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   "value": "NOT<span class=\"_ _2\"></span>ES TO THE C<span class=\"_ _2\"></span>ONSOLID<span class=\"_ _2\"></span>A<span class=\"_ _0\"></span>TED FINANCIAL ST<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>TEME<span class=\"_ _3\"></span>NTS<span class=\"_ _421\"> </span>SECTION A \u2013 GENERAL INFORMA<span class=\"_ _a\"></span>TION AND ACCOUNTING POLICIES AND JUDGEMENT<span class=\"_ _2\"></span>S  A<span class=\"_ _2\"></span>1 <span class=\"_ _4\"></span>General inf<span class=\"_ _2\"></span>ormation<span class=\"_ _421\"> </span>Chesnara plc (Registered number 4947<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>66) (the company) is a limited liability compan<span class=\"_ _2\"></span>y<span class=\"_ _a\"></span>, incorporated in the United Kingdom and registered in England and W<span class=\"_ _2\"></span>ales. <span class=\"_ _0\"></span>The compan<span class=\"_ _2\"></span>y is limited by shares and has a primary listing on the L<span class=\"_ _2\"></span>ondon <span class=\"_ _2\"></span>Stock Exchange. <span class=\"_ _7\"></span>The address of the registered office <span class=\"_ _2\"></span>is 2nd Floor<span class=\"_ _a\"></span>, Building 4, W<span class=\"_ _2\"></span>est <span class=\"_ _2\"></span>Strand Business Park, <span class=\"_ _0\"></span>W<span class=\"_ _2\"></span>est <span class=\"_ _2\"></span>Strand Road, P<span class=\"_ _2\"></span>reston, England, PR1 8UY<span class=\"_ _7\"></span>, UK.<span class=\"_ _421\"> </span>The compan<span class=\"_ _2\"></span>y and its subsidiaries, together forming the group, comprise UK, <span class=\"_ _2\"></span>Sw<span class=\"_ _2\"></span>edish and Dutch lif<span class=\"_ _2\"></span>e and pensions businesses.<span class=\"_ _421\"> </span>Th<span class=\"_ _3\"></span>e UK seg<span class=\"_ _3\"></span>ment co<span class=\"_ _3\"></span>nsists of th<span class=\"_ _3\"></span>e CA an<span class=\"_ _3\"></span>d CA<span class=\"_ _3\"></span>SL<span class=\"_ _3\"></span>P busi<span class=\"_ _3\"></span>nesses<span class=\"_ _3\"></span>, as des<span class=\"_ _3\"></span>crib<span class=\"_ _3\"></span>ed in N<span class=\"_ _3\"></span>ote C1<span class=\"_ _2\"></span>. The a<span class=\"_ _3\"></span>cqui<span class=\"_ _3\"></span>sition of S<span class=\"_ _3\"></span>anl<span class=\"_ _3\"></span>am Life &amp; Pen<span class=\"_ _3\"></span>sions U<span class=\"_ _3\"></span>K (SL<span class=\"_ _3\"></span>P) too<span class=\"_ _3\"></span>k plac<span class=\"_ _3\"></span>e on <span class=\"_ _19\"></span><span class=\"ls2 ws2\"> </span>28 A<span class=\"_ _3\"></span>pr<span class=\"_ _3\"></span>il 20<span class=\"_ _3\"></span>22, a<span class=\"_ _3\"></span>nd the bu<span class=\"_ _3\"></span>siness su<span class=\"_ _3\"></span>bseq<span class=\"_ _3\"></span>uently c<span class=\"_ _3\"></span>hang<span class=\"_ _3\"></span>ed its l<span class=\"_ _3\"></span>egal n<span class=\"_ _3\"></span>ame to C<span class=\"_ _3\"></span>AS<span class=\"_ _3\"></span>LP<span class=\"_ _a\"></span>. On 31 D<span class=\"_ _3\"></span>ecem<span class=\"_ _3\"></span>ber 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>3, the l<span class=\"_ _3\"></span>ong<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>term bus<span class=\"_ _3\"></span>iness of C<span class=\"_ _3\"></span>A<span class=\"_ _3\"></span>SLP<span class=\"_ _a\"></span>, al<span class=\"_ _3\"></span>ong wi<span class=\"_ _3\"></span>th the majo<span class=\"_ _3\"></span>rit<span class=\"_ _3\"></span>y of the a<span class=\"_ _3\"></span>ssets of th<span class=\"_ _3\"></span>e comp<span class=\"_ _3\"></span>any were tran<span class=\"_ _3\"></span>sferred into C<span class=\"_ _3\"></span>A via a B<span class=\"_ _3\"></span>usines<span class=\"_ _3\"></span>s T<span class=\"_ _a\"></span>ra<span class=\"_ _3\"></span>nsfer Sc<span class=\"_ _3\"></span>heme un<span class=\"_ _3\"></span>der Pa<span class=\"_ _3\"></span>rt V<span class=\"_ _3\"></span>II of t<span class=\"_ _3\"></span>he Finan<span class=\"_ _3\"></span>cial S<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vic<span class=\"_ _3\"></span>es and M<span class=\"_ _3\"></span>arkets Ac<span class=\"_ _3\"></span>t 20<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>. Dur<span class=\"_ _3\"></span>ing the ye<span class=\"_ _3\"></span>ar<span class=\"_ _2\"></span>, the gro<span class=\"_ _3\"></span>up also re<span class=\"_ _3\"></span>ache<span class=\"_ _3\"></span>d an agree<span class=\"_ _3\"></span>ment to acq<span class=\"_ _3\"></span>uire the ons<span class=\"_ _3\"></span>hore UK in<span class=\"_ _3\"></span>divi<span class=\"_ _3\"></span>dual p<span class=\"_ _3\"></span>rotectio<span class=\"_ _3\"></span>n busine<span class=\"_ _3\"></span>ss of C<span class=\"_ _3\"></span>anad<span class=\"_ _3\"></span>a Life L<span class=\"_ _3\"></span>imited. F<span class=\"_ _3\"></span>ur<span class=\"_ _3\"></span>ther det<span class=\"_ _3\"></span>ail on thi<span class=\"_ _3\"></span>s trans<span class=\"_ _3\"></span>act<span class=\"_ _3\"></span>ion c<span class=\"_ _3\"></span>an be foun<span class=\"_ _3\"></span>d in Note I<span class=\"_ _3\"></span>8. T<span class=\"_ _3\"></span>he UK s<span class=\"_ _3\"></span>egment i<span class=\"_ _3\"></span>s subst<span class=\"_ _3\"></span>antiall<span class=\"_ _3\"></span>y clos<span class=\"_ _3\"></span>ed to new busi<span class=\"_ _3\"></span>ness, su<span class=\"_ _3\"></span>ch tha<span class=\"_ _3\"></span>t new insura<span class=\"_ _3\"></span>nce co<span class=\"_ _3\"></span>ntrac<span class=\"_ _3\"></span>ts are onl<span class=\"_ _3\"></span>y issue<span class=\"_ _3\"></span>d to existing customers,<span class=\"_ _2\"></span> dependent on the<span class=\"_ _2\"></span>ir changing needs.<span class=\"_ _421\"> </span>The <span class=\"_ _a\"></span>Swedish segment comprises the Mo<span class=\"_ _2\"></span>vestic business, as described in No<span class=\"_ _2\"></span>te<span class=\"_ _2\"></span> C1<span class=\"_ _a\"></span>. Its activities are performed predominantly in <span class=\"_ _a\"></span>Sweden, where it underwrites<span class=\"_ _2\"></span> lif<span class=\"_ _2\"></span>e, accident and health risks and provides a portfolio <span class=\"_ _2\"></span>of inv<span class=\"_ _2\"></span>estment contracts. It is open to ne<span class=\"_ _2\"></span>w business, distributing its products principally through independen<span class=\"_ _2\"></span>t financial advisors.<span class=\"_ _421\"> </span>The Dutch segment comprises the <span class=\"_ _0\"></span>W<span class=\"_ _a\"></span>aard Group and Scildon businesses, as described in Note C1. T<span class=\"_ _2\"></span>he group\u2019<span class=\"_ _0\"></span>s Dutch life businesses contain a mix <span class=\"_ _2\"></span>of term life,<span class=\"_ _2\"></span> unit-linked, inde<span class=\"_ _2\"></span>x<span class=\"_ _a\"></span>-linked and non-linked business. <span class=\"_ _a\"></span>Scildon is open to new business f<span class=\"_ _2\"></span>or some of its products, whilst there ha<span class=\"_ _2\"></span>ve been a number of acquisitions into the <span class=\"_ _0\"></span>W<span class=\"_ _2\"></span>aard Group in recent <span class=\"_ _a\"></span>years, the most recent being the acquisition of Conserv<span class=\"_ _2\"></span>atrix, which completed on 1 January 2023. These financial statements are presented in pounds sterling, which is the functional currency <span class=\"_ _2\"></span>of the parent company<span class=\"_ _a\"></span>. F<span class=\"_ _2\"></span>oreign operations are included in accordance with the policies set out in Note <span class=\"_ _2\"></span>A5. <span class=\"_ _0\"></span>The results and cash flo<span class=\"_ _2\"></span>ws of these operations ha<span class=\"_ _2\"></span>ve been translated into sterling at an a<span class=\"_ _2\"></span>verage rate for the <span class=\"_ _0\"></span>year of \u00a31 = <span class=\"_ _a\"></span>SEK 1<span class=\"_ _a\"></span>3.20 (2022: \u00a31<span class=\"_ _a\"></span> = SEK 1<span class=\"_ _a\"></span>2.47) for the <span class=\"_ _2\"></span>Sw<span class=\"_ _2\"></span>edish business and \u00a31 <span class=\"_ _a\"></span>= EUR 1<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>1<span class=\"_ _a\"></span>5 (2022: \u00a31 <span class=\"_ _a\"></span>= EUR 1<span class=\"_ _7\"></span>.<span class=\"_ _0\"></span>1<span class=\"_ _2\"></span>7) for the Dutch business.<span class=\"_ _421\"> </span>Assets and liabilities ha<span class=\"_ _2\"></span>ve been translated at the <span class=\"_ _a\"></span>year <span class=\"_ _2\"></span>end rate of \u00a31 <span class=\"_ _a\"></span>= <span class=\"_ _2\"></span>SEK 1<span class=\"_ _2\"></span>2.84 (31 December 2022: \u00a31 <span class=\"_ _a\"></span>= SEK 1<span class=\"_ _a\"></span>2.49) for the <span class=\"_ _a\"></span>Swedish business and \u00a31 <span class=\"_ _0\"></span>= EUR 1<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>15 (31 December 2022: \u00a31 <span class=\"_ _a\"></span>= EUR 1<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>1<span class=\"_ _2\"></span>3) for the Dutch business.<span class=\"_ _421\"> </span>T<span class=\"_ _0\"></span>otal foreign currency <span class=\"_ _2\"></span>ex<span class=\"_ _2\"></span>change rate loss for the <span class=\"_ _a\"></span>year <span class=\"_ _2\"></span>ended 31 December 2023 recognised in the Consolidated <span class=\"_ _2\"></span>Statement of Comprehensive Income <span class=\"_ _2\"></span>of \u00a37<span class=\"_ _31\"></span>.<span class=\"_ _3\"></span>8m (year <span class=\"_ _2\"></span>ended 31 December 2022: gain of \u00a36.9m).<span class=\"_ _421\"> </span>The financial statements w<span class=\"_ _2\"></span>ere authorised for issue b<span class=\"_ _2\"></span>y the directors on 27 March 2024. <span class=\"_ _e\"> </span>A2 <span class=\"_ _3\"></span>Basis of consolidation<span class=\"_ _421\"> </span>The Consolidated Financial <span class=\"_ _a\"></span>Statements incorporate the financial statements of the company and <span class=\"_ _2\"></span>of entities controlled by the compan<span class=\"_ _2\"></span>y (its subsidiaries), made up<span class=\"_ _421\"> </span> to 3<span class=\"_ _2\"></span>1 December each <span class=\"_ _0\"></span>year<span class=\"_ _a\"></span>. Control is achiev<span class=\"_ _2\"></span>ed when the company is e<span class=\"_ _2\"></span>xposed or has rights to the v<span class=\"_ _2\"></span>ariable returns from the inv<span class=\"_ _2\"></span>olvement with the entity and has<span class=\"_ _421\"> </span> the ability to aff<span class=\"_ _2\"></span>ect those returns through its pow<span class=\"_ _2\"></span>er ov<span class=\"_ _2\"></span>er the entity<span class=\"_ _0\"></span>. <span class=\"_ _0\"></span>The parent company financial statements present inf<span class=\"_ _2\"></span>ormation about the company as a separate<span class=\"_ _421\"> </span> entity and not about its group.<span class=\"_ _421\"> </span>Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group\u2019<span class=\"_ _0\"></span>s equity therein. Non-controlling interests consist<span class=\"_ _421\"> </span> <span class=\"_ _19\"></span><span class=\"ls2 ws2\"> </span>of the amount of those interests at the date <span class=\"_ _2\"></span>of the original business combination and the non-controlling interest\u2019<span class=\"_ _0\"></span>s share of changes in equity since the date <span class=\"_ _2\"></span>of<span class=\"_ _421\"> </span> the combination.<span class=\"_ _421\"> </span>Profit <span class=\"_ _2\"></span>or loss and each component <span class=\"_ _2\"></span>of other comprehensive income are attributed to the compan<span class=\"_ _2\"></span>y and to the non-controlling interests. <span class=\"_ _0\"></span>T<span class=\"_ _0\"></span>otal comprehensive income<span class=\"_ _421\"> </span> <span class=\"_ _f\"></span><span class=\"ws2\"> </span>is attributed to the company shareholders and to the non-controlling interests <span class=\"_ _2\"></span>even if this results in the non-controlling interests ha<span class=\"_ _2\"></span>ving a deficit balance.<span class=\"_ _421\"> </span>The results <span class=\"_ _2\"></span>of subsidiaries acquired or disposed of during the <span class=\"_ _0\"></span>year are included in the Consolidated <span class=\"_ _2\"></span>Statement of Comprehensiv<span class=\"_ _2\"></span>e Income from the eff<span class=\"_ _2\"></span>ective date <span class=\"_ _2\"></span>of<span class=\"_ _421\"> </span> acquisition or up to the <span class=\"_ _2\"></span>effectiv<span class=\"_ _2\"></span>e date of disposal. <span class=\"_ _0\"></span>Where necessary<span class=\"_ _0\"></span>, adjustments are made to the financial statements of subsidiaries to bring the accounting<span class=\"_ _421\"> </span> policies used into line with those used by the group.<span class=\"_ _421\"> </span>All intra-group transactions, balances, income and e<span class=\"_ _2\"></span>xpenses are eliminated on consolidation. <span class=\"_ _e\"> </span>A3 <span class=\"_ _3\"></span>Basis of prepar<span class=\"_ _2\"></span>ation<span class=\"_ _421\"> </span>The consolidated and parent compan<span class=\"_ _2\"></span>y financial statements hav<span class=\"_ _2\"></span>e been prepared on a going concern basis. <span class=\"_ _0\"></span>The directors belie<span class=\"_ _2\"></span>ve that the<span class=\"_ _2\"></span>y have a reasonable<span class=\"_ _421\"> </span><span class=\"_ _2\"></span> expectation that the group has adequate resources to continue in <span class=\"_ _2\"></span>operational existence f<span class=\"_ _2\"></span>or the foreseeable future. In making this assessment, the directors ha<span class=\"_ _2\"></span>ve<span class=\"_ _421\"> </span> taken into consideration the points as set <span class=\"_ _2\"></span>out in the Financial Management section of the <span class=\"_ _2\"></span>Annual Report and <span class=\"_ _2\"></span>Accounts under the heading \u2018Maintain the group as<span class=\"_ _421\"> </span> <span class=\"_ _19\"></span><span class=\"ls2 ws2\"> </span>a going concern<span class=\"_ _a\"></span>\u2019<span class=\"_ _0\"></span>.<span class=\"_ _421\"> </span>The financial statements are presented in pounds sterling, rounded to the nearest one hundred thousand, and are prepared <span class=\"_ _2\"></span>on the historical cost basis ex<span class=\"_ _2\"></span>cept for insurance and reinsurance contracts which are stated at their fulfilment v<span class=\"_ _2\"></span>alue in accordance with IFRS <span class=\"_ _a\"></span>1<span class=\"_ _a\"></span>7 and the following assets and liabilities which are stated at their fair v<span class=\"_ _2\"></span>alue: derivativ<span class=\"_ _2\"></span>e financial instruments; financial instruments at fair v<span class=\"_ _2\"></span>alue through profit or loss; assets and liabilities held f<span class=\"_ _2\"></span>or sale; investment<span class=\"_ _2\"></span> property; and inv<span class=\"_ _2\"></span>estment contract liabilities at fair value through profit <span class=\"_ _2\"></span>or loss.<span class=\"_ _421\"> </span>Assets and liabilities are presented in a liquidity order in the balance sheet. In addition, amounts <span class=\"_ _2\"></span>expected to be reco<span class=\"_ _2\"></span>vered <span class=\"_ _2\"></span>or settled within a <span class=\"_ _a\"></span>year are classified as current in the notes to the accounts. If they are <span class=\"_ _2\"></span>expected to be reco<span class=\"_ _2\"></span>vered <span class=\"_ _2\"></span>or settled in more than one <span class=\"_ _a\"></span>year<span class=\"_ _0\"></span>, they are classified as non-current in the notes to the accounts. A<span class=\"_ _2\"></span>ssets and liabilities are presented on a current and non-current basis in the Compan<span class=\"_ _2\"></span>y Balance <span class=\"_ _a\"></span>Sheet. The preparation <span class=\"_ _2\"></span>of financial statements in conformity with IFR<span class=\"_ _2\"></span>Ss requires management to make judgements, estimates and assumptions that aff<span class=\"_ _a\"></span>ect the application<span class=\"_ _3\"></span> of policies and reported amounts of assets and liabilities, income and <span class=\"_ _2\"></span>expenses. <span class=\"_ _0\"></span>The <span class=\"_ _2\"></span>estimates and associated assumptions are based on historical <span class=\"_ _2\"></span>experience and various <span class=\"_ _2\"></span>other factors that are believ<span class=\"_ _2\"></span>ed to be reasonable under the circumstances, the results of which f<span class=\"_ _2\"></span>orm the basis of making the judgements about carrying values <span class=\"_ _2\"></span>of assets and liabilities that are not readily apparent from other sources. <span class=\"_ _2\"></span>Actual results may diff<span class=\"_ _a\"></span>er from these estimates<span class=\"_ _421\"> </span>IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS<span class=\"_ _421\"> </span>The <span class=\"_ _2\"></span>estimates and underlying assumptions are revie<span class=\"_ _2\"></span>wed on an <span class=\"_ _2\"></span>ongoing basis. Judgements made b<span class=\"_ _2\"></span>y management in the process of applying the group\u2019<span class=\"_ _0\"></span>s accounting<span class=\"_ _421\"> </span> policies that hav<span class=\"_ _2\"></span>e a significant eff<span class=\"_ _2\"></span>ect on the financial statements and <span class=\"_ _2\"></span>estimates with a significant risk of material adjustment in the ne<span class=\"_ _2\"></span>xt <span class=\"_ _a\"></span>year are set out in<span class=\"_ _421\"> </span><span class=\"_ _2\"></span> <span class=\"_ _19\"></span><span class=\"ls2 ws2\"> </span>Note A6.<span class=\"_ _421\"> </span>The group prepares interim financial statement at half <span class=\"_ _0\"></span>year and as permitted by IFR<span class=\"_ _2\"></span>S 1<span class=\"_ _a\"></span>7 has elected to apply the \u2018year<span class=\"_ _0\"></span>-to-date\u2019 method and restate <span class=\"_ _2\"></span>estimates in<span class=\"_ _421\"> </span> respect of insurance contracts made in the pre<span class=\"_ _2\"></span>vious interim financial statements, in these <span class=\"_ _a\"></span>year end financial statements. <span class=\"_ _7\"></span>This A<span class=\"_ _2\"></span>ccounting P<span class=\"_ _2\"></span>olicy election applies<span class=\"_ _421\"> </span> to all groups of insurance and reinsurance contracts.<span class=\"_ _421\"> </span>The accounting policies set in Note <span class=\"_ _2\"></span>A5, unless otherwise stated, ha<span class=\"_ _2\"></span>ve been applied consistently to all <span class=\"_ _a\"></span>years presented in these Consolidated Financial <span class=\"_ _a\"></span>Statements.<span class=\"_ _421\"> </span><span class=\"_ _3\"></span> This includes the changes in accounting policies introduced b<span class=\"_ _2\"></span>y IFRS 1<span class=\"_ _a\"></span>7 \u2018Insurance Contracts<span class=\"_ _2\"></span>\u2019 and IFRS 9 \u2018Financial Instruments<span class=\"_ _a\"></span>\u2019<span class=\"_ _2\"></span>, both of which ha<span class=\"_ _2\"></span>ve been applied<span class=\"_ _421\"> </span> in these financial statements. Note A4 belo<span class=\"_ _2\"></span>w details the impact to the group of adopting IFR<span class=\"_ _2\"></span>S 1<span class=\"_ _a\"></span>7 and IFRS 9 in these financial statements.<span class=\"_ _421\"> </span>The Consolidated Financial <span class=\"_ _a\"></span>Statements have been prepared in accordance with United Kingdom adopted international accounting standards in conf<span class=\"_ _2\"></span>ormity with the<span class=\"_ _421\"> </span> requirements of the Companies <span class=\"_ _2\"></span>Act 2006. Both the parent compan<span class=\"_ _2\"></span>y financial statements and the group financial statements have been prepared and appro<span class=\"_ _2\"></span>ved<span class=\"_ _421\"> </span> by the directors in accordance with United Kingdom adopted international accounting standards.  <span class=\"_ _e\"> </span>A4 <span class=\"_ _3\"></span>New accounting standards and impact on adoption<span class=\"_ _421\"> </span>The group has applied IFR<span class=\"_ _2\"></span>S <span class=\"_ _7\"></span>1<span class=\"_ _2\"></span>7 \u2018Insurance Contracts<span class=\"_ _2\"></span>\u2019 and IFRS 9 \u2018Financial Instruments<span class=\"_ _a\"></span>\u2019 for the first time in these Annual R<span class=\"_ _2\"></span>eport and A<span class=\"_ _2\"></span>ccounts and as a result<span class=\"_ _421\"> </span> comparative amounts and the shareholder <span class=\"_ _2\"></span>equity position at 1 January 2022 hav<span class=\"_ _2\"></span>e been restated to reflect this. <span class=\"_ _0\"></span>The introduction <span class=\"_ _2\"></span>of these standards means there<span class=\"_ _421\"> </span> are significant changes to the accounting for insurance and reinsurance contracts and financial instruments, although the impact f<span class=\"_ _2\"></span>or the group in respect of IFR<span class=\"_ _2\"></span>S 9<span class=\"_ _421\"> </span> is less significant.<span class=\"_ _421\"> </span>IFRS 17 \u2018Insurance Contr<span class=\"_ _2\"></span>acts\u2019<span class=\"_ _421\"> </span>IFRS<span class=\"_ _2\"></span> 1<span class=\"_ _a\"></span>7 \u2018In<span class=\"_ _2\"></span>suran<span class=\"_ _2\"></span>ce Co<span class=\"_ _2\"></span>ntrac<span class=\"_ _2\"></span>ts<span class=\"_ _2\"></span>\u2019 introduces significant changes in the recognition, measurement, presentation and disclosure of insurance and reinsurance contracts<span class=\"_ _421\"> </span> for the group.<span class=\"_ _421\"> </span> The scope <span class=\"_ _2\"></span>of IFRS 1<span class=\"_ _a\"></span>7 is very similar to that <span class=\"_ _2\"></span>of IFRS 4 and all <span class=\"_ _2\"></span>of the insurance and reinsurance contracts accounted for under IFR<span class=\"_ _2\"></span>S 4 are accounted for under IFRS 1<span class=\"_ _0\"></span>7<span class=\"_ _31\"></span>,<span class=\"_ _421\"> </span><span class=\"_ _3\"></span> with some additional benefits within the <span class=\"_ _2\"></span>Sw<span class=\"_ _2\"></span>edish business now accounted for under IFR<span class=\"_ _2\"></span>S 1<span class=\"_ _a\"></span>7 that were previously accounted f<span class=\"_ _2\"></span>or under IAS 39. <span class=\"_ _7\"></span>These contracts<span class=\"_ _421\"> </span> now come into scope f<span class=\"_ _2\"></span>or IFRS 1<span class=\"_ _a\"></span>7 due to the diff<span class=\"_ _2\"></span>erent separation rules regarding component parts of contracts that no<span class=\"_ _2\"></span>w apply in IFRS 1<span class=\"_ _a\"></span>7 compared to IFRS 4.<span class=\"_ _421\"> </span> Insurance and reinsurance contracts are aggregated into portfolios. <span class=\"_ _7\"></span>The portfolios are determined by identifying contracts that ha<span class=\"_ _2\"></span>ve similar risks and that are<span class=\"_ _421\"> </span> managed together<span class=\"_ _a\"></span>. <span class=\"_ _0\"></span>The portfolios are then further divided into contract groups based <span class=\"_ _2\"></span>on annual cohorts (ie by <span class=\"_ _0\"></span>year of issue) and profitability<span class=\"_ _0\"></span>.<span class=\"_ _421\"> </span> Under IFRS <span class=\"_ _7\"></span>1<span class=\"_ _0\"></span>7<span class=\"_ _31\"></span>, the insurance contract liabilities are broken down into the follo<span class=\"_ _2\"></span>wing component parts:<span class=\"_ _421\"> </span>(i) <span class=\"_ _79\"> </span> <span class=\"_ _f\"></span>Present <span class=\"_ _0\"></span>Value <span class=\"_ _2\"></span>of F<span class=\"_ _a\"></span>uture Cash Flows (pvFCF): estimates <span class=\"_ _2\"></span>of future cash flows adjusted to reflect the <span class=\"_ _2\"></span>effect <span class=\"_ _2\"></span>of the time value <span class=\"_ _2\"></span>of money and <span class=\"_ _2\"></span>other financial risks<span class=\"_ _421\"> </span> where applicable<span class=\"_ _421\"> </span>(ii) <span class=\"_ _10\"> </span> <span class=\"_ _f\"></span>Risk A<span class=\"_ _2\"></span>djustment (RA) for non-financial risk: the compensation required for bearing uncertainty about the amount and timing <span class=\"_ _2\"></span>of the cash flows that arises from<span class=\"_ _421\"> </span> non-financial risk<span class=\"_ _421\"> </span>(iii)   <span class=\"_ _19\"></span>Contractual Service Margin (CSM): the unearned profit that will be recognised as the group pro<span class=\"_ _2\"></span>vides insurance contract services<span class=\"_ _421\"> </span>(iv) <span class=\"_ _9\"> </span> <span class=\"_ _19\"></span>Liability for Incurred Claims (LIC) \u2013 claims and e<span class=\"_ _2\"></span>xpenses for insurance contracts that ha<span class=\"_ _2\"></span>ve not <span class=\"_ _a\"></span>yet been paid, including claims and <span class=\"_ _2\"></span>expenses that hav<span class=\"_ _2\"></span>e been<span class=\"_ _421\"> </span> incurred but not <span class=\"_ _a\"></span>yet reported<span class=\"_ _421\"> </span>Collectively<span class=\"_ _0\"></span>, the pvFCF and RA are referred to as F<span class=\"_ _a\"></span>ulfilment Cash Flows (FCF). Changes in the FCF will impact <span class=\"_ _2\"></span>either profit or loss or the CSM, depending <span class=\"_ _2\"></span>on<span class=\"_ _421\"> </span> whether they relate to future <span class=\"_ _2\"></span>or current service and the \u2018measurement model\u2019 applicable to the group <span class=\"_ _2\"></span>of contracts. If the CSM for a group of contracts becomes<span class=\"_ _421\"> </span> onerous (ie negative) then a \u2018loss component\u2019 is <span class=\"_ _2\"></span>established in respect of the negative amount and the CSM is floored at z<span class=\"_ _2\"></span>ero, with losses recognised in profit or<span class=\"_ _421\"> </span> loss immediately<span class=\"_ _a\"></span>.<span class=\"_ _421\"> </span> The FCF and the CSM are collectiv<span class=\"_ _2\"></span>ely refer<span class=\"_ _2\"></span>red to as the Liability for R<span class=\"_ _2\"></span>emaining Coverage (LR<span class=\"_ _2\"></span>C) and the total of the LR<span class=\"_ _2\"></span>C and LIC make up the total value f<span class=\"_ _2\"></span>or a given<span class=\"_ _421\"> </span> group of insurance contracts.<span class=\"_ _421\"> </span> F<span class=\"_ _2\"></span>or reinsurance contracts held, in line with the description above <span class=\"_ _2\"></span>of the measurement components of the gross insurance contracts issued, the groups <span class=\"_ _2\"></span>of<span class=\"_ _421\"> </span> reinsurance contracts consists of an <span class=\"_ _2\"></span>Asset f<span class=\"_ _2\"></span>or Remaining Cov<span class=\"_ _2\"></span>erage (ARC) <span class=\"_ _2\"></span>or LRC and the <span class=\"_ _2\"></span>Asset for Incur<span class=\"_ _2\"></span>red Claims (AIC). <span class=\"_ _0\"></span>The components of the reinsurance<span class=\"_ _421\"> </span><span class=\"_ _2\"></span> ARC<span class=\"_ _421\"> </span>/<span class=\"_ _421\"> </span>LRC are similar to the LR<span class=\"_ _2\"></span>C arising from the insurance contracts issued, with the following distinct diff<span class=\"_ _a\"></span>erences: <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>The RA f<span class=\"_ _2\"></span>or non-financial risk represents the amount of risk being transf<span class=\"_ _a\"></span>erred by the group to the reinsurer<span class=\"_ _a\"></span>. <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>The CSM represents the net cost <span class=\"_ _2\"></span>or net gain on purchasing reinsurance and can be positiv<span class=\"_ _2\"></span>e or negative <span class=\"_ _2\"></span>on initial recognition and subsequent measurement. <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _3\"></span>T<span class=\"_ _a\"></span>o the e<span class=\"_ _2\"></span>xtent that onerous contracts are reinsured, a \u2018loss-reco<span class=\"_ _2\"></span>very component\u2019 is established at the date the underlying <span class=\"_ _2\"></span>onerous losses are recognised to cater<span class=\"_ _421\"> </span> for the <span class=\"_ _2\"></span>expected reco<span class=\"_ _2\"></span>veries of the underlying losses from the reinsurance contracts held. <span class=\"_ _13c\"> </span>\u2013 <span class=\"_ _3\"></span>There is an <span class=\"_ _2\"></span>explicit allo<span class=\"_ _2\"></span>wance f<span class=\"_ _2\"></span>or the risk of non-performance <span class=\"_ _2\"></span>of the issuer of the reinsurance contract which includes allo<span class=\"_ _2\"></span>wance for <span class=\"_ _2\"></span>expected losses arising<span class=\"_ _421\"> </span><span class=\"_ _2\"></span> from disputes.<span class=\"_ _421\"> </span><span class=\"ff65 ls3 ws2\">CH<span class=\"_ _283\"></span>ESN<span class=\"_ _277\"></span>AR<span class=\"_ _277\"></span>A<span class=\"_ _278\"></span>ANN<span class=\"_ _283\"></span>UAL<span class=\"_ _278\"></span>REPOR<span class=\"_ _284\"></span>T<span class=\"_ _27f\"></span>AND<span class=\"_ _392\"></span>ACCOUNT<span class=\"_ _27a\"></span>S<span class=\"_ _287\"></span>20<span class=\"_ _2b5\"></span>23</span><span class=\"_ _3a3\"></span>1<span class=\"_ _3a4\"></span>47<span class=\"_ _421\"> </span><div class=\"t m0 h4 ff67 fs2 fc1 sc0 lsc3 ws82 gs93\">IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS<span class=\"_ _421\"> </span></div><div class=\"t m0 h9 ff68 fs8 fc2 sc0 ls18f ws2 gs94\">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<span class=\"_ _421\"> </span></div><div class=\"t m0 hf ff61 fsc fc2 sc0 ls37 ws2 gs95\">SECTION A \u2013 GENERAL INFORMA<span class=\"_ _a\"></span>TION AND ACCOUNTING POLICIES AND JUDGEMENT<span class=\"_ _2\"></span>S</div><div class=\"t m0 h11 ff63 fsd fc2 sc0 ls2 ws2 gs96\"> <span class=\"_ _e\"> </span>A4 <span class=\"_ _3\"></span>New accounting standards and impact on adoption (continued)<span class=\"_ _421\"> </span></div><div class=\"t m0 h11 ff63 fsd fc1 sc0 ls2 ws2 gs97\">IFRS 1<span class=\"_ _2\"></span>7 \u2018Insur<span class=\"_ _2\"></span>ance Contracts\u2019 (continued)<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs98\">The f<span class=\"_ _2\"></span>ollowing three measurement models are applicable under IFRS 1<span class=\"_ _0\"></span>7:<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls1c ws3e gs99\">(i) <span class=\"_ _12\"> </span> <span class=\"_ _19\"></span>General Measurement Model (GMM): this is the default measurement method which determines how mov<span class=\"_ _2\"></span>ements in the fulfilment cash flows impact <span class=\"_ _2\"></span>either </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls0 ws116 gs9a\">profit and loss or the CSM. Under the GMM, changes in the fulfilment cash flo<span class=\"_ _2\"></span>ws that relate to future service impact the CSM with other changes to the </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs9b\">fulfilment cash flows instead impacting profit and loss. </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls18 ws2 gs9c\">(ii) <span class=\"_ _d\"> </span> <span class=\"_ _f\"></span>V<span class=\"_ _2\"></span>ariable F<span class=\"_ _2\"></span>ee Approach (VF<span class=\"_ _0\"></span>A): this is used where the contract meets the IFRS 1<span class=\"_ _a\"></span>7 definition of an insurance contract with direct participating f<span class=\"_ _2\"></span>eatures. <span class=\"_ _0\"></span>This means </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls18 ws93 gs9d\">that the nature of the services pro<span class=\"_ _2\"></span>vided are substantially inv<span class=\"_ _2\"></span>estment related with insurance benefits also being provided. Under the <span class=\"_ _0\"></span>VF<span class=\"_ _a\"></span>A changes in the group\u2019<span class=\"_ _a\"></span>s </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs9e\">share of the underlying items in respect <span class=\"_ _2\"></span>of financial and economic impacts will adjust the CSM and not the profit or loss.<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls42 ws12 gs9f\">(iii)   <span class=\"_ _f\"></span>Premium <span class=\"_ _2\"></span>Allocation Approach (P<span class=\"_ _0\"></span>AA): this is a simplified approach that can be applied to eligible short-duration contracts whereby all mov<span class=\"_ _2\"></span>ements in the liability </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gsa0\">go to profit and loss (ie there is no CSM). </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls0 wsf gsa1\">Reinsurance contracts are considered separately to gross insurance contracts with the majority <span class=\"_ _2\"></span>of reinsurance contracts within the group measured under the </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gsa2\">GMM and a small amount measured under P<span class=\"_ _a\"></span>AA.<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws70 gsa3\">With the adoption of IFRS 1<span class=\"_ _0\"></span>7<span class=\"_ _7\"></span>, certain line items in the group\u2019<span class=\"_ _0\"></span>s Consolidated Balance <span class=\"_ _2\"></span>Sheet hav<span class=\"_ _2\"></span>e been replaced with new line items. F<span class=\"_ _a\"></span>or example, the group no<span class=\"_ _2\"></span>w </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gsa4\">presents separately the carrying amount of portf<span class=\"_ _2\"></span>olios of:</div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gsa5\"> <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>Insurance contracts issued that are assets;</div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gsa6\"> <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>Insurance contracts issued that are liabilities;</div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gsa7\"> <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>Reinsurance contracts held that are assets; and</div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gsa8\"> <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>Reinsurance contracts held that are liabilities.<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls18 ws2 gsa9\">The assessment as to whether a giv<span class=\"_ _2\"></span>en portfolio is an asset or liability considers the portf<span class=\"_ _2\"></span>olio as a whole, so LRC plus LIC f<span class=\"_ _2\"></span>or gross insurance contracts for <span class=\"_ _2\"></span>example.<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gsaa\">The line items in the consolidated income statement ha<span class=\"_ _2\"></span>ve also changed significantly compared to that under IFRS 4 with specific line items no<span class=\"_ _2\"></span>w for:</div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gsab\"> <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>Insurance rev<span class=\"_ _2\"></span>enue;</div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws76 gsac\"> <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _5\"> </span>Insurance service expenses;</div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gsad\"> <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>Net income (expense) from reinsurance contracts held;</div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gsae\"> <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>Insurance Finance Income or Expense (IFIE) f<span class=\"_ _2\"></span>or insurance contracts issued; and</div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gsaf\"> <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>Net IFIE for reinsurance contracts held.<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls0 ws12 gsb0\">Under IFRS 1<span class=\"_ _0\"></span>7<span class=\"_ _7\"></span>, f<span class=\"_ _2\"></span>or contracts not measured under the P<span class=\"_ _a\"></span>AA, the group recognises insurance revenue to depict the transf<span class=\"_ _a\"></span>er of promised services provided under </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 wsd5 gsb1\">groups of insurance contracts. <span class=\"_ _7\"></span>The insurance rev<span class=\"_ _2\"></span>enue for each <span class=\"_ _0\"></span>year represents the changes in the LRC that relate to services pro<span class=\"_ _2\"></span>vided in that <span class=\"_ _a\"></span>year for which the </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls0 ws115 gsb2\">group e<span class=\"_ _2\"></span>xpects to receive consideration. <span class=\"_ _0\"></span>T<span class=\"_ _2\"></span>his mainly comprises the release of e<span class=\"_ _2\"></span>xpected claims, the release of the <span class=\"_ _2\"></span>expired risk adjustment f<span class=\"_ _2\"></span>or non-financial risk </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gsb3\">and the CSM amounts recognised in profit or loss in the period. </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 lsda ws2 gsb4\">F<span class=\"_ _2\"></span>or contracts measured under the P<span class=\"_ _a\"></span>AA, the insurance revenue f<span class=\"_ _2\"></span>or each period is the amount <span class=\"_ _2\"></span>of expected premium receipts f<span class=\"_ _2\"></span>or providing services in the period.</div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls17 ws11e gsb5\"> <span class=\"_ _68\"></span>\u2018Insurance service expenses<span class=\"_ _a\"></span>\u2019 in each reporting period represents the cost of pro<span class=\"_ _2\"></span>viding those services, broadly comprising incurred claims and benefits and e<span class=\"_ _2\"></span>xpenses </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gsb6\">that are directly attributable to providing the service in the period.</div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws1c0 gsb7\"> <span class=\"_ _49\"></span>\u2018Net income/(e<span class=\"_ _2\"></span>xpenses) from reinsurance contracts\u2019 generally comprises reinsurance <span class=\"_ _2\"></span>expenses and the reco<span class=\"_ _2\"></span>very <span class=\"_ _2\"></span>of incurred claims. Reinsurance <span class=\"_ _2\"></span>expenses are </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws119 gsb8\">recognised similarly to insurance rev<span class=\"_ _2\"></span>enue, with the amount of reinsurance <span class=\"_ _2\"></span>expenses representing an allocation of the premiums paid to <span class=\"_ _2\"></span>reinsurers that depicts </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gsb9\">the received insurance contract services in the period. </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls21 ws55 gsba\">T<span class=\"_ _0\"></span>ogether<span class=\"_ _a\"></span>, the insurance revenue, insurance service <span class=\"_ _2\"></span>expenses and net income/(e<span class=\"_ _2\"></span>xpenses) from reinsurance contracts make up the insurance service result, </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls6d wsd5 gsbb\">presented on the f<span class=\"_ _2\"></span>ace of the income statement. \u2018Non-distinct inv<span class=\"_ _2\"></span>estment components<span class=\"_ _2\"></span>\u2019 of insurance contracts represent amounts that the group must repa<span class=\"_ _2\"></span>y </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gsbc\">back to the policyholder regardless of the <span class=\"_ _2\"></span>occurrence of the insured <span class=\"_ _2\"></span>ev<span class=\"_ _2\"></span>ent and are ex<span class=\"_ _2\"></span>cluded from profit or loss.