carrying value 0-1 year 1-2 years 2-5 years 5-10 years >10 years Total \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 Non-investment property 1,199 562 682 \u2013 \u2013 \u2013 1,244 Property and equipment 10 5 10 \u2013 \u2013 \u2013 15 Motor vehicles 13 18 \u2013 \u2013 \u2013 \u2013 18 Hardware 5 5 \u2013 \u2013 \u2013 \u2013 5 Other 6 5 1 \u2013 \u2013 \u2013 6 Total 1,233 595 693 \u2013 \u2013 \u2013 1,288 Current 635 Non-current 598 Total 1,233 Maturity analysis 31 December 2021 Carrying value 0-1 year 1-2 years 2-5 years 5-10 years >10 years Total \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 Non-investment property 1,901 592 609 659 44 \u2013 1,904 Property and equipment 28 19 10 \u2013 \u2013 \u2013 29 Motor vehicles 38 29 1 1 \u2013 \u2013 \u2013 40 Hardware 40 36 5 \u2013 \u2013 \u2013 41 Other 12 7 5 \u2013 \u2013 \u2013 12 Total 2,019 683 640 659 44 \u2013 2,026 Current 685 Non-current 1,334 Total 2,019 ",
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"value": " 35 Borrowings Group 31 December 2022 2021 \u00a3000 \u00a3000 Bank loan \u2013 31,273 Tier 2 debt 200,356 \u2013 Amount due in relation to financial reinsurance 9,607 15,912 Amount due in relation to financial reinsurance 2,013 \u2013 Total 211,976 47,185 Current 204,327 36,907 Non-current 7,649 10,278 Total 211,976 47,185 Company 31 December 2022 2021 \u00a3000 \u00a3000 Bank loan \u2013 31,273 Tier 2 debt 200,356 \u2013 Total 200,356 31,273 Current 200,356 31,273 Non-current \u2013 \u2013 Total 200,356 31,273 In 2022, the bank loan was fully repaid and replaced by Tier 2 Subordinated Notes Debt. The fair value of amounts due in relation to Tier 2 debt at 31 December 2022 was \u00a3148.0m (31 December 2021: \u00a3nil). The bank loan as at 31 December 2021 comprised the following: \u2013 On 3 April 2017 tranche one of a new facility was drawn down, amounting to \u00a340.0m. This facility is unsecured and is repayable in ten 6-monthly instalments on the anniversary of the draw down date. The outstanding principal on the loan bears interest at a rate of 2.00 percentage points above the London Inter-Bank Offer Rate and is repayable over a period which varies between 1 and 6 months at the option of the borrower. During the year, the London Inter-Bank Offer Rate changed to Sterling Overnight Index Average (SONIA) as a reference point. The proceeds of this loan facility were utilised, together with existing group cash, to repay in full, the pre-existing loan facilities totalling \u00a352.8m. \u2013 On 3 April 2017 tranche two of the new loan facility was drawn down, amounting to \u20ac71.0m. As with tranche one, this facility is unsecured and is repayable in ten 6-monthly instalments on the anniversary of the draw down date. The outstanding principal on the loan bears interest at a rate of 2.00 percentage points above the European Inter-Bank Offer Rate and is repayable over a period which varies between 1 and 6 months at the option of the borrower. In April 2018 we converted our existing debt arrangement with RBS into a syndicated facility. This will provide access to higher levels of debt financing from a wider panel of lenders, which in turn will enable us to fulfil our appetite of financing future deals up to the maximum levels of gearing set out in our debt and leverage policy, without being restricted by the lending capacity of one individual institution. This facility enables Chesnara to access an increased level of funds efficiently, which in turn supports our acquisition strategy. The fair value of the sterling denominated bank loan at 31 December 2022 was \u00a3nil (31 December 2021: \u00a312.0m). The fair value of the euro denominated bank loan at 31 December 2022 was \u00a3nil (31 December 2021: \u00a318.5m). The fair value of amounts due in relation to financial reinsurance at 31 December 2022 was \u00a39.0m (31 December 2021: \u00a316.4m). Bank loans are presented net of unamortised arrangement fees. Arrangement fees are recognised in profit or loss using the effective interest rate method",
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"value": " 36 Deferred tax assets and liabilities Deferred tax liabilities comprise: 31 December 2022 2021 \u00a3000 \u00a3000 Net deferred tax liabilities: CA and other group activities (29,021 ) 106 Movestic (134 ) (206 ) Waard Group 5,756 921 Scildon 15,304 (16,520 ) Total (8,095 ) (15,699 ) Current (82 ) (395 ) Non-current (8,013 ) (15,304 ) Total (8,095 ) (15,699 ) CA and other group activities (a) Recognised deferred tax assets and liabilities 31 December 2021 Credit/ 2022 Assets/ (charge ) Arising on Assets/ (liabilities ) in year acquisition (liabilities ) \u00a3000 \u00a3000 \u00a3000 \u00a3000 Profit arising on transition to new tax regime (275 ) 275 \u2013 \u2013 Deferred acquisition costs (233 ) 189 1,470 1,426 Deferred income 496 (79 ) \u2013 417 Acquired value in-force (614 ) 4,452 (40,548 ) (36,710 ) Property, plant and equipment \u2013 (17 ) 94 77 Tax losses on pensions business \u2013 527 740 1,267 Unrealised and deferred investment gains (15,345 ) 13,808 (12,210 ) (13,747 ) Excess expenses of management 15,345 (2,926 ) 119 12,538 Share-based payments 732 144 \u2013 876 Right of use-assets/lease liabilities \u2013 78 \u2013 78 Tax losses \u2013 4,757 \u2013 4,757 Total 106 21,208 (50,335 ) (29,021 ) Comprising: Net deferred tax liabilities 106 21,208 (50,335 ) (29,021 ) Total 106 21,208 (50,335 ) (29,021 ) 31 December 2020 Credit/ 2021 Assets/ (charge ) Assets/ (liabilities ) in year (liabilities ) \u00a3000 \u00a3000 \u00a3000 Profit arising on transition to new tax regime (436 ) 161 (275 ) Deferred acquisition costs (230 ) (3 ) (233 ) Deferred income 470 26 496 Acquired value in-force (763 ) 149 (614 ) Unrealised and deferred investment gains (4,094 ) (11,251 ) (15,345 ) Excess expenses of management 4,094 11,251 15,345 Share-based payments 620 112 732 Right of use-assets/lease liabilities \u2013 \u2013 \u2013 Total (339 ) 445 106 Comprising: Net deferred tax liabilities (339 ) 445 106 Total (339 ) 445 106 The Finance Act 2021 increased the rate of corporation tax from 19% to 25% from 1 April 2023. The prevailing rate of UK corporation tax for the year remained at 19%. The future enacted tax rate of 25% has been used in the calculation of UK deferred tax assets and liabilities where relevant, being the rate of corporation tax that is expected to apply when the majority of those deferred tax balances reverse. Note (i) The deferred tax credit to the Consolidated Statement of Comprehensive Income for the year is classified as follows: Year ended 31 December 2022 2021 \u00a3000 \u00a3000 Income tax credit 21,208 445 (b) Items for which no deferred tax asset is recognised 31 December 2022 2021 \u00a3000 \u00a3000 Tax losses on pensions business 17,793 \u2013 Transitional losses on non-pension business 3 479 Unrelieved expenses 94,751 31,532 Realised and unrealised investment losses 9,118 \u2013 BLAGAB trade losses 2,215 \u2013 Total 123,880 32,011 A deferred tax asset has not been recognised in respect of unrelieved