<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls0 ws75 gsbd\">The \u2018in<span class=\"_ _2\"></span>vestment result\u2019 comprises the \u2018net inv<span class=\"_ _2\"></span>estment return<span class=\"_ _a\"></span>\u2019<span class=\"_ _2\"></span>, changes in inv<span class=\"_ _2\"></span>estment contract liabilities and policyholder funds held by the group and IFIE f<span class=\"_ _2\"></span>or </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws53 gsbe\">both insurance and reinsurance contracts. <span class=\"_ _0\"></span>The IFIE broadly includes the <span class=\"_ _2\"></span>effect <span class=\"_ _2\"></span>of changes in the time value <span class=\"_ _2\"></span>of money and the <span class=\"_ _2\"></span>effect <span class=\"_ _2\"></span>of financial risk and changes </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gsbf\">in financial risk<span class=\"_ _421\"> </span>.<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff62 fs1 fc1 sc0 lseb wsfb gsc0\">148<span class=\"_ _14c\"> </span><span class=\"ff67 ls3 ws2\">CH<span class=\"_ _3\"></span>ESN<span class=\"_ _3\"></span>AR<span class=\"_ _3\"></span>A ANNUA<span class=\"_ _3\"></span>L REPORT A<span class=\"_ _3\"></span>ND ACCO<span class=\"_ _3\"></span>UNT<span class=\"_ _3\"></span>S 20<span class=\"_ _2\"></span>23<span class=\"_ _421\"> </span></span></div>IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS<span class=\"_ _421\"> </span>T<span class=\"_ _7\"></span>ransition approac<span class=\"_ _2\"></span>h \u2013 IFRS 1<span class=\"_ _2\"></span>7<span class=\"_ _421\"> </span>T<span class=\"_ _0\"></span>ransition ref<span class=\"_ _2\"></span>ers to the determination of the opening balance sheet at the beginning <span class=\"_ _2\"></span>of the annual reporting period immediately preceding the date of IFR<span class=\"_ _2\"></span>S 1<span class=\"_ _a\"></span>7<span class=\"_ _421\"> </span> initial application (ie at 1 January 2022). <span class=\"_ _0\"></span>T<span class=\"_ _2\"></span>he future cash flows and risk adjustment are measured <span class=\"_ _2\"></span>on a current basis in the same manner as they w<span class=\"_ _2\"></span>ould be calculated<span class=\"_ _421\"> </span> for subsequent measurement. <span class=\"_ _7\"></span>The key component <span class=\"_ _2\"></span>of transition is therefore the determination <span class=\"_ _2\"></span>of the CSM.<span class=\"_ _421\"> </span>IFRS 1<span class=\"_ _0\"></span>7 is required to be applied retrospectively unless it is impracticable to do so due to the lack of av<span class=\"_ _2\"></span>ailable and supportable historical information. F<span class=\"_ _a\"></span>or a full<span class=\"_ _421\"> </span> retrospective approach (FRA), the CSM at the date <span class=\"_ _2\"></span>of transition is calculated by rolling forw<span class=\"_ _2\"></span>ard the CSM from the initial recognition of the groups <span class=\"_ _2\"></span>of the insurance<span class=\"_ _421\"> </span> contracts to the transition date as if the accounting policies under IFRS 1<span class=\"_ _a\"></span>7 had alwa<span class=\"_ _2\"></span>ys applied. <span class=\"_ _0\"></span>Where the FRA is impracticable, a choice between a Modified<span class=\"_ _421\"> </span><span class=\"_ _2\"></span> Retrospectiv<span class=\"_ _2\"></span>e Approach (MRA) and a F<span class=\"_ _2\"></span>air <span class=\"_ _a\"></span>V<span class=\"_ _2\"></span>alue Approach (FV<span class=\"_ _a\"></span>A) is permitted.<span class=\"_ _421\"> </span>The group has been able to apply the FRA to its Dutch business divisions with the inception date f<span class=\"_ _2\"></span>or the contracts acquired being the date of historical acquisition<span class=\"_ _421\"> </span> into the group. <span class=\"_ _0\"></span>The FV<span class=\"_ _a\"></span>A has been applied for CA in the UK where the length of time <span class=\"_ _2\"></span>elapsed since acquisition into the group has meant that the retrospective<span class=\"_ _421\"> </span> application of IFR<span class=\"_ _2\"></span>S 1<span class=\"_ _a\"></span>7 is not possible or practicable for an<span class=\"_ _2\"></span>y of the contract groups. <span class=\"_ _0\"></span>The relativ<span class=\"_ _2\"></span>ely small part of the Mo<span class=\"_ _2\"></span>vestic business in <span class=\"_ _a\"></span>Sweden to which a CSM<span class=\"_ _421\"> </span> is applicable has also been treated as FV<span class=\"_ _a\"></span>A at the date of transition.<span class=\"_ _421\"> </span>Information regarding the f<span class=\"_ _2\"></span>air value methodology used at transition is provided in Note <span class=\"_ _a\"></span>A6.<span class=\"_ _421\"> </span>IFRS 9 <span class=\"_ _2\"></span>\u2018Financial Instruments\u2019<span class=\"_ _421\"> </span>IFRS 9 \u2018Financial Instruments<span class=\"_ _2\"></span>\u2019 was <span class=\"_ _2\"></span>eff<span class=\"_ _2\"></span>ective from 1 January 20<span class=\"_ _0\"></span>1<span class=\"_ _a\"></span>8 and replaces \u2018IAS 39 Financial Instruments: R<span class=\"_ _2\"></span>ecognition and Measurement\u2019<span class=\"_ _0\"></span>. <span class=\"_ _0\"></span>The group <span class=\"_ _2\"></span>elected<span class=\"_ _421\"> </span> to def<span class=\"_ _2\"></span>er the application of IFRS 9 in the Consolidated Financial <span class=\"_ _a\"></span>Statements, applying the temporary ex<span class=\"_ _2\"></span>emption av<span class=\"_ _2\"></span>ailable under \u2018<span class=\"_ _7\"></span>Amendments to IFRS 4 Insurance<span class=\"_ _421\"> </span> Contracts: Applying IFR<span class=\"_ _2\"></span>S 9 \u2018Financial Instruments<span class=\"_ _2\"></span>\u2019 with IFRS 4\u2019 up until the pre<span class=\"_ _2\"></span>viously published group Consolidated Financial <span class=\"_ _2\"></span>Statements as at 31 December 2022.<span class=\"_ _421\"> </span>IFRS 9.4.<span class=\"_ _0\"></span>1 requires financial assets to be classified into the following measurement categories based <span class=\"_ _2\"></span>on an assessment of the business model of the group and<span class=\"_ _421\"> </span> the contractual cash flow characteristics <span class=\"_ _2\"></span>of the assets:<span class=\"_ _421\"> </span> <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _3\"></span>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 P<span class=\"_ _2\"></span>rincipal<span class=\"_ _421\"> </span> and <span class=\"_ _3\"></span>Interest (SPPI).<span class=\"_ _421\"> </span> <span class=\"_ _13c\"> </span>\u2013 <span class=\"_ _4\"></span>Fair V<span class=\"_ _2\"></span>alue 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 <span class=\"_ _a\"></span>SPPI.<span class=\"_ _421\"> </span> <span class=\"_ _13c\"> </span>\u2013 <span class=\"_ _4\"></span>Fair <span class=\"_ _a\"></span>V<span class=\"_ _a\"></span>alue <span class=\"_ _0\"></span>Through Profit <span class=\"_ _2\"></span>or Loss (FVTPL) where the financial asset does not fit into either <span class=\"_ _2\"></span>of the abov<span class=\"_ _2\"></span>e classifications or where the entity <span class=\"_ _2\"></span>elects to measure<span class=\"_ _421\"> </span> financial assets at FVTPL.<span class=\"_ _421\"> </span>Almost all accounting requirements for financial liabilities remain unchanged from IA<span class=\"_ _2\"></span>S 39. IFRS 9 has ho<span class=\"_ _2\"></span>wev<span class=\"_ _2\"></span>er introduced new requirements f<span class=\"_ _2\"></span>or accounting and<span class=\"_ _421\"> </span> presentation of changes in the f<span class=\"_ _2\"></span>air value <span class=\"_ _2\"></span>of an entity\u2019<span class=\"_ _0\"></span>s own credit risk where the <span class=\"_ _2\"></span>entity has designated to value at f<span class=\"_ _2\"></span>air value (IFRS 9.5.7<span class=\"_ _31\"></span>.7<span class=\"_ _a\"></span>-8). Changes in fair value<span class=\"_ _421\"> </span> attributable to the change in the entity\u2019<span class=\"_ _0\"></span>s o<span class=\"_ _2\"></span>wn credit risk are presented in OCI unless this presentation would create or <span class=\"_ _2\"></span>enlarge an accounting mismatch in the<span class=\"_ _421\"> </span> P&amp;L, as is the case for the Chesnara plc group.<span class=\"_ _421\"> </span>The tw<span class=\"_ _2\"></span>o financial liability classification categories are:<span class=\"_ _421\"> </span> <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>Fair <span class=\"_ _0\"></span>V<span class=\"_ _2\"></span>alue <span class=\"_ _0\"></span>Through Profit <span class=\"_ _2\"></span>or Loss (FVTPL); and<span class=\"_ _421\"> </span> <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>Amortised Cost (AC).<span class=\"_ _421\"> </span>The majority <span class=\"_ _2\"></span>of the group\u2019<span class=\"_ _a\"></span>s financial assets and liabilities are classified as FVTPL either mandatorily as prescribed b<span class=\"_ _2\"></span>y IFRS 9, <span class=\"_ _2\"></span>or by designating as such, as permitted<span class=\"_ _421\"> </span> under IFRS 9.4.<span class=\"_ _0\"></span>1<span class=\"_ _7\"></span>.5 to avoid an accounting mismatch that would <span class=\"_ _2\"></span>otherwise hav<span class=\"_ _2\"></span>e occurred with the v<span class=\"_ _2\"></span>aluation of the corresponding liabilities.<span class=\"_ _421\"> </span> The majority <span class=\"_ _2\"></span>of the group\u2019<span class=\"_ _a\"></span>s financial instruments w<span class=\"_ _2\"></span>ere already held at FVTPL under IAS 39 and will continue to be v<span class=\"_ _2\"></span>alued at FVTPL under IFRS 9 to reflect the<span class=\"_ _421\"> </span> wa<span class=\"_ _2\"></span>y the business is managed and in line with a fair value approach to <span class=\"_ _a\"></span>SII and EcV reporting<span class=\"_ _3\"></span>. <span class=\"_ _0\"></span>T<span class=\"_ _2\"></span>he SPPI test is used to distinguish betw<span class=\"_ _2\"></span>een those mandatorily<span class=\"_ _421\"> </span> classified as FVTPL and those designated at FVTPL.<span class=\"_ _421\"> </span>The mortgage portf<span class=\"_ _2\"></span>olio held by <span class=\"_ _0\"></span>W<span class=\"_ _2\"></span>aard, comprising both direct mortgages and savings mortgages, w<span class=\"_ _2\"></span>as previously v<span class=\"_ _2\"></span>alued at AC under IA<span class=\"_ _2\"></span>S 39. Both types <span class=\"_ _2\"></span>of mortgage<span class=\"_ _421\"> </span> assets pass the <span class=\"_ _2\"></span>SPPI test as the contractual terms require only fix<span class=\"_ _2\"></span>ed payments on fix<span class=\"_ _2\"></span>ed dates or v<span class=\"_ _2\"></span>ariable payments where the amount <span class=\"_ _2\"></span>of the variable payment f<span class=\"_ _2\"></span>or<span class=\"_ _421\"> </span> a period is determined by applying a floating mark<span class=\"_ _2\"></span>et rate of interest f<span class=\"_ _2\"></span>or that period. <span class=\"_ _0\"></span>They are theref<span class=\"_ _2\"></span>ore not required to be classified at FVTPL, but they ha<span class=\"_ _2\"></span>ve been<span class=\"_ _421\"> </span> designated as FVTPL as this will significantly reduce the accounting mismatch with the corresponding liability<span class=\"_ _a\"></span>, valued under IFR<span class=\"_ _2\"></span>S 1<span class=\"_ _a\"></span>7 using current market sour<span class=\"_ _3\"></span>ced<span class=\"_ _421\"> </span> discount rates, that would arise <span class=\"_ _2\"></span>otherwise. <span class=\"_ _0\"></span>This application of the \u2018f<span class=\"_ _2\"></span>air value <span class=\"_ _2\"></span>option<span class=\"_ _2\"></span>\u2019 aligns with the group\u2019<span class=\"_ _0\"></span>s business model which is to manage the busine<span class=\"_ _2\"></span>ss<span class=\"_ _421\"> </span> on a fair v<span class=\"_ _2\"></span>alue basis.<span class=\"_ _421\"> </span>Short-term receivables are classified as <span class=\"_ _2\"></span>AC and no assets will be categorised as FVT<span class=\"_ _a\"></span>OCI.<span class=\"_ _421\"> </span>Financial liabilities are generally classified and measured at AC (IFR<span class=\"_ _2\"></span>S 9.4.2.1), how<span class=\"_ _2\"></span>ev<span class=\"_ _2\"></span>er they can be classified and measured at FVTPL if held for trading <span class=\"_ _2\"></span>or designated<span class=\"_ _421\"> </span> as at FVTPL where doing so results in more relev<span class=\"_ _2\"></span>ant information (IFR<span class=\"_ _2\"></span>S 9.4.2.2), because either:<span class=\"_ _421\"> </span> <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>It eliminates, <span class=\"_ _2\"></span>or significantly reduces, a measurement of recognition inconsistency; <span class=\"_ _2\"></span>or<span class=\"_ _421\"> </span> <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>A group of financial instr<span class=\"_ _2\"></span>uments is managed, and its performance e<span class=\"_ _2\"></span>valuated <span class=\"_ _2\"></span>on a fair v<span class=\"_ _2\"></span>alue basis in accordance with a documented risk management or inv<span class=\"_ _2\"></span>estment<span class=\"_ _421\"> </span> strategy<span class=\"_ _a\"></span>, and information about the group is provided internally <span class=\"_ _2\"></span>on that basis to the entity\u2019<span class=\"_ _0\"></span>s ke<span class=\"_ _2\"></span>y management personnel.<span class=\"_ _421\"> </span>The in<span class=\"_ _2\"></span>vestment contracts help b<span class=\"_ _2\"></span>y the group meet the criteria above f<span class=\"_ _2\"></span>or classification at FVTPL as this will significantly reduce the accounting mismatch that would<span class=\"_ _421\"> </span> arise otherwise. <span class=\"_ _7\"></span>This is also in line with the group\u2019<span class=\"_ _a\"></span>s business model is to manage the business on a f<span class=\"_ _2\"></span>air value basis.<span class=\"_ _421\"> </span>The borro<span class=\"_ _2\"></span>wings liabilities do not match the e<span class=\"_ _2\"></span>xceptions listed abov<span class=\"_ _2\"></span>e and it is appropriate that they are classified as <span class=\"_ _2\"></span>AC under IFRS 9, as w<span class=\"_ _2\"></span>as also the case under<span class=\"_ _421\"> </span> IAS 39. <span class=\"_ _7\"></span>This includes the <span class=\"_ _0\"></span>Tier 2 debt within the parent company <span class=\"_ _2\"></span>of the group<span class=\"_ _421\"> </span>.<span class=\"_ _421\"> </span><span class=\"ff65 ls3\">CHES<span class=\"_ _277\"></span>NAR<span class=\"_ _277\"></span>A<span class=\"_ _278\"></span>A<span class=\"_ _277\"></span>NNUAL<span class=\"_ _278\"></span>REPO<span class=\"_ _284\"></span>RT<span class=\"_ _27f\"></span>AND<span class=\"_ _392\"></span>ACCOUN<span class=\"_ _279\"></span>TS<span class=\"_ _287\"></span>2023</span><span class=\"_ _3a6\"></span>149<span class=\"_ _421\"> </span>IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS<span class=\"_ _421\"> </span>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<span class=\"_ _421\"> </span>SECTION A \u2013 GENERAL INFORMA<span class=\"_ _a\"></span>TION AND ACCOUNTING POLICIES AND JUDGEMENT<span class=\"_ _2\"></span>S <span class=\"_ _e\"> </span>A4 <span class=\"_ _3\"></span>New accounting standards and impact on adoption (continued)<span class=\"_ _421\"> </span>Eff<span class=\"_ _2\"></span>ect of adoption of IFRS 1<span class=\"_ _2\"></span>7 and IFRS 9<span class=\"_ _421\"> </span>The f<span class=\"_ _2\"></span>ollowing table sho<span class=\"_ _2\"></span>ws by balance sheet line item how the adoption <span class=\"_ _2\"></span>of IFRS <span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>7 and IFRS 9 has impacted the balance sheet that w<span class=\"_ _2\"></span>as reported in the Consolidated<span class=\"_ _421\"> </span> Financial <span class=\"_ _2\"></span>Statements of the group as at 3<span class=\"_ _a\"></span>1 December 202<span class=\"_ _a\"></span>1<span class=\"_ _0\"></span>.<span class=\"_ _421\"> </span>Unaudite<span class=\"_ _3\"></span>d <span class=\"_ _1c9\"> </span>  <span class=\"_ _80\"> </span>3<span class=\"_ _3\"></span>1 <span class=\"_ _3\"></span>D<span class=\"_ _3\"></span>ec<span class=\"_ _3\"></span>embe<span class=\"_ _3\"></span>r  <span class=\"_ _a9\"> </span>  <span class=\"_ _a9\"> </span>  <span class=\"_ _14b\"> </span>IF<span class=\"_ _3\"></span>RS <span class=\"_ _4\"></span>17  <span class=\"_ _57\"> </span>A<span class=\"_ _3\"></span>s <span class=\"_ _3\"></span>at <span class=\"_ _1c9\"> </span>  <span class=\"_ _129\"> </span>2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>1 <span class=\"_ _3\"></span>\u2013 <span class=\"_ _4\"></span>as  <span class=\"_ _12b\"> </span>I<span class=\"_ _3\"></span>tem<span class=\"_ _3\"></span>s  <span class=\"_ _12b\"> </span>It<span class=\"_ _3\"></span>ems  <span class=\"_ _2e\"> </span>an<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>I<span class=\"_ _3\"></span>FR<span class=\"_ _3\"></span>S <span class=\"_ _3\"></span>9  <span class=\"_ _11c\"> </span>1 <span class=\"_ _4\"></span>Janu<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y <span class=\"_ _1c9\"> </span>  <span class=\"_ _76\"> </span>repor<span class=\"_ _3\"></span>ted  <span class=\"_ _8c\"> </span>derecognised  <span class=\"_ _93\"> </span>reclassi<span class=\"_ _3\"></span>fied  <span class=\"_ _74\"> </span>re<span class=\"_ _2\"></span>measu<span class=\"_ _2\"></span>reme<span class=\"_ _2\"></span>nt  <span class=\"_ _1b1\"> </span>2<span class=\"_ _3\"></span>022 <span class=\"_ _1c9\"> </span>  <span class=\"_ _e9\"> </span>\u00a3m  <span class=\"_ _e9\"> </span>\u00a3m  <span class=\"_ _158\"> </span>\u00a3m  <span class=\"_ _e9\"> </span>\u00a3m  <span class=\"_ _e9\"> </span>\u00a3m<span class=\"_ _421\"> </span>Intangible <span class=\"_ _3\"></span>assets <span class=\"_ _1b4\"> </span>  <span class=\"_ _1ca\"> </span>122.1  <span class=\"_ _99\"> </span>(41.7 <span class=\"_ _7\"></span>) <span class=\"_ _ad\"> </span>\u2013  <span class=\"_ _27\"> </span>\u2013  <span class=\"_ _99\"> </span>80.4<span class=\"_ _421\"> </span>Pr<span class=\"_ _2\"></span>operty <span class=\"_ _3\"></span>an<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>equipment <span class=\"_ _21\"> </span>  <span class=\"_ _83\"> </span>7.8  <span class=\"_ _a4\"> </span>\u2013  <span class=\"_ _27\"> </span>\u2013  <span class=\"_ _1cb\"> </span>\u2013  <span class=\"_ _85\"> </span>7<span class=\"_ _2\"></span>.8<span class=\"_ _421\"> </span>Investment <span class=\"_ _3\"></span>properties <span class=\"_ _b7\"> </span>  <span class=\"_ _187\"> </span>1.1  <span class=\"_ _a4\"> </span>\u2013  <span class=\"_ _27\"> </span>\u2013  <span class=\"_ _1cb\"> </span>\u2013  <span class=\"_ _187\"> </span>1.1<span class=\"_ _421\"> </span>Reinsurance <span class=\"_ _3\"></span>contract <span class=\"_ _3\"></span>assets <span class=\"_ _cd\"> </span>  <span class=\"_ _1b1\"> </span>24<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>.8  <span class=\"_ _27\"> </span>\u2013  <span class=\"_ _15b\"> </span>23.3  <span class=\"_ _5a\"> </span>(28<span class=\"_ _3\"></span>.8 <span class=\"_ _7\"></span>) <span class=\"_ _fe\"> </span>242.3<span class=\"_ _421\"> </span>Amounts <span class=\"_ _3\"></span>deposited <span class=\"_ _3\"></span>with <span class=\"_ _3\"></span>reinsurers <span class=\"_ _1cc\"> </span>  <span class=\"_ _e6\"> </span>38.3  <span class=\"_ _27\"> </span>\u2013  <span class=\"_ _27\"> </span>\u2013  <span class=\"_ _27\"> </span>\u2013  <span class=\"_ _e6\"> </span>38<span class=\"_ _3\"></span>.3<span class=\"_ _421\"> </span>Financial <span class=\"_ _3\"></span>investments <span class=\"_ _8d\"> </span>  <span class=\"_ _12e\"> </span>9,1<span class=\"_ _3\"></span>27<span class=\"_ _a\"></span>.1  <span class=\"_ _27\"> </span>\u2013  <span class=\"_ _27\"> </span>\u2013  <span class=\"_ _99\"> </span>48<span class=\"_ _3\"></span>.9  <span class=\"_ _5b\"> </span>9,176.0<span class=\"_ _421\"> </span>Derivativ<span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>financial <span class=\"_ _4\"></span>instruments <span class=\"_ _1cd\"> </span>  <span class=\"_ _83\"> </span>0.3  <span class=\"_ _27\"> </span>\u2013  <span class=\"_ _27\"> </span>\u2013  <span class=\"_ _27\"> </span>\u2013  <span class=\"_ _83\"> </span>0.3<span class=\"_ _421\"> </span>Other <span class=\"_ _3\"></span>assets <span class=\"_ _1ce\"> </span>  <span class=\"_ _1ca\"> </span>72.4  <span class=\"_ _27\"> </span>\u2013  <span class=\"_ _a5\"> </span>(2<span class=\"_ _3\"></span>5.1 <span class=\"_ _0\"></span>) <span class=\"_ _ad\"> </span>\u2013  <span class=\"_ _15b\"> </span>4<span class=\"_ _2\"></span>7<span class=\"_ _a\"></span>.3<span class=\"_ _421\"> </span>Deferred tax <span class=\"_ _4\"></span>assets <span class=\"_ _1b5\"> </span>  <span class=\"_ _a4\"> </span>\u2013  <span class=\"_ _85\"> </span>0.5  <span class=\"_ _85\"> </span>2.<span class=\"_ _3\"></span>2  <span class=\"_ _a1\"> </span>(1.8 <span class=\"_ _0\"></span>) <span class=\"_ _b4\"> </span>0.9<span class=\"_ _421\"> </span>Cash <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>cash <span class=\"_ _3\"></span>equivalents <span class=\"_ _1cf\"> </span>  <span class=\"_ _b9\"> </span>70.<span class=\"_ _2\"></span>1  <span class=\"_ _27\"> </span>\u2013  <span class=\"_ _27\"> </span>\u2013  <span class=\"_ _27\"> </span>\u2013  <span class=\"_ _b9\"> </span>70.1<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ss<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>s/t<span class=\"_ _3\"></span>rans<span class=\"_ _3\"></span>itio<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>fec<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>s <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>sse<span class=\"_ _3\"></span>ts <span class=\"_ _16f\"> </span>  <span class=\"_ _e7\"> </span>9<span class=\"_ _3\"></span>,6<span class=\"_ _3\"></span>87.0  <span class=\"_ _56\"> </span>(41.<span class=\"_ _3\"></span>2 <span class=\"_ _7\"></span>) <span class=\"_ _97\"> </span>0.<span class=\"_ _3\"></span>4  <span class=\"_ _a5\"> </span>1<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3  <span class=\"_ _15c\"> </span>9<span class=\"_ _3\"></span>,6<span class=\"_ _3\"></span>64<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5<span class=\"_ _421\"> </span>Insurance <span class=\"_ _3\"></span>contract <span class=\"_ _3\"></span>liabilities <span class=\"_ _cd\"> </span>  <span class=\"_ _f0\"> </span>3,8<span class=\"_ _3\"></span>18.4  <span class=\"_ _27\"> </span>\u2013  <span class=\"_ _5a\"> </span>106<span class=\"_ _3\"></span>.5  <span class=\"_ _56\"> </span>107<span class=\"_ _2\"></span>.2  <span class=\"_ _5b\"> </span>4<span class=\"_ _3\"></span>,032.1<span class=\"_ _421\"> </span>Reinsurance <span class=\"_ _3\"></span>contract <span class=\"_ _3\"></span>liabilities <span class=\"_ _c9\"> </span>  <span class=\"_ _a4\"> </span>\u2013  <span class=\"_ _27\"> </span>\u2013  <span class=\"_ _27\"> </span>\u2013  <span class=\"_ _158\"> </span>33.1  <span class=\"_ _158\"> </span>33.1<span class=\"_ _421\"> </span>Other <span class=\"_ _3\"></span>provisions <span class=\"_ _1a9\"> </span>  <span class=\"_ _73\"> </span>1.0  <span class=\"_ _27\"> </span>\u2013  <span class=\"_ _83\"> </span>0.7  <span class=\"_ _a4\"> </span>\u2013  <span class=\"_ _1d0\"> </span>1.7<span class=\"_ _421\"> </span>Investment contr<span class=\"_ _2\"></span>acts at fair value through profit or loss <span class=\"_ _e8\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _f0\"> </span>4,120.6 <span class=\"_ _a\"></span> <span class=\"_ _a4\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _a4\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _179\"> </span>(1<span class=\"_ _3\"></span>38.6 <span class=\"_ _31\"></span>) <span class=\"_ _14b\"> </span>3,982.0<span class=\"_ _421\"> </span>Liabilities relating to polic<span class=\"_ _2\"></span>yholder funds held by the group <span class=\"_ _17d\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _fe\"> </span>990.6 <span class=\"_ _a\"></span> <span class=\"_ _a4\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _a4\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _a4\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _fe\"> </span>990.6<span class=\"_ _421\"> </span>Lease <span class=\"_ _3\"></span>contract <span class=\"_ _3\"></span>liabilities <span class=\"_ _b2\"> </span>  <span class=\"_ _83\"> </span>2.0  <span class=\"_ _27\"> </span>\u2013  <span class=\"_ _27\"> </span>\u2013  <span class=\"_ _27\"> </span>\u2013  <span class=\"_ _83\"> </span>2<span class=\"_ _3\"></span>.0<span class=\"_ _421\"> </span>Borro<span class=\"_ _2\"></span>wings <span class=\"_ _1d1\"> </span>  <span class=\"_ _ae\"> </span>4<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>.2  <span class=\"_ _27\"> </span>\u2013  <span class=\"_ _27\"> </span>\u2013  <span class=\"_ _27\"> </span>\u2013  <span class=\"_ _ae\"> </span>47<span class=\"_ _a\"></span>.<span class=\"_ _3\"></span>2<span class=\"_ _421\"> </span>Derivativ<span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>financial <span class=\"_ _4\"></span>instruments <span class=\"_ _1cd\"> </span>  <span class=\"_ _27\"> </span>\u2013  <span class=\"_ _27\"> </span>\u2013  <span class=\"_ _27\"> </span>\u2013  <span class=\"_ _27\"> </span>\u2013  <span class=\"_ _27\"> </span>\u2013<span class=\"_ _421\"> </span>Deferred tax <span class=\"_ _4\"></span>liabilities <span class=\"_ _1a2\"> </span>  <span class=\"_ _e9\"> </span>15.7  <span class=\"_ _e9\"> </span>(9.6 <span class=\"_ _7\"></span>) <span class=\"_ _186\"> </span>2<span class=\"_ _3\"></span>.2  <span class=\"_ _139\"> </span>0.6  <span class=\"_ _83\"> </span>8.9<span class=\"_ _421\"> </span>Deferred in<span class=\"_ _3\"></span>come <span class=\"_ _1b4\"> </span>  <span class=\"_ _83\"> </span>2.8  <span class=\"_ _e9\"> </span>(0.5 <span class=\"_ _7\"></span>) <span class=\"_ _186\"> </span>2<span class=\"_ _3\"></span>.2  <span class=\"_ _27\"> </span>\u2013  <span class=\"_ _139\"> </span>4<span class=\"_ _3\"></span>.5<span class=\"_ _421\"> </span>Other <span class=\"_ _3\"></span>current <span class=\"_ _3\"></span>liabilities <span class=\"_ _1aa\"> </span>  <span class=\"_ _1a1\"> </span>230.2  <span class=\"_ _97\"> </span>(0.4 <span class=\"_ _7\"></span>) <span class=\"_ _1b1\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>1<span class=\"_ _4\"></span>1.2 <span class=\"_ _7\"></span>) <span class=\"_ _6a\"> </span>0.1 <span class=\"_ _2\"></span> <span class=\"_ _a6\"> </span>1<span class=\"_ _4\"></span>1<span class=\"_ _3\"></span>8.7<span class=\"_ _421\"> </span>Bank <span class=\"_ _3\"></span>overdr<span class=\"_ _2\"></span>afts <span class=\"_ _1d2\"> </span>  <span class=\"_ _83\"> </span>0.3  <span class=\"_ _27\"> </span>\u2013  <span class=\"_ _27\"> </span>\u2013  <span class=\"_ _27\"> </span>\u2013  <span class=\"_ _83\"> </span>0.3<span class=\"_ _421\"> </span>T<span class=\"_ _a\"></span>o<span class=\"_ _3\"></span>tal <span class=\"_ _3\"></span>liabilities<span class=\"_ _3\"></span>/transition <span class=\"_ _4\"></span>ef<span class=\"_ _3\"></span>fect<span class=\"_ _3\"></span>s <span class=\"_ _3\"></span>on <span class=\"_ _4\"></span>liabilities <span class=\"_ _a1\"> </span>  <span class=\"_ _e7\"> </span>9,<span class=\"_ _3\"></span>22<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>.8  <span class=\"_ _5a\"> </span>(<span class=\"_ _3\"></span>10.<span class=\"_ _3\"></span>5 <span class=\"_ _7\"></span>) <span class=\"_ _15b\"> </span>0.<span class=\"_ _3\"></span>4  <span class=\"_ _b4\"> </span>2<span class=\"_ _3\"></span>.4  <span class=\"_ _c2\"> </span>9,<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>21.1<span class=\"_ _421\"> </span>Ne<span class=\"_ _3\"></span>t ass<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>s/<span class=\"_ _3\"></span>tran<span class=\"_ _3\"></span>sit<span class=\"_ _3\"></span>ion ef<span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>ec<span class=\"_ _3\"></span>ts o<span class=\"_ _3\"></span>n shar<span class=\"_ _3\"></span>eho<span class=\"_ _3\"></span>lder<span class=\"_ _3\"></span>s\u2019 e<span class=\"_ _3\"></span>quit<span class=\"_ _3\"></span>y <span class=\"_ _91\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _12b\"> </span>45<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2 <span class=\"_ _a\"></span> <span class=\"_ _57\"> </span>(3<span class=\"_ _3\"></span>0.7 <span class=\"_ _31\"></span>) <span class=\"_ _a8\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _a5\"> </span>1<span class=\"_ _3\"></span>5.<span class=\"_ _3\"></span>9 <span class=\"_ _a\"></span> <span class=\"_ _14e\"> </span>4<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4<span class=\"_ _421\"> </span>F<span class=\"_ _2\"></span>or the entities applying the full retrospective approach, the group has identified, recognised and measured <span class=\"_ _2\"></span>each group of insurance contracts as if IFR<span class=\"_ _2\"></span>S 1<span class=\"_ _a\"></span>7 had<span class=\"_ _421\"> </span> alwa<span class=\"_ _2\"></span>ys applied since the date of their acquisition into the group; derecognised an<span class=\"_ _2\"></span>y e<span class=\"_ _2\"></span>xisting balances that would not <span class=\"_ _2\"></span>exist if IFRS 1<span class=\"_ _0\"></span>7 had alway<span class=\"_ _2\"></span>s applied; and<span class=\"_ _421\"> </span> recognised any resulting diff<span class=\"_ _a\"></span>erence in net equity<span class=\"_ _a\"></span>. For <span class=\"_ _2\"></span>entities or contracts applying the f<span class=\"_ _2\"></span>air value method this position is estimated using f<span class=\"_ _2\"></span>air value techniques.<span class=\"_ _421\"> </span>IFRS 9 ma<span class=\"_ _2\"></span>y be applied prospectively from 1 January 2023 but the group has <span class=\"_ _2\"></span>elected to apply IFRS 9 within these financial statements from 1 J<span class=\"_ _2\"></span>anuary 2022 in line<span class=\"_ _421\"> </span> with IFRS 1<span class=\"_ _0\"></span>7 in order to avoid an accounting mismatch f<span class=\"_ _2\"></span>or the comparative period, as the measurement <span class=\"_ _2\"></span>of assets under IFRS 9 cannot be considered without<span class=\"_ _421\"> </span> ref<span class=\"_ _2\"></span>erence to the liabilities under IFRS 1<span class=\"_ _a\"></span>7<span class=\"_ _31\"></span>.  The <span class=\"_ _2\"></span>ov<span class=\"_ _2\"></span>erall impact to the net equity position of the group at 1 J<span class=\"_ _2\"></span>anuary 2022 as a result of applying IFR<span class=\"_ _2\"></span>S 1<span class=\"_ _a\"></span>7 and IFRS 9 is a reduction in net equity <span class=\"_ _2\"></span>of \u00a31<span class=\"_ _2\"></span>4.8m.<span class=\"_ _421\"> </span> There are v<span class=\"_ _2\"></span>arious offsetting impacts which result in this o<span class=\"_ _2\"></span>verall reduction <span class=\"_ _2\"></span>of net equity<span class=\"_ _0\"></span>, the key ones being:<span class=\"_ _421\"> </span>Items der<span class=\"_ _2\"></span>ecognised:<span class=\"_ _421\"> </span>Derecognition of A<span class=\"_ _2\"></span>cquired <span class=\"_ _a\"></span>V<span class=\"_ _2\"></span>alue of In-F<span class=\"_ _2\"></span>orce Business (A<span class=\"_ _2\"></span>VIF) and Def<span class=\"_ _2\"></span>erred A<span class=\"_ _2\"></span>cquisition Costs (D<span class=\"_ _a\"></span>AC) in respect of insurance contracts:<span class=\"_ _421\"> </span> On transition to IFRS 1<span class=\"_ _0\"></span>7<span class=\"_ _7\"></span>, <span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>VIF previously recognised in respect <span class=\"_ _2\"></span>of acquired insurance contracts is derecognised as a balance that would not e<span class=\"_ _2\"></span>xist had IFRS 1<span class=\"_ _0\"></span>7<span class=\"_ _421\"> </span> alwa<span class=\"_ _2\"></span>ys applied. <span class=\"_ _2\"></span>Similarly<span class=\"_ _a\"></span>, D<span class=\"_ _2\"></span>AC is no longer recognised for ne<span class=\"_ _2\"></span>w contracts written. Instead, acquisition cash flows paid <span class=\"_ _2\"></span>or e<span class=\"_ _2\"></span>xpected to be paid on or after the initial<span class=\"_ _421\"> </span> recognition of the FRA and FV<span class=\"_ _a\"></span>A groups of insurance contracts, hav<span class=\"_ _2\"></span>e been considered when determining the initial CSM of those groups.<span class=\"_ _421\"> </span>Intangible assets of \u00a341<span class=\"_ _7\"></span>.7m consisting of <span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>VIF of \u00a331<span class=\"_ _7\"></span>.3m and D<span class=\"_ _2\"></span>AC of \u00a31<span class=\"_ _0\"></span>0.4m have been derecognised from the consolidated group balance sheet at the date <span class=\"_ _2\"></span>of<span class=\"_ _421\"> </span> transition, with a corresponding adjustment to net equity<span class=\"_ _0\"></span>. <span class=\"_ _0\"></span>The derecognition of the def<span class=\"_ _a\"></span>erred tax liability of \u00a39.6m is all in respect of def<span class=\"_ _a\"></span>erred tax balances relating to<span class=\"_ _421\"> </span> the A<span class=\"_ _a\"></span>VIF and D<span class=\"_ _2\"></span>AC assets. <span class=\"_ _0\"></span>The derecognition <span class=\"_ _2\"></span>of the intangible assets and associated def<span class=\"_ _2\"></span>erred tax, together with other smaller impacts, results in an <span class=\"_ _2\"></span>ov<span class=\"_ _2\"></span>erall<span class=\"_ _421\"> </span> reduction of net <span class=\"_ _2\"></span>equity of \u00a330.7m at the transition date.<span class=\"_ _421\"> </span>150<span class=\"_ _10\"> </span><span class=\"ff67 ls3 ws2\">CHE<span class=\"_ _3\"></span>SNA<span class=\"_ _3\"></span>R<span class=\"_ _3\"></span>A ANNUAL R<span class=\"_ _3\"></span>EPORT A<span class=\"_ _3\"></span>ND ACCO<span class=\"_ _3\"></span>UNTS 2023<span class=\"_ _421\"> </span></span>IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS<span class=\"_ _421\"> </span>IFRS 1<span class=\"_ _2\"></span>7 and IFRS 9 r<span class=\"_ _2\"></span>emeasurement:<span class=\"_ _421\"> </span>(i)  <span class=\"_ _1d3\"></span><span class=\"ff69 ws2c\">Recognition of the CSM as an e<span class=\"_ _2\"></span>xplicit liability representing future unearned profits:<span class=\"ff64\"> At 1 J<span class=\"_ _2\"></span>anuary 2022, a CSM of \u00a31<span class=\"_ _0\"></span>1<span class=\"_ _a\"></span>9.6m net of reinsurance was <span class=\"_ _2\"></span>established<span class=\"_ _421\"> </span></span></span><span class=\"ff69 ws2c\"><span class=\"ff64\"> </span></span>resulting in a decrease to net equity<span class=\"_ _0\"></span>.<span class=\"_ _421\"> </span>(ii)  <span class=\"_ _aa\"></span><span class=\"ff69 ws44\">Recognition of an e<span class=\"_ _2\"></span>xplicit liability for Risk A<span class=\"_ _2\"></span>djustment for non-financial risk:<span class=\"ff64\"> <span class=\"_ _2\"></span>At 1 January 2022, a RA <span class=\"_ _2\"></span>of \u00a339.7m net of reinsurance was <span class=\"_ _2\"></span>established resulting in<span class=\"_ _421\"> </span></span></span><span class=\"ff69 ws44\"><span class=\"ff64\"> </span></span>a decrease to net equity<span class=\"_ _0\"></span>.<span class=\"_ _421\"> </span>(iii)  <span class=\"_ _49\"></span><span class=\"ff69 ws115\">Change in classification of contracts bet<span class=\"_ _3\"></span>ween from in<span class=\"_ _2\"></span>vestment to insurance liabilities:<span class=\"ff64\"> <span class=\"_ _7\"></span>The benefits for certain pension contracts in the <span class=\"_ _a\"></span>Swedish business w<span class=\"_ _2\"></span>ere<span class=\"_ _421\"> </span></span></span><span class=\"ff69 ws115\"><span class=\"ff64\"> </span></span>previously separated under IFR<span class=\"_ _2\"></span>S 4 with the savings <span class=\"_ _2\"></span>element measured under IAS 39. <span class=\"_ _0\"></span>The benefits can no longer be separated under IFR<span class=\"_ _2\"></span>S 1<span class=\"_ _a\"></span>7 and therefore<span class=\"_ _421\"> </span> they are remo<span class=\"_ _2\"></span>ved from the inv<span class=\"_ _2\"></span>estment contract line in full and now reported within insurance contract liabilities. <span class=\"_ _7\"></span>This reduction of \u00a31<span class=\"_ _a\"></span>38.6m to the investment<span class=\"_ _421\"> </span> contract liability line is therefore largely <span class=\"_ _2\"></span>offset by an increase in the insurance contract liability line. Note A6(b) pro<span class=\"_ _2\"></span>vides further details regarding this change<span class=\"_ _421\"> </span> in classification. No contracts hav<span class=\"_ _2\"></span>e switched from insurance to inv<span class=\"_ _2\"></span>estment.<span class=\"_ _421\"> </span>(iv)  <span class=\"_ _1d4\"></span><span class=\"ff69 ws2\">IFRS 9 impacts:<span class=\"ff64\"> <span class=\"_ _7\"></span>The assets held in respect of certain mortgage sa<span class=\"_ _2\"></span>vings products in the <span class=\"_ _0\"></span>Waard Group pre<span class=\"_ _2\"></span>viously valued at amortised cost ha<span class=\"_ _2\"></span>ve been rev<span class=\"_ _2\"></span>alued<span class=\"_ _421\"> </span></span></span><span class=\"ff69 ws2\"><span class=\"ff64\"> </span></span>to fair v<span class=\"_ _2\"></span>alue under IFRS 9. <span class=\"_ _0\"></span>T<span class=\"_ _2\"></span>he increase in value of \u00a348.9m in the financial in<span class=\"_ _2\"></span>vestment line is largely <span class=\"_ _2\"></span>offset by an increase in the insurance contract liabilities<span class=\"_ _421\"> </span> line as both the asset cash flows and liability cash flo<span class=\"_ _2\"></span>ws are measured using similar techniques. F<span class=\"_ _2\"></span>urther detail regarding the judgements inv<span class=\"_ _2\"></span>olved in the<span class=\"_ _421\"> </span> mortgage asset rev<span class=\"_ _2\"></span>aluation can be found in Note <span class=\"_ _2\"></span>A6(i).<span class=\"_ _421\"> </span>(v)  <span class=\"_ _1d5\"></span><span class=\"ff69 ws72\">Re<span class=\"_ _2\"></span>valuation of the present v<span class=\"_ _2\"></span>alue of future cash flo<span class=\"_ _2\"></span>ws for insurance and reinsurance contracts: <span class=\"ff64\">A variety <span class=\"_ _2\"></span>of local methodologies with diff<span class=\"_ _2\"></span>erent areas of implicit<span class=\"_ _421\"> </span></span></span><span class=\"ff69 ws72\"><span class=\"ff64\"> </span></span>margin has been replaced by a v<span class=\"_ _2\"></span>aluation of \u2018best <span class=\"_ _2\"></span>estimate\u2019 future cash flo<span class=\"_ _2\"></span>ws, discounted at market interest rates, results in an increase to net equity <span class=\"_ _2\"></span>of \u00a31<span class=\"_ _a\"></span>77<span class=\"_ _31\"></span>.7m.<span class=\"_ _421\"> </span>The <span class=\"ws70\">combined impacts in respect <span class=\"_ _2\"></span>of items (i) to (v) abov<span class=\"_ _2\"></span>e net of the def<span class=\"_ _2\"></span>erred tax impact (\u00a32.5m decrease to net equity) results in an <span class=\"_ _2\"></span>ov<span class=\"_ _2\"></span>erall increase to net equity<span class=\"_ _421\"> </span></span><span class=\"ws70\"> </span>of \u00a31<span class=\"_ _2\"></span>5.9m at the transition date.<span class=\"_ _421\"> </span>Items reclassified:<span class=\"_ _421\"> </span>The group has also reclassified all rights and <span class=\"_ _2\"></span>obligations arising from portfolios of insurance and reinsurance contracts such as (i) <span class=\"_ _2\"></span>outstanding claims in respect of<span class=\"_ _421\"> </span> insurance contracts and the reinsurers share of <span class=\"_ _2\"></span>outstanding claims (ii) receivables and pay<span class=\"_ _2\"></span>ables related to insurance and reinsurance contracts. <span class=\"_ _0\"></span>These reclassifications<span class=\"_ _421\"> </span> hav<span class=\"_ _2\"></span>e not impacted the net equity <span class=\"_ _2\"></span>of the group at the transition date.<span class=\"_ _421\"> </span>Standards and amendments issued but not y<span class=\"_ _2\"></span>et eff<span class=\"_ _2\"></span>ective<span class=\"_ _421\"> </span>At the date of authorisation <span class=\"_ _2\"></span>of these financial statements the following standards and interpretations, which are applicable to the group, and which ha<span class=\"_ _2\"></span>ve not been<span class=\"_ _421\"> </span> applied in these financial statements, were in issue but not <span class=\"_ _0\"></span>yet eff<span class=\"_ _a\"></span>ective:<span class=\"_ _421\"> </span>Title Subject<span class=\"_ _421\"> </span>Amendments to IAS <span class=\"_ _2\"></span>1 <span class=\"_ _1a9\"> </span>Classification of liabilities as current <span class=\"_ _2\"></span>or non-current<span class=\"_ _421\"> </span>Amendments to IAS <span class=\"_ _2\"></span>1 <span class=\"_ _1a9\"> </span>Disclosure of accounting policies<span class=\"_ _421\"> </span>Amendments to IAS <span class=\"_ _2\"></span>1 <span class=\"_ _1a9\"> </span>Non-current liabilities with cov<span class=\"_ _2\"></span>enants<span class=\"_ _421\"> </span>Amendments to IAS <span class=\"_ _2\"></span>8 <span class=\"_ _1a9\"> </span>Definition of accounting <span class=\"_ _2\"></span>estimates<span class=\"_ _421\"> </span>Amendments to IFRS <span class=\"_ _0\"></span>1<span class=\"_ _2\"></span>6 <span class=\"_ _116\"> </span>Lease liability in a sale and leaseback<span class=\"_ _421\"> </span>The directors do not <span class=\"_ _2\"></span>expect that the adoption <span class=\"_ _2\"></span>of the standards, amendments and interpretations listed above will ha<span class=\"_ _2\"></span>ve a material impact <span class=\"_ _2\"></span>on the financial statements<span class=\"_ _421\"> </span> of the group in future periods.<span class=\"_ _421\"> </span>BEPS 2.0<span class=\"_ _421\"> </span>The Organisation f<span class=\"_ _2\"></span>or Economic Cooperation and Development (OECD) has released a package <span class=\"_ _2\"></span>of international tax reform measures as part <span class=\"_ _2\"></span>of the <span class=\"_ _0\"></span>T<span class=\"_ _0\"></span>wo-Pillar solution<span class=\"_ _421\"> </span> to address tax challenges of the digitisation <span class=\"_ _2\"></span>of the economy<span class=\"_ _0\"></span>. <span class=\"_ _0\"></span>This includes the Global Anti-B<span class=\"_ _2\"></span>ase Erosion (GloBE) rules, released in December 202<span class=\"_ _a\"></span>1<span class=\"_ _a\"></span>, which introduce<span class=\"_ _421\"> </span> a global minimum tax rate of 1<span class=\"_ _a\"></span>5% for multi-national groups with a consolidated turnov<span class=\"_ _2\"></span>er of at least EUR 750m.<span class=\"_ _421\"> </span> The Chesnara group <span class=\"_ _2\"></span>operates in the United Kingdom, <span class=\"_ _2\"></span>Sweden and the Netherlands, all <span class=\"_ _2\"></span>of which hav<span class=\"_ _2\"></span>e enacted and substantiv<span class=\"_ _2\"></span>ely enacted new legislation to implement<span class=\"_ _421\"> </span> the global minimum top-up tax, eff<span class=\"_ _a\"></span>ective from 1 January 2024.<span class=\"_ _421\"> </span>The group is w<span class=\"_ _2\"></span>orking to understand the application and impact of this legislation as it applies to insurance groups, which settle taxes <span class=\"_ _2\"></span>on behalf of policyholders<span class=\"_ _421\"> </span> as well as corporate <span class=\"_ _2\"></span>entities. <span class=\"_ _0\"></span>This includes an <span class=\"_ _2\"></span>exploration of the items <span class=\"_ _2\"></span>of rev<span class=\"_ _2\"></span>enue which constitute turnov<span class=\"_ _2\"></span>er for the GloBE rues and a clearer understanding <span class=\"_ _2\"></span>of<span class=\"_ _421\"> </span> the classification of the tax<span class=\"_ _2\"></span>es that we settle on behalf <span class=\"_ _2\"></span>of our policyholders. Chesnara is w<span class=\"_ _2\"></span>orking with the tax authorities of the jurisdictions in which we <span class=\"_ _2\"></span>operate<span class=\"_ _421\"> </span> to further this understanding.<span class=\"_ _421\"> </span> The group has applied the IA<span class=\"_ _2\"></span>S 1<span class=\"_ _2\"></span>2 mandatory e<span class=\"_ _2\"></span>xemption from recognising and disclosing information <span class=\"_ _2\"></span>on the associated def<span class=\"_ _2\"></span>erred tax assets and liabilities at<span class=\"_ _421\"> </span> <span class=\"_ _19\"></span><span class=\"ls2 ws2\"> </span>31 December 2023. At the balance sheet date it is not possible to quantify an<span class=\"_ _2\"></span>y potential liability<span class=\"_ _a\"></span>.<span class=\"_ _421\"> </span><span class=\"ff65 ls3 ws2\">CHES<span class=\"_ _277\"></span>NAR<span class=\"_ _277\"></span>A<span class=\"_ _278\"></span>AN<span class=\"_ _277\"></span>NUAL<span class=\"_ _35e\"></span>REPO<span class=\"_ _284\"></span>RT<span class=\"_ _27f\"></span>AND<span class=\"_ _392\"></span>ACCOUNT<span class=\"_ _27a\"></span>S<span class=\"_ _287\"></span>20<span class=\"_ _2b5\"></span>23</span><span class=\"_ _3a8\"></span><span class=\"_ _421\"> </span>151<span class=\"_ _421\"> </span>IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS<span class=\"_ _421\"> </span>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<span class=\"_ _421\"> </span>SECTION A \u2013 GENERAL INFORMA<span class=\"_ _a\"></span>TION AND ACCOUNTING POLICIES AND JUDGEMENT<span class=\"_ _2\"></span>S <span class=\"_ _e\"> </span>A5 <span class=\"_ _3\"></span>Significant accounting policies  (a) <span class=\"_ _3\"></span>Insurance contracts and r<span class=\"_ _2\"></span>einsurance contr<span class=\"_ _2\"></span>acts <span class=\"_ _d\"> </span>(i) <span class=\"_ _4\"></span>Scope and classification<span class=\"_ _421\"> </span> Contracts under which the group accepts significant insurance risk are classified as insurance contracts. Contracts held by the group under which it transf<span class=\"_ _a\"></span>ers<span class=\"_ _421\"> </span> significant insurance risk related to underlying insurance contracts are classified as reinsurance contracts. Insurance and reinsurance contracts also e<span class=\"_ _2\"></span>xpose the<span class=\"_ _421\"> </span> group to financial risk.<span class=\"_ _421\"> </span>Insurance contracts may be issued, and reinsurance contracts ma<span class=\"_ _2\"></span>y be initiated by the group, <span class=\"_ _2\"></span>or they may be acquired in a business combination <span class=\"_ _2\"></span>or in a transf<span class=\"_ _2\"></span>er of<span class=\"_ _421\"> </span> contracts that do not form a business. <span class=\"_ _2\"></span>All ref<span class=\"_ _2\"></span>erences in these accounting policies to \u2018insurance contracts\u2019 and \u2018reinsurance contracts<span class=\"_ _a\"></span>\u2019 include contracts issued,<span class=\"_ _421\"> </span> reinsurance contracts initiated or insurance <span class=\"_ _2\"></span>or reinsurance contracts acquired by the group, unless otherwise stated.<span class=\"_ _421\"> </span> Some contracts entered into b<span class=\"_ _2\"></span>y the group hav<span class=\"_ _2\"></span>e the legal form of insurance contracts but do not transf<span class=\"_ _a\"></span>er significant insurance risk. <span class=\"_ _0\"></span>These contracts are classified<span class=\"_ _421\"> </span> as financial liabilities and are ref<span class=\"_ _2\"></span>erred to as \u2018inv<span class=\"_ _2\"></span>estment contracts<span class=\"_ _2\"></span>\u2019 (see Note A5(b)). <span class=\"_ _2\"></span>Similarly financial reinsurance contracts do not transf<span class=\"_ _2\"></span>er significant insurance<span class=\"_ _421\"> </span> risk and are accounted for under IFR<span class=\"_ _2\"></span>S 9. Mass lapse reinsurance contracts also contain no insurance risk and are accounted for under IA<span class=\"_ _2\"></span>S 37<span class=\"_ _31\"></span>.<span class=\"_ _421\"> </span>Insurance contracts are classified as direct participating contracts or contracts without direct participating f<span class=\"_ _a\"></span>eatures. Direct participating contracts are contracts for<span class=\"_ _421\"> </span> which, at inception: <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>the contractual terms specify that the policyholder participates in a share of a clearly identified pool <span class=\"_ _2\"></span>of underlying items; <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>the group e<span class=\"_ _2\"></span>xpects to pay to the policyholder an amount <span class=\"_ _2\"></span>equal to a substantial share of the fair v<span class=\"_ _2\"></span>alue returns on the underlying items; and <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>the group expects a substantial proportion <span class=\"_ _2\"></span>of any change in the amounts to be paid to the policyholder to vary with the change in f<span class=\"_ _2\"></span>air value <span class=\"_ _2\"></span>of the underlying items.<span class=\"_ _421\"> </span>All other insurance contracts and all reinsurance contracts are classified as contracts without direct participating f<span class=\"_ _a\"></span>eatures. Some <span class=\"_ _2\"></span>of these contracts are measured<span class=\"_ _421\"> </span> under the P<span class=\"_ _a\"></span>AA.<span class=\"_ _421\"> </span>The f<span class=\"_ _2\"></span>ollowing table pro<span class=\"_ _2\"></span>vides a summary of the broad product categories and the measurement model approach applied.<span class=\"_ _421\"> </span>Classification <span class=\"_ _61\"> </span>Product categor<span class=\"_ _3\"></span>y<span class=\"_ _421\"> </span>Long-term contr<span class=\"_ _2\"></span>acts without direct participating features <span class=\"_ _3a9\"></span>(GMM<span class=\"_ _421\"> </span>) <span class=\"_ _126\"> </span>Immediate annuities <span class=\"_ _1d6\"> </span>T<span class=\"_ _2\"></span>erm assurance and other non-link<span class=\"_ _2\"></span>ed <span class=\"_ _1d6\"> </span>Unit-linked/inde<span class=\"_ _2\"></span>x-linked/<span class=\"_ _2\"></span>with-profits \u2013 GMM<span class=\"_ _421\"> </span>Long-term contr<span class=\"_ _2\"></span>acts with direct participating features <span class=\"_ _3aa\"></span>(VFA<span class=\"_ _421\"> </span>) <span class=\"_ _16b\"> </span>Unit-linked/inde<span class=\"_ _2\"></span>x-linked/<span class=\"_ _2\"></span>with-profits \u2013 VF<span class=\"_ _a\"></span>A<span class=\"_ _421\"> </span>Short-term contracts <span class=\"_ _3ab\"></span>(PA<span class=\"_ _3\"></span>A<span class=\"_ _421\"> </span>) <span class=\"_ _1d7\"> </span>Short-term prot<span class=\"_ _2\"></span>ection  <span class=\"fc1\">(ii) <span class=\"_ _3\"></span>Separating components from insur<span class=\"_ _2\"></span>ance and reinsur<span class=\"_ _2\"></span>ance contracts<span class=\"_ _421\"> </span></span>The group does not ha<span class=\"_ _2\"></span>ve an<span class=\"_ _2\"></span>y distinct investment components which require separation from the insurance <span class=\"_ _2\"></span>or reinsurance contract. Distinct inv<span class=\"_ _2\"></span>estment components<span class=\"_ _421\"> </span> are inv<span class=\"_ _2\"></span>estment components that are not highly inter<span class=\"_ _0\"></span>-related with the insurance components and for which contracts with equivalent terms are sold, <span class=\"_ _2\"></span>or could be<span class=\"_ _421\"> </span> sold, separately in the same market <span class=\"_ _2\"></span>or the same jurisdiction<span class=\"_ _421\"> </span>The group does not ha<span class=\"_ _2\"></span>ve an<span class=\"_ _2\"></span>y insurance contracts containing embedded derivativ<span class=\"_ _2\"></span>es or ha<span class=\"_ _2\"></span>ve an<span class=\"_ _2\"></span>y insurance contracts which transfer distinct goods and services<span class=\"_ _421\"> </span> other than insurance contract services which require separation from the host contract. (iii) <span class=\"_ _3\"></span>Aggreg<span class=\"_ _2\"></span>ation of insurance and r<span class=\"_ _2\"></span>einsurance contr<span class=\"_ _2\"></span>acts<span class=\"_ _421\"> </span>Insurance contracts are aggregated into groups for measurement purposes. Groups <span class=\"_ _2\"></span>of insurance contracts are determined by identifying portf<span class=\"_ _2\"></span>olios of insurance<span class=\"_ _421\"> </span> contracts, each comprising contracts that are subject to similar risks and are managed together<span class=\"_ _0\"></span>. Each portfolio is divided into annual cohorts (i.e. by <span class=\"_ _a\"></span>year <span class=\"_ _2\"></span>of issue)<span class=\"_ _421\"> </span> and each annual cohort into a maximum <span class=\"_ _2\"></span>of three groups based on the profitability of contracts: <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>any contracts that are <span class=\"_ _2\"></span>onerous on initial recognition; <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>any contracts that, <span class=\"_ _2\"></span>on initial recognition, hav<span class=\"_ _2\"></span>e no significant possibility of becoming onerous subsequently; and <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>any remaining contracts in the annual cohort.<span class=\"_ _421\"> </span>F<span class=\"_ _a\"></span>urther detail regarding t<span class=\"_ _3\"></span>he judgements in<span class=\"_ _2\"></span>volved in the defining portf<span class=\"_ _2\"></span>olios and profitability groups can be found in Note <span class=\"_ _2\"></span>A6(c).<span class=\"_ _421\"> </span>Contracts within a portfolio that w<span class=\"_ _2\"></span>ould fall into diff<span class=\"_ _2\"></span>erent groups only because la<span class=\"_ _2\"></span>w or regulation specifically constrains the group\u2019<span class=\"_ _0\"></span>s practical ability to set a different<span class=\"_ _421\"> </span> price or le<span class=\"_ _2\"></span>vel <span class=\"_ _2\"></span>of benefits for policyholders with diff<span class=\"_ _2\"></span>erent characteristics can be included in the same group, how<span class=\"_ _2\"></span>ever the group has not tak<span class=\"_ _2\"></span>en advantage <span class=\"_ _2\"></span>of this.<span class=\"_ _421\"> </span>P<span class=\"_ _a\"></span>ortfolios of reinsurance contracts held are assessed separately from insurance contracts issued and are assessed for aggregation <span class=\"_ _2\"></span>on an individual contract basis.<span class=\"_ _421\"> </span> Some reinsurance contracts provide co<span class=\"_ _2\"></span>ver f<span class=\"_ _2\"></span>or underlying contracts that are included in different groups.<span class=\"_ _421\"> </span>As per the gross insurance contracts the reinsurance contracts are divided into profitability groupings as f<span class=\"_ _2\"></span>ollows: <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>any contracts <span class=\"_ _2\"></span>on which there is a net gain on initial recognition; <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>any contracts that, <span class=\"_ _2\"></span>on initial recognition, hav<span class=\"_ _2\"></span>e no significant possibility of showing a net gain subsequently; and <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>any remaining contracts in the annual cohort.<span class=\"_ _421\"> </span>All reinsurance contracts within the group fall into the third profitability category abo<span class=\"_ _2\"></span>ve.<span class=\"_ _421\"> </span>152<span class=\"_ _69\"> </span><span class=\"ff67 ls3\">CH<span class=\"_ _3\"></span>ESN<span class=\"_ _3\"></span>AR<span class=\"_ _3\"></span>A ANNUAL R<span class=\"_ _3\"></span>EPORT A<span class=\"_ _3\"></span>ND ACCO<span class=\"_ _3\"></span>UNT<span class=\"_ _3\"></span>S 20<span class=\"_ _2\"></span>23<span class=\"_ _421\"> </span></span>IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS (iv) <span class=\"_ _3\"></span>Recognition and derecognition of insurance and r<span class=\"_ _a\"></span>einsurance contracts<span class=\"_ _421\"> </span>An insurance contract issued by the group is recognised from the <span class=\"_ _2\"></span>earliest of: <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>the beginning of its co<span class=\"_ _2\"></span>verage period (i.e. the period during which the group pro<span class=\"_ _2\"></span>vides services in respect of any premiums within the boundary <span class=\"_ _2\"></span>of the contract);  <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>when the first payment from the policyholder becomes due <span class=\"_ _2\"></span>or<span class=\"_ _a\"></span>, if there is no contractual due date, when it is received from the policyholder; and <span class=\"_ _13c\"> </span>\u2013 <span class=\"_ _4\"></span>when a group of contracts becomes <span class=\"_ _2\"></span>onerous or if the facts and circumstances indicate that a group <span class=\"_ _2\"></span>of contract is onerous f<span class=\"_ _2\"></span>or those contracts measured using the P<span class=\"_ _a\"></span>AA.<span class=\"_ _421\"> </span>An insurance contract acquired in a transf<span class=\"_ _2\"></span>er of contracts, <span class=\"_ _2\"></span>or a business combination is recognised on the date of acquisition.<span class=\"_ _421\"> </span>When the contract is recognised, it is added to an e<span class=\"_ _2\"></span>xisting group of contracts or<span class=\"_ _0\"></span>, if the contract does not qualify for inclusion in an e<span class=\"_ _2\"></span>xisting group, it forms a ne<span class=\"_ _2\"></span>w group to which future contracts are added. Groups of contracts are <span class=\"_ _2\"></span>established on initial recognition and their composition is not re<span class=\"_ _2\"></span>vised once all contracts hav<span class=\"_ _2\"></span>e been added to the group.<span class=\"_ _421\"> </span>Non-proportionate reinsurance contracts are recognised at the earlier <span class=\"_ _2\"></span>of: (a) <span class=\"_ _14c\"> </span>the beginning of the cov<span class=\"_ _2\"></span>erage period of the group of reinsurance contracts; <span class=\"_ _2\"></span>or (b) <span class=\"_ _74\"> </span> <span class=\"_ _f\"></span>the date the entity recognises an <span class=\"_ _2\"></span>onerous group of underlying insurance contracts if the entity <span class=\"_ _2\"></span>entered into the related reinsurance contract held at or bef<span class=\"_ _2\"></span>ore that date.<span class=\"_ _421\"> </span>The recognition <span class=\"_ _2\"></span>of proportionate reinsurance contracts is delayed until the date that an<span class=\"_ _2\"></span>y underlying insurance contract is initially recognised, if that date is later than the beginning of the co<span class=\"_ _2\"></span>verage period of the group <span class=\"_ _2\"></span>of reinsurance contracts held.<span class=\"_ _421\"> </span>Reinsurance contracts acquired as recognised at the date <span class=\"_ _2\"></span>of acquisition.<span class=\"_ _421\"> </span>The group derecognises a contract when it is <span class=\"_ _2\"></span>extinguished \u2013 i.e. when the specified <span class=\"_ _2\"></span>obligations in the contract expire <span class=\"_ _2\"></span>or are discharged or cancelled. <span class=\"_ _0\"></span>T<span class=\"_ _2\"></span>he group also derecognises a contract if its terms are modified in a wa<span class=\"_ _2\"></span>y that would ha<span class=\"_ _2\"></span>ve changed the accounting for the contract significantly had the ne<span class=\"_ _2\"></span>w terms alwa<span class=\"_ _2\"></span>ys existed, in which case a ne<span class=\"_ _2\"></span>w contract based on the modified terms is recognised. If a contract modification does not result in derecognition, then the group treats the changes in cash flows caused b<span class=\"_ _2\"></span>y the modification as changes in estimates of fulfilment cash flo<span class=\"_ _2\"></span>ws.  (v) <span class=\"_ _3\"></span>Fulfilment cash flows<span class=\"_ _421\"> </span>The F<span class=\"_ _a\"></span>ulfilment Cash Flows (FCF) are the current <span class=\"_ _2\"></span>estimates of the future cash flo<span class=\"_ _2\"></span>ws within the contract boundary of a group of contracts and: <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>are unbiased estimates <span class=\"_ _2\"></span>of the future cash flows; <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>are determined from the perspective <span class=\"_ _2\"></span>of the group, provided that the <span class=\"_ _2\"></span>estimates are consistent with observable mark<span class=\"_ _2\"></span>et practises and variables; and <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>reflect conditions e<span class=\"_ _2\"></span>xisting at the period-end date.<span class=\"_ _421\"> </span>An e<span class=\"_ _2\"></span>xplicit risk adjustment for non-financial risk is <span class=\"_ _2\"></span>estimated separately from the other estimates and reflects the compensation that the group requires f<span class=\"_ _2\"></span>or bearing the uncertainty about the amount and timing of the cash flo<span class=\"_ _2\"></span>ws from non-financial risk as the group fulfils insurance contracts. For reinsurance contracts held, the risk adjustment for non financial risk represents the amount <span class=\"_ _2\"></span>of risk being transfer<span class=\"_ _2\"></span>red by the group to the reinsurer<span class=\"_ _a\"></span>. Methods and assumptions used to determine the risk adjustment for non-financial risk are discussed in Note <span class=\"_ _2\"></span>A6(e).<span class=\"_ _421\"> </span>The <span class=\"_ _2\"></span>estimates of the future cash flo<span class=\"_ _2\"></span>ws are adjusted using current discount rates to reflect the time value <span class=\"_ _2\"></span>of money and the financial risks related to those cash flows. <span class=\"_ _7\"></span>The discount rates reflect the characteristics of the cash flows arising from the groups <span class=\"_ _2\"></span>of insurance contracts, including timing, currency and liquidity of cash flows. <span class=\"_ _7\"></span>The determination of the discount rate that reflects the characteristics of the cash flo<span class=\"_ _2\"></span>ws and liquidity characteristics of the insurance contracts requires significant judgement and estimation (See Note <span class=\"_ _2\"></span>A6(d)).<span class=\"_ _421\"> </span>The group <span class=\"_ _2\"></span>estimates certain FCF at the portfolio le<span class=\"_ _2\"></span>vel or higher and then allocates such <span class=\"_ _2\"></span>estimates to groups of contracts. <span class=\"_ _7\"></span>The group uses consistent assumptions to measure the estimates <span class=\"_ _2\"></span>of the present value of fut<span class=\"_ _2\"></span>ure cash flows for the group <span class=\"_ _2\"></span>of reinsurance contracts held and such estimates f<span class=\"_ _2\"></span>or the groups of underlying insurance contracts. (vi) <span class=\"_ _4\"></span>Contract boundar<span class=\"_ _a\"></span>ies<span class=\"_ _421\"> </span>The measurement <span class=\"_ _2\"></span>of a group of contracts includes all <span class=\"_ _2\"></span>of the future cash flows within the boundary of <span class=\"_ _2\"></span>each contract in the group. F<span class=\"_ _2\"></span>or insurance contracts, cash flows are within the contract boundary if the<span class=\"_ _2\"></span>y arise from substantive rights and <span class=\"_ _2\"></span>obligations that exist during the reporting period in which the group can compel the policyholder to pay premiums <span class=\"_ _2\"></span>or has a substantive obligation to pro<span class=\"_ _2\"></span>vide services (including insurance cov<span class=\"_ _2\"></span>erage and any in<span class=\"_ _2\"></span>vestment related services).<span class=\"_ _421\"> </span>A substantive <span class=\"_ _2\"></span>obligation to provide insurance contract services ends when <span class=\"_ _2\"></span>either: <span class=\"_ _13c\"> </span>\u2013 <span class=\"_ _3\"></span>the group has the practical ability to reassess the risks of the particular policyholder and as a result can set a price or le<span class=\"_ _2\"></span>vel <span class=\"_ _2\"></span>of benefits that fully reflects those risks, or <span class=\"_ _13c\"> </span>\u2013 <span class=\"_ _3\"></span>the group has the practical ability to reassess t<span class=\"_ _3\"></span>he risks <span class=\"_ _2\"></span>of the portfolio of insurance contracts that contain the contract and as a result can set a price <span class=\"_ _2\"></span>or lev<span class=\"_ _2\"></span>el of benefits that fully reflects the risk of that portf<span class=\"_ _2\"></span>olio unless the pricing of the premiums up to the date when the risks are reassessed tak<span class=\"_ _2\"></span>es into account the risks that relate to periods after the assessment. F<span class=\"_ _2\"></span>or reinsurance contracts cash flows are within the contract boundary if the<span class=\"_ _2\"></span>y arise from substantive rights and <span class=\"_ _2\"></span>obligations that exist during the reporting period in which the group is compelled to pay amounts to the reinsurer <span class=\"_ _2\"></span>or has a substantive right to receive services from the reinsurer<span class=\"_ _0\"></span>. <span class=\"_ _f\"></span>(vii) <span class=\"_ _3\"></span>Insurance acquisition cash flows<span class=\"_ _421\"> </span>Insurance acquisition cash flows are cash flo<span class=\"_ _2\"></span>ws arising from the costs of selling, underwriting and starting a group of insurance contracts (issued or <span class=\"_ _2\"></span>expected to be issued) that are directly attributable to the portfolio <span class=\"_ _2\"></span>of insurance contracts to which the group belongs. Such cash flo<span class=\"_ _2\"></span>ws are allocated to groups of insurance contracts using a systematic and rational method and considering, in an unbiased wa<span class=\"_ _2\"></span>y<span class=\"_ _a\"></span>, all reasonable and supportable information that is av<span class=\"_ _2\"></span>ailable without undue cost or effort.<span class=\"_ _421\"> </span>Insurance acquisition cash flows arising bef<span class=\"_ _2\"></span>ore the recognition of the related group of contracts are recognised as an asset and the asset is derecognised, when the insurance acquisition cash flows are included in the measurement <span class=\"_ _2\"></span>of the group of contracts. <span class=\"_ _0\"></span>The group derecognises the assets f<span class=\"_ _2\"></span>or insurance acquisition cash flows in the <span class=\"_ _0\"></span>year within the reporting period in which the e<span class=\"_ _2\"></span>xpenses are incurred and therefore does not ha<span class=\"_ _2\"></span>ve any assets f<span class=\"_ _2\"></span>or insurance acquisition cash flows <span class=\"_ _2\"></span>on the balance sheet at the reporting date. <span class=\"ff65 ls3\"></span><span class=\"ff65 ls3\"></span><span class=\"ff65 ls3\">CHES<span class=\"_ _277\"></span>NAR<span class=\"_ _283\"></span>A<span class=\"_ _27e\"></span>A<span class=\"_ _277\"></span>NNUAL<span class=\"_ _27f\"></span>REPO<span class=\"_ _284\"></span>RT<span class=\"_ _278\"></span>AND<span class=\"_ _3ad\"></span>ACCOUN<span class=\"_ _27a\"></span>TS<span class=\"_ _27b\"></span>2023</span><span class=\"_ _3ae\"></span>153<span class=\"_ _421\"> </span>IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS<span class=\"_ _421\"> </span>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<span class=\"_ _421\"> </span>SECTION A \u2013 GENERAL INFORMA<span class=\"_ _a\"></span>TION AND ACCOUNTING POLICIES AND JUDGEMENT<span class=\"_ _2\"></span>S <span class=\"_ _e\"> </span>A5 <span class=\"_ _3\"></span>Significant accounting policies (continued)  (a) <span class=\"_ _3\"></span>Insurance contracts and r<span class=\"_ _2\"></span>einsurance contr<span class=\"_ _2\"></span>acts (continued)  <span class=\"_ _17\"></span> <span class=\"_ _f\"></span>(viii) <span class=\"_ _3\"></span>Initial measurement \u2013 insur<span class=\"_ _2\"></span>ance contracts not measur<span class=\"_ _a\"></span>ed under the P<span class=\"_ _a\"></span>AA<span class=\"_ _421\"> </span>The CSM is a component <span class=\"_ _2\"></span>of the carrying amount of the asset <span class=\"_ _2\"></span>or liability for a group <span class=\"_ _2\"></span>of insurance contracts issued representing the unearned profit that the group will recognise as it provides insurance contract services in the future. <span class=\"_ _2\"></span>At initial recognition, the CSM is an amount that results in no income or <span class=\"_ _2\"></span>expenses (unless a group of contracts is <span class=\"_ _2\"></span>onerous) arising from:<span class=\"_ _421\"> </span>(a) <span class=\"_ _14c\"> </span>the initial recognition of the FCF; and<span class=\"_ _421\"> </span>(b) <span class=\"_ _74\"> </span>cash flows arising from the contracts in the group at that date.<span class=\"_ _421\"> </span>When the abov<span class=\"_ _2\"></span>e calculation results in a net outflow<span class=\"_ _0\"></span>, the group of insurance contracts issued is onerous. <span class=\"_ _2\"></span>A loss from onerous insurance contracts is recognised in profit or loss immediately<span class=\"_ _0\"></span>, with no CSM recognised on the balance sheet on initial recognition, and a loss component is <span class=\"_ _2\"></span>established in the amount of loss recognised (see Note A5(a)(xi)). (ix) <span class=\"_ _3\"></span>Initial measurement \u2013 r<span class=\"_ _2\"></span>einsurance contracts not measur<span class=\"_ _a\"></span>ed under the P<span class=\"_ _a\"></span>AA<span class=\"_ _421\"> </span>F<span class=\"_ _2\"></span>or groups of reinsurance contracts held, an<span class=\"_ _2\"></span>y net gain or loss at initial recognition is recognised as the CSM unless the net cost of purchasing reinsurance relates to past e<span class=\"_ _2\"></span>vents, in which case the group recognises the net cost immediately in profit or loss. F<span class=\"_ _a\"></span>or reinsurance contracts held, the CSM represents a defer<span class=\"_ _2\"></span>red gain or loss that the group will recognise as a reinsurance <span class=\"_ _2\"></span>expense as it receives insurance contract services from the reinsurer in the fut<span class=\"_ _2\"></span>ure and is calculated as the sum of: (a) <span class=\"_ _14c\"> </span>the initial recognition of the FCF; (b) <span class=\"_ _74\"> </span>cash flows arising from the contracts in the group at that date; and (c) <span class=\"_ _14c\"> </span> <span class=\"_ _19\"></span>an<span class=\"_ _2\"></span>y income recognised in profit or loss when the <span class=\"_ _2\"></span>entity recognises a loss on initial recognition of an <span class=\"_ _2\"></span>onerous group of underlying insurance contracts <span class=\"_ _2\"></span>or on addition of <span class=\"_ _2\"></span>onerous underlying insurance contracts to that group.<span class=\"_ _421\"> </span>A loss-recov<span class=\"_ _2\"></span>ery component is established <span class=\"_ _2\"></span>or adjusted within the remaining coverage f<span class=\"_ _2\"></span>or reinsurance contracts held for the amount <span class=\"_ _2\"></span>of income recognised in (c) abov<span class=\"_ _2\"></span>e. <span class=\"_ _0\"></span>This amount is calculated b<span class=\"_ _2\"></span>y multiplying the loss recognised on underlying insurance contracts by the percentage <span class=\"_ _2\"></span>of claims on underlying insurance contracts that the group e<span class=\"_ _2\"></span>xpects to recov<span class=\"_ _2\"></span>er from the reinsurance contracts held that are entered into before <span class=\"_ _2\"></span>or at the same time as the loss is recognised on the underlying insurance contracts. <span class=\"_ _0\"></span>When underlying insurance contracts are included in the same group with insurance contracts issued that are not reinsured, the group applies a systematic and rational method <span class=\"_ _2\"></span>of allocation to determine the portion of losses that relates to underlying insurance contracts.  (x) <span class=\"_ _3\"></span>Contracts acquired in a business combination or por<span class=\"_ _2\"></span>tfolio tr<span class=\"_ _2\"></span>ansf<span class=\"_ _2\"></span>er<span class=\"_ _421\"> </span>F<span class=\"_ _2\"></span>or groups of contracts acquired in a transf<span class=\"_ _a\"></span>er of contracts or a business combination, the consideration received f<span class=\"_ _2\"></span>or the contracts is included in the fulfilment cash flows as a pro<span class=\"_ _2\"></span>xy for the premiums receiv<span class=\"_ _2\"></span>ed at the date of acquisition. In a business combination, the consideration received is the f<span class=\"_ _2\"></span>air value <span class=\"_ _2\"></span>of the contracts at that date. If the total is a net outflo<span class=\"_ _2\"></span>w<span class=\"_ _a\"></span>, then the group is onerous. In this case, the net outflo<span class=\"_ _2\"></span>w is recognised as a loss in profit or loss, <span class=\"_ _2\"></span>or as an adjustment to goodwill or the gain <span class=\"_ _2\"></span>on a bargain purchase if the contracts are acquired in a business combination. A loss component is created to depict the amount <span class=\"_ _2\"></span>of the net cash outflo<span class=\"_ _2\"></span>w<span class=\"_ _a\"></span>, which determines the amounts that are subsequently presented in profit or loss as rev<span class=\"_ _2\"></span>ersals of losses <span class=\"_ _2\"></span>on onerous contracts and are e<span class=\"_ _2\"></span>xcluded from insurance rev<span class=\"_ _2\"></span>enue and instead reported within \u2018insurance service e<span class=\"_ _2\"></span>xpense\u2019<span class=\"_ _0\"></span>. (xi) <span class=\"_ _3\"></span>Subsequent measurement \u2013 insurance contr<span class=\"_ _2\"></span>acts not measured under the P<span class=\"_ _0\"></span>AA The carrying amount <span class=\"_ _2\"></span>of a group of insurance contracts at <span class=\"_ _2\"></span>each reporting date is the sum of the LR<span class=\"_ _2\"></span>C and the LIC. <span class=\"_ _0\"></span>The LRC comprises the FCF that relate to services that will be provided under the contracts in future periods and an<span class=\"_ _2\"></span>y remaining CSM at that date. <span class=\"_ _0\"></span>The LIC includes the FCF f<span class=\"_ _2\"></span>or incurred claims and e<span class=\"_ _2\"></span>xpenses that hav<span class=\"_ _2\"></span>e not <span class=\"_ _a\"></span>yet been paid, including claims that hav<span class=\"_ _2\"></span>e been incurred but not <span class=\"_ _a\"></span>yet reported.<span class=\"_ _421\"> </span>The FCF <span class=\"_ _2\"></span>of groups of insurance contracts are updated b<span class=\"_ _2\"></span>y the group for current assumptions at the <span class=\"_ _2\"></span>end of e<span class=\"_ _2\"></span>very reporting period, using the current <span class=\"_ _2\"></span>estimates <span class=\"_ _19\"></span><span class=\"ls2 ws2\"> </span>of the amount, timing and uncertainty of future cash flo<span class=\"_ _2\"></span>ws and of discount rates. <span class=\"_ _0\"></span>T<span class=\"_ _2\"></span>he way in which the changes in <span class=\"_ _2\"></span>estimates of the FCF are treated f<span class=\"_ _2\"></span>ollow the general principle below: (a) <span class=\"_ _14c\"> </span>changes that relate to current or past service are recognised in profit or loss; and<span class=\"_ _421\"> </span>(b) <span class=\"_ _74\"> </span>changes that relate to future service are recognised by adjusting the CSM or the loss component within the LR<span class=\"_ _2\"></span>C as per the policy below<span class=\"_ _0\"></span>. For insur<span class=\"_ _2\"></span>ance contracts under the GMM:<span class=\"_ _421\"> </span>The f<span class=\"_ _2\"></span>ollowing adjustments relate to future service and thus adjust the CSM: (a) <span class=\"_ _c\"> </span> <span class=\"_ _f\"></span>experience adjustments \u2013 arising from premiums receiv<span class=\"_ _2\"></span>ed in the period that relate to future service and related cash flows such as insurance acquisition cash flows and premium-based tax<span class=\"_ _2\"></span>es; (b) <span class=\"_ _74\"> </span>changes in estimates of the present v<span class=\"_ _2\"></span>alue of future cash flo<span class=\"_ _2\"></span>ws in the LRC, <span class=\"_ _2\"></span>except those described in the f<span class=\"_ _2\"></span>ollowing paragraph; (c) <span class=\"_ _74\"> </span> <span class=\"_ _19\"></span>d<span class=\"_ _3\"></span>iff<span class=\"_ _a\"></span>erences between any inv<span class=\"_ _2\"></span>estment component e<span class=\"_ _2\"></span>xpected to become pay<span class=\"_ _2\"></span>able in the period and the actual inv<span class=\"_ _2\"></span>estment component that becomes payable<span class=\"_ _2\"></span> <span class=\"_ _19\"></span><span class=\"ls2 ws2\"> </span>in the period, determined by comparing (i) the actual in<span class=\"_ _2\"></span>vestment component that becomes pa<span class=\"_ _2\"></span>yable in a period with (ii) the payment in the period that w<span class=\"_ _2\"></span>as expected at the start <span class=\"_ _2\"></span>of the period plus any insurance finance income <span class=\"_ _2\"></span>or expenses related to that <span class=\"_ _2\"></span>expected pa<span class=\"_ _2\"></span>yment before it becomes pay<span class=\"_ _2\"></span>able; and (d) <span class=\"_ _74\"> </span>changes in the risk adjustment for non-financial risk that relate to future service. 154<span class=\"_ _10\"> </span><span class=\"ff67 ls3 ws2\">CHE<span class=\"_ _3\"></span>SNA<span class=\"_ _3\"></span>R<span class=\"_ _3\"></span>A ANNUAL REP<span class=\"_ _3\"></span>ORT A<span class=\"_ _3\"></span>ND ACCOU<span class=\"_ _3\"></span>NTS 2023<span class=\"_ _421\"> </span></span>IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS<span class=\"_ _421\"> </span>Adjustments (a), (b) and (d) abo<span class=\"_ _2\"></span>ve are measured using discount rates determined <span class=\"_ _2\"></span>on initial recognition (the locked-in discount rates). F<span class=\"_ _2\"></span>or insurance contracts under the GMM, the following adjustments do not adjust the CSM: (a) <span class=\"_ _14c\"> </span>changes in the FCF for the eff<span class=\"_ _a\"></span>ect of the time value of mone<span class=\"_ _2\"></span>y and the eff<span class=\"_ _a\"></span>ect of financial risk and changes thereof; (b) <span class=\"_ _74\"> </span>changes in the FCF relating to the LIC; and<span class=\"_ _421\"> </span>(c)<span class=\"_ _2\"></span> <span class=\"_ _10\"> </span> <span class=\"_ _19\"></span>experience adjustments relating to insurance service expenses (e<span class=\"_ _2\"></span>xcluding insurance acquisition cash flo<span class=\"_ _2\"></span>ws).