expenses, because it is not probable that there will be a sufficient level of taxable income arising from income and gains on financial assets, so that the group can utilise the benefits therefrom. The movement in this balance reflects an increase in deferred deemed gains on Collective Investment Schemes in the period, which has decreased the unrelieved expenses at the balance sheet date. There are no aggregate temporary differences arising on the acquisition of subsidiaries or associated undertakings, for which deferred tax has not been recognised. Movestic (c) Recognised deferred tax assets and liabilities As at the balance sheet date, Movestic had a recognised deferred tax liability of \u00a30.1m (31 December 2021: \u00a30.2m), in respect of fair value adjustments arising upon acquisition. Unrecognised deferred tax assets were nil at the balance sheet date in respect of corporation tax recoverable (31 December 2021: nil). Waard Group (d) Recognised deferred tax assets and liabilities 31 December Foreign 2021 Arising on Credit/ exchange 2022 Assets/ business (charge ) translation Assets/ (liabilities ) combinations in year difference (liabilities ) \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 Intangible assets Fair value adjustment on acquisition (1,071 ) \u2013 214 (51 ) (908 ) Valuation differences 1,992 2,206 2,170 296 6,664 Total 921 2,206 2,384 245 5,756 Comprising: Net deferred tax asset 921 2,206 2,384 245 5,756 Total 921 2,206 2,384 245 5,756 Scildon (e) Recognised deferred tax assets and liabilities 31 December Foreign 2021 Credit/ Recognised exchange 2022 Assets/ (charge ) through translation Assets/ (liabilities ) in year equity difference (liabilities ) \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 Fair value adjustment on acquisition (6,114 ) 789 \u2013 (305 ) (5,630 ) Deferred acquisition costs 3,552 (186 ) \u2013 190 3,556 LAT reserve \u2013 \u2013 \u2013 \u2013 \u2013 Defined benefit pension scheme obligations (11 ) 1 1 \u2013 \u2013 \u2013 Revaluation of buildings and investment properties (550 ) (189 ) \u2013 (39 ) (778 ) Valuation differences on technical provisions (11,825 ) (5,856 ) \u2013 (909 ) (18,590 ) Valuation differences on investments at fair value through profit and loss (1,572 ) 37,077 \u2013 1,241 36,746 Total (16,520 ) 31,646 \u2013 178 15,304 Comprising: Net deferred tax liabilities (16,520 ) 31,646 \u2013 178 15,304 Total (16,520 ) 31,646 \u2013 178 15,304",
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"fact-63": {
"value": " 37 Reinsurance payables Payable to reinsurers 31 December 2022 2021 \u00a3000 \u00a3000 Payables in respect of insurance contracts 928 3,742 Payables in respect of investment contracts 9 13 Liability for assets withheld 47,756 66,510 Reinsurers\u2019 share of deferred acquisition costs and claims deposits 128 149 Total 48,821 70,414 Current 48,821 70,414 Non-current \u2013 \u2013 Total 48,821 70,414 The carrying value of payables to reinsurers is a reasonable approximation of fair value.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReinsuranceExplanatory",
"language": "en",
"entity": "scheme:213800VFRMBRTSZ3SJ06",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-64": {
"value": " 38 Payables related to direct insurance and investment contracts 31 December 2022 2021 Gross Reinsurance Net Gross Reinsurance Net \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 Accrued claims 97,481 14,125 83,356 82,332 16,340 65,992 Intermediaries\u2019 liabilities 1,666 \u2013 1,666 1,452 \u2013 1,452 Policyholder liabilities 20,809 \u2013 20,809 22,338 \u2013 22,338 Other 29,767 \u2013 29,767 23,140 \u2013 23,140 Total 149,723 14,125 135,598 129,262 16,340 112,922 Current 149,723 14,125 135,598 129,262 16,340 112,922 Non-current \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Total 149,723 14,125 135,598 129,262 16,340 112,922 The carrying value of payables related to the direct insurance and investment contracts is a reasonable approximation of fair value.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:213800VFRMBRTSZ3SJ06",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-65": {
"value": " 39 Deferred income 31 December 2022 2021 \u00a3000 \u00a3000 Balance at 1 January 2,808 3,355 Additions \u2013 \u2013 Release to income (453 ) (508 ) Foreign exchange translation difference 28 (38 ) Balance at 31 December 2,383 2,809 Current 719 331 Non-current 1,664 2,478 Total 2,383 2,809 The release to income is included in fees and commission income (see Note 8). These are initial fees that relate to future provision of services that are deferred and amortised over the anticipated period.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory",
"language": "en",
"entity": "scheme:213800VFRMBRTSZ3SJ06",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-66": {
"value": " 40 Other payables Group 31 December 2022 2021 \u00a3000 \u00a3000 Accrued expenses 11,572 10,952 VAT 1,309 50 Employee tax 5,459 3,077 Other 16,810 9,912 Total 35,150 23,991 Current 35,150 23,991 Non-current \u2013 \u2013 Total 35,150 23,991 Company 31 December 2022 2021 \u00a3000 \u00a3000 Accrued expenses 2,047 3,001 Other 454 323 Total 2,501 3,324 Current 2,501 3,324 Non-current \u2013 \u2013 Total 2,501 3,324 The carrying value of other payables is a reasonable approximation of fair value.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800VFRMBRTSZ3SJ06",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-67": {
"value": " 41 Share capital and share premium Group 31 December 2022 2021 Number Share Number Share of shares capital of shares capital issued \u00a3000 issued \u00a3000 Share capital 150,369,603 7,502 150,145,602 7,496 Share Share premium premium \u00a3000 \u00a3000 142,332 142,085 Merger Merger reserve reserve \u00a3000 \u00a3000 36,272 36,272 The number of shares in issue at the balance sheet date included nil shares held in treasury (31 December 2021: nil Company 31 December 2022 2021 Share Share Number capital Number capital of shares \u00a3000 of shares \u00a3000 Authorised: Ordinary shares of 5p each 201,000,000 10,050 201,000,000 10,050 Issued: Ordinary shares of 5p each 150,369,603 7,502 150,145,602 7,496 Share Share premium premium \u00a3000 \u00a3000 142,332 142,085 The number of shares in issue at the balance sheet date included nil shares held in treasury (31 December 2021: nil).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:213800VFRMBRTSZ3SJ06",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-68": {