<span class=\"_ _421\"> </span>The group does not classify an<span class=\"_ _2\"></span>y premiums received in the period as relating to current service <span class=\"_ _2\"></span>on materiality grounds. For insur<span class=\"_ _2\"></span>ance contracts under the <span class=\"_ _7\"></span>VF<span class=\"_ _2\"></span>A:<span class=\"_ _421\"> </span>Direct participating contracts are contracts under which the group\u2019<span class=\"_ _0\"></span>s obligation to the policyholder is the net of: <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>the obligation to pa<span class=\"_ _2\"></span>y the policyholder an amount equal to the f<span class=\"_ _2\"></span>air value of the underlying items; and <span class=\"_ _2f\"> </span><span class=\"ls6d wsff\">\u2013 <span class=\"_ _3\"></span>a variable f<span class=\"_ _a\"></span>ee in ex<span class=\"_ _2\"></span>change for future services pro<span class=\"_ _2\"></span>vided by the contracts, being the amount <span class=\"_ _2\"></span>of the group\u2019<span class=\"_ _a\"></span>s share of the f<span class=\"_ _2\"></span>air value of the underlying items less<span class=\"_ _2\"></span> </span>fulfilment cash flows that do not v<span class=\"_ _2\"></span>ary based on the returns <span class=\"_ _2\"></span>on underlying items. <span class=\"_ _0\"></span>The group provides in<span class=\"_ _2\"></span>vestment related services under these contracts b<span class=\"_ _2\"></span>y promising an inv<span class=\"_ _2\"></span>estment return based on underlying items, in addition to insurance co<span class=\"_ _2\"></span>verage.<span class=\"_ _421\"> </span>The group has not applied the risk mitigation <span class=\"_ _2\"></span>option that is available under IFR<span class=\"_ _2\"></span>S 1<span class=\"_ _a\"></span>7<span class=\"_ _31\"></span>.B1<span class=\"_ _0\"></span>15 regarding <span class=\"_ _2\"></span>offsetting the impacts of deriv<span class=\"_ _2\"></span>atives and reinsurance contracts and therefore recognises all changes in financial risk and the time v<span class=\"_ _2\"></span>alue of money against the CSM f<span class=\"_ _2\"></span>or direct participating contracts.<span class=\"_ _421\"> </span>The f<span class=\"_ _2\"></span>ollowing adjustments relate to future service and thus adjust the CSM: (a) <span class=\"_ _14c\"> </span>changes in the amount of the group\u2019<span class=\"_ _0\"></span>s share of the fair value <span class=\"_ _2\"></span>of the underlying items; and (b) <span class=\"_ _74\"> </span>changes in the FCF that do not vary based on the returns <span class=\"_ _2\"></span>of underlying items:  <span class=\"_ _92\"> </span>(i) <span class=\"_ _12\"> </span>changes in the eff<span class=\"_ _2\"></span>ect of the time v<span class=\"_ _2\"></span>alue of mone<span class=\"_ _2\"></span>y and financial risks including the eff<span class=\"_ _2\"></span>ect of financial guarantees;  <span class=\"_ _92\"> </span>(ii) <span class=\"_ _10\"> </span> <span class=\"_ _f\"></span>changes in estimates of the present v<span class=\"_ _2\"></span>alue of future cash flo<span class=\"_ _2\"></span>ws in the LRC; and <span class=\"_ _92\"> </span>(iii)  changes in the risk adjustment for non-financial risk that relate to future service.<span class=\"_ _421\"> </span>Adjustments are measured using the current discount rates. F<span class=\"_ _2\"></span>or insurance contracts under the <span class=\"_ _a\"></span>VF<span class=\"_ _a\"></span>A, the follo<span class=\"_ _2\"></span>wing adjustments do not adjust the CSM: (a) <span class=\"_ _14c\"> </span>changes in the obligation to pay the policyholder the amount equal to the f<span class=\"_ _2\"></span>air value <span class=\"_ _2\"></span>of the underlying items; (b) <span class=\"_ _74\"> </span>changes in the FCF that do not vary based on the returns <span class=\"_ _2\"></span>of underlying items:  <span class=\"_ _92\"> </span>(i) <span class=\"_ _12\"> </span>changes in the FCF relating to the LIC; and  <span class=\"_ _92\"> </span>(i<span class=\"_ _3\"></span>i) <span class=\"_ _c\"> </span>experience adjustments relating to insurance service e<span class=\"_ _2\"></span>xpenses (ex<span class=\"_ _2\"></span>cluding insurance acquisition cash flows).<span class=\"_ _421\"> </span>The group does not classify an<span class=\"_ _2\"></span>y premiums received in the period as relating to current service <span class=\"_ _2\"></span>on materiality grounds.<span class=\"_ _421\"> </span>Changes t<span class=\"_ _2\"></span>o the CSM for insur<span class=\"_ _2\"></span>ance contracts:<span class=\"_ _421\"> </span>F<span class=\"_ _2\"></span>or insurance contracts, the carrying amount of the CSM at <span class=\"_ _2\"></span>each reporting date is the carrying amount at the start of the <span class=\"_ _0\"></span>year<span class=\"_ _a\"></span>, adjusted for:<span class=\"_ _421\"> </span>(i) <span class=\"_ _79\"> </span>the CSM of any ne<span class=\"_ _2\"></span>w contracts that are added to the group in the <span class=\"_ _a\"></span>year;<span class=\"_ _421\"> </span>(ii) <span class=\"_ _14c\"> </span> <span class=\"_ _19\"></span>interest accreted on the carrying amount of the CSM during the <span class=\"_ _0\"></span>year (for contracts under the GMM, using discount rates determined at initial recognition that are applied to nominal cash flows that do not v<span class=\"_ _2\"></span>ary based on the returns <span class=\"_ _2\"></span>of underlying items);<span class=\"_ _421\"> </span>(iii) <span class=\"_ _e\"> </span> <span class=\"_ _19\"></span>as detailed abov<span class=\"_ _2\"></span>e, changes in fulfilment cash flows that relate to future services, to the <span class=\"_ _2\"></span>extent that there is a CSM a<span class=\"_ _2\"></span>vailable. <span class=\"_ _0\"></span>When an increase in the FCF ex<span class=\"_ _2\"></span>ceeds the carrying amount of the CSM, the CSM is reduced to z<span class=\"_ _2\"></span>ero, the e<span class=\"_ _2\"></span>xcess is recognised in insurance service e<span class=\"_ _2\"></span>xpenses and a loss component is recognised within the LRC. <span class=\"_ _0\"></span>When the CSM is z<span class=\"_ _2\"></span>ero, changes in the FCF adjust the loss component within the LRC with the impact going to insurance service expenses. <span class=\"_ _7\"></span>The ex<span class=\"_ _2\"></span>cess of an<span class=\"_ _2\"></span>y decrease in the FCF o<span class=\"_ _2\"></span>ver the loss component reduces the loss component to zero and reinstates the CSM;<span class=\"_ _421\"> </span>(iv) <span class=\"_ _e\"> </span>the <span class=\"_ _2\"></span>effect <span class=\"_ _2\"></span>of any cur<span class=\"_ _2\"></span>rency ex<span class=\"_ _2\"></span>change diff<span class=\"_ _2\"></span>erences on the CSM; and<span class=\"_ _421\"> </span>(v) <span class=\"_ _14c\"> </span>the amount recognised as insurance revenue f<span class=\"_ _2\"></span>or insurance services provided in the <span class=\"_ _a\"></span>year<span class=\"_ _0\"></span>, determined after all other adjustments abov<span class=\"_ _2\"></span>e.<span class=\"_ _421\"> </span>Release of the CSM to pr<span class=\"_ _2\"></span>ofit or loss for insur<span class=\"_ _2\"></span>ance contracts \u2013 co<span class=\"_ _2\"></span>verag<span class=\"_ _2\"></span>e units<span class=\"_ _421\"> </span>The amount <span class=\"_ _2\"></span>of the CSM recognised in profit or loss f<span class=\"_ _2\"></span>or insurance contract services in the period is determined by the allocation of the CSM remaining at the end of the reporting period <span class=\"_ _2\"></span>over the cur<span class=\"_ _2\"></span>rent and remaining e<span class=\"_ _2\"></span>xpected coverage period <span class=\"_ _2\"></span>of the group of insurance contracts based <span class=\"_ _2\"></span>on coverage units. <span class=\"_ _7\"></span>The cov<span class=\"_ _2\"></span>erage period is defined as a period during which the entity pro<span class=\"_ _2\"></span>vides insurance contract services. Insurance contract services include cov<span class=\"_ _2\"></span>erage for an insured e<span class=\"_ _2\"></span>vent (insurance cov<span class=\"_ _2\"></span>erage), the generation of an in<span class=\"_ _2\"></span>vestment return for the policyholder<span class=\"_ _0\"></span>, if applicable (investment-return service) f<span class=\"_ _2\"></span>or the contracts under the GMM, and the management of underlying items <span class=\"_ _2\"></span>on behalf of the policyholder (inv<span class=\"_ _2\"></span>estment-related service) for the contracts under the <span class=\"_ _0\"></span>VF<span class=\"_ _a\"></span>A. Inv<span class=\"_ _2\"></span>estment-return services are provided <span class=\"_ _2\"></span>only when an inv<span class=\"_ _2\"></span>estment component exists in insurance contracts <span class=\"_ _2\"></span>or the policyholder has a right to withdraw an amount, and the group e<span class=\"_ _2\"></span>xpects these amounts to include an investment ret<span class=\"_ _2\"></span>urn that is achieved b<span class=\"_ _2\"></span>y the group by perf<span class=\"_ _2\"></span>orming inv<span class=\"_ _2\"></span>estment activities to generate that inv<span class=\"_ _2\"></span>estment return.<span class=\"_ _421\"> </span>Note A6(g) sets <span class=\"_ _2\"></span>out the cov<span class=\"_ _2\"></span>erage units that are applied to the products within the group.<span class=\"_ _421\"> </span><span class=\"ff65 ls3\"></span><span class=\"ff65 ls3\"></span><span class=\"ff65 ls3\">CHES<span class=\"_ _277\"></span>NAR<span class=\"_ _277\"></span>A<span class=\"_ _278\"></span>A<span class=\"_ _277\"></span>NNUAL<span class=\"_ _278\"></span>REPO<span class=\"_ _279\"></span>RT<span class=\"_ _278\"></span>AND<span class=\"_ _3b0\"></span>ACCOUN<span class=\"_ _27a\"></span>TS<span class=\"_ _27b\"></span>2023</span><span class=\"_ _3b1\"></span>155<span class=\"_ _421\"> </span>IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS<span class=\"_ _421\"> </span>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<span class=\"_ _421\"> </span>SECTION A \u2013 GENERAL INFORMA<span class=\"_ _a\"></span>TION AND ACCOUNTING POLICIES AND JUDGEMENT<span class=\"_ _2\"></span>S <span class=\"_ _e\"> </span>A5 <span class=\"_ _3\"></span>Significant accounting policies (continued)  (a) <span class=\"_ _3\"></span>Insurance contracts and r<span class=\"_ _2\"></span>einsurance contr<span class=\"_ _2\"></span>acts (continued) (xi) <span class=\"_ _3\"></span>Subsequent measurement \u2013 insurance contr<span class=\"_ _2\"></span>acts not measured under the P<span class=\"_ _0\"></span>AA (continued)<span class=\"_ _421\"> </span>Insurance contr<span class=\"_ _2\"></span>acts \u2013 loss component<span class=\"_ _421\"> </span>When the negative adjustments to the CSM <span class=\"_ _2\"></span>exceed the amount <span class=\"_ _2\"></span>of the CSM, the group of contracts becomes <span class=\"_ _2\"></span>onerous, and the group recognises the ex<span class=\"_ _2\"></span>cess in insurance service e<span class=\"_ _2\"></span>xpenses and records the e<span class=\"_ _2\"></span>xcess as a loss component of the LR<span class=\"_ _2\"></span>C.<span class=\"_ _421\"> </span>When a loss component e<span class=\"_ _2\"></span>xists, the group allocates between the loss component and the remaining component of the LR<span class=\"_ _2\"></span>C for the respectiv<span class=\"_ _2\"></span>e group of contra<span class=\"_ _3\"></span>cts, on a systematic and rational basis f<span class=\"_ _2\"></span>or: (a) <span class=\"_ _14c\"> </span>expected incurred claims and other directly attributable <span class=\"_ _2\"></span>expenses f<span class=\"_ _2\"></span>or the period; (b) <span class=\"_ _74\"> </span>changes in the risk adjustment for non-financial risk for the risk <span class=\"_ _2\"></span>expired; and (c) <span class=\"_ _14c\"> </span>finance income (expenses) from insurance contracts issued.<span class=\"_ _421\"> </span>The amounts <span class=\"_ _2\"></span>of loss component allocation in (a) and (b) above reduce the respectiv<span class=\"_ _2\"></span>e components of insurance re<span class=\"_ _2\"></span>venue and are reflected in insurance service expenses. Decreases in the FCF in subsequent periods that relate to future service reduce the remaining loss component and reinstate the CSM after the loss component is reduced to zero. Increases in the FCF in subsequent periods that relate to future service increase the loss component. <span class=\"_ _f\"></span>(xii) <span class=\"_ _3\"></span>Subsequent measurement \u2013 r<span class=\"_ _2\"></span>einsurance contr<span class=\"_ _2\"></span>acts not measured under the P<span class=\"_ _0\"></span>AA The carrying amount <span class=\"_ _2\"></span>of a group of insurance contracts at <span class=\"_ _2\"></span>each reporting date is the sum of the <span class=\"_ _2\"></span>Asset for R<span class=\"_ _2\"></span>emaining Cov<span class=\"_ _2\"></span>erage (ARC) and the <span class=\"_ _2\"></span>Asset for Incur<span class=\"_ _2\"></span>red Claims (AIC). <span class=\"_ _0\"></span>The <span class=\"_ _2\"></span>ARC comprises the FCF that relate to services that will be receiv<span class=\"_ _2\"></span>ed under the reinsurance contracts held in future periods and any remaining CSM at that date. <span class=\"_ _0\"></span>The <span class=\"_ _2\"></span>AIC comprises the FCF related to past service for incurred claims that ha<span class=\"_ _2\"></span>ve not <span class=\"_ _0\"></span>yet been received. Changes t<span class=\"_ _2\"></span>o the CSM for r<span class=\"_ _2\"></span>einsurance contr<span class=\"_ _2\"></span>acts:<span class=\"_ _421\"> </span>F<span class=\"_ _2\"></span>or reinsurance contracts, the carrying amount of the CSM at <span class=\"_ _2\"></span>each reporting date is the carrying amount at the start of the <span class=\"_ _0\"></span>year<span class=\"_ _a\"></span>, adjusted for:<span class=\"_ _421\"> </span>(i) <span class=\"_ _79\"> </span>the CSM of any ne<span class=\"_ _2\"></span>w contracts that are added to the group in the <span class=\"_ _a\"></span>year;<span class=\"_ _421\"> </span>(ii) <span class=\"_ _c\"> </span> <span class=\"_ _19\"></span>Interest accreted on the carrying amount of the CSM during the <span class=\"_ _0\"></span>year<span class=\"_ _a\"></span>, measured at the discount rates on nominal cash flows that do not v<span class=\"_ _2\"></span>ary based on the returns on an<span class=\"_ _2\"></span>y underlying items determined on initial recognition;<span class=\"_ _421\"> </span>(iii)  Income recognised in profit or loss in the <span class=\"_ _0\"></span>year on initial recognition <span class=\"_ _2\"></span>of onerous underlying contracts;<span class=\"_ _421\"> </span>(iv) <span class=\"_ _e\"> </span> <span class=\"_ _19\"></span>reversals <span class=\"_ _2\"></span>of a loss-recov<span class=\"_ _2\"></span>ery component to the e<span class=\"_ _2\"></span>xtent that they are not changes in the fulfilment cash flows <span class=\"_ _2\"></span>of the group of reinsurance contracts;<span class=\"_ _421\"> </span>(v) <span class=\"_ _c\"> </span> <span class=\"_ _f\"></span>changes in fulfilment cash flows that relate to future services, measured at the discount rates determined on initial recognition, unless they result from changes in fulfilment cash flows <span class=\"_ _2\"></span>of onerous underlying contracts, in which case they are recognised in profit <span class=\"_ _2\"></span>or loss and create or adjust a loss-reco<span class=\"_ _2\"></span>very component;<span class=\"_ _421\"> </span>(vi) <span class=\"_ _e\"> </span>the <span class=\"_ _2\"></span>effect <span class=\"_ _2\"></span>of any cur<span class=\"_ _2\"></span>rency ex<span class=\"_ _2\"></span>change diff<span class=\"_ _2\"></span>erences on the CSM; and<span class=\"_ _421\"> </span>(vii) the amount recognised in profit or loss because <span class=\"_ _2\"></span>of the services received in the <span class=\"_ _0\"></span>year<span class=\"_ _a\"></span>.<span class=\"_ _421\"> </span>Income ref<span class=\"_ _2\"></span>erred to in (iii) abov<span class=\"_ _2\"></span>e is calculated by multiplying the loss recognised <span class=\"_ _2\"></span>on underlying insurance contracts by the percentage of claims <span class=\"_ _2\"></span>on underlying insurance contracts that the group e<span class=\"_ _2\"></span>xpects to recov<span class=\"_ _2\"></span>er from the reinsurance contract held that is entered into before <span class=\"_ _2\"></span>or at the same time as the loss is recognised on the underlying insurance contracts. F<span class=\"_ _2\"></span>or the purposes of (iii) to (v) abo<span class=\"_ _2\"></span>ve, when underlying insurance contracts are included in the same group with insurance contracts issued that are not reinsured, the group applies a systematic and rational method <span class=\"_ _2\"></span>of allocation to determine the portion of losses that relates to underlying insurance contracts.<span class=\"_ _421\"> </span>Release of the CSM to pr<span class=\"_ _2\"></span>ofit or loss for r<span class=\"_ _2\"></span>einsurance contr<span class=\"_ _2\"></span>acts \u2013 cov<span class=\"_ _2\"></span>erage units<span class=\"_ _421\"> </span>F<span class=\"_ _2\"></span>or reinsurance contracts held, the CSM is released to profit or loss as insurance contract services are receiv<span class=\"_ _2\"></span>ed from the reinsurer in the period. Note A6(g) sets out the cov<span class=\"_ _2\"></span>erage units that are applied to the reinsurance contracts held within the group.<span class=\"_ _421\"> </span>Reinsurance contr<span class=\"_ _2\"></span>acts held \u2013 loss-reco<span class=\"_ _2\"></span>very component<span class=\"_ _421\"> </span>A loss-recov<span class=\"_ _2\"></span>ery component is established <span class=\"_ _2\"></span>or adjusted within the asset for remaining cov<span class=\"_ _2\"></span>erage for reinsurance contracts held f<span class=\"_ _2\"></span>or the amount of income recognised in profit or loss when the group recognises a loss <span class=\"_ _2\"></span>on initial recognition of an onerous group <span class=\"_ _2\"></span>of underlying insurance contracts or <span class=\"_ _2\"></span>on addition of <span class=\"_ _2\"></span>onerous underlying insurance contracts to that group. <span class=\"_ _2\"></span>Subsequently<span class=\"_ _a\"></span>, the loss-recovery component is adjusted to reflect changes in the loss component <span class=\"_ _2\"></span>of an onerous group <span class=\"_ _2\"></span>of underlying insurance contracts. The loss-reco<span class=\"_ _2\"></span>very component is further adjusted, if required, to <span class=\"_ _2\"></span>ensure that it does not ex<span class=\"_ _2\"></span>ceed the portion of the carrying amount <span class=\"_ _2\"></span>of the loss component of the onerous group of underlying insurance contracts that the group <span class=\"_ _2\"></span>expects to reco<span class=\"_ _2\"></span>ver from the group of reinsurance contracts held. <span class=\"_ _7\"></span>The loss-recov<span class=\"_ _2\"></span>ery component determines the amounts that are presented as a reduction of incurred claims reco<span class=\"_ _2\"></span>very from reinsurance contracts held and are consequently <span class=\"_ _2\"></span>ex<span class=\"_ _2\"></span>cluded from the reinsurance expenses determination. <span class=\"_ _f\"></span> <span class=\"_ _68\"></span>(xiii) <span class=\"_ _4\"></span>Insurance and r<span class=\"_ _a\"></span>einsurance contracts measur<span class=\"_ _2\"></span>ed under P<span class=\"_ _0\"></span>AA<span class=\"_ _421\"> </span>The group uses P<span class=\"_ _0\"></span>AA to simplify the measurement of groups of contracts where the co<span class=\"_ _2\"></span>verage period of <span class=\"_ _2\"></span>each contract in the group is 1 <span class=\"_ _a\"></span>year or less. <span class=\"_ _7\"></span>This approach is used for stand-alone short-term protection products in Mo<span class=\"_ _2\"></span>vestic.<span class=\"_ _421\"> </span>On initial recognition of <span class=\"_ _2\"></span>each group of insurance contracts, the carrying amount <span class=\"_ _2\"></span>of the LRC is measured at the premiums received. <span class=\"_ _7\"></span>The group has chosen to e<span class=\"_ _2\"></span>xpense insurance acquisition cash flows when the<span class=\"_ _2\"></span>y are incurred.<span class=\"_ _421\"> </span>156<span class=\"_ _d\"> </span><span class=\"ff67 ls3 ws2\">CHE<span class=\"_ _3\"></span>SNA<span class=\"_ _3\"></span>R<span class=\"_ _3\"></span>A ANNUAL R<span class=\"_ _3\"></span>EPORT A<span class=\"_ _3\"></span>ND ACCOU<span class=\"_ _3\"></span>NTS 2023<span class=\"_ _421\"> </span></span>IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS<span class=\"_ _421\"> </span>Subsequently<span class=\"_ _a\"></span>, the carrying amount of the LR<span class=\"_ _2\"></span>C is increased by any premiums receiv<span class=\"_ _2\"></span>ed and decreased by the amount recognised as insurance re<span class=\"_ _2\"></span>venue f<span class=\"_ _2\"></span>or services provided. On initial recognition <span class=\"_ _2\"></span>of each group of contracts, the group <span class=\"_ _2\"></span>expects that the time betw<span class=\"_ _2\"></span>een providing <span class=\"_ _2\"></span>each part of the services and the related premium due date is no more than a <span class=\"_ _a\"></span>year<span class=\"_ _a\"></span>. A<span class=\"_ _2\"></span>ccordingly<span class=\"_ _a\"></span>, the group has chosen not to adjust the LRC to reflect the time value <span class=\"_ _2\"></span>of money and the <span class=\"_ _2\"></span>effect <span class=\"_ _2\"></span>of financial risk.<span class=\"_ _421\"> </span>F<span class=\"_ _2\"></span>or contracts measured under the P<span class=\"_ _a\"></span>AA, the LIC is adjusted for the time value <span class=\"_ _2\"></span>of money<span class=\"_ _0\"></span>, as t<span class=\"_ _3\"></span>he contracts issued and measured under the P<span class=\"_ _a\"></span>AA typically hav<span class=\"_ _2\"></span>e a settlement period of <span class=\"_ _2\"></span>ov<span class=\"_ _2\"></span>er 1 <span class=\"_ _a\"></span>year<span class=\"_ _a\"></span>. A risk adjustment for non-financial risk is also calculated.<span class=\"_ _421\"> </span>There are no in<span class=\"_ _2\"></span>vestment components within insurance contracts issued and reinsurance contracts held that are measured under the P<span class=\"_ _a\"></span>AA.  <span class=\"_ _f\"></span> <span class=\"_ _68\"></span>(xiv) <span class=\"_ _4\"></span>Non-distinct inv<span class=\"_ _2\"></span>estment components<span class=\"_ _421\"> </span>Insurance rev<span class=\"_ _2\"></span>enue and insurance service e<span class=\"_ _2\"></span>xpenses ex<span class=\"_ _2\"></span>clude any Non-Distinct In<span class=\"_ _2\"></span>vestment Components (NDIC). <span class=\"_ _0\"></span>T<span class=\"_ _2\"></span>he group identifies the investment component <span class=\"_ _2\"></span>of a contract by determining the amount that it w<span class=\"_ _2\"></span>ould be required to repay to the policyholder in all scenarios with commercial substance. <span class=\"_ _0\"></span>These include circumstances in which an insured e<span class=\"_ _2\"></span>vent <span class=\"_ _2\"></span>occurs, or the contract matures or is terminated without an insured <span class=\"_ _2\"></span>ev<span class=\"_ _2\"></span>ent occurring. Inv<span class=\"_ _2\"></span>estment components are e<span class=\"_ _2\"></span>xcluded from insurance rev<span class=\"_ _2\"></span>enue and insurance service e<span class=\"_ _2\"></span>xpenses, being recognised instead directly in the balance sheet. The table that f<span class=\"_ _2\"></span>ollows details the source of the NDIC\u2019<span class=\"_ _0\"></span>s for the broad product categories.<span class=\"_ _421\"> </span>Prod<span class=\"_ _3\"></span>uc<span class=\"_ _3\"></span>t cat<span class=\"_ _3\"></span>ego<span class=\"_ _3\"></span>ry <span class=\"_ _1d8\"> </span>T<span class=\"_ _2\"></span>yp<span class=\"_ _3\"></span>ical N<span class=\"_ _3\"></span>DI<span class=\"_ _3\"></span>C<span class=\"_ _421\"> </span>Immediate annuities <span class=\"_ _1d9\"> </span>None<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>erm assurance and other non-link<span class=\"_ _2\"></span>ed <span class=\"_ _b2\"> </span>T<span class=\"_ _2\"></span>erm assurance: None <span class=\"_ _1da\"> </span>Other non-linked: Low<span class=\"_ _2\"></span>er of death, surrender and matur<span class=\"_ _2\"></span>ity benefit<span class=\"_ _421\"> </span>Unit-linked/inde<span class=\"_ _2\"></span>x-linked/<span class=\"_ _2\"></span>with-profits \u2013 GMM <span class=\"_ _ee\"> </span>Lower of death, surr<span class=\"_ _2\"></span>ender and maturity benefit<span class=\"_ _421\"> </span>Unit-linked/inde<span class=\"_ _2\"></span>x-linked/<span class=\"_ _2\"></span>with-profits \u2013 VF<span class=\"_ _a\"></span>A <span class=\"_ _177\"> </span>Lower of de<span class=\"_ _2\"></span>ath, surrender and maturity benefit<span class=\"_ _421\"> </span>Short-term prot<span class=\"_ _2\"></span>ection <span class=\"_ _1db\"> </span>None <span class=\"_ _f\"></span>(xv) <span class=\"_ _3\"></span>Presentation in the pr<span class=\"_ _2\"></span>ofit and loss and balance sheet<span class=\"_ _421\"> </span>IFRS 1<span class=\"_ _0\"></span>7 has a significant impact on the presentation of the income statement with a separate insurance service result and inv<span class=\"_ _2\"></span>estment result. Under IFRS 1<span class=\"_ _0\"></span>7<span class=\"_ _7\"></span>, f<span class=\"_ _2\"></span>or contracts not measured under the P<span class=\"_ _a\"></span>AA, the group recognises insurance revenue as it satisfies its perf<span class=\"_ _2\"></span>ormance obligations \u2013 i.e. as it provides services under groups of insurance contracts. <span class=\"_ _7\"></span>The insurance revenue relating to services pro<span class=\"_ _2\"></span>vided for <span class=\"_ _2\"></span>each <span class=\"_ _a\"></span>year represents the total of the changes in the LR<span class=\"_ _2\"></span>C that relate to services for which the group <span class=\"_ _2\"></span>expects to receive consideration. <span class=\"_ _7\"></span>This mainly comprises the release of <span class=\"_ _2\"></span>expected claims, the risk adjustment e<span class=\"_ _2\"></span>xpired and the CSM amortised in the period. F<span class=\"_ _2\"></span>or contracts measured under the P<span class=\"_ _a\"></span>AA, the insurance revenue f<span class=\"_ _2\"></span>or each period <span class=\"_ _2\"></span>equates to the amount of e<span class=\"_ _2\"></span>xpected premium receipts for pro<span class=\"_ _2\"></span>viding services in the period. <span class=\"_ _68\"></span>\u2018Insurance service e<span class=\"_ _2\"></span>xpenses<span class=\"_ _2\"></span>\u2019 in each reporting period represents the cost of <span class=\"_ _2\"></span>providing those services, broadly comprising incurred claims and benefits and <span class=\"_ _2\"></span>expenses that are directly attributable to providing the service in the period. <span class=\"_ _68\"></span>\u2018Net income/(expenses) from reinsurance contracts<span class=\"_ _a\"></span>\u2019 generally comprises reinsurance expenses and the reco<span class=\"_ _2\"></span>very of incur<span class=\"_ _2\"></span>red claims. Reinsurance <span class=\"_ _2\"></span>expenses are recognised similarly to insurance rev<span class=\"_ _2\"></span>enue, with the amount of reinsurance <span class=\"_ _2\"></span>expenses representing an allocation of the premiums paid to <span class=\"_ _2\"></span>reinsurers that depicts the received insurance contract services in the period. Income and <span class=\"_ _2\"></span>expenses from reinsurance contracts are presented separately from income and e<span class=\"_ _2\"></span>xpenses from insurance contracts issued. Income and e<span class=\"_ _2\"></span>xpenses from reinsurance contracts, other than insurance finance income or <span class=\"_ _2\"></span>expenses, are presented <span class=\"_ _2\"></span>on a net basis on the f<span class=\"_ _2\"></span>ace of the income statement as \u2018net <span class=\"_ _2\"></span>expenses from reinsurance contracts<span class=\"_ _2\"></span>\u2019 in the insurance service result.<span class=\"_ _421\"> </span>T<span class=\"_ _0\"></span>ogether<span class=\"_ _a\"></span>, the insurance revenue, insurance service <span class=\"_ _2\"></span>expenses and net income/(e<span class=\"_ _2\"></span>xpenses) from reinsurance contracts make up the insurance service result, presented on the face <span class=\"_ _2\"></span>of the income statement. The \u2018in<span class=\"_ _2\"></span>vestment result\u2019 comprises the \u2018net inv<span class=\"_ _2\"></span>estment return<span class=\"_ _a\"></span>\u2019<span class=\"_ _2\"></span>, changes in inv<span class=\"_ _2\"></span>estment contract liabilities and policyholder funds held by the group and IFIE f<span class=\"_ _2\"></span>or both insurance and reinsurance contracts. <span class=\"_ _0\"></span>The IFIE broadly includes the <span class=\"_ _2\"></span>eff<span class=\"_ _2\"></span>ect of changes in the time value <span class=\"_ _2\"></span>of money and the <span class=\"_ _2\"></span>eff<span class=\"_ _2\"></span>ect of financial risk and changes in financial risk. <span class=\"_ _0\"></span>The group includes all IFIE in the profit <span class=\"_ _2\"></span>or loss, with no disaggregation into Other Comprehensive Income.<span class=\"_ _421\"> </span>The group disaggregates changes in the risk adjustment f<span class=\"_ _2\"></span>or non-financial risk between the insurance service result and insurance finance income or <span class=\"_ _2\"></span>expenses. P<span class=\"_ _a\"></span>ortfolios of insurance contracts that are assets and those that are liabilities, and portfolios <span class=\"_ _2\"></span>of reinsurance contracts that are assets and those that are liabilities, are presented separately in the balance sheet. An<span class=\"_ _2\"></span>y assets or liabilities recognised f<span class=\"_ _2\"></span>or cash flows arising before the recognition <span class=\"_ _2\"></span>of the related group of contracts (including any assets f<span class=\"_ _2\"></span>or insurance acquisition cash flows) are included in the carrying amount <span class=\"_ _2\"></span>of the related portfolios of contracts.<span class=\"_ _421\"> </span><span class=\"ff65 ls3 ws2\">CHE<span class=\"_ _277\"></span>SNA<span class=\"_ _277\"></span>R<span class=\"_ _283\"></span>A<span class=\"_ _27e\"></span>ANNUAL<span class=\"_ _287\"></span>R<span class=\"_ _277\"></span>EPORT<span class=\"_ _27f\"></span>A<span class=\"_ _284\"></span>ND<span class=\"_ _287\"></span>ACCO<span class=\"_ _279\"></span>UNTS<span class=\"_ _27b\"></span>2023</span><span class=\"_ _3b2\"></span>157<span class=\"_ _421\"> </span><div class=\"t m0 h4 ff67 fs2 fc1 sc0 lsc3 ws82 gs93\">IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS<span class=\"_ _421\"> </span></div><div class=\"t m0 h9 ff68 fs8 fc2 sc0 ls18f ws2 gs94\">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<span class=\"_ _421\"> </span></div><div class=\"t m0 hf ff61 fsc fc2 sc0 ls37 ws2 gs95\">SECTION A \u2013 GENERAL INFORMA<span class=\"_ _a\"></span>TION AND ACCOUNTING POLICIES AND JUDGEMENT<span class=\"_ _2\"></span>S</div><div class=\"t m0 h11 ff63 fsd fc2 sc0 ls2 ws2 gs96\"> <span class=\"_ _e\"> </span>A5 <span class=\"_ _3\"></span>Significant accounting policies (continued)</div><div class=\"t m0 h11 ff63 fsd fc1 sc0 ls2 ws2 gs19d\"> <span class=\"_ _e\"> </span>(b) <span class=\"_ _3\"></span>Investment contr<span class=\"_ _2\"></span>acts<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws17d gs98\">Inv<span class=\"_ _2\"></span>estment contracts are contracts that carry financial risk, with no significant insurance risk and are accounted for under IFR<span class=\"_ _2\"></span>S 9. <span class=\"_ _0\"></span>Where contracts contain both<span class=\"_ _421\"> </span> </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls6d ws2c gs19e\">insurance and inv<span class=\"_ _2\"></span>estment components the inv<span class=\"_ _2\"></span>estment component can only be separated if it meets the requirements of a \u2018distinct in<span class=\"_ _2\"></span>vestment component\u2019<span class=\"_ _0\"></span>.<span class=\"_ _421\"> </span> </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls42 ws73 gs19f\">Distinct in this sense is where the inv<span class=\"_ _2\"></span>estment component is not highly inter<span class=\"_ _0\"></span>-related with the insurance component and for which contracts with equivalent terms<span class=\"_ _421\"> </span> </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls0 wsf gs1a0\">are sold, or could be sold, separately in the same mark<span class=\"_ _2\"></span>et or the same jurisdiction. <span class=\"_ _0\"></span>T<span class=\"_ _2\"></span>his requirement is different from <span class=\"_ _2\"></span>IFRS 4 where previously if the in<span class=\"_ _2\"></span>vestment<span class=\"_ _421\"> </span> </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws36 gs1a1\">component could be reliably measured then separation was permitted. <span class=\"_ _2\"></span>As a result of this change, <span class=\"_ _2\"></span>one of the sa<span class=\"_ _2\"></span>vings type products in Mov<span class=\"_ _2\"></span>estic is now classed as<span class=\"_ _421\"> </span> </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs9c\">insurance and accounted for under IFR<span class=\"_ _2\"></span>S 1<span class=\"_ _a\"></span>7 along with some UK pensions contracts with waiver <span class=\"_ _2\"></span>of premium benefit.<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls0 ws73 gs1a2\">All inv<span class=\"_ _2\"></span>estment contract liabilities are designated on initial recognition as held at fair v<span class=\"_ _2\"></span>alue through profit or loss. <span class=\"_ _7\"></span>The group has designated investment contract<span class=\"_ _421\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs1a3\">liabilities at fair v<span class=\"_ _2\"></span>alue through profit or loss as this more closely reflects the basis on which the businesses are managed.<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws13 gs1a4\">The financial liability in respect <span class=\"_ _2\"></span>of unit-linked contracts is measured by ref<span class=\"_ _a\"></span>erence to the value of the underlying net asset v<span class=\"_ _2\"></span>alue of the unitised in<span class=\"_ _2\"></span>vestment funds,<span class=\"_ _421\"> </span> </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs1a5\">determined on a bid v<span class=\"_ _2\"></span>alue, at the balance sheet date.<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws13 gs1a6\">F<span class=\"_ _2\"></span>or the UK business, the impact of def<span class=\"_ _2\"></span>erred tax <span class=\"_ _2\"></span>on unrealised capital gains is passed to the policyholder and for the <span class=\"_ _2\"></span>Sw<span class=\"_ _2\"></span>edish business a policyholder <span class=\"_ _a\"></span>yield tax in<span class=\"_ _421\"> </span> </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls6d ws13 gs1a7\">respect of an <span class=\"_ _2\"></span>estimate of the inv<span class=\"_ _2\"></span>estment return on the underlying in<span class=\"_ _2\"></span>vestments in the unitised funds are also reflected in the measurement <span class=\"_ _2\"></span>of the respective<span class=\"_ _421\"> </span> </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gsa3\">unit-linked liabilities.<span class=\"_ _421\"> </span> </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls0 ws22 gs1a8\">Inv<span class=\"_ _2\"></span>estment contract liabilities are managed together with related inv<span class=\"_ _2\"></span>estment assets on a fair v<span class=\"_ _2\"></span>alue basis as part of the documented risk management strategy<span class=\"_ _0\"></span>.<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls71 ws2 gs1a9\">The f<span class=\"_ _2\"></span>air value <span class=\"_ _2\"></span>of other inv<span class=\"_ _2\"></span>estment contracts is measured by discounting current <span class=\"_ _2\"></span>estimates of all contractual cash flo<span class=\"_ _2\"></span>ws that are e<span class=\"_ _2\"></span>xpected to arise under contracts.<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls18 ws156 gs1aa\">Amounts deposited with reinsurers under reinsurance arrangements, which primarily in<span class=\"_ _2\"></span>volve the transf<span class=\"_ _a\"></span>er of financial risk, are entered directly to the balance sheet<span class=\"_ _421\"> </span> <span class=\"_ _19\"></span><span class=\"ls2 ws2\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs1ab\">as amounts deposited with reinsurers. <span class=\"_ _0\"></span>These assets are designated <span class=\"_ _2\"></span>on initial recognition as at fair v<span class=\"_ _2\"></span>alue through profit or loss.<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls0 ws119 gs1ac\">Amounts collected on in<span class=\"_ _2\"></span>vestment contracts, which primarily in<span class=\"_ _2\"></span>volve the transf<span class=\"_ _a\"></span>er of financial risk such as long-term savings contracts, are accounted f<span class=\"_ _2\"></span>or using<span class=\"_ _421\"> </span> </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 wsf gs1ad\">deposit accounting, under which the amounts collected, less any initial f<span class=\"_ _2\"></span>ees deducted, are credited directly to the balance sheet as an adjustment to the liability<span class=\"_ _421\"> </span> </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws127 gs1ae\">to the inv<span class=\"_ _2\"></span>estor<span class=\"_ _a\"></span>. Similarly<span class=\"_ _0\"></span>, benefits paid are not included in the income statement but are instead deducted from investment contract liabilities in the accounting<span class=\"_ _421\"> </span> </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gsaa\">period in which they are paid.<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws11f gs1af\">Acquisition costs relating to in<span class=\"_ _2\"></span>vestment contracts comprise directly attributable incremental acquisition costs, which vary with, and are related to, securing ne<span class=\"_ _2\"></span>w<span class=\"_ _421\"> </span> </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls18 ws10a gs1b0\">contracts, and are recognised as an asset to the e<span class=\"_ _2\"></span>xtent that they represent the contractual right to benefit from the pro<span class=\"_ _2\"></span>vision of inv<span class=\"_ _2\"></span>estment management services.<span class=\"_ _421\"> </span> </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 wsff gs1b1\">The asset is presented as a def<span class=\"_ _a\"></span>erred acquisition cost asset and is amortised ov<span class=\"_ _2\"></span>er the e<span class=\"_ _2\"></span>xpected term of the contract, as the f<span class=\"_ _2\"></span>ees relating to the provision <span class=\"_ _2\"></span>of the<span class=\"_ _421\"> </span> </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs1b2\">services are recognised. All <span class=\"_ _2\"></span>other costs are recognised as e<span class=\"_ _2\"></span>xpenses when incurred.</div><div class=\"t m0 h11 ff63 fsd fc1 sc0 ls2 ws2 gs1b3\"> <span class=\"_ _18\"> </span>(c) <span class=\"_ _4\"></span>Investment r<span class=\"_ _a\"></span>etur<span class=\"_ _2\"></span>n<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs1b4\">Inv<span class=\"_ _2\"></span>estment return comprises inv<span class=\"_ _2\"></span>estment income from financial assets and rental income from inv<span class=\"_ _2\"></span>estment properties.<span class=\"_ _421\"> </span> </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gsb0\">Income from financial assets comprises dividend and interest income, net fair v<span class=\"_ _2\"></span>alue gains and losses (both unrealised and realised) in respect of financial assets<span class=\"_ _421\"> </span> </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gsb1\">classified as fair v<span class=\"_ _2\"></span>alue through profit or loss, and realised gains <span class=\"_ _2\"></span>on financial assets classified as loans and receivables.<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls42 ws73 gs1b5\">Dividends are accrued <span class=\"_ _2\"></span>on an ex<span class=\"_ _0\"></span>-dividend basis. Interest received and receivable in respect <span class=\"_ _2\"></span>of interest-bearing financial assets classified as fair v<span class=\"_ _2\"></span>alue through profit<span class=\"_ _421\"> </span> </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls0 ws6c gs1b6\">or loss is included in net fair v<span class=\"_ _2\"></span>alue gains and losses. F<span class=\"_ _2\"></span>or loans and receivables and cash and cash equiv<span class=\"_ _2\"></span>alents interest income is calculated using the eff<span class=\"_ _a\"></span>ective<span class=\"_ _421\"> </span> </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gsb4\">interest method.<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls42 ws10a gsb5\">Rental income from in<span class=\"_ _2\"></span>vestment properties under <span class=\"_ _2\"></span>operating leases is recognised in the Consolidated Statement <span class=\"_ _2\"></span>of Comprehensive Income <span class=\"_ _2\"></span>on a straight-line basis<span class=\"_ _421\"> </span> </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls18 ws2 gsb6\">ov<span class=\"_ _2\"></span>er the term of <span class=\"_ _2\"></span>each lease. Lease incentives are recognised in the Consolidated <span class=\"_ _a\"></span>Statement of Comprehensive Income as an integral part <span class=\"_ _2\"></span>of the total lease income.<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 wsc4 gsb7\">The in<span class=\"_ _2\"></span>vestment return in respect <span class=\"_ _2\"></span>of assets backing inv<span class=\"_ _2\"></span>estment contracts is presented separately from the investment return f<span class=\"_ _2\"></span>or those assets backing insurance<span class=\"_ _421\"> </span> </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls0 ws2c gsb8\">contracts in order to meet the IFR<span class=\"_ _2\"></span>S 1<span class=\"_ _a\"></span>7 requirement to illustrate the relationship between insurance finance income or <span class=\"_ _2\"></span>expenses and the corresponding return<span class=\"_ _421\"> </span> </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gsb9\">on the assets.</div><div class=\"t m0 h11 ff63 fsd fc1 sc0 ls2 ws2 gs1b7\"> <span class=\"_ _e\"> </span>(d) <span class=\"_ _3\"></span>Fee,<span class=\"_ _2\"></span> commission income and other operating income<span class=\"_ _421\"> </span></div><div class=\"t m0 h40 ff69 fsd fc1 sc0 ls2 ws2 gs1b8\">F<span class=\"_ _2\"></span>ee and commission income for in<span class=\"_ _2\"></span>vestment contracts:<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls0 ws113 gs1b9\">In accordance with IFRS <span class=\"_ _a\"></span>15, f<span class=\"_ _a\"></span>ees charged for investment management services pro<span class=\"_ _2\"></span>vided in connection with inv<span class=\"_ _2\"></span>estment contracts are recognised as rev<span class=\"_ _2\"></span>enue<span class=\"_ _421\"> </span> </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls6d ws1 gsbd\">ov<span class=\"_ _2\"></span>er time, as the services are provided. Initial f<span class=\"_ _2\"></span>ees which e<span class=\"_ _2\"></span>xceed the le<span class=\"_ _2\"></span>vel of recur<span class=\"_ _2\"></span>ring f<span class=\"_ _2\"></span>ees and relate to the future provision of services are def<span class=\"_ _a\"></span>erred and<span class=\"_ _421\"> </span> </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gsbe\">amortised o<span class=\"_ _2\"></span>ver the anticipated period o<span class=\"_ _2\"></span>ver time in which services will be pro<span class=\"_ _2\"></span>vided.<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 lsda wse8 gs1ba\">Initial f<span class=\"_ _2\"></span>ees, annual management charges and contract administration charges are recognised o<span class=\"_ _2\"></span>ver time as re<span class=\"_ _2\"></span>venue on an accr<span class=\"_ _2\"></span>uals basis. <span class=\"_ _2\"></span>Surrender charges are<span class=\"_ _421\"> </span> </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs1bb\">recognised as a reduction to policyholder claims and benefits incurred when the surrender benefits are paid.<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls0 ws86 gs1bc\">Commissions received <span class=\"_ _2\"></span>or receivable which do not require the group to render further services are recognised at the point at which the commission becomes<span class=\"_ _421\"> </span> </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls0 ws115 gs1bd\">due. How<span class=\"_ _2\"></span>ev<span class=\"_ _2\"></span>er<span class=\"_ _a\"></span>, when it is probable that the group will be required to render further services during the life <span class=\"_ _2\"></span>of the contract, the commission, or part thereof<span class=\"_ _a\"></span>, is<span class=\"_ _421\"> </span> </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs1be\">def<span class=\"_ _2\"></span>erred and recognised o<span class=\"_ _2\"></span>ver time as re<span class=\"_ _2\"></span>venue o<span class=\"_ _2\"></span>ver the period in which services are rendered.<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs1bf\">All f<span class=\"_ _2\"></span>ees in respect of insurance contracts are no<span class=\"_ _2\"></span>w recognised within insurance revenue.<span class=\"_ _421\"> </span></div><div class=\"t m0 h40 ff69 fsd fc1 sc0 ls2 ws2 gs1c0\">Other operating income:<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls68 ws22 gs1c1\">F<span class=\"_ _2\"></span>ee income from inv<span class=\"_ _2\"></span>estment managers, which is in relation to Movestic, is recognised in accordance with IFR<span class=\"_ _2\"></span>S 1<span class=\"_ _2\"></span>5. <span class=\"_ _0\"></span>The income is receiv<span class=\"_ _2\"></span>ed from the fund companies<span class=\"_ _421\"> </span> </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs1c2\">based on the v<span class=\"_ _2\"></span>alue of the managed assets. <span class=\"_ _0\"></span>T<span class=\"_ _2\"></span>he fee income is recognised and adjusted <span class=\"_ _2\"></span>on an ongoing basis, as Mo<span class=\"_ _2\"></span>vestic meets its commitments.<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff62 fs1 fc1 sc0 lseb wsfb gsc0\">158<span class=\"_ _d\"> </span><span class=\"ff67 ls3 ws2\">CHESN<span class=\"_ _3\"></span>AR<span class=\"_ _3\"></span>A AN<span class=\"_ _3\"></span>NUAL REPO<span class=\"_ _3\"></span>RT AND <span class=\"_ _3\"></span>ACCOUNT<span class=\"_ _3\"></span>S 20<span class=\"_ _2\"></span>23<span class=\"_ _421\"> </span></span></div>IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS  (e) <span class=\"_ _3\"></span>Other operating expenses<span class=\"_ _421\"> </span>Actual incur<span class=\"_ _2\"></span>red expenses within the group are assessed according to the group\u2019<span class=\"_ _0\"></span>s guidelines to consider whether they are attributable to fulfilling insurance contracts and those meeting this requirement are reported as \u2018insurance service e<span class=\"_ _2\"></span>xpenses<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>. As part <span class=\"_ _2\"></span>of this assessment, the eligible <span class=\"_ _2\"></span>expenses are apportioned between in<span class=\"_ _2\"></span>vestment and insurance contracts <span class=\"_ _2\"></span>on a systematic and rational basis. Certain e<span class=\"_ _2\"></span>xpenses such as project e<span class=\"_ _2\"></span>xpenses and one-off e<span class=\"_ _2\"></span>xpenses are considered to be non-attributable and are therefore <span class=\"_ _2\"></span>ex<span class=\"_ _2\"></span>cluded from the apportionment and directly allocated to \u2018<span class=\"_ _a\"></span>other operating expenses<span class=\"_ _a\"></span>\u2019<span class=\"_ _0\"></span>. <span class=\"_ _0\"></span>The \u2018<span class=\"_ _a\"></span>other operating <span class=\"_ _2\"></span>expenses<span class=\"_ _a\"></span>\u2019 therefore include all <span class=\"_ _2\"></span>expenses that are not attributable to insurance contracts, as they are <span class=\"_ _2\"></span>either not eligible <span class=\"_ _2\"></span>or hav<span class=\"_ _2\"></span>e been apportioned to investment contracts.<span class=\"_ _421\"> </span>Operating lease payments<span class=\"_ _421\"> </span>Under IFRS 1<span class=\"_ _a\"></span>6, the deprecation of right-of-use assets is recognised in the <span class=\"_ _2\"></span>Statement of Comprehensiv<span class=\"_ _2\"></span>e Income as an administration expense. P<span class=\"_ _a\"></span>ayments made in relation to lease commitments are reflected in the balance sheet as a reduction to the corresponding lease liability<span class=\"_ _a\"></span>. <span class=\"_ _10\"></span><span class=\"_ _10\"> </span>(f) <span class=\"_ _4\"></span>Financing costs<span class=\"_ _421\"> </span>Financing costs comprise interest pay<span class=\"_ _2\"></span>able on borro<span class=\"_ _2\"></span>wings and on reinsurance claims deposits included within reinsurance pa<span class=\"_ _2\"></span>yables, calculated using the eff<span class=\"_ _a\"></span>ective interest rate method. Under IFRS 1<span class=\"_ _a\"></span>6, interest on lease liabilities is recognised in the <span class=\"_ _2\"></span>Statement of Comprehensiv<span class=\"_ _2\"></span>e Income as finance costs. <span class=\"_ _e\"> </span>(g) <span class=\"_ _3\"></span>Income taxes<span class=\"_ _421\"> </span>Income tax on the profit <span class=\"_ _2\"></span>or loss for the <span class=\"_ _a\"></span>year comprises cur<span class=\"_ _2\"></span>rent and defer<span class=\"_ _2\"></span>red tax and is recognised in the Consolidated Statement <span class=\"_ _2\"></span>of Comprehensive Income. <span class=\"_ _7\"></span>T<span class=\"_ _a\"></span>ax that relates directly to transactions reflected within equity is also presented within <span class=\"_ _2\"></span>equity<span class=\"_ _a\"></span>.<span class=\"_ _421\"> </span>(i) <span class=\"_ _79\"> </span>Current tax<span class=\"_ _421\"> </span>Current tax is the e<span class=\"_ _2\"></span>xpected tax pay<span class=\"_ _2\"></span>able on the taxable income f<span class=\"_ _2\"></span>or the <span class=\"_ _a\"></span>year<span class=\"_ _a\"></span>, using tax rates enacted or substantiv<span class=\"_ _2\"></span>ely enacted at the balance sheet date, and an<span class=\"_ _2\"></span>y adjustment to tax pay<span class=\"_ _2\"></span>able in respect of pre<span class=\"_ _2\"></span>vious <span class=\"_ _a\"></span>years.<span class=\"_ _421\"> </span>(ii) <span class=\"_ _10\"> </span>Def<span class=\"_ _2\"></span>erred tax<span class=\"_ _421\"> </span>Def<span class=\"_ _2\"></span>erred tax is provided using the balance sheet liability method, pro<span class=\"_ _2\"></span>viding for temporary diff<span class=\"_ _a\"></span>erences between the carrying amounts of assets and liabilities f<span class=\"_ _2\"></span>or<span class=\"_ _421\"> </span> financial reporting purposes and the amounts used for taxation purposes. <span class=\"_ _0\"></span>T<span class=\"_ _2\"></span>he amount of def<span class=\"_ _2\"></span>erred tax pro<span class=\"_ _2\"></span>vided is based on the e<span class=\"_ _2\"></span>xpected manner of realisation<span class=\"_ _421\"> </span> or settlement of the carrying amount <span class=\"_ _2\"></span>of assets and liabilities, using tax rates enacted <span class=\"_ _2\"></span>or substantively enacted at the balance sheet date.<span class=\"_ _421\"> </span>A def<span class=\"_ _2\"></span>erred tax asset is recognised only to the <span class=\"_ _2\"></span>extent that it is probable that future taxable profits will be a<span class=\"_ _2\"></span>vailable against which the asset can be utilised.<span class=\"_ _421\"> </span> Def<span class=\"_ _2\"></span>erred tax assets are reduced to the e<span class=\"_ _2\"></span>xtent that it is no longer probable that the related tax benefit will be realised.<span class=\"_ _421\"> </span>In accordance with IAS 1<span class=\"_ _a\"></span>2, defer<span class=\"_ _2\"></span>red tax assets and def<span class=\"_ _2\"></span>erred tax liabilities arising from diff<span class=\"_ _2\"></span>erent tax jurisdictions in which the group operates are not offset<span class=\"_ _421\"> </span> against each other<span class=\"_ _a\"></span>.<span class=\"_ _421\"> </span>(iii)  P<span class=\"_ _a\"></span>olicyholders\u2019 fund <span class=\"_ _0\"></span>yield tax<span class=\"_ _421\"> </span>Certain of the group\u2019<span class=\"_ _0\"></span>s policyholders within the <span class=\"_ _2\"></span>Swedish business are subject to a <span class=\"_ _0\"></span>yield tax which is calculated based on an estimate <span class=\"_ _2\"></span>of the inv<span class=\"_ _2\"></span>estment return <span class=\"_ _19\"></span><span class=\"ls2 ws2\"> </span>on underlying inv<span class=\"_ _2\"></span>estments within their unitised funds. <span class=\"_ _0\"></span>The group is under an <span class=\"_ _2\"></span>obligation to deduct the <span class=\"_ _a\"></span>yield tax from the policyholders\u2019 unitised funds and to remit these deductions to the tax authorities. <span class=\"_ _0\"></span>The remittance <span class=\"_ _2\"></span>of this tax payment is included in other <span class=\"_ _2\"></span>operating e<span class=\"_ _2\"></span>xpenses as it does not comprise a tax charge on group profits. <span class=\"_ _e\"></span><span class=\"_ _e\"> </span>(h) <span class=\"_ _3\"></span>Intangible assets<span class=\"_ _421\"> </span>(i) <span class=\"_ _79\"> </span>Acquired value <span class=\"_ _2\"></span>of in-force business<span class=\"_ _421\"> </span>Acquired in-f<span class=\"_ _2\"></span>orce inv<span class=\"_ _2\"></span>estment contracts arising from business combinations are measured at fair value at the time <span class=\"_ _2\"></span>of acquisition.<span class=\"_ _421\"> </span>The present v<span class=\"_ _2\"></span>alue of in-f<span class=\"_ _2\"></span>orce investment contracts recognised under IFR<span class=\"_ _2\"></span>S 9 is stated at cost less accumulated amortisation and impairment losses. <span class=\"_ _0\"></span>The initia<span class=\"_ _421\"> </span>l<span class=\"_ _421\"> </span> cost is deemed to be the fair v<span class=\"_ _2\"></span>alue of the contractual customer relationships acquired. <span class=\"_ _7\"></span>The acquired present value <span class=\"_ _2\"></span>of the in-force inv<span class=\"_ _2\"></span>estment contracts is carried<span class=\"_ _421\"> </span> gross of tax and is amortised against income <span class=\"_ _2\"></span>on a time profile which, it is intended, will broadly match the profile of the underlying emergence <span class=\"_ _2\"></span>of profit from<span class=\"_ _421\"> </span> the contracts. <span class=\"_ _0\"></span>The reco<span class=\"_ _2\"></span>verable amount is <span class=\"_ _2\"></span>estimated at each balance sheet date. If the recov<span class=\"_ _2\"></span>erable amount is less than the carrying amount, an impairmen<span class=\"_ _421\"> </span>t<span class=\"_ _421\"> </span> loss is recognised in the Consolidated <span class=\"_ _2\"></span>Statement of Comprehensiv<span class=\"_ _2\"></span>e Income and the carrying amount is reduced to its recov<span class=\"_ _2\"></span>erable amount.<span class=\"_ _421\"> </span>Under IFRS <span class=\"_ _a\"></span>1<span class=\"_ _a\"></span>7, the difference between the fair value of insurance contracts and the fulfilment cash flows pertaining to those contracts is recognised as the<span class=\"_ _421\"> </span> CSM under IFRS <span class=\"_ _a\"></span>1<span class=\"_ _a\"></span>7. This has been applied retrospectively in these financial statements and therefore the asset held on the balance sheet for the acquired<span class=\"_ _421\"> </span> value of in-force business is in respect of investment contracts only.<span class=\"_ _421\"> </span>(ii) <span class=\"_ _10\"> </span>Acquired v<span class=\"_ _2\"></span>alue of customer relationships<span class=\"_ _421\"> </span>The acquired v<span class=\"_ _2\"></span>alue of customer relationships arising from business combinations is measured at f<span class=\"_ _2\"></span>air value at the time of acquisition. <span class=\"_ _7\"></span>This comprises the<span class=\"_ _421\"> </span> discounted cash flows relating to ne<span class=\"_ _2\"></span>w insurance and investment contracts which are <span class=\"_ _2\"></span>expected to arise from <span class=\"_ _2\"></span>existing customer relationships. <span class=\"_ _0\"></span>T<span class=\"_ _2\"></span>hese are carried<span class=\"_ _421\"> </span> gross of tax, are amortised in accordance with the <span class=\"_ _2\"></span>expected emergence <span class=\"_ _2\"></span>of profit from the new contracts and are tested periodically f<span class=\"_ _2\"></span>or recov<span class=\"_ _2\"></span>erability<span class=\"_ _a\"></span>.<span class=\"_ _421\"> </span>(iii)  Software assets<span class=\"_ _421\"> </span>An intangible asset in respect of internal de<span class=\"_ _2\"></span>velopment softw<span class=\"_ _2\"></span>are costs is only recognised if all of the f<span class=\"_ _2\"></span>ollowing conditions are met: <span class=\"_ _92\"> </span>(i) <span class=\"_ _12\"> </span>an asset is created that can be identified; <span class=\"_ _92\"> </span>(ii) <span class=\"_ _10\"> </span>it is probable that the asset created will generate future economic benefits; and <span class=\"_ _92\"> </span>(iii)  the development costs <span class=\"_ _2\"></span>of the asset can be measured reliably<span class=\"_ _a\"></span>.<span class=\"_ _421\"> </span>Where no internally generated intangible asset can be recognised, dev<span class=\"_ _2\"></span>elopment e<span class=\"_ _2\"></span>xpenditure is recognised as an e<span class=\"_ _2\"></span>xpense in the period in which it is incurred<span class=\"_ _421\"> </span>.<span class=\"_ _421\"> </span> Software assets, including internally de<span class=\"_ _2\"></span>veloped software, are amortised <span class=\"_ _2\"></span>on a straight-line basis o<span class=\"_ _2\"></span>ver their <span class=\"_ _2\"></span>estimated useful life, which typically v<span class=\"_ _2\"></span>aries between<span class=\"_ _421\"> </span> 3 and 5 <span class=\"_ _a\"></span>years.<span class=\"_ _421\"> </span><span class=\"ff65 ls3 ws2\">CHES<span class=\"_ _277\"></span>NAR<span class=\"_ _277\"></span>A<span class=\"_ _278\"></span>AN<span class=\"_ _277\"></span>NUAL<span class=\"_ _379\"></span>REPO<span class=\"_ _277\"></span>RT<span class=\"_ _27f\"></span>AND<span class=\"_ _3b0\"></span>ACCOUNT<span class=\"_ _27a\"></span>S<span class=\"_ _27b\"></span>20<span class=\"_ _2b5\"></span>23</span><span class=\"_ _3b4\"></span>159<span class=\"_ _421\"> </span>IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS<span class=\"_ _421\"> </span>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<span class=\"_ _421\"> </span>SECTION A \u2013 GENERAL INFORMA<span class=\"_ _a\"></span>TION AND ACCOUNTING POLICIES AND JUDGEMENT<span class=\"_ _2\"></span>S <span class=\"_ _e\"> </span>A5 <span class=\"_ _3\"></span>Significant accounting policies (continued) <span class=\"_ _d\"> </span>(i) <span class=\"_ _4\"></span>Proper<span class=\"_ _2\"></span>ty and equipment<span class=\"_ _421\"> </span>Items of property and <span class=\"_ _2\"></span>equipment are stated at cost less accumulated depreciation and impairment losses.<span class=\"_ _421\"> </span>Depreciation is charged to the Consolidated <span class=\"_ _2\"></span>Statement of Comprehensive Income <span class=\"_ _2\"></span>on a straight-line basis o<span class=\"_ _2\"></span>ver the <span class=\"_ _2\"></span>estimated useful economic lives <span class=\"_ _2\"></span>of the property<span class=\"_ _421\"> </span> and equipment <span class=\"_ _2\"></span>on the follo<span class=\"_ _2\"></span>wing basis:<span class=\"_ _421\"> </span>Computers and similar equipment <span class=\"_ _39\"> </span>3 to 5 <span class=\"_ _a\"></span>years<span class=\"_ _421\"> </span>Fixtures and other equipment <span class=\"_ _112\"> </span>5 <span class=\"_ _2\"></span>years<span class=\"_ _421\"> </span>Assets held under leases, as right-of-use assets, are depreciated <span class=\"_ _2\"></span>over their useful <span class=\"_ _2\"></span>economic lives <span class=\"_ _2\"></span>on the same basis as o<span class=\"_ _2\"></span>wned assets, or where shorter<span class=\"_ _a\"></span>, o<span class=\"_ _2\"></span>ver the<span class=\"_ _421\"> </span> term of the rele<span class=\"_ _2\"></span>vant lease. <span class=\"_ _0\"></span>T<span class=\"_ _2\"></span>hese include office buildings, office and IT <span class=\"_ _2\"></span>equipment and motor vehicles. <span class=\"_ _d\"> </span>(j) <span class=\"_ _4\"></span>Inv<span class=\"_ _2\"></span>estment proper<span class=\"_ _2\"></span>ties<span class=\"_ _421\"> </span>Inv<span class=\"_ _2\"></span>estment properties consist of properties held in the Unit-Link<span class=\"_ _2\"></span>ed Property Inv<span class=\"_ _2\"></span>estment F<span class=\"_ _a\"></span>und and SIPP Commercial P<span class=\"_ _2\"></span>roperty (Directly Held) in our UK division, as described below<span class=\"_ _0\"></span>. Unit-Linked P<span class=\"_ _2\"></span>roperty Inv<span class=\"_ _2\"></span>estment F<span class=\"_ _2\"></span>und<span class=\"_ _421\"> </span>The properties held in the unit-link<span class=\"_ _2\"></span>ed property fund are valued on a monthly basis b<span class=\"_ _2\"></span>y Jones Lang Lasalle (JLL), an independent property v<span class=\"_ _2\"></span>aluer<span class=\"_ _a\"></span>, on an open-mark<span class=\"_ _2\"></span>et basis. <span class=\"_ _0\"></span>Their v<span class=\"_ _2\"></span>aluation is prepared in accordance with the Practice <span class=\"_ _2\"></span>Statements in the RICS Appraisal and <span class=\"_ _0\"></span>V<span class=\"_ _2\"></span>aluation Standards (5th Edition).<span class=\"_ _421\"> </span>The properties are measured initially at cost. <span class=\"_ _7\"></span>The carrying amount includes the cost of replacing part <span class=\"_ _2\"></span>of an e<span class=\"_ _2\"></span>xisting property at the time that cost is incurred if the recognition criteria are met; and e<span class=\"_ _2\"></span>xcludes the costs of da<span class=\"_ _2\"></span>y-to-da<span class=\"_ _2\"></span>y servicing of a property<span class=\"_ _0\"></span>. Subsequent to initial recognition, properties are stated at fair v<span class=\"_ _2\"></span>alue, which reflects market conditions at the reporting date. Gains <span class=\"_ _2\"></span>or losses arising from changes in the fair values <span class=\"_ _2\"></span>of properties are included within inv<span class=\"_ _2\"></span>estment income in the <span class=\"_ _2\"></span>Statement of Comprehensiv<span class=\"_ _2\"></span>e Income in the <span class=\"_ _a\"></span>year in which they arise.<span class=\"_ _421\"> </span>Fair v<span class=\"_ _2\"></span>alue is the price that would be received to sell an asset <span class=\"_ _2\"></span>or paid to transf<span class=\"_ _2\"></span>er a liability in an orderly transaction betw<span class=\"_ _2\"></span>een market participants at the measurement date.<span class=\"_ _421\"> </span>Fair v<span class=\"_ _2\"></span>alue is understood as the value <span class=\"_ _2\"></span>of a property estimated without regard to costs of sale <span class=\"_ _2\"></span>or purchase, and without offset f<span class=\"_ _2\"></span>or any associated taxes. <span class=\"_ _a\"></span>All such valuations are prepared and <span class=\"_ _2\"></span>expressed <span class=\"_ _2\"></span>exclusiv<span class=\"_ _2\"></span>e of <span class=\"_ _0\"></span>VA<span class=\"_ _0\"></span>T payments, unless otherwise stated.<span class=\"_ _421\"> </span>The properties are derecognised <span class=\"_ _2\"></span>either when they hav<span class=\"_ _2\"></span>e been disposed of<span class=\"_ _a\"></span>, or when the in<span class=\"_ _2\"></span>vestment property is permanently withdrawn from use and no future<span class=\"_ _2\"></span> economic benefit is e<span class=\"_ _2\"></span>xpected from its disposal. An<span class=\"_ _2\"></span>y gains or losses on the retirement <span class=\"_ _2\"></span>or disposal of an in<span class=\"_ _2\"></span>vestment property are recognised within in<span class=\"_ _2\"></span>vestment income in the <span class=\"_ _2\"></span>Statement of Comprehensiv<span class=\"_ _2\"></span>e Income in the <span class=\"_ _a\"></span>year of retirement <span class=\"_ _2\"></span>or disposal.<span class=\"_ _421\"> </span>SIPP Commercial Property (Directly Held)<span class=\"_ _421\"> </span>The self-in<span class=\"_ _2\"></span>vested fund properties are initially recorded at purchase price and then valued triennially<span class=\"_ _0\"></span>, by an independent prof<span class=\"_ _2\"></span>essional valuer<span class=\"_ _0\"></span>, on an open mark<span class=\"_ _2\"></span>et basis, using valuation models in accordance with the P<span class=\"_ _2\"></span>ractice Statements in the RICS <span class=\"_ _a\"></span>Appraisal and <span class=\"_ _2\"></span>V<span class=\"_ _a\"></span>aluation Standards (5th Edition). <span class=\"_ _0\"></span>The portf<span class=\"_ _2\"></span>olio is rev<span class=\"_ _2\"></span>alued annually using an index v<span class=\"_ _2\"></span>aluation on <span class=\"_ _2\"></span>each property<span class=\"_ _a\"></span>. Any funds in receipt <span class=\"_ _2\"></span>of the sale of the property are f<span class=\"_ _2\"></span>or the benefit of the respective pension fund members.  (k) <span class=\"_ _3\"></span>Financial investments,<span class=\"_ _2\"></span> assets and liabilities<span class=\"_ _421\"> </span>The f<span class=\"_ _2\"></span>air values reflect mark<span class=\"_ _2\"></span>et values at the balance sheet date, being the estimated amount f<span class=\"_ _2\"></span>or which a property could be e<span class=\"_ _2\"></span>xchanged on the date <span class=\"_ _2\"></span>of valuation<span class=\"_ _421\"> </span> between a willing bu<span class=\"_ _2\"></span>yer and a willing seller in an arm\u2019<span class=\"_ _0\"></span>s length transaction after proper marketing wherein the parties had each acted kno<span class=\"_ _2\"></span>wledgeably<span class=\"_ _a\"></span>, prudently<span class=\"_ _421\"> </span> and without compulsion.<span class=\"_ _421\"> </span>Any gain <span class=\"_ _2\"></span>or loss arising from a change in fair v<span class=\"_ _2\"></span>alue is recognised in the profit and loss. Rental income from inv<span class=\"_ _2\"></span>estment property is accounted for as described in<span class=\"_ _421\"> </span> Accounting P<span class=\"_ _a\"></span>olicy (l).<span class=\"_ _421\"> </span>IFRS 9 requires financial in<span class=\"_ _2\"></span>vestments to be classified into measurement categories using the \u2018business model\u2019 test and the \u2018solely payment <span class=\"_ _2\"></span>of principal and<span class=\"_ _421\"> </span> interest\u2019 test. <span class=\"_ _0\"></span>The measurement categories under IFR<span class=\"_ _2\"></span>S 9 are:<span class=\"_ _421\"> </span>(i) <span class=\"_ _79\"> </span>Amortised Cost (AC);<span class=\"_ _421\"> </span> (ii) <span class=\"_ _10\"> </span>Fair <span class=\"_ _0\"></span>Value <span class=\"_ _7\"></span>Through Other Comprehensive Income (FVOCI); and<span class=\"_ _421\"> </span> (iii)  Fair <span class=\"_ _0\"></span>V<span class=\"_ _2\"></span>alue <span class=\"_ _0\"></span>Through Profit <span class=\"_ _2\"></span>or Loss (FVTPL).<span class=\"_ _421\"> </span>IFRS 9 also permits the application <span class=\"_ _2\"></span>of a \u2018fair value <span class=\"_ _2\"></span>option<span class=\"_ _a\"></span>\u2019 whereby the outcome <span class=\"_ _2\"></span>of the business model and SPPI tests w<span class=\"_ _2\"></span>ould lead to a classification of financial<span class=\"_ _421\"> </span> assets that would result in an accounting mismatch with the corresponding liabilities.<span class=\"_ _421\"> </span>The group has accordingly classified all financial assets held f<span class=\"_ _2\"></span>or inv<span class=\"_ _2\"></span>estment purposes and derivative financial instr<span class=\"_ _2\"></span>uments as FVTPL either mandatorily as a result of<span class=\"_ _421\"> </span> the business model and <span class=\"_ _2\"></span>SPPI tests or has designated as FVTPL as permitted b<span class=\"_ _2\"></span>y the \u2018fair value <span class=\"_ _2\"></span>option<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>. <span class=\"_ _0\"></span>The f<span class=\"_ _2\"></span>air values <span class=\"_ _2\"></span>of financial assets quoted in an active mark<span class=\"_ _2\"></span>et<span class=\"_ _421\"> </span> are their bid prices at the balance sheet date.<span class=\"_ _421\"> </span>Asset groups to which the f<span class=\"_ _2\"></span>air value option has been applied are debt securities, the mortgage loan portf<span class=\"_ _2\"></span>olio and cash and cash equiv<span class=\"_ _2\"></span>alents. <span class=\"_ _0\"></span>The present value <span class=\"_ _2\"></span>of<span class=\"_ _421\"> </span> the insurance liabilities associated with the mortgage loan and debt securities are strongly dependent on discount rates sourced from mark<span class=\"_ _2\"></span>et data and therefore<span class=\"_ _421\"> </span> <span class=\"_ _19\"></span><span class=\"ls2 ws2\"> </span>a classification of <span class=\"_ _2\"></span>AC for these assets w<span class=\"_ _2\"></span>ould lead to a large mismatch with the insurance liability<span class=\"_ _a\"></span>.<span class=\"_ _421\"> </span>Inv<span class=\"_ _2\"></span>estments in subsidiaries are carried in the Company B<span class=\"_ _2\"></span>alance <span class=\"_ _2\"></span>Sheet at cost less impairment and all short-term receivables are classified as <span class=\"_ _2\"></span>AC.<span class=\"_ _421\"> </span>Financial assets are derecognised when contractual rights to receive cash flo<span class=\"_ _2\"></span>ws from the financial assets e<span class=\"_ _2\"></span>xpire, or where the financial assets hav<span class=\"_ _2\"></span>e been transf<span class=\"_ _2\"></span>erred<span class=\"_ _421\"> </span> together with substantially all the risks and rew<span class=\"_ _2\"></span>ards of o<span class=\"_ _2\"></span>wnership.<span class=\"_ _421\"> </span>Financial liabilities<span class=\"_ _421\"> </span> <span class=\"_ _68\"></span>\u2018Investment contract liabilities<span class=\"_ _a\"></span>\u2019 and \u2018Liabilities relating to policyholder funds held by the group\u2019 are designated as FVTPL, since the liabilities are managed together<span class=\"_ _421\"> </span> with the inv<span class=\"_ _2\"></span>estment assets on a f<span class=\"_ _2\"></span>air value basis as part of the documented risk management strategy<span class=\"_ _0\"></span>. Purchases and sales of \u2018regular w<span class=\"_ _2\"></span>ay\u2019 financial assets are<span class=\"_ _421\"> </span> recognised on the trade date, which is when the group commits to purchase, <span class=\"_ _2\"></span>or sell, the assets.<span class=\"_ _421\"> </span>Borro<span class=\"_ _2\"></span>wings and short-term pay<span class=\"_ _2\"></span>ables are classified as AC.<span class=\"_ _421\"> </span>160<span class=\"_ _c\"> </span><span class=\"ff67 ls3 ws2\">CHE<span class=\"_ _3\"></span>SNA<span class=\"_ _3\"></span>R<span class=\"_ _3\"></span>A ANNUAL R<span class=\"_ _3\"></span>EPORT A<span class=\"_ _3\"></span>ND ACCOU<span class=\"_ _3\"></span>NTS 2023<span class=\"_ _421\"> </span></span>IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS <span class=\"_ _d\"> </span>(l) <span class=\"_ _4\"></span>Impair<span class=\"_ _2\"></span>ment and Expected Cr<span class=\"_ _2\"></span>edit Loss pro<span class=\"_ _2\"></span>visioning<span class=\"_ _421\"> </span>IFRS 9 replaces the \u2018incurred loss<span class=\"_ _a\"></span>\u2019 model in IAS 39 with a forw<span class=\"_ _2\"></span>ard-looking Expected Credit Loss (ECL) model. <span class=\"_ _7\"></span>The new impairment model applies to financial assets measured at amortised cost, debt inv<span class=\"_ _2\"></span>estments at FVOCI and lease receivables.<span class=\"_ _421\"> </span>As stated abo<span class=\"_ _2\"></span>ve, for the group all financial assets held f<span class=\"_ _2\"></span>or inv<span class=\"_ _2\"></span>estment purposes are classified as FVTPL. Financial assets that are subject to ECL provisioning are limited to short-term receivables <span class=\"_ _2\"></span>only<span class=\"_ _a\"></span>. <span class=\"_ _0\"></span>The simplified approach under IFRS 9 has been applied in assessing full lif<span class=\"_ _a\"></span>etime loss provisions for these assets. Due to the short-term nature of these instr<span class=\"_ _2\"></span>uments and the minimal historical losses on these asset classes, the resulting provisions that w<span class=\"_ _2\"></span>ould be required are not considered to be material and therefore no pro<span class=\"_ _2\"></span>vision is made. <span class=\"_ _0\"></span>(<span class=\"_ _421\"> </span>m) <span class=\"_ _4\"></span>P<span class=\"_ _2\"></span>olicyholders\u2019 funds held by the gr<span class=\"_ _2\"></span>oup and liabilities r<span class=\"_ _2\"></span>elating to policyholders\u2019 funds held by the gr<span class=\"_ _2\"></span>oup<span class=\"_ _421\"> </span>P<span class=\"_ _a\"></span>olicyholders\u2019 funds held by the group and liabilities relating to policyholders<span class=\"_ _a\"></span>\u2019 funds held by the group are recognised at fair v<span class=\"_ _2\"></span>alue.<span class=\"_ _421\"> </span>(i) <span class=\"_ _79\"> </span>Policyholders<span class=\"_ _a\"></span>\u2019 funds held by the group<span class=\"_ _421\"> </span>The policyholders<span class=\"_ _a\"></span>\u2019 funds held by the group represent the assets associated with an inv<span class=\"_ _2\"></span>estment product in the S<span class=\"_ _2\"></span>wedish business, where the assets are held on behalf of the policyholder and where all the risks and re<span class=\"_ _2\"></span>wards associated with the assets are the policyholders<span class=\"_ _2\"></span>\u2019 not the groups.<span class=\"_ _421\"> </span>The policyholders<span class=\"_ _a\"></span>\u2019 funds held by the group are held for in<span class=\"_ _2\"></span>vestment purposes on behalf <span class=\"_ _2\"></span>of the policyholders and are designated as at fair v<span class=\"_ _2\"></span>alue through profit or loss. <span class=\"_ _0\"></span>The f<span class=\"_ _2\"></span>air values <span class=\"_ _2\"></span>of the policyholders\u2019 funds held b<span class=\"_ _2\"></span>y the group are the accumulation of the bid prices <span class=\"_ _2\"></span>of the underlying assets at the balance sheet date. T<span class=\"_ _0\"></span>ransactions in these financial assets are recognised on the trade date, which is when the group commits (on behalf <span class=\"_ _2\"></span>of the policyholder) to purchase or sell the assets.<span class=\"_ _421\"> </span>(ii) <span class=\"_ _10\"> </span> <span class=\"_ _f\"></span>Liabilities relating to policyholders<span class=\"_ _2\"></span>\u2019 funds held by the group<span class=\"_ _421\"> </span>The liability relating to policyholders<span class=\"_ _a\"></span>\u2019 funds held by the group represents the liability that matches the asset policyholders\u2019 funds held b<span class=\"_ _2\"></span>y the group. A<span class=\"_ _2\"></span>s stated previously<span class=\"_ _0\"></span>, the risk and rewards associated with the in<span class=\"_ _2\"></span>vestment product (and its underlying assets and matching liability) lie with the policyholders, not <span class=\"_ _19\"></span><span class=\"ls2 ws2\"> </span>the group<span class=\"_ _421\"> </span>. <span class=\"_ _e\"> </span>(n) <span class=\"_ _3\"></span>Deriv<span class=\"_ _a\"></span>ative financial instr<span class=\"_ _2\"></span>uments<span class=\"_ _421\"> </span>Derivativ<span class=\"_ _2\"></span>e financial instruments are recognised at fair v<span class=\"_ _2\"></span>alue. <span class=\"_ _0\"></span>The gain <span class=\"_ _2\"></span>or loss on re-measurement to f<span class=\"_ _2\"></span>air value is recognised immediately in profit or loss. Hedge<span class=\"_ _421\"> </span> accounting has not been applied.<span class=\"_ _421\"> </span>The f<span class=\"_ _2\"></span>air value <span class=\"_ _2\"></span>of interest rate swaps is the estimated amount that the group w<span class=\"_ _2\"></span>ould receive <span class=\"_ _2\"></span>or pay to terminate the swap at the balance sheet date, taking into<span class=\"_ _421\"> </span><span class=\"_ _2\"></span> account current interest rates and the current creditw<span class=\"_ _2\"></span>orthiness of the swap counterparties. <span class=\"_ _7\"></span>The fair v<span class=\"_ _2\"></span>alue of f<span class=\"_ _2\"></span>orward e<span class=\"_ _2\"></span>xchange contracts is their quoted mark<span class=\"_ _2\"></span>e<span class=\"_ _421\"> </span>t price at the balance sheet date, being the present value <span class=\"_ _2\"></span>of the quoted forward price.