"value": " 42 Other reserves Group 31 December 2022 2021 \u00a3000 \u00a3000 Capital redemption reserve 50 50 Foreign exchange translation reserve 13,671 7,212 Balance at 31 December 13,721 7,262 Company 31 December 2022 2021 \u00a3000 \u00a3000 Capital redemption reserve 50 50 43 Retained earnings Group Year ended 31 December 2022 2021 \u00a3000 \u00a3000 Retained earnings attributable to equity holders of the parent company comprise: Balance at 1 January 265,052 270,442 (Loss)/profit for the year (98,333 ) 27,294 Share based payment 867 593 Dividends Final approved and paid for 2020 \u2013 (21,446 ) Interim approved and paid for 2021 \u2013 (11,831 ) Final approved and paid for 2021 (22,101 ) \u2013 Interim approved and paid for 2022 (12,195 ) \u2013 Balance at 31 December 133,290 265,052 The interim dividend in respect of 2021, approved and paid in 2021, was paid at the rate of 7.88p per share. The final dividend in respect of 2021, approved and paid in 2022, was paid at the rate of 14.72p per share so that the total dividend paid to the equity shareholders of the parent company in respect of the year ended 31 December 2021 was made at the rate of 22.60p per share. The interim dividend in respect of 2022, approved and paid in 2022, was paid at the rate of 8.12p per share to equity shareholders of the parent company registered at the close of business on 21 October 2022, the dividend record date. A final dividend of 15.16p per share in respect of the year ended 31 December 2022 payable on 26 May 2023 to equity shareholders of the parent company registered at the close of business on 6 April 2023, the dividend record date, was approved by the directors after the balance sheet date. The resulting total final dividend of \u00a322.8m has not been provided for in these financial statements and there are no income tax consequences. The following summarises dividends per share in respect of the year ended 31 December 2021 and 31 December 2022: Year ended 31 December 2022 2021 P P Interim \u2013 approved and paid 8.12 7.88 Final \u2013 proposed/paid 15.16 14.72 Total 23.28 22.60 Company Year ended 31 December 2022 2021 \u00a3000 \u00a3000 Balance at 1 January 225,008 228,650 (Loss)/profit for the year (16,362 ) 29,042 Share based payment 867 593 Dividends paid Final approved and paid for 2020 \u2013 (21,446 ) Interim approved and paid for 2021 \u2013 (11,831 ) Final approved and paid for 2021 (22,101 ) \u2013 Interim approved and paid for 2022 (12,195 ) \u2013 Balance at 31 December 175,217 225,008 Details of dividends, approved and paid, are set out in the group section on previous page.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:213800VFRMBRTSZ3SJ06",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-69": {
"value": " 44 Employee benefit expense, including directors Year ended 31 December Waard Other group CA CASLP Movestic Group Scildon activities 2022 2021 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 Wages and salaries 2,050 3,853 8,024 2,205 6,743 5,715 28,590 22,723 Social security costs 249 232 2,521 250 1,111 694 5,057 4,930 Pension costs-defined contribution plans 165 163 1,943 303 1,169 460 4,203 3,705 Pension costs-defined benefit plans \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Total 2,464 4,248 12,488 2,758 9,023 6,869 37,850 31,358 Monthly average number of employees Company 52 42 Subsidiaries 362 280 Total 414 322 Directors The Directors\u2019 Remuneration Report and Note 45 provides detail of compensation to directors of the company. UK UK-based employees are all employed by Chesnara plc. At the end of May 2005, the group allowed eligible employees to enter a pension scheme known as the Chesnara plc Stakeholder Scheme, on a basis where employer contributions are made to the Scheme at the same rate as would be payable had their membership of their predecessor scheme continued, provided that employee contributions also continued to be made at the same rate. The employee may opt to request the company to pay employer contributions into a personal pension plan, in which instance, employer contributions will be made on the same terms as for the Chesnara plc Stakeholder Scheme. The group has, for the period covered by these financial statements, only made contributions to defined contribution plans to provide pension benefits for employees upon retirement and, otherwise, has no residual obligation or commitments in respect of any defined benefit scheme. The group has established frameworks for approved and unapproved discretionary share option plans which may, at the discretion of the Remuneration Committee, be utilised for granting options to executive directors and to other group employees. Options have been granted to executive directors in the period, in relation to the share-based payment components of the new executive incentive schemes that was introduced under the 2014 terms. Further details can be found in the Directors\u2019 Remuneration Report section and in Note 45 \u2013 Share-based payments on page 213. Waard The Waard business participates in a defined contribution scheme. Scildon Scildon operated a defined benefit pension scheme for the benefit of its present and past employees. This scheme was closed during 2019 and transferred into a defined contribution scheme. From 1 October 2019, Scildon no longer bears any risks relating to the funding of the plan and all pension assets transferred to another administrator in 2020. Until that point, Scildon continued to bear only the fund administration costs. Under the company\u2019s new defined contribution scheme, Scildon pays a contribution to the scheme and subsequently has no further financial obligations with respect to this part of the scheme. This contribution is recognised as an expense when paid. Movestic The Swedish business participates in a combined defined benefit and defined contribution scheme operated by F\u00f6rs\u00e4kringsbranschens Pensionskassa, \u2018FPK\u2019. (the Scheme). The Scheme is a multi-employer scheme with participants including other Swedish insurance companies not related to the group. The Scheme provides, for those born in 1971 or earlier, benefits to employees which are linked to their final salary and to the amount of time working for companies which are members of the Scheme. For those employees born in 1972 or later, the Scheme operates on a defined contribution basis. Assets and liabilities are held on a pooled basis and are not allocated by the Trustee to any individual company. Consequently, reliable information is not available to account for the Scheme as a defined benefit scheme and therefore, in accordance with IAS 19 Employee Benefits, the Scheme is accounted for as a defined contribution scheme. Contributions to the Scheme are based on the funding recommendations of the independent qualified actuary: the contributions paid to the Scheme subsequent to the acquisition of the Swedish business on 23 July 2009 and up to 31 December 2021, totalled \u00a35.2m. During 2022 further contributions of \u00a30.4m were made. The employers within the Scheme are collectively responsible for the funding of the Scheme as a whole and therefore in the event that other employers exit from the Scheme, remaining employers would be responsible for the ongoing funding. The collective nature of the Scheme results in all participating entities sharing the actuarial risk associated with the Scheme. F\u00f6rs\u00e4kringsbranschens Pensionskassa, \u2018FPK\u2019, issues an audited Annual Report (under Swedish law-limited IFRS) each year. The last available published report was as at 31 December 2021. The Annual Report states that the Scheme\u2019s surplus is \u00a3408.2m (\u00a3250.9m as at 31 December 2020). As at 31 December 2021, the fund had assets under management of \u00a31.5bn (\u00a31.4bn as at 31 December 2020). During 2021 there have been 97 (103) employer insurance companies participating in the Scheme and 26,000 (26,000 as at 31 December 2020) insured individuals. From the available information, it cannot be determined with certainty as to whether there would be a change in the required employer funding rate, although there is currently no deficit in the Scheme.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800VFRMBRTSZ3SJ06",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-70": {