<span class=\"_ _421\"> </span>Embedded derivativ<span class=\"_ _2\"></span>es which are not closely related to their host contracts, and which meet the definition of a derivativ<span class=\"_ _2\"></span>e are separated and fair v<span class=\"_ _2\"></span>alued through<span class=\"_ _421\"> </span> profit or loss. <span class=\"_ _e\"></span><span class=\"_ _e\"> </span>(o) <span class=\"_ _3\"></span>Other assets <span class=\"_ _49\"></span>\u2018<span class=\"_ _2\"></span>Other assets<span class=\"_ _2\"></span>\u2019 comprise receivables arising from inv<span class=\"_ _2\"></span>estment contracts and other receiv<span class=\"_ _2\"></span>ables such as accrued interest, receivables from fund management companies and income tax balances. Financial assets classified as \u2018<span class=\"_ _a\"></span>other assets\u2019 are stated at amortised cost less impairment losses. <span class=\"_ _a\"></span>A provision for the impairment of loans and receivables is <span class=\"_ _2\"></span>established when there is objective <span class=\"_ _2\"></span>evidence that the group will not be able to collect all the amounts due according to the <span class=\"_ _2\"></span>original contract terms after the date of the initial recognition <span class=\"_ _2\"></span>of the asset and when the impact on the estimated cash flo<span class=\"_ _2\"></span>ws of the financial asset can be reliably measured.<span class=\"_ _421\"> </span>Prepa<span class=\"_ _2\"></span>yments are held at cost and are amortised o<span class=\"_ _2\"></span>ver the relev<span class=\"_ _2\"></span>ant time period.<span class=\"_ _e\"> </span>(p) <span class=\"_ _3\"></span>Cash and cash equivalents<span class=\"_ _421\"> </span>Cash and cash equiv<span class=\"_ _2\"></span>alents include cash in hand, deposits held at call with banks and other short-term highly liquid inv<span class=\"_ _2\"></span>estments. Highly liquid is defined as having <span class=\"_ _19\"></span><span class=\"ls2 ws2\"> </span>a short maturity of 3 months <span class=\"_ _2\"></span>or less at their acquisition. Operating activities cash flows include loans and financial in<span class=\"_ _2\"></span>vestments. <span class=\"_ _0\"></span>T<span class=\"_ _2\"></span>he purchases are funded from cash flows associated with the origination <span class=\"_ _2\"></span>of insurance and inv<span class=\"_ _2\"></span>estment contracts, net of pa<span class=\"_ _2\"></span>yments of related benefits and claims. <span class=\"_ _0\"></span>This is due to the cash receipts and pa<span class=\"_ _2\"></span>yments made on behalf <span class=\"_ _2\"></span>of the customers for which their funds are held by the <span class=\"_ _2\"></span>entity<span class=\"_ _a\"></span>. Dividends and interest received from the financial inv<span class=\"_ _2\"></span>estments are captured within the operating activities.<span class=\"_ _421\"> </span>Inv<span class=\"_ _2\"></span>esting activities cash flows include cash payments to acquire property<span class=\"_ _0\"></span>, plant and equipment, intangibles, and other long-term assets. <span class=\"_ _7\"></span>These payments include those relating to capitalised dev<span class=\"_ _2\"></span>elopment costs.<span class=\"_ _421\"> </span>Financing activities cash flows include cash proceeds from issuing share capital, cash pa<span class=\"_ _2\"></span>yments to o<span class=\"_ _2\"></span>wners to acquire or redeem the entity\u2019<span class=\"_ _0\"></span>s shares, cash repayments <span class=\"_ _2\"></span>of amounts borrow<span class=\"_ _2\"></span>ed, cash payments b<span class=\"_ _2\"></span>y a lessee for the reduction of the <span class=\"_ _2\"></span>outstanding liability relating to a finance lease, dividends paid out to shareholders, and interest paid on the borro<span class=\"_ _2\"></span>wings. <span class=\"_ _e\"> </span>(q) <span class=\"_ _3\"></span>Other pro<span class=\"_ _2\"></span>visions<span class=\"_ _421\"> </span>Pro<span class=\"_ _2\"></span>visions are recognised when the group has a present, legal or constructiv<span class=\"_ _2\"></span>e obligation as a result <span class=\"_ _2\"></span>of past e<span class=\"_ _2\"></span>vents such that it is probable that an outflo<span class=\"_ _2\"></span>w of economic benefits will be required to settle the obligation and a reliable <span class=\"_ _2\"></span>estimate of the amount of the <span class=\"_ _2\"></span>obligation can be made. <span class=\"_ _0\"></span>Where the eff<span class=\"_ _2\"></span>ect of the time<span class=\"_ _2\"></span> value <span class=\"_ _2\"></span>of money is material, the amount <span class=\"_ _2\"></span>of the provision is the present value <span class=\"_ _2\"></span>of the e<span class=\"_ _2\"></span>xpenditure e<span class=\"_ _2\"></span>xpected to be required to settle the obligation. <span class=\"_ _0\"></span>The group<span class=\"_ _2\"></span> recognises provisions f<span class=\"_ _2\"></span>or onerous contracts when the <span class=\"_ _2\"></span>expected benefits to be deriv<span class=\"_ _2\"></span>ed from a contract are less than the unavoidable costs <span class=\"_ _2\"></span>of meeting the obligations under the contract.<span class=\"_ _421\"> </span><span class=\"ff65 ls3 ws2\">CHES<span class=\"_ _277\"></span>NAR<span class=\"_ _277\"></span>A<span class=\"_ _278\"></span>AN<span class=\"_ _283\"></span>NUAL<span class=\"_ _379\"></span>REPO<span class=\"_ _279\"></span>RT<span class=\"_ _278\"></span>AND<span class=\"_ _3b0\"></span>ACCOUNT<span class=\"_ _279\"></span>S<span class=\"_ _27b\"></span>20<span class=\"_ _2b5\"></span>23</span><span class=\"_ _3b6\"></span><span class=\"_ _421\"> </span>161<span class=\"_ _421\"> </span>IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS<span class=\"_ _421\"> </span>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<span class=\"_ _421\"> </span>SECTION A \u2013 GENERAL INFORMA<span class=\"_ _a\"></span>TION AND ACCOUNTING POLICIES AND JUDGEMENT<span class=\"_ _2\"></span>S <span class=\"_ _e\"> </span>A5 <span class=\"_ _3\"></span>Significant accounting policies (continued) <span class=\"_ _14c\"></span><span class=\"_ _14c\"> </span>(r) <span class=\"_ _4\"></span>Lease contract liabilities The group assesses whether a contract is <span class=\"_ _2\"></span>or contains a lease, at inception of the contract. <span class=\"_ _0\"></span>The group recognises a right-of-use asset and a cor<span class=\"_ _2\"></span>responding lease liability with respect to all lease arrangements in which it is the lessee, e<span class=\"_ _2\"></span>xcept f<span class=\"_ _2\"></span>or short-term leases (defined as leases with a lease term of 1<span class=\"_ _a\"></span>2 months or less) and leases of lo<span class=\"_ _2\"></span>w value assets (such as tablets and personal computers, small items <span class=\"_ _2\"></span>of office furniture and telephones). F<span class=\"_ _2\"></span>or these leases, the group recognises the lease payments as an <span class=\"_ _2\"></span>operating expense <span class=\"_ _2\"></span>on a straight-line basis o<span class=\"_ _2\"></span>ver the term <span class=\"_ _2\"></span>of the lease unless another systematic basis is more representative <span class=\"_ _2\"></span>of the time pattern in which economic benefits from the leased assets are consumed.<span class=\"_ _421\"> </span>The lease liability is initially measured at the present v<span class=\"_ _2\"></span>alue of the lease payments that are not paid at the commencement date, discounted b<span class=\"_ _2\"></span>y using the rate implicit in the lease. If this rate cannot be readily determined, the group uses its incremental borrowing rate. L<span class=\"_ _2\"></span>ease payments included in the measurement <span class=\"_ _2\"></span>of the lease liability comprise: <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>Fixed lease pa<span class=\"_ _2\"></span>yments <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>V<span class=\"_ _a\"></span>ariable lease payments  <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>The amount <span class=\"_ _2\"></span>expected to be pa<span class=\"_ _2\"></span>yable by the lessee under residual v<span class=\"_ _2\"></span>alue guarantees <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _5\"> </span>T<span class=\"_ _2\"></span>he ex<span class=\"_ _2\"></span>ercise <span class=\"_ _3\"></span>price of purchase options <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>The pa<span class=\"_ _2\"></span>yments of penalties f<span class=\"_ _2\"></span>or terminating the lease, if the lease term reflects the ex<span class=\"_ _2\"></span>ercise of an <span class=\"_ _2\"></span>option to terminate the lease<span class=\"_ _421\"> </span>The lease liability is presented as a separate line in the Consolidated B<span class=\"_ _2\"></span>alance Sheet. The lease liability is subsequently measured b<span class=\"_ _2\"></span>y increasing the carrying amount to reflect interest on the lease liability (using the <span class=\"_ _2\"></span>effectiv<span class=\"_ _2\"></span>e interest method) and by reducing the carrying amount to reflect the lease payments made.<span class=\"_ _421\"> </span>The group re-measures the lease liability (and mak<span class=\"_ _2\"></span>es a corresponding adjustment to the related right-of-use asset) whenev<span class=\"_ _2\"></span>er: <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>The lease term has changed <span class=\"_ _2\"></span>or there is a change in the assessment of e<span class=\"_ _2\"></span>xercise <span class=\"_ _2\"></span>of a purchase option, in which case the lease liability is re-measured by discounting the revised lease pa<span class=\"_ _2\"></span>yments using a revised discount rate. <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>The lease pa<span class=\"_ _2\"></span>yments change due to changes in an index rate <span class=\"_ _2\"></span>or a change in e<span class=\"_ _2\"></span>xpected payment under a guaranteed residual v<span class=\"_ _2\"></span>alue, in which cases the lease liability is re-measured by discounting the re<span class=\"_ _2\"></span>vised 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).  <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>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 b<span class=\"_ _2\"></span>y discounting the revised lease pa<span class=\"_ _2\"></span>yments using a revised discount rate. The group did not mak<span class=\"_ _2\"></span>e any such adjustments during the periods presented. The right-of-use assets comprise the initial measurement <span class=\"_ _2\"></span>of the corresponding lease liability<span class=\"_ _a\"></span>, lease payments made at or bef<span class=\"_ _2\"></span>ore the commencement day and an<span class=\"_ _2\"></span>y initial direct costs. <span class=\"_ _0\"></span>The<span class=\"_ _2\"></span>y are subsequently measured at cost less accumulated depreciation and impairment losses. The right-of-use assets are depreciated <span class=\"_ _2\"></span>ov<span class=\"_ _2\"></span>er the shorter of the lease term and the useful lif<span class=\"_ _2\"></span>e of the underlying asset. If a lease transf<span class=\"_ _a\"></span>ers ownership <span class=\"_ _2\"></span>of the underlying asset or the cost <span class=\"_ _2\"></span>of the right-of-use asset reflects that the group expects to <span class=\"_ _2\"></span>ex<span class=\"_ _2\"></span>ercise a purchase option, the related right-of-use asset is depreciated <span class=\"_ _2\"></span>over the useful lif<span class=\"_ _2\"></span>e of the underlying asset. <span class=\"_ _0\"></span>T<span class=\"_ _2\"></span>he depreciation starts at the commencement date of the lease. <span class=\"_ _0\"></span>The group does not ha<span class=\"_ _2\"></span>ve an<span class=\"_ _2\"></span>y leases that include purchase options or transf<span class=\"_ _2\"></span>er o<span class=\"_ _2\"></span>wnership of the underlying asset. <span class=\"_ _0\"></span>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 w<span class=\"_ _2\"></span>ere o<span class=\"_ _2\"></span>wned. For the group this is \u2018P<span class=\"_ _2\"></span>roperty and Equipment\u2019<span class=\"_ _0\"></span>. F<span class=\"_ _2\"></span>or short-term leases (lease of than 1<span class=\"_ _a\"></span>2 months or less) and leases of lo<span class=\"_ _2\"></span>w<span class=\"_ _2\"></span>-value assets (such as personal computers and office furnit<span class=\"_ _2\"></span>ure) the group has opted to recognise a lease e<span class=\"_ _2\"></span>xpense on a straight-line basis as permitted b<span class=\"_ _2\"></span>y IFRS 1<span class=\"_ _a\"></span>6. <span class=\"_ _0\"></span>This e<span class=\"_ _2\"></span>xpense is presented within \u2018Other operating e<span class=\"_ _2\"></span>xpenses<span class=\"_ _2\"></span>\u2019 in the Consolidated Income Statement. As a practical <span class=\"_ _2\"></span>expedient, IFRS 1<span class=\"_ _a\"></span>6 permits a lessee not to separate non-lease components, and instead account for an<span class=\"_ _2\"></span>y lease and associated non-lease components as a single arrangement. <span class=\"_ _0\"></span>The group has not used this practical <span class=\"_ _2\"></span>expedient.<span class=\"_ _421\"> </span>The groups<span class=\"_ _a\"></span>\u2019 weighted av<span class=\"_ _2\"></span>erage incremental borrowing rate applied to lease liabilities during 2022 is 5.2% f<span class=\"_ _2\"></span>or the UK division, 2.8% or the <span class=\"_ _2\"></span>Sw<span class=\"_ _2\"></span>edish division and 2.0% for the Dutch division. <span class=\"_ _e\"> </span>(s) Borr<span class=\"_ _2\"></span>owings<span class=\"_ _421\"> </span>Borro<span class=\"_ _2\"></span>wings are recognised initially at fair v<span class=\"_ _2\"></span>alue, less transaction costs, and are subsequently measured at amortised cost using the eff<span class=\"_ _2\"></span>ective interest rate method,<span class=\"_ _421\"> </span> with interest e<span class=\"_ _2\"></span>xpense recognised in the Consolidated <span class=\"_ _2\"></span>Statement of Comprehensive Income <span class=\"_ _2\"></span>on an eff<span class=\"_ _a\"></span>ective <span class=\"_ _a\"></span>yield basis. <span class=\"_ _0\"></span>The eff<span class=\"_ _a\"></span>ective interest rate method is a<span class=\"_ _421\"> </span> method of calculating the amortised cost <span class=\"_ _2\"></span>of a financial liability and of allocating interest e<span class=\"_ _2\"></span>xpense o<span class=\"_ _2\"></span>ver the rele<span class=\"_ _2\"></span>vant period. <span class=\"_ _0\"></span>The <span class=\"_ _2\"></span>eff<span class=\"_ _2\"></span>ective interest rate is the rate<span class=\"_ _421\"> </span> that e<span class=\"_ _2\"></span>xactly discounts future cash payments through the <span class=\"_ _2\"></span>expected lif<span class=\"_ _2\"></span>e of the financial liability<span class=\"_ _0\"></span>. <span class=\"_ _14c\"> </span>(t) <span class=\"_ _4\"></span>Defer<span class=\"_ _a\"></span>red income<span class=\"_ _421\"> </span>Def<span class=\"_ _2\"></span>erred income is in respect of initial f<span class=\"_ _a\"></span>ees that relate to the future provision of services that are def<span class=\"_ _a\"></span>erred and amortised ov<span class=\"_ _2\"></span>er the anticipated period<span class=\"_ _421\"> </span>.<span class=\"_ _e\"> </span>(u) <span class=\"_ _3\"></span>Other curr<span class=\"_ _a\"></span>ent liabilities <span class=\"_ _68\"></span>\u2018Other current liabilities,<span class=\"_ _7\"></span>\u2019 comprising investment contract pa<span class=\"_ _2\"></span>yables and <span class=\"_ _2\"></span>other pay<span class=\"_ _2\"></span>ables, are recognised when due and are measured on initial recognition at the fair value <span class=\"_ _2\"></span>of the consideration paid. Current liabilities in respect of insurance contracts are reported as part <span class=\"_ _2\"></span>of the Liability for Incurred Claims.<span class=\"_ _421\"> </span>162<span class=\"_ _d\"> </span><span class=\"ff67 ls3 ws2\">CHE<span class=\"_ _3\"></span>SNA<span class=\"_ _3\"></span>R<span class=\"_ _3\"></span>A ANNUAL R<span class=\"_ _3\"></span>EPORT A<span class=\"_ _3\"></span>ND ACCOU<span class=\"_ _3\"></span>NTS 2023<span class=\"_ _421\"> </span></span>IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS  (v) <span class=\"_ _3\"></span>Employee benefits<span class=\"_ _421\"> </span>(i) <span class=\"_ _12\"> </span>P<span class=\"_ _2\"></span>ension obligations<span class=\"_ _421\"> </span>UK businesses<span class=\"_ _421\"> </span>Group companies operate defined contribution pension schemes, which are funded through pa<span class=\"_ _2\"></span>yments to insurance companies, to which group companies pay fix<span class=\"_ _2\"></span>ed contributions. <span class=\"_ _0\"></span>There are no legal <span class=\"_ _2\"></span>or constructive <span class=\"_ _2\"></span>obligations on group companies to pay further contributions if the fund does not hold sufficient assets to pay <span class=\"_ _2\"></span>employ<span class=\"_ _2\"></span>ee benefits relating to service in current and prior periods. A<span class=\"_ _2\"></span>ccordingly<span class=\"_ _a\"></span>, group companies have no further pa<span class=\"_ _2\"></span>yment obligations <span class=\"_ _2\"></span>once the contributions hav<span class=\"_ _2\"></span>e been paid. Contributions to defined contribution pension schemes are recognised in the Consolidated Statement <span class=\"_ _2\"></span>of Comprehensive Income when due.<span class=\"_ _421\"> </span>Sw<span class=\"_ _2\"></span>edish business<span class=\"_ _421\"> </span>The group participates in a combined defined benefit and defined contribution scheme f<span class=\"_ _2\"></span>or the benefit of its emplo<span class=\"_ _2\"></span>yees. Ho<span class=\"_ _2\"></span>we<span class=\"_ _2\"></span>ver<span class=\"_ _a\"></span>, the <span class=\"_ _2\"></span>Scheme is a multi-<span class=\"_ _421\"> </span>emplo<span class=\"_ _2\"></span>yer<span class=\"_ _2\"></span> scheme, with the associated assets and liabilities maintained on a pooled basis. <span class=\"_ _0\"></span>There is limited inf<span class=\"_ _2\"></span>ormation av<span class=\"_ _2\"></span>ailable to the group to allow it to account for the <span class=\"_ _a\"></span>Scheme as a defined benefit scheme and, in accordance with IAS 1<span class=\"_ _2\"></span>9 Employ<span class=\"_ _2\"></span>ee Benefits, it is, theref<span class=\"_ _2\"></span>ore, accounted for as a defined contribution scheme. Contributions paid to the <span class=\"_ _2\"></span>Scheme are recognised in the Consolidated Statement <span class=\"_ _2\"></span>of Comprehensive Income when due.<span class=\"_ _421\"> </span>Dutc<span class=\"_ _2\"></span>h business (W<span class=\"_ _2\"></span>aard)<span class=\"_ _421\"> </span>Group companies operate defined contribution pension schemes, which are funded through pa<span class=\"_ _2\"></span>yments to insurance companies, to which group companies pay fix<span class=\"_ _2\"></span>ed contributions. <span class=\"_ _0\"></span>There are no legal <span class=\"_ _2\"></span>or constructive <span class=\"_ _2\"></span>obligations on group companies to pay further contributions if the fund does not hold sufficient assets to pay <span class=\"_ _2\"></span>employ<span class=\"_ _2\"></span>ee benefits relating to service in current and prior periods. A<span class=\"_ _2\"></span>ccordingly<span class=\"_ _a\"></span>, group companies have no further pa<span class=\"_ _2\"></span>yment obligations <span class=\"_ _2\"></span>once the contributions hav<span class=\"_ _2\"></span>e been paid. Contributions to defined contribution pension schemes are recognised in the Consolidated Statement <span class=\"_ _2\"></span>of Comprehensive Income when due.<span class=\"_ _421\"> </span>As a result <span class=\"_ _2\"></span>of the Conservatrix acquisition, <span class=\"_ _0\"></span>W<span class=\"_ _2\"></span>aard Le<span class=\"_ _2\"></span>ven assumed the obligations under a defined benefit pension scheme f<span class=\"_ _2\"></span>or a small number of f<span class=\"_ _2\"></span>ormer Conservatrix <span class=\"_ _2\"></span>employ<span class=\"_ _2\"></span>ees. <span class=\"_ _0\"></span>This scheme is closed to new <span class=\"_ _2\"></span>entrants with no further benefits accruing and as such the <span class=\"_ _2\"></span>exposure f<span class=\"_ _2\"></span>or <span class=\"_ _0\"></span>Waard L<span class=\"_ _2\"></span>ev<span class=\"_ _2\"></span>en is limited to the longevity risk <span class=\"_ _2\"></span>of the contracts. <span class=\"_ _0\"></span>The liability is v<span class=\"_ _2\"></span>alued under IAS 1<span class=\"_ _a\"></span>9 and reported under \u2018Other provisions<span class=\"_ _2\"></span>\u2019 in the balance sheet.<span class=\"_ _421\"> </span>Dutc<span class=\"_ _2\"></span>h business (Scildon)<span class=\"_ _421\"> </span>Scildon had a defined benefit plan which was closed and transf<span class=\"_ _a\"></span>erred into a defined contribution pension plan during 20<span class=\"_ _a\"></span>1<span class=\"_ _2\"></span>9. <span class=\"_ _0\"></span>The defined benefit pension<span class=\"_ _2\"></span> scheme was administered b<span class=\"_ _2\"></span>y <span class=\"_ _2\"></span>Stichting P<span class=\"_ _2\"></span>ensionfonds L<span class=\"_ _2\"></span>egal &amp; General Nederland. <span class=\"_ _0\"></span>The company had agreed to contribute to the premium f<span class=\"_ _2\"></span>or the unconditional part of the pension. <span class=\"_ _7\"></span>The company paid a contribution to the <span class=\"_ _2\"></span>Scheme and subsequently had no further financial obligations with respect to this part <span class=\"_ _2\"></span>of the Scheme. During 20<span class=\"_ _a\"></span>1<span class=\"_ _2\"></span>9, a new defined contribution pension scheme w<span class=\"_ _2\"></span>as established for the benefit <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>Scildon emplo<span class=\"_ _2\"></span>yees.<span class=\"_ _421\"> </span>(ii) <span class=\"_ _10\"> </span>Bonus plans<span class=\"_ _421\"> </span>The group recognises a liability and an <span class=\"_ _2\"></span>expense f<span class=\"_ _2\"></span>or bonuses based on a formula that tak<span class=\"_ _2\"></span>es into consideration the profit attributable to the company\u2019<span class=\"_ _0\"></span>s shareholders after certain adjustments. <span class=\"_ _0\"></span>The <span class=\"_ _2\"></span>expense is recognised in the Consolidated <span class=\"_ _2\"></span>Statement of Comprehensiv<span class=\"_ _2\"></span>e Income on an accruals basis. (w) <span class=\"_ _5\"> </span>Shar<span class=\"_ _2\"></span>e-based <span class=\"_ _3\"></span>payments<span class=\"_ _421\"> </span>The v<span class=\"_ _2\"></span>alue of <span class=\"_ _2\"></span>employee share <span class=\"_ _2\"></span>options and other <span class=\"_ _2\"></span>equity settled share-based payments is calculated at fair v<span class=\"_ _2\"></span>alue at the grant date using appropriate and recognised option pricing models. <span class=\"_ _a\"></span>V<span class=\"_ _a\"></span>esting conditions, which comprise service conditions and performance conditions, other than those based upon market conditions, are not taken into account when <span class=\"_ _2\"></span>estimating the fair value <span class=\"_ _2\"></span>of such aw<span class=\"_ _2\"></span>ards but are taken into account b<span class=\"_ _2\"></span>y adjusting the number of equity instr<span class=\"_ _2\"></span>uments included in the ultimate measurement of the transaction amount. <span class=\"_ _0\"></span>T<span class=\"_ _2\"></span>he value of the a<span class=\"_ _2\"></span>wards is recognised as an <span class=\"_ _2\"></span>expense <span class=\"_ _2\"></span>on a systematic basis o<span class=\"_ _2\"></span>ver the period during which the employment services are pro<span class=\"_ _2\"></span>vided. <span class=\"_ _0\"></span>Where an award <span class=\"_ _2\"></span>of options is cancelled b<span class=\"_ _2\"></span>y an emplo<span class=\"_ _2\"></span>yee, the full value <span class=\"_ _2\"></span>of the aw<span class=\"_ _2\"></span>ard (less any value pre<span class=\"_ _2\"></span>viously recognised) is recognised at the cancellation date.  (x) <span class=\"_ _3\"></span>Share capital and shar<span class=\"_ _2\"></span>es held in treasury<span class=\"_ _421\"> </span>(i) <span class=\"_ _79\"> </span>Share capital<span class=\"_ _421\"> </span>Shares are classified as equity when there is no <span class=\"_ _2\"></span>obligation to transfer cash <span class=\"_ _2\"></span>or other assets. Incremental costs directly attributable to the issue <span class=\"_ _2\"></span>of equity<span class=\"_ _421\"> </span> instruments are sho<span class=\"_ _2\"></span>wn in equity as a deduction from the proceeds, net of tax. Incremental costs directly attributable to the issue <span class=\"_ _2\"></span>of equity instruments, as<span class=\"_ _421\"> </span> consideration for the acquisition <span class=\"_ _2\"></span>of a business, are included in the cost of acquisition.<span class=\"_ _421\"> </span>(ii) <span class=\"_ _10\"> </span>Shares held in treasury<span class=\"_ _421\"> </span>Where the company purchases its <span class=\"_ _2\"></span>own <span class=\"_ _2\"></span>equity share capital, the consideration paid, including directly attributable costs, is deducted from total shareholders<span class=\"_ _421\"> </span>\u2019 equity and shown separately as \u2018treasury shares<span class=\"_ _a\"></span>\u2019 until they are cancelled. <span class=\"_ _0\"></span>Where such shares are subsequently sold, any consideration received is credited to<span class=\"_ _421\"> </span> the share premium account. <span class=\"_ _9\"> </span>(y) Dividends<span class=\"_ _421\"> </span>Dividend distributions to the company\u2019<span class=\"_ _0\"></span>s shareholders are recognised in the period in which the dividends are paid, and, for the final dividend, when approv<span class=\"_ _2\"></span>ed by the company\u2019<span class=\"_ _0\"></span>s shareholders at the Annual General Meeting. <span class=\"_ _18\"> </span>(z) <span class=\"_ _4\"></span>Investment in subsidiar<span class=\"_ _a\"></span>ies<span class=\"_ _421\"> </span>Inv<span class=\"_ _2\"></span>estments in subsidiaries are carried in the balance sheet at cost less impairment. <span class=\"_ _0\"></span>The compan<span class=\"_ _2\"></span>y assesses at each reporting date whether an in<span class=\"_ _2\"></span>vestment is impaired by assessing whether an<span class=\"_ _2\"></span>y indicators of impairment <span class=\"_ _2\"></span>exist. If objectiv<span class=\"_ _2\"></span>e e<span class=\"_ _2\"></span>vidence of impairment <span class=\"_ _2\"></span>exists, the company calculates the amount <span class=\"_ _2\"></span>of impairment as the diff<span class=\"_ _2\"></span>erence between the recov<span class=\"_ _2\"></span>erable amount of the group <span class=\"_ _2\"></span>entity and its carrying value and recognises the amount as an <span class=\"_ _2\"></span>expense in the income statement. The reco<span class=\"_ _2\"></span>verable amount is determined based <span class=\"_ _2\"></span>on the cash flow projections of the underlying <span class=\"_ _2\"></span>entities.<span class=\"_ _421\"> </span><span class=\"ff65 ls3 ws2\">CHES<span class=\"_ _283\"></span>NAR<span class=\"_ _277\"></span>A<span class=\"_ _278\"></span>AN<span class=\"_ _277\"></span>NUAL<span class=\"_ _35e\"></span>REPO<span class=\"_ _277\"></span>RT<span class=\"_ _287\"></span>AND<span class=\"_ _392\"></span>ACCOUNT<span class=\"_ _27a\"></span>S<span class=\"_ _27b\"></span>20<span class=\"_ _2b5\"></span>23</span><span class=\"_ _39a\"></span>163<span class=\"_ _421\"> </span>IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS<span class=\"_ _421\"> </span>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<span class=\"_ _421\"> </span>SECTION A \u2013 GENERAL INFORMA<span class=\"_ _a\"></span>TION AND ACCOUNTING POLICIES AND JUDGEMENT<span class=\"_ _2\"></span>S <span class=\"_ _e\"> </span>A5 <span class=\"_ _3\"></span>Significant accounting policies (continued)<span class=\"_ _421\"> </span>(aa) <span class=\"_ _3\"></span>Business combinations<span class=\"_ _421\"> </span>Acquisitions meeting the definition of a \u2018business\u2019 are accounted for under IFRS 3 \u2018Business combinations\u2018<span class=\"_ _7\"></span>. This requires management to perform an assessment<span class=\"_ _421\"> </span> of the fair value of the assets and liabilities acquired and consideration paid at the point of acquisition. The acquiree\u2019s identifiable assets, liabilities, and contingent<span class=\"_ _421\"> </span> liabilities, are classified according to the relevant accounting standard and are measured initially at their fair values at the acquisition date. Expenses directly<span class=\"_ _421\"> </span> attributable to the acquisition are expensed as incurred unless determined to be attributable to future insurance contracts. Gains arising on a bargain purchase,<span class=\"_ _421\"> </span> where the net fair value of the identifiable assets acquired and the liabilities and contingent liabilities assumed exceeds the fair value of the consideration for<span class=\"_ _421\"> </span> the acquisition, are recognised in the Consolidated Statement of Comprehensive Income. Where the fair value of the consideration exceeds the fair value of the<span class=\"_ _421\"> </span> assets and liabilities acquired it is recognised as a goodwill intangible asset on the group balance sheet.<span class=\"_ _421\"> </span>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<span class=\"_ _421\"> </span> contingent liabilities recognised.  (<span class=\"_ _421\"> </span>ab) <span class=\"_ _1\"> </span>Portfolio <span class=\"_ _1\"> </span>transfers<span class=\"_ _421\"> </span>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 recognises 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 transaction to 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. (ac) <span class=\"_ _1\"> </span>Foreign <span class=\"_ _9\"> </span>curr<span class=\"_ _2\"></span>encies<span class=\"_ _421\"> </span>The individual financial statements <span class=\"_ _2\"></span>of each group compan<span class=\"_ _2\"></span>y are presented in the currency of the primary <span class=\"_ _2\"></span>economic en<span class=\"_ _2\"></span>vironment in which it operates, being its functional currency<span class=\"_ _a\"></span>. F<span class=\"_ _2\"></span>or the purpose of these Consolidated Financial <span class=\"_ _2\"></span>Statements, the results and balance sheet of <span class=\"_ _2\"></span>each group company are <span class=\"_ _2\"></span>expressed in pounds sterling, which is the functional currency of the parent company and the presentation cur<span class=\"_ _2\"></span>rency of the Consolidated Financial <span class=\"_ _2\"></span>Statements.<span class=\"_ _421\"> </span>In preparing the financial statements of the individual companies, transactions in currencies <span class=\"_ _2\"></span>other than the entity\u2019<span class=\"_ _0\"></span>s functional currency<span class=\"_ _a\"></span>, being foreign currencies, are recorded at the rates of <span class=\"_ _2\"></span>ex<span class=\"_ _2\"></span>change prevailing <span class=\"_ _2\"></span>on the dates of the transactions. Income and <span class=\"_ _2\"></span>expense items are translated at the av<span class=\"_ _2\"></span>erage e<span class=\"_ _2\"></span>xchange rates f<span class=\"_ _2\"></span>or the <span class=\"_ _a\"></span>year<span class=\"_ _a\"></span>, unless e<span class=\"_ _2\"></span>xchange rates fluctuate significantly during the period, in which case the <span class=\"_ _2\"></span>exchange rates at the dates <span class=\"_ _2\"></span>of transactions are used. At <span class=\"_ _2\"></span>each balance sheet date, monetary assets and liabilities which are denominated in foreign currencies are retranslated at the rates pre<span class=\"_ _2\"></span>vailing <span class=\"_ _2\"></span>on the balance sheet date and ex<span class=\"_ _2\"></span>change diff<span class=\"_ _2\"></span>erences are recognised in profit or loss. Non-monetary items carried at f<span class=\"_ _2\"></span>air value, which are denominated in foreign cur<span class=\"_ _2\"></span>rencies, are translated at the rates prev<span class=\"_ _2\"></span>ailing when the fair value w<span class=\"_ _2\"></span>as determined. F<span class=\"_ _2\"></span>or the purpose of presenting Consolidated Financial <span class=\"_ _2\"></span>Statements, the assets and liabilities of the group\u2019<span class=\"_ _0\"></span>s foreign <span class=\"_ _2\"></span>operations are translated at ex<span class=\"_ _2\"></span>change rates prev<span class=\"_ _2\"></span>ailing on the balance sheet date. Income and e<span class=\"_ _2\"></span>xpense items are translated at the av<span class=\"_ _2\"></span>erage ex<span class=\"_ _2\"></span>change rates for the <span class=\"_ _0\"></span>year<span class=\"_ _a\"></span>, unless ex<span class=\"_ _2\"></span>change rates fluctuate significantly during the period, in which case the e<span class=\"_ _2\"></span>xchange rates at the dates of transactions are used. Ex<span class=\"_ _2\"></span>change diff<span class=\"_ _2\"></span>erences arising are classified as other comprehensiv<span class=\"_ _2\"></span>e income and are recognised in the group\u2019<span class=\"_ _0\"></span>s foreign currency translation reserve. <span class=\"_ _a\"></span>Such translation differences are recognised as income <span class=\"_ _2\"></span>or as expense in the <span class=\"_ _0\"></span>year in which the operation is disposed <span class=\"_ _2\"></span>of<span class=\"_ _2\"></span>.<span class=\"_ _421\"> </span>T<span class=\"_ _0\"></span>ransactions relating to business combinations denominated in foreign currencies are translated into sterling at the <span class=\"_ _2\"></span>ex<span class=\"_ _2\"></span>change rates prevailing <span class=\"_ _2\"></span>on the transaction date. (ad) <span class=\"_ _1\"> </span>Climate <span class=\"_ _1\"> </span>chang<span class=\"_ _2\"></span>e<span class=\"_ _421\"> </span>In our Climate-related Financial Disclosures <span class=\"_ _2\"></span>on pages 76 and 77 we identify that climate change related risks hav<span class=\"_ _2\"></span>e the potential to manif<span class=\"_ _2\"></span>est as an \u2018Inv<span class=\"_ _2\"></span>estment and liquidity risk\u2019 (Principal Risk 1<span class=\"_ _0\"></span>) or a \u2018R<span class=\"_ _2\"></span>egulatory change risk\u2019 (Principal Risk 2). <span class=\"_ _0\"></span>Whilst climate change risk is one <span class=\"_ _2\"></span>of the most significant challenges facing the w<span class=\"_ _2\"></span>orld, with Chesnara having its part to pla<span class=\"_ _2\"></span>y in shaping policies and practices that contribute to managing climate risk challenges, the <span class=\"_ _a\"></span>year end balance sheet does not include any significant judgements that are underpinned b<span class=\"_ _2\"></span>y a particular climate change scenario. Consequently<span class=\"_ _a\"></span>, we do not believ<span class=\"_ _2\"></span>e that climate change risk is currently a ke<span class=\"_ _2\"></span>y source of <span class=\"_ _2\"></span>estimation uncertainty<span class=\"_ _a\"></span>. <span class=\"_ _e\"> </span>A6 <span class=\"_ _3\"></span>Significant accounting judgements and estimates<span class=\"_ _421\"> </span>In preparing the financial statements the group makes judgements and applies <span class=\"_ _2\"></span>estimates and assumptions that aff<span class=\"_ _2\"></span>ect the application of accounting policies and reported amounts of assets and liabilities, income and <span class=\"_ _2\"></span>expenses. Disclosures of judgements made b<span class=\"_ _2\"></span>y the group in applying the accounting policies include those that hav<span class=\"_ _2\"></span>e the most significant eff<span class=\"_ _2\"></span>ect on the amounts that are recognised in the Consolidated Financial <span class=\"_ _a\"></span>Statements. Such estimates and judgements are continually <span class=\"_ _2\"></span>evaluated and are based <span class=\"_ _2\"></span>on historical e<span class=\"_ _2\"></span>xperience and other f<span class=\"_ _2\"></span>actors, including expectations <span class=\"_ _2\"></span>of future e<span class=\"_ _2\"></span>vents that are believ<span class=\"_ _2\"></span>ed to be reasonable. <span class=\"_ _0\"></span>W<span class=\"_ _3\"></span>ith the introduction of IFR<span class=\"_ _2\"></span>S 1<span class=\"_ _a\"></span>7 and IFRS 9 the ke<span class=\"_ _2\"></span>y areas of judgement ha<span class=\"_ _2\"></span>ve been reassessed f<span class=\"_ _2\"></span>or insurance and reinsurance contracts and for financial instr<span class=\"_ _2\"></span>uments. Details of all critical accounting judgements and estimates are set <span class=\"_ _2\"></span>out in the notes that follo<span class=\"_ _2\"></span>w<span class=\"_ _a\"></span>.<span class=\"_ _421\"> </span>IFRS 1<span class=\"_ _2\"></span>7 significant judgements applied in det<span class=\"_ _2\"></span>ermining the tr<span class=\"_ _2\"></span>ansition amounts  (a) <span class=\"_ _3\"></span>Judgement in applying the IFRS 1<span class=\"_ _2\"></span>7 fair v<span class=\"_ _a\"></span>alue approach at tr<span class=\"_ _2\"></span>ansition<span class=\"_ _421\"> </span>Where it is practical to do so, the group has applied the full retrospective approach to measure <span class=\"_ _2\"></span>each group of insurance contracts which means IFRS 1<span class=\"_ _0\"></span>7 has been applied since acquisition into the group. <span class=\"_ _0\"></span>Where it was impractical to apply the full retrospective approach a f<span class=\"_ _2\"></span>air value approach w<span class=\"_ _2\"></span>as used. <span class=\"_ _0\"></span>The transition approach was determined at the le<span class=\"_ _2\"></span>vel <span class=\"_ _2\"></span>of a group of insurance contracts, how<span class=\"_ _2\"></span>ev<span class=\"_ _2\"></span>er due to the factors under consideration (such as the length of time since acquisition and av<span class=\"_ _2\"></span>ailability of data) the <span class=\"_ _2\"></span>outcome of the practicability assessment resulted in a transition approach being applied for the <span class=\"_ _2\"></span>operating segment as a whole, with the ex<span class=\"_ _2\"></span>ception of Movestic<span class=\"_ _421\"> </span>.<span class=\"_ _421\"> </span>164<span class=\"_ _c\"> </span><span class=\"ff67 ls3 ws2\">CHE<span class=\"_ _3\"></span>SNA<span class=\"_ _3\"></span>R<span class=\"_ _3\"></span>A ANNUAL REP<span class=\"_ _3\"></span>ORT A<span class=\"_ _3\"></span>ND ACCOU<span class=\"_ _3\"></span>NTS 2023<span class=\"_ _421\"> </span></span>IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS<span class=\"_ _421\"> </span>Operating <span class=\"_ _4\"></span>segment <span class=\"_ _21\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _e7\"> </span>Transition <span class=\"_ _3\"></span>approach<span class=\"_ _421\"> </span>UK <span class=\"_ _3\"></span>\u2013 <span class=\"_ _3\"></span>CA <span class=\"_ _1dc\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1dd\"> </span>Fair <span class=\"_ _3\"></span>value<span class=\"_ _421\"> </span>Movestic <span class=\"_ _120\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _1dd\"> </span>F<span class=\"_ _2\"></span>air <span class=\"_ _3\"></span>value <span class=\"_ _7\"></span>*<span class=\"_ _421\"> </span>W<span class=\"_ _2\"></span>aard <span class=\"_ _3\"></span>Group <span class=\"_ _b6\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _97\"> </span>Full <span class=\"_ _3\"></span>retrospective<span class=\"_ _421\"> </span>Scildon <span class=\"_ _1de\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _97\"> </span>Full <span class=\"_ _3\"></span>retrospectiv<span class=\"_ _2\"></span>e<span class=\"_ _421\"> </span>Other <span class=\"_ _3\"></span>group <span class=\"_ _3\"></span>activities <span class=\"_ _1ba\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _1cc\"> </span>N/<span class=\"_ _2\"></span>A <span class=\"_ _16\"></span>*F<span class=\"_ _2\"></span>or P<span class=\"_ _a\"></span>AA contracts in Mov<span class=\"_ _2\"></span>estic the group has concluded that it is practicable to apply the full retrospective approach and hence this was applied. How<span class=\"_ _2\"></span>ev<span class=\"_ _2\"></span>er<span class=\"_ _a\"></span>, it was concluded that the full retrospective approach could not be applied to the majority <span class=\"_ _2\"></span>of the pension benefits in scope of IFRS 1<span class=\"_ _0\"></span>7<span class=\"_ _31\"></span>, and hence the fair value approach has been applied to all <span class=\"_ _2\"></span>of the pension savings benefits on the grounds <span class=\"_ _2\"></span>of materiality<span class=\"_ _a\"></span>.<span class=\"_ _421\"> </span>The group determined that it w<span class=\"_ _2\"></span>ould be impracticable to apply the full retrospective approach where the follo<span class=\"_ _2\"></span>wing applied:<span class=\"_ _421\"> </span>(i) <span class=\"_ _79\"> </span>Historical cash flow information w<span class=\"_ _2\"></span>as unavailable at the required le<span class=\"_ _2\"></span>vel <span class=\"_ _2\"></span>of aggregation<span class=\"_ _421\"> </span>(ii) <span class=\"_ _10\"> </span>Historical actuarial models were una<span class=\"_ _2\"></span>vailable<span class=\"_ _421\"> </span>(iii)   <span class=\"_ _19\"></span>Information relating to historical assumptions that reflected the conditions <span class=\"_ _2\"></span>existing at the relev<span class=\"_ _2\"></span>ant date was una<span class=\"_ _2\"></span>vailable <span class=\"_ _2\"></span>or not possible to create without the use of hindsight Chesnara has been able to apply the full retrospective approach to all material business acquired <span class=\"_ _2\"></span>or written since 20<span class=\"_ _a\"></span>16 when <span class=\"_ _a\"></span>SII was introduced. In addition the full retrospective approach has been applied to all <span class=\"_ _2\"></span>of the contracts within <span class=\"_ _0\"></span>Waard, which includes business acquired in 20<span class=\"_ _0\"></span>15. In applying the fair v<span class=\"_ _2\"></span>alue approach, the group determined the CSM to be the difference betw<span class=\"_ _2\"></span>een the fair v<span class=\"_ _2\"></span>alue of a group <span class=\"_ _2\"></span>of insurance contracts, measured in accordance with IFRS 1<span class=\"_ _a\"></span>3, \u2018Fair <span class=\"_ _a\"></span>V<span class=\"_ _2\"></span>alue Measurement\u2019 (IFRS 1<span class=\"_ _a\"></span>3), and its FCF at the transition date. <span class=\"_ _0\"></span>The fair v<span class=\"_ _2\"></span>alue of an insurance liability is the price that a mark<span class=\"_ _2\"></span>et participant would be willing to pa<span class=\"_ _2\"></span>y to assume the obligation and the remaining risks of the in-f<span class=\"_ _2\"></span>orce contracts as at the transition date. In the absence of recent mark<span class=\"_ _2\"></span>et transactions for similar contracts, a present value technique w<span class=\"_ _2\"></span>as used to determine the fair v<span class=\"_ _2\"></span>alue of the groups <span class=\"_ _2\"></span>of contracts. IFRS 1<span class=\"_ _a\"></span>3 defines fair value accounting techniques according to the inputs used. <span class=\"_ _7\"></span>The lack of <span class=\"_ _2\"></span>observable market prices f<span class=\"_ _2\"></span>or the liabilities under consideration and hence the reliance on significant judgement to determine a mark<span class=\"_ _2\"></span>et participant\u2019<span class=\"_ _a\"></span>s view results in the present v<span class=\"_ _2\"></span>alue technique being considered a Le<span class=\"_ _2\"></span>vel 3 technique. The significant judgements to determine a mark<span class=\"_ _2\"></span>et participant\u2019<span class=\"_ _a\"></span>s view include:<span class=\"_ _421\"> </span>(a) <span class=\"_ _14c\"> </span>a market particip<span class=\"_ _2\"></span>ant\u2019<span class=\"_ _0\"></span>s view of the <span class=\"_ _2\"></span>expected future cash flo<span class=\"_ _2\"></span>ws and risk allow<span class=\"_ _2\"></span>ances would align to Chesnara\u2019<span class=\"_ _0\"></span>s view;<span class=\"_ _421\"> </span>(b) <span class=\"_ _74\"> </span>only future cash flows within the boundaries of the insurance contracts w<span class=\"_ _2\"></span>ere included in the market par<span class=\"_ _2\"></span>ticipant\u2019<span class=\"_ _0\"></span>s fair v<span class=\"_ _2\"></span>alue estimation;<span class=\"_ _421\"> </span>(c) <span class=\"_ _10\"> </span> <span class=\"_ _31\"></span>a mark<span class=\"_ _2\"></span>et participant would require a compensation for the cost <span class=\"_ _2\"></span>of holding capital in respect of the liabilities which has been determined based <span class=\"_ _2\"></span>on market rates; and<span class=\"_ _421\"> </span>(d) <span class=\"_ _74\"> </span> <span class=\"_ _f\"></span>a market participant w<span class=\"_ _2\"></span>ould determine the compensation for the cost <span class=\"_ _2\"></span>of holding capital based on a buff<span class=\"_ _2\"></span>er in e<span class=\"_ _2\"></span>xcess <span class=\"_ _2\"></span>of the SII regulatory capital requirements. The buff<span class=\"_ _a\"></span>er assumed is in the range of 1<span class=\"_ _2\"></span>30% <span class=\"_ _7\"></span>-1<span class=\"_ _a\"></span>40% reflecting the specifics of the underlying business.<span class=\"_ _421\"> </span>A number of specific modifications are permitted when using the f<span class=\"_ _2\"></span>air value approach. <span class=\"_ _0\"></span>The group has adopted the f<span class=\"_ _2\"></span>ollowing modifications:<span class=\"_ _421\"> </span>(i) <span class=\"_ _79\"> </span>Lev<span class=\"_ _2\"></span>el of aggregation \u2013 to use information at the transition date to identify groups <span class=\"_ _2\"></span>of insurance contracts;<span class=\"_ _421\"> </span>(ii) <span class=\"_ _10\"> </span>Le<span class=\"_ _2\"></span>vel of aggregation \u2013 to group annual cohorts <span class=\"_ _2\"></span>of business;<span class=\"_ _421\"> </span>(iii)  Le<span class=\"_ _2\"></span>vel <span class=\"_ _2\"></span>of aggregation \u2013 the assessment for profitability was made at the transition date; and<span class=\"_ _421\"> </span>(iv) <span class=\"_ _e\"> </span>Measurement model \u2013 to use inf<span class=\"_ _2\"></span>ormation at the transition date to assess eligibility for the <span class=\"_ _0\"></span>VF<span class=\"_ _a\"></span>A.<span class=\"_ _421\"> </span>F<span class=\"_ _a\"></span>ulfilment cash flows were estimated prospectiv<span class=\"_ _2\"></span>ely at the transition date and discount rates were determined at the transition date.<span class=\"_ _421\"> </span>IFRS 1<span class=\"_ _2\"></span>7 significant accounting judgements <span class=\"_ _e\"> </span>(b) <span class=\"_ _3\"></span>Separation of contracts and classification<span class=\"_ _421\"> </span>Judgement has been <span class=\"_ _2\"></span>ex<span class=\"_ _2\"></span>ercised across the group in determining whether contracts issued contain significant insurance risk and whether contracts including inv<span class=\"_ _2\"></span>estment components and insurance components can be separated. Once any in<span class=\"_ _2\"></span>vestment components are separated, the group assesses whether the contract should be separated into sev<span class=\"_ _2\"></span>eral insurance components that, in substance, should be treated as separate contracts to reflect the substance of the transaction. T<span class=\"_ _0\"></span>o determine whether insurance components should be recognised and measured separately<span class=\"_ _a\"></span>, the group considers whether there is an interdependency between the diff<span class=\"_ _2\"></span>erent risks cov<span class=\"_ _2\"></span>ered, whether components can lapse independently of each <span class=\"_ _2\"></span>other and whether the components can be priced and sold separately<span class=\"_ _a\"></span>. <span class=\"_ _0\"></span>When the group enters into <span class=\"_ _2\"></span>one legal contract with different insurance components <span class=\"_ _2\"></span>operating independently of <span class=\"_ _2\"></span>each other<span class=\"_ _0\"></span>, insurance components are recognised and measured separately applying IFRS 1<span class=\"_ _0\"></span>7<span class=\"_ _7\"></span>.<span class=\"_ _421\"> </span>Generally<span class=\"_ _a\"></span>, the contracts identified as insurance contracts under IFRS 1<span class=\"_ _a\"></span>7 are the same as those under IFRS 4. Ho<span class=\"_ _2\"></span>wev<span class=\"_ _2\"></span>er<span class=\"_ _a\"></span>, there are some contracts, in the S<span class=\"_ _a\"></span>wedish business, where under IFRS 1<span class=\"_ _0\"></span>7 the investment and insurance components can no longer be separated resulting in certain pension benefits becoming in scope o<span class=\"_ _2\"></span>f IFRS 1<span class=\"_ _0\"></span>7<span class=\"_ _7\"></span>. No contracts ha<span class=\"_ _2\"></span>ve been switched from insurance to inv<span class=\"_ _2\"></span>estment contracts. Many contracts issued include \u2018rider\u2019 benefits in addition to the base policy<span class=\"_ _a\"></span>, how<span class=\"_ _2\"></span>ev<span class=\"_ _2\"></span>er having considered the facts and circumstances <span class=\"_ _2\"></span>of these products it has been determined that these components should not be separated and that the contract is measured as one contract. The assessment as to whether insurance contracts ha<span class=\"_ _2\"></span>ve direct participating f<span class=\"_ _2\"></span>eatures qualify for the <span class=\"_ _0\"></span>VF<span class=\"_ _a\"></span>A requires an element <span class=\"_ _2\"></span>of judgement to determine whether the proportion of the underlying item to be paid to the policyholder is substantial and whether the policyholder liability varies substantially with the<span class=\"_ _2\"></span> mov<span class=\"_ _2\"></span>ement in the fair v<span class=\"_ _2\"></span>alue of the underlying item.<span class=\"_ _421\"> </span><span class=\"ff65 ls3 ws2\"></span><span class=\"ff65 ls3 ws2\">CHES<span class=\"_ _277\"></span>NAR<span class=\"_ _277\"></span>A<span class=\"_ _278\"></span>AN<span class=\"_ _277\"></span>NUAL<span class=\"_ _379\"></span>REPO<span class=\"_ _277\"></span>RT<span class=\"_ _27f\"></span>AND<span class=\"_ _3b0\"></span>ACCOUNT<span class=\"_ _27a\"></span>S<span class=\"_ _27b\"></span>20<span class=\"_ _2b5\"></span>23</span><span class=\"_ _3b4\"></span>165<span class=\"_ _421\"> </span><div class=\"t m0 h4 ff67 fs2 fc1 sc0 lsc3 ws82 gs1eb\">IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS<span class=\"_ _421\"> </span></div><div class=\"t m0 h9 ff68 fs8 fc2 sc0 ls18f ws2 gs1ec\">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<span class=\"_ _421\"> </span></div><div class=\"t m0 hf ff61 fsc fc2 sc0 ls37 ws2 gs1ed\">SECTION A \u2013 GENERAL INFORMA<span class=\"_ _a\"></span>TION AND ACCOUNTING POLICIES AND JUDGEMENT<span class=\"_ _2\"></span>S</div><div class=\"t m0 h11 ff63 fsd fc2 sc0 ls2 ws2 gs1ee\"> <span class=\"_ _e\"> </span>A6 <span class=\"_ _3\"></span>Significant accounting judgements and estimates (continued)<span class=\"_ _421\"> </span></div><div class=\"t m0 h11 ff63 fsd fc1 sc0 ls2 ws2 gs1ef\">IFRS 1<span class=\"_ _2\"></span>7 significant accounting judgements (continued)</div><div class=\"t m0 h11 ff63 fsd fc1 sc0 ls2 ws2 gs1f0\"> <span class=\"_ _18\"> </span>(c) <span class=\"_ _4\"></span>Level of aggr<span class=\"_ _2\"></span>egation<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws13 gs1f1\">Judgement is required in applying the requirement to group portf<span class=\"_ _2\"></span>olios that have similar risks and are managed together<span class=\"_ _0\"></span>. <span class=\"_ _0\"></span>The group has considered the follo<span class=\"_ _2\"></span>wing </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls42 ws2 gs1f2\">factors (to the <span class=\"_ _2\"></span>extent that they are rele<span class=\"_ _2\"></span>vant f<span class=\"_ _2\"></span>or the entity) in <span class=\"_ _2\"></span>order to group contracts by similar risks and those that are managed together: principal insurance risk, </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs1f3\">product type, tax status, legacy book<span class=\"_ _3\"></span>/outsource provider and measurement model.  </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls0 ws86 gs1f4\">F<span class=\"_ _a\"></span>urther judgement is required in determining the profitability grouping that appl<span class=\"_ _3\"></span>ies to portf<span class=\"_ _2\"></span>olios of contracts. F<span class=\"_ _2\"></span>or the new business cohorts in <span class=\"_ _a\"></span>Scildon, a policy </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws41 gs1f5\">lev<span class=\"_ _2\"></span>el test is applied and contracts are allocated to the relevant profitability group. <span class=\"_ _7\"></span>T<span class=\"_ _0\"></span>o date, this has not resulted in any contracts being classified as \u2018no significant </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 lsda ws41 gs1f6\">risk of becoming <span class=\"_ _2\"></span>onerous<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>. <span class=\"_ _0\"></span>Where portfolios of contracts are acquired in a business combination <span class=\"_ _2\"></span>or a portfolio transf<span class=\"_ _a\"></span>er<span class=\"_ _2\"></span>, the purchase terms hav<span class=\"_ _2\"></span>e been such that </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs1f7\">to date all contracts hav<span class=\"_ _2\"></span>e been allocated to the \u2018<span class=\"_ _a\"></span>other<span class=\"_ _3\"></span>\u2019 profitable cohort.</div><div class=\"t m0 h11 ff63 fsd fc1 sc0 ls2 ws2 gs1f8\"> <span class=\"_ _e\"> </span>(d) <span class=\"_ _3\"></span>Discount rates<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls6d ws1cc gs1f9\">Cash flows are discounted using currency<span class=\"_ _2\"></span>-specific, risk-free <span class=\"_ _a\"></span>yield curves adjusted f<span class=\"_ _2\"></span>or the characteristics of the cash flows and the liquidity <span class=\"_ _2\"></span>of the insurance </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls6d wsb9 gs1fa\">contracts. <span class=\"_ _0\"></span>The group applies a \u2018bottom-up\u2019 approach to determining discount rates and f<span class=\"_ _2\"></span>ollows the methodology used by the PRA and EIOP<span class=\"_ _0\"></span>A to determine </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws6c gs1fb\">risk-free <span class=\"_ _a\"></span>yield curves and ultimate forw<span class=\"_ _2\"></span>ard rates for regulatory solv<span class=\"_ _2\"></span>ency calculations. <span class=\"_ _0\"></span>T<span class=\"_ _0\"></span>o reflect the liquidity or otherwise <span class=\"_ _2\"></span>of the insurance contracts, the risk-free </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs1fc\">yield curves are adjusted b<span class=\"_ _2\"></span>y an illiquidity premium. </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls0 ws12 gs1fd\">F<span class=\"_ _2\"></span>or certain Dutch \u2018savings mortgage<span class=\"_ _2\"></span>\u2019 products, there is a direct connection to the policyholder<span class=\"_ _3\"></span>\u2019<span class=\"_ _0\"></span>s mortgage loan and the premiums to repay the loan in that the </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls3c ws3e gs1fe\">crediting rate is set such that the account value will be <span class=\"_ _2\"></span>equal to the balance on the loan at maturity<span class=\"_ _a\"></span>. F<span class=\"_ _2\"></span>or this product, the cash flows are discounted using the same </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs1ff\">curve used to v<span class=\"_ _2\"></span>alue the corresponding mortgage assets which itself is derived from mortgage rates a<span class=\"_ _2\"></span>vailable in the mark<span class=\"_ _2\"></span>et.<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls6d ws10a gs200\">When the present value <span class=\"_ _2\"></span>of future cash flows is <span class=\"_ _2\"></span>estimated using stochastic modelling<span class=\"_ _3\"></span>, the cash flows are discounted at scenario-specific rates calibrated, <span class=\"_ _2\"></span>on </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs201\">av<span class=\"_ _2\"></span>erage, to be the risk free rates as adjusted for illiquidity<span class=\"_ _a\"></span>.<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls6d ws11f gs202\">Inflation rates mainly relate to e<span class=\"_ _2\"></span>xpense inflation. <span class=\"_ _0\"></span>The assumptions in respect <span class=\"_ _2\"></span>of expense inflation reflect the group\u2019<span class=\"_ _0\"></span>s best estimate vie<span class=\"_ _2\"></span>w incorporating market </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs203\">consistent data such as earnings indices and central bank inflation targets.<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs204\">The <span class=\"_ _0\"></span>yield curves that were used to discount the <span class=\"_ _2\"></span>estimates of future cash flo<span class=\"_ _2\"></span>ws that were modelled deterministically are shown in the table belo<span class=\"_ _2\"></span>w:</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls80 ws1d7 gs205\"> <span class=\"_ _1db\"> </span>2023 2022<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls2 ws2 gs206\">Yi<span class=\"_ _3\"></span>eld c<span class=\"_ _3\"></span>ur<span class=\"_ _3\"></span>ve <span class=\"_ _8\"> </span>Bro<span class=\"_ _3\"></span>ad pro<span class=\"_ _3\"></span>duc<span class=\"_ _3\"></span>t ca<span class=\"_ _3\"></span>tego<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>y <span class=\"_ _107\"> </span>Curren<span class=\"_ _3\"></span>cy <span class=\"_ _1c1\"> </span>1 yr <span class=\"_ _8c\"> </span>5 y<span class=\"_ _3\"></span>rs <span class=\"_ _4a\"> </span>10 y<span class=\"_ _3\"></span>rs <span class=\"_ _79\"> </span>2<span class=\"_ _3\"></span>0 yrs <span class=\"_ _79\"> </span>3<span class=\"_ _3\"></span>0 yr<span class=\"_ _3\"></span>s <span class=\"_ _1c1\"> </span>1 yr <span class=\"_ _8c\"> </span>5 yr<span class=\"_ _3\"></span>s <span class=\"_ _4a\"> </span>10 yr<span class=\"_ _3\"></span>s <span class=\"_ _79\"> </span>20 y<span class=\"_ _3\"></span>rs <span class=\"_ _79\"> </span>3<span class=\"_ _3\"></span>0 yrs<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 ls2 ws2 gs207\">RFR <span class=\"_ _f0\"> </span>Unit-linked/index-link<span class=\"_ _2\"></span>ed/with-pr<span class=\"_ _2\"></span>ofits \u2013 VFA <span class=\"_ _129\"> </span>EUR <span class=\"_ _30\"> </span>3.36% <span class=\"_ _32\"> </span>2.32% <span class=\"_ _30\"> </span>2.<span class=\"_ _3\"></span>39% <span class=\"_ _6d\"> </span>2.41% <span class=\"_ _32\"> </span>2.53% <span class=\"_ _128\"> </span>3.18% <span class=\"_ _146\"> </span>3.13% <span class=\"_ _2f\"> </span>3.09% <span class=\"_ _30\"> </span>2.77% <span class=\"_ _32\"> </span>2<span class=\"_ _3\"></span>.73<span class=\"_ _2\"></span>%</div><div class=\"t m0 h3 ff60 fs1 fcb sc0 ls4b ws2 gs208\"> <span class=\"_ _73\"> </span>Unit-linked/inde<span class=\"_ _2\"></span>x-linked/<span class=\"_ _2\"></span>with-profits \u2013 GMM </div><div class=\"t m0 h3 ff60 fs1 fcb sc0 ls2 ws1d8 gs209\">GBP <span class=\"_ _a\"></span>4.7<span class=\"_ _2\"></span>4% 3.36<span class=\"_ _2\"></span>% 3.28% <span class=\"_ _2\"></span>3.43<span class=\"_ _2\"></span>% 3.36% <span class=\"_ _7\"></span>4.46% <span class=\"_ _7\"></span>4.06% <span class=\"_ _5\"> </span>3.71% 3.54<span class=\"_ _2\"></span>% <span class=\"_ _3\"></span>3.35%</div><div class=\"t m0 h3 ff60 fs1 fcb sc0 ls2 ws2 gs20a\"> <span class=\"_ _138\"> </span><span class=\"ff6a\">(with high liquidity)</span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 ls2 ws2 gs20b\"> <span class=\"_ _138\"> </span>Shor<span class=\"_ _3\"></span>t-term pr<span class=\"_ _2\"></span>otection <span class=\"_ _17b\"> </span>SEK <span class=\"_ _30\"> </span>3.03<span class=\"_ _2\"></span>% <span class=\"_ _30\"> </span>2.<span class=\"_ _3\"></span>26% <span class=\"_ _30\"> </span>2.25% <span class=\"_ _32\"> </span>2.76% <span class=\"_ _2f\"> </span>2.99% <span class=\"_ _30\"> </span>3.4<span class=\"_ _2\"></span>7% <span class=\"_ _146\"> </span>3.16% <span class=\"_ _6d\"> </span>3.01% <span class=\"_ _6d\"> </span>3.18% <span class=\"_ _30\"> </span>3.<span class=\"_ _3\"></span>27%<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 ls2 ws2 gs20c\">RFR + V<span class=\"_ _2\"></span>A <span class=\"_ _33\"> </span>Immediat<span class=\"_ _2\"></span>e annuities <span class=\"_ _145\"> </span>EUR <span class=\"_ _32\"> </span>3.56% <span class=\"_ _32\"> </span>2.52% <span class=\"_ _30\"> </span>2.59% <span class=\"_ _146\"> </span>2.61% <span class=\"_ _2f\"> </span>2.70% <span class=\"_ _30\"> </span>3.<span class=\"_ _3\"></span>37% <span class=\"_ _30\"> </span>3.32<span class=\"_ _3\"></span>% <span class=\"_ _30\"> </span>3.28% <span class=\"_ _2f\"> </span>2.96% <span class=\"_ _2f\"> </span>2.89%</div><div class=\"t m0 h3 ff60 fs1 fcb sc0 ls2 ws2 gs20d\"> <span class=\"_ _138\"> </span>Term assur<span class=\"_ _2\"></span>ance and other non-linked</div><div class=\"t m0 h3 ff60 fs1 fcb sc0 ls4b ws2 gs20e\"> <span class=\"_ _73\"> </span>Unit-linked/inde<span class=\"_ _2\"></span>x-linked/<span class=\"_ _2\"></span>with-profits \u2013 GMM <span class=\"_ _7c\"> </span>GB<span class=\"_ _3\"></span>P <span class=\"_ _30\"> </span>5.05% <span class=\"_ _32\"> </span>3.67%<span class=\"_ _3\"></span> <span class=\"_ _30\"> </span>3.5<span class=\"_ _3\"></span>9% <span class=\"_ _32\"> </span>3<span class=\"_ _3\"></span>.7<span class=\"_ _a\"></span>4% <span class=\"_ _32\"> </span>3.67%<span class=\"_ _3\"></span> <span class=\"_ _2f\"> </span>4<span class=\"_ _3\"></span>.75% <span class=\"_ _2f\"> </span>4<span class=\"_ _3\"></span>.35%<span class=\"_ _3\"></span> <span class=\"_ _13\"> </span>4<span class=\"_ _3\"></span>.00% <span class=\"_ _30\"> </span>3.<span class=\"_ _3\"></span>83% <span class=\"_ _30\"> </span>3.64%</div><div class=\"t m0 h3 ff60 fs1 fcb sc0 ls2 ws2 gs20f\"> <span class=\"_ _138\"> </span><span class=\"ff6a\">(with medium liquidity)<span class=\"_ _421\"> </span></span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 ls2 ws2 gs210\">Market <span class=\"_ _3b\"> </span>W<span class=\"_ _2\"></span>aard Savings Mortgage <span class=\"_ _f5\"> </span>EUR <span class=\"_ _13c\"> </span>4<span class=\"_ _3\"></span>.77% <span class=\"_ _32\"> </span>3.73% <span class=\"_ _132\"> </span>3.80% <span class=\"_ _30\"> </span>3.82% <span class=\"_ _2f\"> </span>3.94% <span class=\"_ _2f\"> </span>4.<span class=\"_ _3\"></span>23% <span class=\"_ _f9\"> </span>4.18% <span class=\"_ _f9\"> </span>4.14% <span class=\"_ _2f\"> </span>3.82% <span class=\"_ _30\"> </span>3.78%<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 ls2 ws2 gs211\">Mortgage<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 ls2 ws2 gs212\">Rates<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs213\">The sensitivity <span class=\"_ _2\"></span>of the income statement and balance sheet to mov<span class=\"_ _2\"></span>ements in the <span class=\"_ _a\"></span>yield curve is shown in Note B3(a)(ii).</div><div class=\"t m0 h11 ff63 fsd fc1 sc0 ls2 ws2 gs214\">  (e) <span class=\"_ _3\"></span>Methods used to measure the r<span class=\"_ _a\"></span>isk adjustment for non-financial r<span class=\"_ _2\"></span>isk<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls6b ws48 gs215\">The group calculates the risk adjustment using a Cost <span class=\"_ _2\"></span>of Capital (CoC) methodology similar to the PRA and EIOP<span class=\"_ _a\"></span>A Solv<span class=\"_ _2\"></span>ency II Risk Margin approach. <span class=\"_ _0\"></span>The diff<span class=\"_ _a\"></span>erences<span class=\"_ _3\"></span> </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs216\">between the <span class=\"_ _a\"></span>Solvency II Risk Margin and the IFRS 1<span class=\"_ _a\"></span>7 risk adjustment for non-financial risk include: </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs217\">(a) <span class=\"_ _14c\"> </span> <span class=\"_ _f\"></span>the risk adjustment for non-financial risk only includes risks within the IFR<span class=\"_ _2\"></span>S 1<span class=\"_ _a\"></span>7 contract boundary which may diff<span class=\"_ _2\"></span>er to the contract boundary assumed  </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws1be gs218\">in Solvency II;<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs219\">(b) <span class=\"_ _74\"> </span> <span class=\"_ _f\"></span>the Solv<span class=\"_ _2\"></span>ency II risk margin makes allo<span class=\"_ _2\"></span>wance f<span class=\"_ _2\"></span>or counterparty default risk and operational risk, but these are not required in the risk adjustment f<span class=\"_ _2\"></span>or  </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs21a\">non-financial risk.<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls6d ws127 gs21b\">In determining the risk adjustment for non-financial risk <span class=\"_ _2\"></span>each entity allows f<span class=\"_ _2\"></span>or diversification betw<span class=\"_ _2\"></span>een the risks in a consistent manner to that applied in the </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls22 wsf gs21c\">Solvency II risk margin. Div<span class=\"_ _2\"></span>ersification is allow<span class=\"_ _2\"></span>ed for within each <span class=\"_ _2\"></span>entity<span class=\"_ _a\"></span>, but not across the entities, and is allocated to groups of insurance contracts in proportion </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls42 ws53 gs21d\">to the undiversified risk capital amounts. <span class=\"_ _7\"></span>The risk adjustment is then determined by applying a CoC rate to the amount of capital required f<span class=\"_ _2\"></span>or each future reporting </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs21e\">date and discounting the result using the appropriate portfolio le<span class=\"_ _2\"></span>vel risk free rates adjusted for illiquidity<span class=\"_ _0\"></span>. </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls42 ws72 gs21f\">The required capital is determined using stresses and div<span class=\"_ _2\"></span>ersification factors aligned to the relev<span class=\"_ _2\"></span>ant <span class=\"_ _2\"></span>Solvency II methodologies and allocated to groups <span class=\"_ _2\"></span>of contracts </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls18 ws2 gs220\">in a wa<span class=\"_ _2\"></span>y that is consistent with the risk profiles of the groups. <span class=\"_ _0\"></span>The CoC rate reflects that used in the group\u2019<span class=\"_ _0\"></span>s o<span class=\"_ _2\"></span>wn EcV reporting, currently 3.25%pa (2022: 3.25%).<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls18 ws53 gs221\">T<span class=\"_ _0\"></span>o determine the risk adjustments for non-financial risk f<span class=\"_ _2\"></span>or reinsurance contracts, the group applies these techniques both gross and net of reinsurance and derives </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs222\">the amount of risk being transf<span class=\"_ _a\"></span>erred to the reinsurer as the difference betw<span class=\"_ _2\"></span>een the two results.<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff62 fs1 fc1 sc0 lseb wsfb gs223\">166<span class=\"_ _10\"> </span><span class=\"ff67 ls3 ws2\">CHE<span class=\"_ _3\"></span>SNA<span class=\"_ _3\"></span>R<span class=\"_ _3\"></span>A ANNUAL R<span class=\"_ _3\"></span>EPORT A<span class=\"_ _3\"></span>ND ACCO<span class=\"_ _3\"></span>UNTS 2023<span class=\"_ _421\"> </span></span></div>IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS<span class=\"_ _421\"> </span>Ov<span class=\"_ _2\"></span>er a 1 <span class=\"_ _7\"></span>year time horizon and on a net <span class=\"_ _2\"></span>of reinsurance basis, this risk adjustment corresponds to a confidence lev<span class=\"_ _2\"></span>el of 75.9% (2022: 7<span class=\"_ _a\"></span>4.6%). <span class=\"_ _0\"></span>This is equiv<span class=\"_ _2\"></span>alent to estimating that the probability that an<span class=\"_ _2\"></span>y changes in best estimate liabilities from non-financial risk o<span class=\"_ _2\"></span>ver the ne<span class=\"_ _2\"></span>xt <span class=\"_ _a\"></span>year e<span class=\"_ _2\"></span>xceed the amount of the risk adjustment is less than 24.<span class=\"_ _0\"></span>1<span class=\"_ _7\"></span>%. Using statistical approximations, the 1 <span class=\"_ _0\"></span>year figure can be transformed into an <span class=\"_ _2\"></span>equivalent confidence le<span class=\"_ _2\"></span>vel o<span class=\"_ _2\"></span>ver the <span class=\"_ _2\"></span>expected lif<span class=\"_ _a\"></span>et<span class=\"_ _3\"></span>ime <span class=\"_ _2\"></span>of in-force policies of 61<span class=\"_ _7\"></span>.9% (2022: 61<span class=\"_ _31\"></span>%). <span class=\"_ _10\"> </span>(f) <span class=\"_ _4\"></span>Expense allocations<span class=\"_ _421\"> </span>Expenses cash flows are assessed as to whether the<span class=\"_ _2\"></span>y are attributable to the fulfilment or acquisition of insurance contracts. <span class=\"_ _7\"></span>Where estimates of <span class=\"_ _2\"></span>expenses-related cash flows are determined at the portf<span class=\"_ _2\"></span>olio level <span class=\"_ _2\"></span>or higher<span class=\"_ _a\"></span>, they are allocated to groups <span class=\"_ _2\"></span>of contracts on a systematic basis, such as activity<span class=\"_ _2\"></span>-based costing method. The group has determined that this method results in a sy<span class=\"_ _2\"></span>stematic and rational allocation. <span class=\"_ _e\"> </span>(g) <span class=\"_ _3\"></span>Cover<span class=\"_ _2\"></span>age per<span class=\"_ _a\"></span>iod and units<span class=\"_ _421\"> </span>Judgement is required in determining the <span class=\"_ _2\"></span>expected co<span class=\"_ _2\"></span>verage period o<span class=\"_ _2\"></span>ver which the CSM is allocated into profit <span class=\"_ _2\"></span>or loss for the services provided <span class=\"_ _2\"></span>or received. F<span class=\"_ _2\"></span>or contracts issued, the group determines the cov<span class=\"_ _2\"></span>erage period for the CSM recognition as follo<span class=\"_ _2\"></span>ws: (a) <span class=\"_ _14c\"> </span>for non-participating contracts, the cov<span class=\"_ _2\"></span>erage period corresponds to the policy cov<span class=\"_ _2\"></span>erage for mortality and/or morbidity risk and inv<span class=\"_ _2\"></span>estment return services; (b) <span class=\"_ _74\"> </span> <span class=\"_ _f\"></span>for contracts with direct participating feat<span class=\"_ _2\"></span>ures, the coverage period cor<span class=\"_ _2\"></span>responds to the period in which insurance or inv<span class=\"_ _2\"></span>estment related services are e<span class=\"_ _2\"></span>xpected to be provided.<span class=\"_ _421\"> </span>The co<span class=\"_ _2\"></span>verage period f<span class=\"_ _2\"></span>or reinsurance contracts is determined based on the cov<span class=\"_ _2\"></span>erage period of all underlying contracts whose cash flo<span class=\"_ _2\"></span>ws are included in the reinsurance contract boundary<span class=\"_ _a\"></span>.<span class=\"_ _421\"> </span>The CSM at the <span class=\"_ _2\"></span>end of the reporting period is allocated to profit and loss based <span class=\"_ _2\"></span>on the relevant underlying co<span class=\"_ _2\"></span>verage units where the number <span class=\"_ _2\"></span>of cov<span class=\"_ _2\"></span>erage units in a group is determined by considering, for <span class=\"_ _2\"></span>each contract, the quantity of the benefits pro<span class=\"_ _2\"></span>vided under a contract and its e<span class=\"_ _2\"></span>xpected coverage period. <span class=\"_ _7\"></span>The quantity of benefits provided includes insurance, in<span class=\"_ _2\"></span>vestment return and in<span class=\"_ _2\"></span>vestment-related services and hence the co<span class=\"_ _2\"></span>verage unit is based on the maximum benefit pa<span class=\"_ _2\"></span>yment which may become due in a period.<span class=\"_ _421\"> </span>F<span class=\"_ _2\"></span>or contracts that provide an in<span class=\"_ _2\"></span>vestment return <span class=\"_ _2\"></span>or investment-related service, the account balance is generally considered the main driv<span class=\"_ _2\"></span>er for determining the amount of service pro<span class=\"_ _2\"></span>vided in a period. F<span class=\"_ _2\"></span>or products that provide an insurance service the sum assured, in e<span class=\"_ _2\"></span>xcess <span class=\"_ _2\"></span>of any account balance, is considered the main driver f<span class=\"_ _2\"></span>or determining the amount of insurance service pro<span class=\"_ _2\"></span>vided in a period.<span class=\"_ _421\"> </span>The f<span class=\"_ _2\"></span>ollowing table pro<span class=\"_ _2\"></span>vides details of the cov<span class=\"_ _2\"></span>erage units applied for the broad product categories:<span class=\"_ _421\"> </span>Product category <span class=\"_ _72\"> </span>T<span class=\"_ _2\"></span>ypical coverage<span class=\"_ _2\"></span> unit<span class=\"_ _421\"> </span>Immediate annuities <span class=\"_ _1d9\"> </span>Annuity face amount<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>erm assurance and other non-link<span class=\"_ _2\"></span>ed <span class=\"_ _b2\"> </span>T<span class=\"_ _2\"></span>erm assurance: Sum insured <span class=\"_ _1da\"> </span>Other non-linked: Higher of death and maturit<span class=\"_ _2\"></span>y benefit<span class=\"_ _421\"> </span>Unit-linked/inde<span class=\"_ _2\"></span>x-linked/<span class=\"_ _2\"></span>with-profits \u2013 GMM <span class=\"_ _ee\"> </span>Higher of death benefit, account value and maturity benefit<span class=\"_ _421\"> </span>Unit-linked/inde<span class=\"_ _2\"></span>x-linked/<span class=\"_ _2\"></span>with-profits \u2013 VF<span class=\"_ _a\"></span>A <span class=\"_ _177\"> </span>Higher of death benefit, account value and maturit<span class=\"_ _2\"></span>y benefit<span class=\"_ _421\"> </span>Short-term prot<span class=\"_ _2\"></span>ection <span class=\"_ _1db\"> </span>N/<span class=\"_ _2\"></span>A<span class=\"_ _421\"> </span>Notes F2 to F5 provide inf<span class=\"_ _2\"></span>ormation regarding the timing of the future release <span class=\"_ _2\"></span>of the CSM to the profit and loss account, based on the CSM at the balance sheet date. <span class=\"_ _e\"> </span>(h) <span class=\"_ _3\"></span>Non-distinct investment components<span class=\"_ _421\"> </span>Insurance rev<span class=\"_ _2\"></span>enue and insurance service e<span class=\"_ _2\"></span>xpenses ex<span class=\"_ _2\"></span>clude any NDIC. <span class=\"_ _7\"></span>The group identifies the investment component <span class=\"_ _2\"></span>of a contract by determining the amount that it would be required to repa<span class=\"_ _2\"></span>y to the policyholder in all scenarios with commercial substance. <span class=\"_ _0\"></span>These include circumstances in which an insured e<span class=\"_ _2\"></span>vent <span class=\"_ _2\"></span>occurs or the contract matures or is terminated without an insured <span class=\"_ _2\"></span>ev<span class=\"_ _2\"></span>ent occurring. Inv<span class=\"_ _2\"></span>estment components are e<span class=\"_ _2\"></span>xcluded from insurance rev<span class=\"_ _2\"></span>enue and insurance service expenses. <span class=\"_ _0\"></span>Where the required inf<span class=\"_ _2\"></span>ormation for the actual NDIC is una<span class=\"_ _2\"></span>vailable at a policy lev<span class=\"_ _2\"></span>el the group applies estimation techniques based <span class=\"_ _2\"></span>on expected data.<span class=\"_ _2\"></span> T<span class=\"_ _0\"></span>ypical non-distinct inv<span class=\"_ _2\"></span>estment components are outlined in Note A5(a)(xiv).<span class=\"_ _421\"> </span>Other accounting judgements <span class=\"_ _d\"> </span>(i) <span class=\"_ _4\"></span>Mortg<span class=\"_ _2\"></span>age asset v<span class=\"_ _2\"></span>aluation<span class=\"_ _421\"> </span>The mortgage sa<span class=\"_ _2\"></span>vings assets within the <span class=\"_ _0\"></span>Waard Group, pre<span class=\"_ _2\"></span>viously valued at amortised cost under IA<span class=\"_ _2\"></span>S 39, are now designated as FVTPL and v<span class=\"_ _2\"></span>alued at fair value in order to av<span class=\"_ _2\"></span>oid an accounting mismatch with the corresponding liability valued under IFR<span class=\"_ _2\"></span>S 1<span class=\"_ _a\"></span>7<span class=\"_ _31\"></span>. The mortgage portf<span class=\"_ _2\"></span>olio acquired by <span class=\"_ _0\"></span>W<span class=\"_ _2\"></span>aard Le<span class=\"_ _2\"></span>ven as part <span class=\"_ _2\"></span>of the Argenta acquisition in 2020 contains both a savings <span class=\"_ _2\"></span>element and risk element. F<span class=\"_ _a\"></span>or the savings part of the mortgage, the asset cash flows are projected to the mortgage <span class=\"_ _2\"></span>end date and discounted using a risk free rate plus a spread. <span class=\"_ _0\"></span>The e<span class=\"_ _2\"></span>xpected future cash flows are determined from the product characteristics and best estimate actuarial assumptions with the credit spread being sourced primarily from a w<span class=\"_ _2\"></span>eighted av<span class=\"_ _2\"></span>erage of mortgage rates av<span class=\"_ _2\"></span>ailable in the market at <span class=\"_ _2\"></span>each duration. In principle, the spread should only be applied to the future inv<span class=\"_ _2\"></span>estment-related part of the cash flo<span class=\"_ _2\"></span>ws but since this is impracticable the group has applied a spread to all cash flows. <span class=\"_ _0\"></span>T<span class=\"_ _2\"></span>his results in a close approximation to the corresponding liability and reflects the true economic offset of asset and <span class=\"_ _3\"></span>liability<span class=\"_ _a\"></span>. <span class=\"_ _d\"> </span>(j) <span class=\"_ _4\"></span>Acquir<span class=\"_ _2\"></span>ed v<span class=\"_ _2\"></span>alue of in-for<span class=\"_ _2\"></span>ce business (CASLP)<span class=\"_ _421\"> </span>The group applies accounting <span class=\"_ _2\"></span>estimates and judgements in determining the fair value, amortisation and reco<span class=\"_ _2\"></span>verability <span class=\"_ _2\"></span>of acquired in-force business, which f<span class=\"_ _2\"></span>ollowing the introduction of IFR<span class=\"_ _2\"></span>S 1<span class=\"_ _a\"></span>7 relates to investment contracts <span class=\"_ _2\"></span>only<span class=\"_ _a\"></span>. <span class=\"_ _0\"></span>The A<span class=\"_ _a\"></span>VIF previously recognised in respect <span class=\"_ _2\"></span>of insurance contracts has now been derecognised in these financial statements. In the initial determination of the acquired v<span class=\"_ _2\"></span>alue of in-force business, the group uses act<span class=\"_ _2\"></span>uarial models to determine the expected n<span class=\"_ _2\"></span>et cash flows (on a discounted basis) <span class=\"_ _2\"></span>of the policies acquired. <span class=\"_ _0\"></span>The k<span class=\"_ _2\"></span>ey assumptions applied in the models are driven b<span class=\"_ _2\"></span>y the e<span class=\"_ _2\"></span>xpected behaviour of policyholders <span class=\"_ _2\"></span>on termination rates, e<span class=\"_ _2\"></span>xpenses of management and age <span class=\"_ _2\"></span>of individual contract holders as well as global estimates <span class=\"_ _2\"></span>of inv<span class=\"_ _2\"></span>estment growth, based on recent <span class=\"_ _2\"></span>experience at the date of acquisition. <span class=\"_ _7\"></span>The assumptions applied within the models are considered against historical experience <span class=\"_ _2\"></span>of each <span class=\"_ _2\"></span>of the relev<span class=\"_ _2\"></span>ant factors. Ref<span class=\"_ _a\"></span>er to accounting policy Note A5(h).