"value": " 45 Share-based payments The group issues equity-settled share-based payments to the two executive directors based on the 2014 terms. Equity settled share-based payments are measured at fair value at the date of the grant, and expensed on a straight-line over the vesting period, based on the group\u2019s estimate of shares that will eventually vest. The executive bonus scheme consists of two components: (a) Short-Term Incentive (STI) Scheme (b) Long-Term Incentive (LTIP) Scheme The STI Scheme is based upon a 1 year performance period measured against cash generation, EcV earnings and strategic group objectives. In relation to 2022, upon meeting the necessary performance targets, the company granted an award in the form of a right to receive a cash amount of up to 100% of the gross salary. In the event that the gross cash payment due is greater than \u00a320,000, a mandatory 35% of the cash award was deferred into shares, which had a vesting period of 3 years. Therefore the award was 65% settled in cash and 35% settled by a share option award, which cannot be exercised for 3 years. Under the LTIP Scheme, options are granted with a vesting period of 3 years. These awards are subject to performance conditions tied to the company\u2019s financial performance in respect of growth in EcV and Total Shareholder Return (TSR). For schemes with market performance criteria, the number of options expected to invest is adjusted only for expectations of leavers prior to vesting. Fair value of the options is measured by use of the Monte Carlo model at the issuing date. The LTIP Scheme also contains a target of EcV growth. As this is a non-market performance condition, the number of options expected to vest is recalculated at each balance sheet date based on expectations of performance against target. The movement in cumulative expense since the previous balance sheet date is recognised in the income statement, with a corresponding entry in reserves. If the options remain unexercised after a period of 10 years from the date of grant, the options expire. Furthermore, options are forfeited if the employee leaves the group before options vest and is deemed to be a \u2018Bad Leaver\u2019. (a) 2022 award made under the Short-Term Incentive (STI) Scheme Details of the short-term incentive awards made in the year are as follows: 2022 Short-Term Incentive Scheme Awards made in year 2022 2021 \u00a3000 \u00a3000 Amount paid as cash bonus through the income statement (65%) 355 607 Amount deferred into shares for 3 years and subject to forfeiture (35%) 191 327 Total bonus award for the year 546 934 Amount of deferred expense recorded in the current year 59 236 The deferred share award will be made following the end of the performance period by the Remuneration Committee. The deferred amount will be divided by the share price on the award date and the number of share awards will be awarded. The share awards will be accounted for per IFRS 2, under Equity Settled share- based payments. (b) 2022 award made under the Long-Term Incentive (LTIP) Scheme In April 2022, the group granted 253,000 nil priced share options with a vesting period of 3 years. These awards were subject to performance conditions tied to the company\u2019s financial performance in respect of growth in Economic Value and Total Shareholder Return (TSR). The fair value of the non-market base condition was determined to be 284.00p, which was the share price as at 28 April 2022, the grant date of the options. Details of the share options outstanding during the year are as follows: 2022 Long-Term Incentive Scheme 2022 Weighted average Options exercise number price 000 \u00a3 Outstanding at the beginning of the year \u2013 \u2013 Granted during the year 253 \u2013 Lapsed during the year \u2013 \u2013 Outstanding at the end of the year 253 \u2013 The weighted average contractual life is 10 years. The inputs into the Monte Carlo model are as follows: Valuation method Monte Carlo Weighted average share price (pence) 284.00 Weighted average exercise price (pence) Nil Weighted average fair value of options granted (pence) 162.50 Expected volatility 29.04 Expected life 3 years Risk free rate 2.24% Expected dividend yield 0% Expected volatility was determined by calculating the historical volatility of the company\u2019s share price over the previous 10 years. The group recognised total expense of \u00a337,000 related to equity-settled share-based payments transactions in 2022. (c) 2021 award made under the Short-Term Incentive (STI) Scheme The group has recorded an expense of \u00a3206,000 with regards to the 35% element that has been deferred over the vesting period. (d) 2021 award made under the Long-Term Incentive (LTIP) Scheme In April 2021, the group granted 260,000 nil priced share options with a vesting period of 3 years. These awards were subject to performance conditions tied to the company\u2019s financial performance in respect of growth in Economic Value and Total Shareholder Return (TSR). The fair value of the non-market base condition was determined to be 278.50p, which was the share price as at 28 April 2021, the grant date of the options. Details of the share options outstanding during the year are as follows: 2021 Long-Term Incentive Scheme 2022 2021 Weighted Weighted average average Options exercise Options exercise number price number price 000 \u00a3 000 \u00a3 Outstanding at the beginning of the year 702 \u2013 \u2013 \u2013 Granted during the year \u2013 \u2013 794 \u2013 Exercised during the year (99 ) 2.66 \u2013 \u2013 Lapsed during the year \u2013 \u2013 (92 ) \u2013 Outstanding at the end of the year 603 \u2013 702 \u2013 The weighted average contractual life is 10 years. The inputs into the Monte Carlo model are as follows: Valuation method Monte Carlo Weighted average share price (pence) 278.50 Weighted average exercise price (pence) Nil Weighted average fair value of options granted (pence) 160.56 Expected volatility 30.01 Expected life 3 years Risk free rate 0.48% Expected dividend yield 0% Expected volatility was determined by calculating the historical volatility of the company\u2019s share price over the previous 10 years. The group recognised total expense of \u00a3486,000 related to equity-settled share-based payments transactions in 2022. (e) 2020 award made under the Short-Term Incentive (STI) Scheme The group has recorded an expense of \u00a359,000 with regards to the 35% element that has been deferred over the vesting period. (f) 2020 award made under the Long-Term Incentive (LTIP) Scheme In April 2020, the group granted 224,000 nil priced share options with a vesting period of 3 years. These awards were subject to performance conditions tied to the company\u2019s financial performance in respect of growth in Economic Value and Total Shareholder Return (TSR). The fair value of the non-market base condition was determined to be 323.50p, which was the share price as at 28 April 2020, the grant date of the options. Details of the share options outstanding during the year are as follows: 2020 Long-Term Incentive Scheme 2022 2021 Weighted Weighted average average Options exercise Options exercise number price number price 000 \u00a3 000 \u00a3 Outstanding at the beginning of the year 192 \u2013 224 \u2013 Granted during the year \u2013 \u2013 \u2013 \u2013 Lapsed during the year \u2013 \u2013 (32 ) \u2013 Outstanding at the end of the year 192 \u2013 192 \u2013 The weighted average contractual life is 10 years. (f) 2020 award made under the Long-Term Incentive (LTIP) Scheme (continued) The inputs into the Monte Carlo model are as follows: Valuation method Monte Carlo Weighted average share price (pence) 323.50 Weighted average exercise price (pence) Nil Weighted average fair value of options granted (pence) 184.04 Expected volatility 28.51 Expected life 3 years Risk free rate 0.42% Expected dividend yield 0% Expected volatility was determined by calculating the historical volatility of the company\u2019s share price over the previous 10 years. The group recognised total expense of \u00a356,000 related to equity-settled share-based payments transactions in 2022. (g) 2019 award made under the Short-Term Incentive (STI) Scheme The group has recorded an expense of \u00a357,000 with regards to the 35% element that has been deferred over the vesting period. (h) 2019 award made under the Long-Term Incentive (LTIP) Scheme In April 2019, the group granted 196,000 nil priced share options with a vesting period of 3 years. These awards were subject to performance conditions tied to the company\u2019s financial performance in respect of growth in Economic Value and Total Shareholder Return (TSR). The fair value of the non-market base condition was determined to be 358.50p, which was the share price as at 28 April 2019, the grant date of the options. Details of the share options outstanding during the year are as follows: 2019 Long-Term Incentive Scheme 2022 2021 Weighted Weighted average average Options exercise Options exercise number price number price 000 \u00a3 000 \u00a3 Outstanding at the beginning of the year 196 \u2013 196 \u2013 Lapsed during the year (196 ) \u2013 \u2013 \u2013 Outstanding at the end of the year \u2013 \u2013 196 \u2013 The weighted average contractual life is 10 years. The inputs into the Monte Carlo model are as follows: Valuation method Monte Carlo Weighted average share price (pence) 358.50 Weighted average exercise price (pence) Nil Weighted average fair value of options granted (pence) 202.74 Expected volatility 25.35 Expected life 3 years Risk free rate 1.110% Expected dividend yield 0% Expected volatility was determined by calculating the historical volatility of the company\u2019s share price over the previous 10 years. The group recognised total expense of \u00a322,000 related to equity-settled share-based payments transactions in 2022. (i) 2018 award made under the Short-Term Incentive (STI) Scheme The group has recorded an expense of \u00a34,000 with regards to the 35% element that has been deferred over the vesting period. (j) 2018 award made under the Long-Term Incentive (LTIP) Scheme In April 2018, the group granted 168,000 nil priced share options with a vesting period of 3 years. These awards were subject to performance conditions tied to the company\u2019s financial performance in respect of growth in Economic Value and Total Shareholder Return (TSR). The fair value of the non-market base condition was determined to be 410.00p, which was the share price as at 28 April 2018, the grant date of the options. Details of the share options outstanding during the year are as follows: 2018 Long-Term Incentive Scheme 2022 2021 Weighted Weighted average average Options exercise Options exercise number price number price 000 \u00a3 000 \u00a3 Outstanding at the beginning of the year \u2013 \u2013 168 \u2013 Lapsed during the year \u2013 \u2013 (168 ) \u2013 Outstanding at the end of the year \u2013 \u2013 \u2013 \u2013 The weighted average contractual life is 10 years. The inputs into the Monte Carlo model are as follows: Valuation method Monte Carlo Weighted average share price (pence) 410.00 Weighted average exercise price (pence) Nil Weighted average fair value of options granted (pence) 229.78 Expected volatility 25.77 Expected life 3 years Risk free rate 1.190% Expected dividend yield 0% Expected volatility was determined by calculating the historical volatility of the company\u2019s share price over the previous 10 years. The group recognised no expense related to equity-settled share-based payments transactions in 2022. (k) 2017 award made under the Long-Term Incentive (LTIP) Scheme In April 2017, the group granted 174,000 nil priced share options with a vesting period of 3 years. These awards were subject to performance conditions tied to the company\u2019s financial performance in respect of growth in Economic Value and Total Shareholder Return (TSR). The fair value of the non-market base condition was determined to be 382.75p, which was the share price as at 28 April 2017, the grant date of the options. Details of the share options outstanding during the year are as follows: 2017 Long-Term Incentive Scheme 2022 2021 Weighted Weighted average average Options exercise Options exercise number price number price 000 \u00a3 000 \u00a3 Outstanding at the beginning of the year 26 \u2013 41 \u2013 Exercised during the year \u2013 \u2013 (15 ) \u2013 Outstanding at the end of the year 26 \u2013 26 \u2013 The weighted average contractual life is 10 years. The inputs into the Monte Carlo model are as follows: Valuation method Monte Carlo Weighted average share price (pence) 382.75 Weighted average exercise price (pence) Nil Weighted average fair value of options granted (pence) 211.73 Expected volatility 26.97 Expected life 3 years Risk free rate 0.70% Expected dividend yield 0% Expected volatility was determined by calculating the historical volatility of the company\u2019s share price over the previous 10 years. The group recognised no expense related to equity-settled share based payments transactions in 2022 and 2021. (l) 2016 award made under the Long-Term Incentive (LTIP) Scheme In April 2016, the group granted 255,000 nil priced share options with a vesting period of three years. These awards were subject to performance conditions tied to the company\u2019s financial performance in respect of growth in Economic Value and Total Shareholder Return (TSR). The fair value of the non-market base condition was determined to be 312.00p, which was the share price as at 28 April 2016, the grant date of the options. Details of the share options outstanding during the year are as follows: 2016 Long-Term Incentive Scheme 2022 2021 Weighted Weighted average average Options exercise Options exercise number price number price 000 \u00a3 000 \u00a3 Outstanding at the beginning of the year 90 \u2013 90 \u2013 Exercised during the year \u2013 \u2013 \u2013 \u2013 Outstanding at the end of the year 90 \u2013 90 \u2013 The weighted average contractual life is 10 years. The inputs into the Monte Carlo model are as follows: Valuation method Monte Carlo Weighted average share price (pence) 312.00 Weighted average exercise price (pence) Nil Weighted average fair value of options granted (pence) 179.72 Expected volatility 28.07 Expected life 3 years Risk free rate 0.86% Expected dividend yield 0% Expected volatility was determined by calculating the historical volatility of the company\u2019s share price over the previous 10 years. The group recognised no expense related to equity-settled share based payments transactions in 2022 and 2021.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:213800VFRMBRTSZ3SJ06",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-71": {
"value": " 46 Earnings per share Earnings per share are based on the following: Year ended 31 December 2022 2021 (Loss)/profit for the year attributable to shareholders (\u00a3000) (98,333 ) 27,294 Weighted average number of ordinary shares 150,239,599 150,118,548 Basic earnings per share (65.45)p 18.18p Diluted earnings per share (64.67)p 18.00p The weighted average number of ordinary shares in respect of the year ended 31 December 2022 is based upon 150,369,603 shares. No shares were held in treasury. There were 1,815,601 share options outstanding at 31 December 2022 (2021: 1,501,566). Accordingly, there is dilution of the average number of ordinary shares in issue in respect of 2021 and 2022.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:213800VFRMBRTSZ3SJ06",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-72": {
"value": " 47 Contingencies Past sales The group has made provision for the estimated cost of settling complaints in respect of past sales of endowment mortgages. Although the provisions are regularly reviewed, the final outcome could be different from the provisions established as these costs cannot be calculated with certainty and are influenced by external factors beyond the control of management, including future regulatory actions. In CA \u00a30.2m is held in respect of endowment mis-selling and \u00a30.25m is held in respect of pension mis-selling. In CASLP \u00a34.8m is held in respect of non-pension mis-selling, of which \u00a34.3m is expected to be recoverable under a pecuniary loss cover with Allianz, and \u00a30.4m is held in respect of pension mis-selling, all of which is expected to be recoverable from Allianz. A further \u00a30.2m is held in respect of ongoing pension complaints with the Financial Ombudsman Service. No complaints reserves are held in Movestic, Scildon or the Waard Group.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800VFRMBRTSZ3SJ06",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-73": {
"value": " 48 Capital commitments There were no capital commitments as at 31 December 2022 or as at 31 December 2021.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:213800VFRMBRTSZ3SJ06",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-74": {
"value": " (a) Identity of related parties The shares of the company were widely held and no single shareholder exercised significant influence or control over the company. The company has related party relationships with: (i) key management personnel who comprise only the directors (including non-executive directors) of the company; (ii) its subsidiary companies; (iii) other companies over which the directors have significant influence; and (iv) transactions with persons related to key management personnel.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:213800VFRMBRTSZ3SJ06",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-75": {
"value": " (b) Related party transactions (i) Transactions with key management personnel. Key management personnel comprise of the directors of the company. This is on the basis that the group\u2019s governance map requires all strategically significant decisions to be approved by the group board. As such, they have the authority and responsibility for planning, directing and controlling the activities of the group. Key management compensation is as follows: 2022 2021 \u00a3000 \u00a3000 Short-term employee benefits 1,204 2,342 Post-employment benefits 65 85 Share-based payments 869 593 Total 2,138 3,020 The share-based payments charge comprises \u00a30.3m (2021: \u00a30.2m) of Short-Term Incentive (STI) Scheme, and \u00a30.2m (2021: \u00a30.2m) related to Long-Term Incentive (LTIP) Scheme, which is determined in accordance with IFRS 2 \u2018Share-based Payment\u2019. Further details on the share-based payment are disclosed in Note 45. In addition, to their salaries the company also provides non-cash benefits to directors and contributes to a post-employment defined contribution pension plan on their behalf, or where regulatory contribution limits are reached, pay an equivalent amount as an addition to base salary. The following amounts were payable to directors in respect of bonuses and incentives: 2022 2021 \u00a3000 \u00a3000 Annual bonus scheme (included in the short-term employee benefits above) 546 934 These amounts have been included in Accrued Expenses as disclosed in Note 35. The amounts payable under the annual bonus scheme were payable within 1 year. The terms and conditions attached to the annual bonus scheme can be found in the remuneration section of these accounts on page 100. (ii) Transactions with subsidiaries The company undertakes centralised administration functions, the costs of which it charges back to its operating subsidiaries. The following amounts which effectively comprised a recovery of expenses at no mark-up were credited to the Statement of Comprehensive Income of the company for the respective periods: Year ended 31 December 2022 2021 \u00a3000 \u00a3000 Recovery of expenses 4,762 4,771 (iii) Transactions with persons related to key management personnel During the year, there were no transactions with persons related to key management personnel (31 December 2021: \u00a3nil).",
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"value": " 50 Group entities Control of the group The issued share capital of Chesnara plc, the group parent company, is widely held, with no single party able to control 20% or more of such capital or of the rights which such ownership confers. Group subsidiary companies Country of Ownership interest Ownership interest Functional Name incorporation 31 December 2022 31 December 2021 Currency Countrywide Assured plc United Kingdom 100% of all share capital (1) 100% of all share capital (1) Sterling Countrywide Assured Life Holdings Limited United Kingdom 100% of all share capital 100% of all share capital Sterling Countrywide Assured Services Limited United Kingdom 100% of all share capital 100% of all share capital Sterling Countrywide Assured Trustee Company Limited United Kingdom 100% of all share capital 100% of all share capital Sterling Registered address 2nd Floor, Building 4, West Strand Business Park, West Strand Road, Preston, Lancashire PR1 8UY CASLP United Kingdom 100% of all share capital (4) \u2013 Sterling Registered address Third Floor One Temple Quay, 1 Temple Back East, Bristol, England, BS1 6DZ Movestic Livf\u00f6rs\u00e4kring AB Sweden 100% of all share capital 100% of all share capital Swedish krona Movestic Balanserad Sweden 100% of all share capital (6) 100% of all share capital (6) Swedish krona Movestic F\u00f6rsiktig Sweden 100% of all share capital (6) 100% of all share capital (6) Swedish krona Movestic Global ESG Sweden 100% of all share capital (6) 100% of all share capital (6) Swedish krona Movestic Offensiv Sweden 100% of all share capital (6) 100% of all share capital (6) Swedish krona Movestic Global Sweden 100% of all share capital (6) 100% of all share capital (6) Swedish krona Movestic Avancera 75 Sweden 100% of all share capital (6) 100% of all share capital (6) Swedish krona Movestic Avancera 85 Sweden 100% of all share capital (6) 100% of all share capital (6) Swedish krona Movestic Fonder AB Sweden 100% of all share capital (2) 100% of all share capital (2) Swedish krona Registered address Box 7853, S - 103 99 Stockholm, Sweden Movestic Fund Management S.A. Luxembourg \u2013 100% of all share capital (5) Swedish krona Registered address 12 Rue Gabriel Lippmann, L - 5365 Munsbach, Luxembourg Chesnara Holdings B.V. Netherlands 100% of all share capital (3) 100% of all share capital (3) Euro Waard Leven N.V. Netherlands 100% of all share capital (4) 100% of all share capital (4) Euro Waard Schade N.V. Netherlands 100% of all share capital (4) 100% of all share capital (4) Euro Waard Verzekering Netherlands 100% of all share capital (4) 100% of all share capital (4) Euro Robein Leven N.V Netherlands 100% of all share capital (7) \u2013 Euro Registered address Geert Scholtenslaan II 1687 CL Wognum, Netherlands Scildon N.V Netherlands 100% of all share capital (4) 100% of all share capital (4) Euro Registered address Laapersveld 68 Hilversum, Netherlands (1) Held indirectly through Countrywide Assured Life Holdings Limited. (2) Held indirectly through Movestic Livf\u00f6rs\u00e4kring AB. (3) Company formed on 25 November 2014. (4) Held indirectly through Chesnara Holdings B.V. (5) Company formed in March 2017. It has been put into liquidation. (6) Investment funds held indirectly by Movestic Livf\u00f6rs\u00e4kring AB. (7) Held directly by Waard Leven, from 27 December 2022.",
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"fact-77": {
"value": " 51 Business combination and portfolio acquisition On 13 September 2021, Chesnara had entered into an agreement with Sanlam UK Limited to acquire Sanlam Life & Pensions UK (now CASLP), a specialist provider of insurance and long-term savings products in the UK. The acquisition was completed on 28 April 2022. CASLP is a specialist provider of insurance and long-term savings products in the UK, with approximately \u00a32.9bn of assets under administration and 80,000 policies. The acquisition of CASLP was initially announced in September 2021. The acquisition has given rise to an immediate profit of \u00a39.6m, calculated as follows: Fair value Book value adjustments Fair value \u00a3000 \u00a3000 \u00a3000 Assets Intangible assets Acquired value of in-force business \u2013 59,579 59,579 Property and equipment 46 \u2013 46 Investment properties 102,974 \u2013 102,974 Reinsurers\u2019 share of insurance contract provisions 1,014 \u2013 1,014 Financial assets 2,612,574 \u2013 2,612,574 Other assets and receivables 15,084 \u2013 15,084 Cash and cash equivalents 93,407 \u2013 93,407 Total assets 2,825,099 59,579 2,884,678 Liabilities Insurance contract provisions 209,640 \u2013 209,640 Other provisions 9,809 \u2013 9,809 Investment contracts at fair value through profit and loss 2,547,789 \u2013 2,547,789 Deferred tax liabilities 9,787 40,548 50,335 Other payables 19,690 \u2013 19,690 Total liabilities 2,796,715 40,548 2,837,263 Net assets 28,384 19,031 47,415 Net liabilities acquired 47,415 Total consideration, paid in cash (37,850 ) Profit arising on business combination 9,565 The assets and liabilities at the acquisition date have been amended compared with what was reported in the group\u2019s Half Year Report for the 6 months ended 30 June 2022. There has been a change in the profit arising on business combination in valuation of the profit arising on business combination from the reported half year position. Under IFRS 3 Business Combination, it allows a period of 12 months from the acquisition date to refresh our estimates. At half year reporting, our valuation was based on 31 March 2022. This was refined post half year and at the year end the valuation was based on the actual acquisition date, 28 April 2022. The Acquired Value of In-Force Business (AVIF) has materially changed since the half year reporting. This was due to the change is discount rate used in the calculation of the AVIF business, to take into account the weighted average cost of capital in Chesnara plc. The discount rate used was 5.75% at the half year and 8.0% in the final AVIF calculation. The run-off profile for the AVIF is over a 30 year period. The other material changes were related to the financial assets and cash and cash equivalents, which takes into account an additional month of transactions and market fluctuations. Acquired value of in-force business: The acquisition has resulted in the recognition of net of a tax intangible asset amounting to \u00a319.0m, which represents the present value of the future post-tax cash flows expected to arise from policies that were in force at the point of acquisition. The asset has been valued using a discounted cash flow model that projects the future surpluses that are expected to arise from the business. The model factors in a number of variables, of which the most influential are; the policyholders\u2019 ages, mortality rates, expected policy lapses, expenses that are expected to be incurred to manage the policies and future investment growth, as well as the discount rate that has been applied. This asset will be amortised over its expected useful life. Gain on acquisition: As shown above, a gain of \u00a39.6m has been recognised on acquisition. Under IFRS 3, a gain on acquisition is defined as being a \u2018bargain purchase\u2019. A day one gain has arisen on business combination, as by applying the pricing model that we generally adopt, we offered a purchase price which was at a discount to our own assessment of the value of the net assets to be acquired. Acquisition-related costs: Chesnara concluded the deal and obtained control of CASLP as of 28 April 2022. The consideration transferred by Chesnara for the acquisition of CASLP consisted of cash totalling \u00a337.9m. There was also a capital contribution made by Chesnara to CASLP amounting to \u00a325.0m immediately following completion. The costs in respect of the transaction amounted to \u00a31.7m which have been included within the \u2018Administrative Expenses\u2019 on the Consolidated Statement of Comprehensive Income. Results of CASLP: The results of CASLP have been included in the consolidated financial statements of the group with effect from 28 April 2022. Net insurance premium revenue for the period was \u00a31.2m, with contribution to overall consolidated loss before tax of \u00a311.2m, before the amortisation of the AVIF and deferred acquisition cost intangible assets. Had CASLP been consolidated from 1 January 2022, the Consolidated Statement of Comprehensive Income would have included net insurance premium revenue of \u00a31.9m and would have contributed \u00a325.7m to the overall consolidated loss before tax. On 25 November 2021, the Waard Group agreed to acquire 100% of the shares of Robein Leven N.V. and its subsidiary, a specialist provider of traditional and linked savings products, mortgages and annuities in the Netherlands, from Monument Re Group. The completion took place on 28 April 2022. The consideration transferred by Waard Leven for the acquisition of Robein consisted of cash amounting to \u00a314.5m. The transaction has given rise to a post completion profit on acquisition of \u00a35.8m calculated as follows: Fair value \u00a3000 Assets Financial assets 202,908 Investment in subsidiaries* 1,461 Other assets and receivables 4,784 Cash and cash equivalents 7,301 Total assets 216,454 Liabilities Insurance contract provisions 188,279 Value of business acquired 1,645 Investment contracts at fair value through income 6,244 Total liabilities 196,168 Net assets 20,286 Net assets acquired 20,286 Total consideration, paid in cash (14,490 ) Post completion profit on portfolio acquisition 5,796 *The investment in subsidiaries relates to Robein Effecten Dienstverlening, which is a subsidiary of Robein Leven. There has been a change in the profit arising on business combination from the reported half year position. Under, IFRS 3 Business Combination, it allows a period of 12 months from the acquisition date to refresh our estimates. There was a material increase in financial assets reported at half year compared to year end. The insurance portfolio and the related assets were transferred from Robein Leven into Waard Leven on 27 December 2022. Robein Leven remains a separate legal entity within the group structure of Waard and its insurance license will be forfeited. Over the course of 2023, most of the owns funds will be paid out as a dividend to Waard Leven. Profit on acquisition: A profit of \u00a35.8m has been recognised on acquisition. This profit on acquisition has been recorded as a \u2018post completion gains on portfolio acquisition\u2019 on the face of the Statement of Comprehensive Income. A day one gain has arisen as by applying the pricing model that we generally adopt, we offered a purchase price which was at a discount to our own assessment of the value of the net assets to be acquired. Acquisition-related costs: Waard Leven incurred costs of around \u00a30.2m in relation to the acquisition. The assets and liabilities acquired are included within changes in insurance provisions and financial assets within operating cash flows on the face of the cash flow statement. Results of Robein Leven: The results of Robein Leven have been included in the consolidated financial statements of the group with effect from 28 April 2022, within Waard Group. Had Robein Leven been consolidated from 1 January 2022, the Consolidated Statement of Comprehensive Income would have contributed \u00a30.2m to the overall consolidated profit before tax. During the year, Waard also acquired 3,000 policies in August 2022 from SRLEV N.V. in the Netherlands. As Waard was already administering these policies as Proxy Agent on behalf of the vendor, the integration of the policies was completed in a short time frame.",
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"fact-78": {
"value": "52 Post balance sheet event On 1 January 2023, Chesnara\u2019s Dutch closed-book subsidiary, Waard Leven N.V, complete the acquisition of the insurance portfolio of Nederlandsche Algemeene Maatschappij van Levensverzekering Conservatrix N.V. (Conservatrix), following Court and Regulatory approvals. The cash consideration for the acquisition was \u20ac1. In accordance with IFRS 3 Business Combinations, certain disclosures are required should a business combination complete after the end of the reporting period but before the financial statements are authorised for issue. At the point of authorising these financial statements, the initial accounting for this business combination is incomplete. A summary of the acquisition, covering the business rationale along with some of the key impacts on the Chesnara group, were disclosed in an announcement by Chesnara on 22 July 2022, which has been summarised below. \u2013 In December 2020, the Dutch Central Bank, De Nederlandsche Bank (DNB), filed for bankruptcy of Conservatrix following a deterioration of the Solvency II capital position and limited feasibility of recovering this in the short term. The court declared Conservatrix bankrupt on 8 December 2020 and appointed two trustees (the Trustees) who were authorised to administer the estate. Conservatrix customers will benefit from becoming part of a well-capitalised group, after a significant period of uncertainty. \u2013 Conservatrix\u2019s savings, annuity and funeral plan products are well aligned with Chesnara\u2019s existing life and pension liability mix in the Netherlands. The acquisition adds approximately 70,000 additional policies and increases group Assets Under Management (AuM) by c\u00a30.5bn. \u2013 The acquisition has been effected through the transfer of the insurance portfolio (together with certain other assets and liabilities) into Waard. In order to support the solvency position of the Conservatrix insurance portfolio, a capital contribution of \u00a335m has been provided by Chesnara, consisting of a \u00a321m contribution from Chesnara and \u00a314m of existing Waard resources. \u2013 Future cash generation from the acquisition under steady state conditions is expected to be c\u00a34m per annum, supporting Chesnara\u2019s dividend strategy. \u2013 The acquisition is expected to increase the group\u2019s EcV by c\u00a318m and provides further EcV accretion potential from future real world investment returns and the run-off of the risk margin. \u2013 Conservatrix\u2019s employees are expected to remain with the business following completion of the acquisition. A detailed assessment of the fair value of the assets and liabilities acquired is incomplete at this stage and will be included in the group\u2019s interim financial statements for the period ending 30 June 2023.",
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