<span class=\"_ _421\"> </span><span class=\"ff65 ls3\"></span><span class=\"ff65 ls3\">CHES<span class=\"_ _277\"></span>NAR<span class=\"_ _277\"></span>A<span class=\"_ _278\"></span>A<span class=\"_ _277\"></span>NNUAL<span class=\"_ _278\"></span>REPO<span class=\"_ _279\"></span>RT<span class=\"_ _278\"></span>AND<span class=\"_ _3b0\"></span>ACCOUN<span class=\"_ _27a\"></span>TS<span class=\"_ _27b\"></span>2023</span><span class=\"_ _3b8\"></span>167<span class=\"_ _421\"> </span><div class=\"t m0 h4 ff67 fs2 fc1 sc0 lsc3 ws82 gs93\">IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS<span class=\"_ _421\"> </span></div><div class=\"t m0 h9 ff68 fs8 fc2 sc0 ls18f ws2 gs94\">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<span class=\"_ _421\"> </span></div><div class=\"t m0 hf ff61 fsc fc2 sc0 ls37 ws2 gs95\">SECTION A \u2013 GENERAL INFORMA<span class=\"_ _a\"></span>TION AND ACCOUNTING POLICIES AND JUDGEMENT<span class=\"_ _2\"></span>S</div><div class=\"t m0 h11 ff63 fsd fc2 sc0 ls2 ws2 gs96\"> <span class=\"_ _e\"> </span>A6 <span class=\"_ _3\"></span>Significant accounting judgements and estimates (continued)<span class=\"_ _421\"> </span></div><div class=\"t m0 h11 ff63 fsd fc1 sc0 ls2 ws2 gs97\">Other accounting judgements (continued)</div><div class=\"t m0 h11 ff63 fsd fc1 sc0 ls2 ws2 gs225\"> <span class=\"_ _d\"> </span>(j) <span class=\"_ _4\"></span>Acquir<span class=\"_ _2\"></span>ed v<span class=\"_ _2\"></span>alue of in-for<span class=\"_ _2\"></span>ce business (CASLP) (continued)<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls6d ws70 gs19e\">The acquired v<span class=\"_ _2\"></span>alue of in-f<span class=\"_ _2\"></span>orce business is amortised on a basis that reflects the e<span class=\"_ _2\"></span>xpected profit stream arising from the inv<span class=\"_ _2\"></span>estment contracts acquired at the </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 wsd6 gs19f\">date of acquisition. <span class=\"_ _2\"></span>Acquired v<span class=\"_ _2\"></span>alue of in-force business is tested f<span class=\"_ _2\"></span>or recov<span class=\"_ _2\"></span>erability by ref<span class=\"_ _a\"></span>erence to expected future income and <span class=\"_ _2\"></span>expense lev<span class=\"_ _2\"></span>els. <span class=\"_ _2\"></span>Such impairment </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws12 gs1a0\">testing requires a degree of <span class=\"_ _2\"></span>estimation and judgement. In particular<span class=\"_ _a\"></span>, the value is sensitive to the rate at which future cash flo<span class=\"_ _2\"></span>ws are discounted and to the rates </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls6d ws15b gs1a1\">of return on in<span class=\"_ _2\"></span>vested assets, based <span class=\"_ _2\"></span>on applying a range of discount rates, which hav<span class=\"_ _2\"></span>e been determined with ref<span class=\"_ _2\"></span>erence to our re<span class=\"_ _2\"></span>view of the cur<span class=\"_ _2\"></span>rent market </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws20 gs9c\">assessment of the tr<span class=\"_ _2\"></span>ue value of mone<span class=\"_ _2\"></span>y and the risks specific to the asset for which the cash flo<span class=\"_ _2\"></span>ws hav<span class=\"_ _2\"></span>e not been adjusted. <span class=\"_ _0\"></span>The rates used f<span class=\"_ _2\"></span>or the purpose of the </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs226\">impairment testing range from 4% to <span class=\"_ _2\"></span>1<span class=\"_ _a\"></span>2% and the actual rate applied was 1<span class=\"_ _0\"></span>1<span class=\"_ _7\"></span>.45% (31 December 2022: 8%).<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls22 wsf gs1a3\">The <span class=\"_ _2\"></span>A<span class=\"_ _a\"></span>VIF for CASLP has been tested f<span class=\"_ _2\"></span>or recoverability as at 3<span class=\"_ _a\"></span>1 December 2023 and as a result of that test an impairment of \u00a32<span class=\"_ _a\"></span>1<span class=\"_ _0\"></span>.0m has been applied (\u00a36.<span class=\"_ _0\"></span>1m net </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls42 ws2 gs9f\">of tax). <span class=\"_ _0\"></span>The carrying v<span class=\"_ _2\"></span>alue of the <span class=\"_ _2\"></span>A<span class=\"_ _a\"></span>VIF in CASLP follo<span class=\"_ _2\"></span>wing the impairment and net of amortisation is \u00a32<span class=\"_ _a\"></span>1<span class=\"_ _7\"></span>.9m at 31 December 2023 (3<span class=\"_ _a\"></span>1 December 2022: \u00a349.6m).<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls66 ws6c gs227\">A 400 bps increase in the eff<span class=\"_ _2\"></span>ective discount rate would reduce the underlying v<span class=\"_ _2\"></span>alue of in-f<span class=\"_ _2\"></span>orce business in CASLP b<span class=\"_ _2\"></span>y \u00a33.7m (31 December 2022: \u00a31<span class=\"_ _7\"></span>1<span class=\"_ _0\"></span>.3m). A 1<span class=\"_ _0\"></span>0%<span class=\"_ _3\"></span> </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs228\">fall in projected future profits w<span class=\"_ _2\"></span>ould reduce the underlying value <span class=\"_ _2\"></span>of in-force business in CA<span class=\"_ _2\"></span>SLP by \u00a32.2m (3<span class=\"_ _a\"></span>1 December 2022: \u00a35.7m).</div><div class=\"t m0 h11 ff63 fsd fc1 sc0 ls2 ws2 gs229\">  (k) <span class=\"_ _3\"></span>Investment in subsidiary CA </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls4e ws72 gs22a\">The group applies accounting <span class=\"_ _2\"></span>estimates and judgements in determining the holding value and recov<span class=\"_ _2\"></span>erability of its in<span class=\"_ _2\"></span>vestment in subsidiaries, in particular that <span class=\"_ _19\"></span><span class=\"ls2 ws2\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls0 ws15b gs22b\">of Countrywide A<span class=\"_ _2\"></span>ssured plc. An annual impairment test is perf<span class=\"_ _2\"></span>ormed which requires a degree of <span class=\"_ _2\"></span>estimation and judgement, and for which management has </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls18 wsc4 gs22c\">determined that the reported EcV of the UK business is appropriate to be used as a pro<span class=\"_ _2\"></span>xy for the IA<span class=\"_ _2\"></span>S 36 \u2018value in use<span class=\"_ _2\"></span>\u2019 assessment, as this value takes into account </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls0 ws86 gs22d\">the future cash flows and hence fut<span class=\"_ _2\"></span>ure profitability of the business. <span class=\"_ _0\"></span>This assessment sho<span class=\"_ _2\"></span>wed that as at the balance sheet date, there w<span class=\"_ _2\"></span>as a deficit of \u00a31<span class=\"_ _a\"></span>4.4m </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls0 ws115 gs22e\">against the carrying value <span class=\"_ _2\"></span>of the inv<span class=\"_ _2\"></span>estment in subsidiary value and hence the carrying v<span class=\"_ _2\"></span>alue has been impaired by this amount, thereb<span class=\"_ _2\"></span>y impacting the parent </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs22f\">company income statement and balance sheet but no impact to the group Consolidated Financial <span class=\"_ _a\"></span>Statements. </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls3c ws72 gs230\">A 400 bps increase in interest rates would reduce the EcV<span class=\"_ _7\"></span>, and hence the carrying value, by \u00a35.4m (31 December 2022: \u00a31<span class=\"_ _a\"></span>4.6m). A 1<span class=\"_ _0\"></span>0% fall in equity v<span class=\"_ _2\"></span>alues would </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws75 gs231\">reduce the carrying value b<span class=\"_ _2\"></span>y \u00a37<span class=\"_ _a\"></span>.<span class=\"_ _3\"></span>9m (31 December 2022: \u00a38.2m). <span class=\"_ _2\"></span>A 1<span class=\"_ _a\"></span>0% mass lapse of policyholders would reduce the carrying v<span class=\"_ _2\"></span>alue by \u00a31<span class=\"_ _0\"></span>1<span class=\"_ _a\"></span>.<span class=\"_ _2\"></span>1m (31 December </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs232\">2022: \u00a36.<span class=\"_ _0\"></span>1m).<span class=\"_ _421\"> </span></div><div class=\"t m0 h11 ff63 fsd fc1 sc0 ls2 ws2 gs233\">Significant accounting estimates and assumptions</div><div class=\"t m0 h11 ff63 fsd fc1 sc0 ls2 ws46 gs234\"> <span class=\"_ _c\"> </span>(l) Mortality/Longevity/Morbidity<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls6d ws41 gs235\">Best <span class=\"_ _2\"></span>estimate assumptions about mortality<span class=\"_ _a\"></span>, longevity and morbidity used in estimating future cash flo<span class=\"_ _2\"></span>ws are dev<span class=\"_ _2\"></span>eloped for homogeneous product types and </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls42 ws2 gs236\">groups of policyholders at a local <span class=\"_ _2\"></span>entity level. <span class=\"_ _a\"></span>Assumptions are generally based on a combination of national data, standard industry tables, the local <span class=\"_ _2\"></span>entity\u2019<span class=\"_ _0\"></span>s recent<span class=\"_ _3\"></span> </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws11f gs237\">experience and also future <span class=\"_ _2\"></span>expectations. Experience is monitored through regular studies, the results <span class=\"_ _2\"></span>of which are reflected both in the pricing of ne<span class=\"_ _2\"></span>w products </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls3c ws41 gs238\">and in the measurement of <span class=\"_ _2\"></span>existing contracts. Note B2 pro<span class=\"_ _2\"></span>vides more information on mortality rates used and the sensitivity <span class=\"_ _2\"></span>of the income statement and balance </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs239\">sheet to changes in mortality and morbidity assumptions.</div><div class=\"t m0 h11 ff63 fsd fc1 sc0 ls2 ws1da gs23a\"> (m)  Persistency<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 wsc4 gs23b\">Best <span class=\"_ _2\"></span>estimate assumptions about policyholder behaviour<span class=\"_ _a\"></span>, such as surrenders and lapses, used in estimating fut<span class=\"_ _2\"></span>ure cash flows, are dev<span class=\"_ _2\"></span>eloped for homogeneous </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws160 gs23c\">product types and groups of policyholders at a local <span class=\"_ _2\"></span>entity level. <span class=\"_ _a\"></span>Assumptions are generally based on a combination of the local <span class=\"_ _2\"></span>entity\u2019<span class=\"_ _0\"></span>s recent experience and </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls17 ws6c gs23d\">future e<span class=\"_ _2\"></span>xpectations. Experience is monitored through regular studies, the results of which are reflected both in the pricing <span class=\"_ _2\"></span>of new products and in the measurement <span class=\"_ _19\"></span><span class=\"ls2 ws2\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws76 gs23e\">of existing contracts.<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls0 ws41 gs23f\">Surrenders and lapses depend on the product and policy duration in f<span class=\"_ _2\"></span>orce. Note B2 provides more inf<span class=\"_ _2\"></span>ormation on lapse rates and the sensitivity <span class=\"_ _2\"></span>of the income </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs240\">statement and balance sheet to changes in persistency assumptions.</div><div class=\"t m0 h11 ff63 fsd fc1 sc0 ls2 ws2 gs241\"> <span class=\"_ _e\"> </span>(n) <span class=\"_ _3\"></span>Futur<span class=\"_ _2\"></span>e expenses<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls0 ws72 gs242\">Best <span class=\"_ _2\"></span>estimate assumptions regarding expenses used in the <span class=\"_ _2\"></span>estimation of future cash flo<span class=\"_ _2\"></span>ws are set at a lev<span class=\"_ _2\"></span>el that reflects the group\u2019<span class=\"_ _a\"></span>s e<span class=\"_ _2\"></span>xpectations as to future </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls0 wsc4 gs243\">expenditure based <span class=\"_ _2\"></span>on each <span class=\"_ _2\"></span>entity\u2019<span class=\"_ _a\"></span>s cost base and annual budgeting process along with longer<span class=\"_ _0\"></span>-term expectations as to ho<span class=\"_ _2\"></span>w the business will run off net <span class=\"_ _2\"></span>of any </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls22 ws12 gs244\">new business. <span class=\"_ _7\"></span>T<span class=\"_ _a\"></span>ransition costs and major project e<span class=\"_ _2\"></span>xpenses are revie<span class=\"_ _2\"></span>wed on a case-b<span class=\"_ _2\"></span>y-case basis as to whether the<span class=\"_ _2\"></span>y should be treated as non-attributable. Costs </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls18 ws16e gs245\">which are borne centrally for group-wide projects, such as IFR<span class=\"_ _2\"></span>S 1<span class=\"_ _a\"></span>7 implementation for e<span class=\"_ _2\"></span>xample, have been considered non-attributable. Expenses pertaining to </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls0 ws61 gs246\">in<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>est<span class=\"_ _2\"></span>men<span class=\"_ _2\"></span>t costs <span class=\"_ _2\"></span>on assets backing liabilities where no inv<span class=\"_ _2\"></span>estment related service is provided to policyholders, generally term assurance and annuities, are also </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs247\">excluded. Note B2 provides more information <span class=\"_ _2\"></span>on the sensitivity of the income statement and balance sheet to changes in future <span class=\"_ _2\"></span>expense assumptions.</div><div class=\"t m0 h11 ff63 fsd fc1 sc0 ls2 ws2 gs248\"> <span class=\"_ _e\"> </span>(o) <span class=\"_ _3\"></span>Time value of options and guar<span class=\"_ _2\"></span>antees </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls42 ws93 gs249\">The group has <span class=\"_ _2\"></span>off<span class=\"_ _2\"></span>ered guaranteed annuity options within certain contracts. Estimates hav<span class=\"_ _2\"></span>e been made of the number <span class=\"_ _2\"></span>of contract holders who will ex<span class=\"_ _2\"></span>ercise these </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls0 ws6c gs24a\">options, in order to measure their v<span class=\"_ _2\"></span>alue. Changes in inv<span class=\"_ _2\"></span>estment conditions could result in significantly more contract holders ex<span class=\"_ _2\"></span>ercising their options than the </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs24b\">group has assumed in determining the liabilities arising from these contracts. </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls18 ws53 gs24c\">UK with-profits contracts contain a Discretionary Participation F<span class=\"_ _a\"></span>eature (DPF) which entitles the holder to receive, as a supplement to guaranteed benefits, additional </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls6d ws1cd gs24d\">benefits or bonuses. <span class=\"_ _7\"></span>The terms and conditions of these contracts, together with UK regulations, set out the bases f<span class=\"_ _2\"></span>or the determination of the amounts <span class=\"_ _2\"></span>on </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls0 wsc4 gs24e\">which the additional discretionary benefits are based and within which the group may <span class=\"_ _2\"></span>exercise its discretion as to the quantum and timing <span class=\"_ _2\"></span>of their payment to </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs24f\">contract holders.</div><div class=\"t m0 h11 ff63 fsd fc1 sc0 ls2 ws2 gs250\"> <span class=\"_ _e\"> </span>(p) <span class=\"_ _3\"></span>Non-perfor<span class=\"_ _2\"></span>mance of reinsur<span class=\"_ _a\"></span>ers<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls4e ws59 gs251\">Where appropriate, reinsurance cash flows are adjusted f<span class=\"_ _2\"></span>or the possibility of loss due to reinsurer default using an approach <span class=\"_ _2\"></span>equivalent to the PRA and EIOP<span class=\"_ _0\"></span>A </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs252\">methodology for the <span class=\"_ _a\"></span>Solvency II Credit Default <span class=\"_ _2\"></span>Adjustment.<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff62 fs1 fc1 sc0 lseb wsfb gsc0\">168<span class=\"_ _c\"> </span><span class=\"ff67 ls3 ws2\">C<span class=\"_ _3\"></span>HESN<span class=\"_ _3\"></span>AR<span class=\"_ _3\"></span>A AN<span class=\"_ _3\"></span>NUAL REPOR<span class=\"_ _3\"></span>T AND <span class=\"_ _3\"></span>ACCOUNT<span class=\"_ _3\"></span>S 20<span class=\"_ _2\"></span>23<span class=\"_ _421\"> </span></span></div>IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS<span class=\"_ _421\"> </span>SECTION B \u2013 RISK AND CAP<span class=\"_ _2\"></span>IT<span class=\"_ _2\"></span>AL MANAGEMENT  B1 <span class=\"_ _3\"></span>Risk Management Fr<span class=\"_ _2\"></span>amewor<span class=\"_ _2\"></span>k The group\u2019<span class=\"_ _0\"></span>s board of directors has <span class=\"_ _2\"></span>overall responsibility f<span class=\"_ _2\"></span>or the adequacy of the design and implementation <span class=\"_ _2\"></span>of the group\u2019<span class=\"_ _a\"></span>s Risk Management F<span class=\"_ _a\"></span>ramework and its consistent application across divisions. <span class=\"_ _0\"></span>The group and its divisions <span class=\"_ _2\"></span>operate within a defined risk strategy and supporting Risk Appetite F<span class=\"_ _a\"></span>ramew<span class=\"_ _2\"></span>ork. Risk preferences are approv<span class=\"_ _2\"></span>ed by the board <span class=\"_ _2\"></span>of directors and the risk position of the business is monitored against these pref<span class=\"_ _2\"></span>erences.<span class=\"_ _421\"> </span>The group\u2019<span class=\"_ _0\"></span>s risk management policies are established to identify and analy<span class=\"_ _2\"></span>se the risks faced by the group, set appropriate <span class=\"_ _2\"></span>risk limits and controls, and monitor adherence to risk limits. <span class=\"_ _0\"></span>The risk management policies are re<span class=\"_ _2\"></span>view<span class=\"_ _2\"></span>ed regularly to reflect changes in market conditions and the group\u2019<span class=\"_ _0\"></span>s activities whilst the board of directors approv<span class=\"_ _2\"></span>es the review<span class=\"_ _0\"></span>, updates and attestation of these policies at least annually<span class=\"_ _a\"></span>. Risk is managed at local entity le<span class=\"_ _2\"></span>vel where the business is transacted, based <span class=\"_ _2\"></span>on the principles and policies established at group lev<span class=\"_ _2\"></span>el. <span class=\"_ _0\"></span>The Group <span class=\"_ _2\"></span>Audit &amp; Risk Committee o<span class=\"_ _2\"></span>versees ho<span class=\"_ _2\"></span>w management monitors compliance with the group\u2019<span class=\"_ _a\"></span>s risk management policies and procedures, and revie<span class=\"_ _2\"></span>ws the adequacy of the Risk Management F<span class=\"_ _a\"></span>ramework in relation to the risks faced b<span class=\"_ _2\"></span>y the group. It is assisted in its o<span class=\"_ _2\"></span>versight role b<span class=\"_ _2\"></span>y internal audit, which undertakes both regular and ad hoc revie<span class=\"_ _2\"></span>ws of risk management controls and procedures, the results <span class=\"_ _2\"></span>of which are reported to the Group A<span class=\"_ _2\"></span>udit &amp; Risk Committee.<span class=\"_ _421\"> </span>The group issues insurance contracts and in<span class=\"_ _2\"></span>vestment contracts. <span class=\"_ _0\"></span>T<span class=\"_ _2\"></span>he nature and e<span class=\"_ _2\"></span>xtent of the underwriting and financial risks arising from these contracts are determined by the contract design. <span class=\"_ _7\"></span>The risks are ev<span class=\"_ _2\"></span>aluated for risk management purposes in conjunction with the risks mitigated b<span class=\"_ _2\"></span>y related reinsurance contracts and the risks arising from financial assets held to fund the settlement of the liabilities.  B2 <span class=\"_ _3\"></span>Underwriting r<span class=\"_ _a\"></span>isk General<span class=\"_ _421\"> </span>Underwriting risk consists of insurance risk, persistency risk (together demographic <span class=\"_ _2\"></span>experience risk) and <span class=\"_ _2\"></span>expense risk: \u2013 <span class=\"_ _86\"></span><span class=\"ff63 ws11f\">Insurance r<span class=\"_ _2\"></span>isk:<span class=\"ff64\"> the risk transf<span class=\"_ _2\"></span>erred from the policyholder to the group, other than financial risk. Insurance risk arises from uncertainty regarding the <span class=\"_ _2\"></span>occurrence, </span></span>timing and amount of future claims. \u2013 <span class=\"_ _86\"></span><span class=\"ff63 ws10a\">Persist<span class=\"_ _2\"></span>ency (or lapse) r<span class=\"_ _2\"></span>isk:<span class=\"ff64\"> the risk that a policyholder will cancel a contract, increase or reduce premiums, withdraw deposits <span class=\"_ _2\"></span>or annuitise a contract earlier <span class=\"_ _2\"></span>or </span></span>later than expected. \u2013 <span class=\"_ _86\"></span><span class=\"ff63 ws2\">Expense risk:<span class=\"ff64\"> the risk <span class=\"_ _2\"></span>of unexpected increases in the administrativ<span class=\"_ _2\"></span>e costs of servicing contracts.<span class=\"_ _421\"> </span></span></span>The group is <span class=\"_ _2\"></span>exposed to diff<span class=\"_ _2\"></span>erent aspects of insurance risk f<span class=\"_ _2\"></span>or lif<span class=\"_ _2\"></span>e insurance policies issued: <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>Mortality risk \u2013 the risk of losses arising from death <span class=\"_ _2\"></span>of lif<span class=\"_ _2\"></span>e insurance policyholders being earlier than e<span class=\"_ _2\"></span>xpected <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>Morbidity risk \u2013 the risk of medical claims arising from the diagnosis <span class=\"_ _2\"></span>of illness being higher than expected <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>Longe<span class=\"_ _2\"></span>vity risk \u2013 the risk of losses due to policyholders living longer than <span class=\"_ _2\"></span>expected<span class=\"_ _421\"> </span>The group\u2019<span class=\"_ _0\"></span>s management of insurance risk is a critical aspect <span class=\"_ _2\"></span>of its business. <span class=\"_ _0\"></span>The primary insurance activity carried <span class=\"_ _2\"></span>out by the group comprises the assumption o<span class=\"_ _2\"></span>f the risk of loss from persons that are directly subject to the risk. <span class=\"_ _2\"></span>As such, the group is e<span class=\"_ _2\"></span>xposed to the uncertainty surrounding the timing and sev<span class=\"_ _2\"></span>erity of claims under the related contracts. <span class=\"_ _0\"></span>The principal risk is that the frequency and se<span class=\"_ _2\"></span>verity <span class=\"_ _2\"></span>of claims is greater than expected. The theory <span class=\"_ _2\"></span>of probability is applied to the pricing and provisioning for a portf<span class=\"_ _2\"></span>olio of insurance contracts. Insured <span class=\"_ _2\"></span>ev<span class=\"_ _2\"></span>ents are, by their nature, random, and the actual number and size <span class=\"_ _2\"></span>of e<span class=\"_ _2\"></span>vents during any 1 <span class=\"_ _0\"></span>year may v<span class=\"_ _2\"></span>ary from those estimated using <span class=\"_ _2\"></span>established statistical techniques. It is noted that the annuity policies give exposure to longe<span class=\"_ _2\"></span>vity risk, which provides a partial natural hedge to the <span class=\"_ _2\"></span>exposure to mortality risk.<span class=\"_ _421\"> </span>The group manages its insurance risk through adoption <span class=\"_ _2\"></span>of underwriting strategies, the aim of which is to av<span class=\"_ _2\"></span>oid undue concentration of risk, appro<span class=\"_ _2\"></span>val procedures for ne<span class=\"_ _2\"></span>w products, pricing guidelines and adoption of reinsurance strategies, the aim of which is to reinf<span class=\"_ _2\"></span>orce the underwriting strategy by a<span class=\"_ _2\"></span>voiding the retention of undue concentration of risk.<span class=\"_ _421\"> </span>Notwithstanding that the group pursues common o<span class=\"_ _2\"></span>verarching objectiv<span class=\"_ _2\"></span>es and emplo<span class=\"_ _2\"></span>ys similar techniques in managing these risks, the range <span class=\"_ _2\"></span>of product characteristics and the diff<span class=\"_ _2\"></span>ering market and regulatory en<span class=\"_ _2\"></span>vironments of the UK, <span class=\"_ _a\"></span>Swedish and Dutch businesses are such that insurance risk is managed separately f<span class=\"_ _2\"></span>or the separate operating segments and concentration of insurance risk is mitigated. <span class=\"_ _0\"></span>T<span class=\"_ _2\"></span>he UK segment consists of largely closed legacy books of business that are in r<span class=\"_ _2\"></span>un-off<span class=\"_ _2\"></span>. <span class=\"_ _0\"></span>Within<span class=\"_ _3\"></span> the Dutch business, the <span class=\"_ _0\"></span>W<span class=\"_ _2\"></span>aard Group operates as an acquisitive v<span class=\"_ _2\"></span>ehicle with a number of acquisitions <span class=\"_ _2\"></span>of closed books in recent <span class=\"_ _a\"></span>years whereas <span class=\"_ _2\"></span>Scildon is a writer of new business. <span class=\"_ _7\"></span>The <span class=\"_ _2\"></span>Swedish segment, Mo<span class=\"_ _2\"></span>vestic, also writes ne<span class=\"_ _2\"></span>w business how<span class=\"_ _2\"></span>ever this predominantly comprises <span class=\"_ _2\"></span>of inv<span class=\"_ _2\"></span>estment contracts valued under IFR<span class=\"_ _2\"></span>S 9. Accordingly<span class=\"_ _0\"></span>, the information which follo<span class=\"_ _2\"></span>ws (and also the quantitative disclosures in <span class=\"_ _2\"></span>Section F of the notes to the financial statements) diff<span class=\"_ _2\"></span>erentiates these segments and sets out f<span class=\"_ _2\"></span>or each the k<span class=\"_ _2\"></span>ey risks arising from insurance contracts and how those risks are measured and managed.  (a) <span class=\"_ _3\"></span>UK business<span class=\"_ _421\"> </span>The main insurance contract portf<span class=\"_ _2\"></span>olios within the UK and the associated risks that have a material <span class=\"_ _2\"></span>eff<span class=\"_ _2\"></span>ect on the amount, timing and uncertainty <span class=\"_ _2\"></span>of future cash flows arising from the insurance contracts issued are as follo<span class=\"_ _2\"></span>ws: <span class=\"_ _d\"> </span>(i) <span class=\"_ _4\"></span>Immediate annuities<span class=\"_ _421\"> </span>Immediate annuities provide regular income pa<span class=\"_ _2\"></span>yments generally during the outstanding lif<span class=\"_ _2\"></span>e of the policyholder<span class=\"_ _0\"></span>, and in some cases that of a surviving spouse or partner<span class=\"_ _a\"></span>. In certain cases, payments ma<span class=\"_ _2\"></span>y be guaranteed for a minimum period. <span class=\"_ _0\"></span>These contracts <span class=\"_ _2\"></span>expose the business to longe<span class=\"_ _2\"></span>vity risk.<span class=\"_ _421\"> </span><span class=\"ff65 ls3 ws2\">CHES<span class=\"_ _283\"></span>NAR<span class=\"_ _277\"></span>A<span class=\"_ _278\"></span>AN<span class=\"_ _277\"></span>NUAL<span class=\"_ _35e\"></span>REPO<span class=\"_ _277\"></span>RT<span class=\"_ _287\"></span>AND<span class=\"_ _392\"></span>ACCOUNT<span class=\"_ _27a\"></span>S<span class=\"_ _27b\"></span>20<span class=\"_ _2b5\"></span>23</span><span class=\"_ _3a1\"></span>169<span class=\"_ _421\"> </span><div class=\"t m0 h4 ff67 fs2 fc1 sc0 lsc3 ws82 gs93\">IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS<span class=\"_ _421\"> </span></div><div class=\"t m0 h9 ff68 fs8 fc2 sc0 ls18f ws2 gs94\">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<span class=\"_ _421\"> </span></div><div class=\"t m0 hf ff61 fsc fc2 sc0 ls37 ws2 gs95\">SECTION B \u2013 RISK AND CAP<span class=\"_ _2\"></span>IT<span class=\"_ _2\"></span>AL MANAGEMENT</div><div class=\"t m0 h11 ff63 fsd fc2 sc0 ls2 ws2 gs96\">  B2 <span class=\"_ _3\"></span>Underwriting r<span class=\"_ _a\"></span>isk (continued)</div><div class=\"t m0 h11 ff63 fsd fc2 sc0 ls2 ws2 gs19d\">  <span class=\"fc1\">(a) <span class=\"_ _3\"></span>UK business (continued)</span></div><div class=\"t m0 h11 ff63 fsd fc1 sc0 ls2 ws2 gs225\">  (ii) <span class=\"_ _3\"></span>T<span class=\"_ _0\"></span>er<span class=\"_ _2\"></span>m assurances and other non-link<span class=\"_ _a\"></span>ed<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws73 gs19e\">The principal insurance risk f<span class=\"_ _2\"></span>or these portfolios is mortality risk with some morbidity risk arising from critical illness benefits. <span class=\"_ _0\"></span>T<span class=\"_ _2\"></span>he policies generally provide fixed<span class=\"_ _421\"> </span> </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs19f\">and guaranteed benefits and hav<span class=\"_ _2\"></span>e fixed future premiums.<span class=\"_ _421\"> </span></div><div class=\"t m0 h11 ff63 fsd fc1 sc0 ls2 ws2 gs254\"> (iii) <span class=\"_ _3\"></span>Unit-linked/Index<span class=\"_ _a\"></span>-linked/With-pr<span class=\"_ _2\"></span>ofits \u2013 GMM<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls6d ws16 gs9c\">The contracts in these portf<span class=\"_ _2\"></span>olios are with-profits or unit-linked pensions and sa<span class=\"_ _2\"></span>vings products which, due to the presence of in the mone<span class=\"_ _2\"></span>y guarantees or the<span class=\"_ _421\"> </span> </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls6d ws8c gs226\">charges applied, did not meet the criteria for measurement under <span class=\"_ _0\"></span>VF<span class=\"_ _a\"></span>A. <span class=\"_ _0\"></span>The with-profits policies comprise a guaranteed sum assured pay<span class=\"_ _2\"></span>able on death <span class=\"_ _2\"></span>or at<span class=\"_ _421\"> </span> </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls4e wsc4 gs255\">maturity<span class=\"_ _a\"></span>, to which may be added a discretionary terminal bonus. <span class=\"_ _0\"></span>T<span class=\"_ _2\"></span>he unit-linked policies include guarantees in e<span class=\"_ _2\"></span>xcess <span class=\"_ _2\"></span>of the unit fund. <span class=\"_ _0\"></span>The principal insurance<span class=\"_ _421\"> </span> </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs256\">risk for these contracts is mortality risk ho<span class=\"_ _2\"></span>we<span class=\"_ _2\"></span>ver some contracts also contain morbidity risk.<span class=\"_ _421\"> </span></div><div class=\"t m0 h11 ff63 fsd fc1 sc0 ls2 ws1de gs257\"> <span class=\"_ _4\"></span>(iv) <span class=\"_ _e\"> </span>Unit-link<span class=\"_ _2\"></span>ed/Index<span class=\"_ _2\"></span>-link<span class=\"_ _2\"></span>ed/With-profits <span class=\"_ _4\"></span>\u2013 VF<span class=\"_ _a\"></span>A<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls3c ws74 gsa1\">These portf<span class=\"_ _2\"></span>olios contain unit-linked pensions, endo<span class=\"_ _2\"></span>wments and whole of lif<span class=\"_ _a\"></span>e contracts and a small number of with-profits policies. <span class=\"_ _0\"></span>The contracts passed the criteria<span class=\"_ _421\"> </span> </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gsa2\">for measurements under <span class=\"_ _0\"></span>VF<span class=\"_ _a\"></span>A. <span class=\"_ _0\"></span>The principal insurance risk for these contracts is mortality risk ho<span class=\"_ _2\"></span>we<span class=\"_ _2\"></span>ver some contracts also contain morbidity risk.<span class=\"_ _421\"> </span></div><div class=\"t m0 h40 ff69 fsd fc1 sc0 ls2 ws2 gsa3\">Management of insurance risks<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls70 ws53 gsa4\">The risk at <span class=\"_ _2\"></span>outset of a contract is managed through the pricing basis. <span class=\"_ _0\"></span>T<span class=\"_ _2\"></span>hereafter the risks associated with these products are managed by reinsurance and, in some<span class=\"_ _421\"> </span> </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs258\">cases, by the ability to charge the policyholder f<span class=\"_ _2\"></span>or the mortality benefits provided.<span class=\"_ _421\"> </span> </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls6d ws157 gs259\">F<span class=\"_ _2\"></span>or unit-linked contracts there is <span class=\"_ _2\"></span>exposure to insurance risk only insof<span class=\"_ _2\"></span>ar as the value <span class=\"_ _2\"></span>of the unit-<span class=\"_ _2\"></span>link<span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>fund <span class=\"_ _2\"></span>is l<span class=\"_ _2\"></span>ow<span class=\"_ _2\"></span>er t<span class=\"_ _2\"></span>han <span class=\"_ _2\"></span>the g<span class=\"_ _2\"></span>uaran<span class=\"_ _2\"></span>teed <span class=\"_ _2\"></span>mini<span class=\"_ _2\"></span>mum d<span class=\"_ _2\"></span>eath <span class=\"_ _2\"></span>bene<span class=\"_ _2\"></span>fit.<span class=\"_ _421\"> </span> </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls3c ws48 gs25a\">The with-profits business which is measured using the <span class=\"_ _0\"></span>VF<span class=\"_ _a\"></span>A is reinsured to ReAssure Limited and hence the <span class=\"_ _2\"></span>only risk retained for this business is the risk <span class=\"_ _2\"></span>of <span class=\"_ _3\"></span>default<span class=\"_ _421\"> </span> </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs25b\">by the reinsurer and some <span class=\"_ _2\"></span>expense risk.<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs25c\">The f<span class=\"_ _2\"></span>ollowing table sho<span class=\"_ _2\"></span>ws the breakdown of insurance and reinsurance contract v<span class=\"_ _2\"></span>alues by major product type f<span class=\"_ _2\"></span>or contracts in the UK:<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls190 wsc7 gs25d\">31 December<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lscd ws52 gs25e\">T<span class=\"_ _a\"></span>ype of cont<span class=\"_ _2\"></span>racts</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls119 ws1df gs25f\"> <span class=\"_ _1df\"> </span>2023 2022</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lsd9 ws1bb gs260\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _2a\"> </span>Gros<span class=\"_ _3\"></span>s  <span class=\"_ _3c\"> </span>R<span class=\"_ _3\"></span>einsurance  <span class=\"_ _28\"> </span>T<span class=\"_ _a\"></span>o<span class=\"_ _3\"></span>tal  <span class=\"_ _2a\"> </span>Gross  <span class=\"_ _13\"> </span>Rein<span class=\"_ _3\"></span>surance  <span class=\"_ _28\"> </span>T<span class=\"_ _a\"></span>o<span class=\"_ _3\"></span>tal</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls190 ws1e0 gs261\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs262\">Immediate <span class=\"_ _3\"></span>annuities <span class=\"_ _21\"> </span>  <span class=\"_ _7b\"> </span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>3.4  <span class=\"_ _14b\"> </span>(48.8 <span class=\"_ _0\"></span>) <span class=\"_ _7b\"> </span>64<span class=\"_ _3\"></span>.6  <span class=\"_ _5b\"> </span>1<span class=\"_ _3\"></span>18<span class=\"_ _3\"></span>.1  <span class=\"_ _45\"> </span>(50.7 <span class=\"_ _7\"></span>) <span class=\"_ _f0\"> </span>67<span class=\"_ _2\"></span>.4<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs263\">T<span class=\"_ _2\"></span>erm <span class=\"_ _3\"></span>assurance <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>other <span class=\"_ _3\"></span>non-linked <span class=\"_ _15a\"> </span>  <span class=\"_ _14e\"> </span>92.7  <span class=\"_ _150\"> </span>(68.0 <span class=\"_ _7\"></span>) <span class=\"_ _2d\"> </span>24.7  <span class=\"_ _11b\"> </span>106<span class=\"_ _3\"></span>.1  <span class=\"_ _7b\"> </span>(73.2 <span class=\"_ _7\"></span>) <span class=\"_ _c2\"> </span>32.9<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs264\">Unit-linked/Inde<span class=\"_ _2\"></span>x-linked/With-profits \u2013 <span class=\"_ _4\"></span>GMM <span class=\"_ _158\"> </span>  <span class=\"_ _150\"> </span>223.3  <span class=\"_ _1b7\"> </span>(0.2 <span class=\"_ _0\"></span>) <span class=\"_ _150\"> </span>223.1  <span class=\"_ _7b\"> </span>229.<span class=\"_ _2\"></span>1  <span class=\"_ _1b7\"> </span>(0.2 <span class=\"_ _0\"></span>) <span class=\"_ _42\"> </span>228<span class=\"_ _3\"></span>.9<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs265\">Unit-linked/Inde<span class=\"_ _2\"></span>x-linked/With-profits \u2013 <span class=\"_ _4\"></span>VF<span class=\"_ _2\"></span>A <span class=\"_ _84\"> </span>  <span class=\"_ _e7\"> </span>949.7  <span class=\"_ _11b\"> </span>(<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>.7 <span class=\"_ _7\"></span>) <span class=\"_ _119\"> </span>902.0  <span class=\"_ _15c\"> </span>994<span class=\"_ _3\"></span>.3  <span class=\"_ _150\"> </span>(48.5 <span class=\"_ _0\"></span>) <span class=\"_ _a3\"> </span>945.<span class=\"_ _3\"></span>8<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs266\">T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _129\"> </span>1<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>37<span class=\"_ _3\"></span>9.1  <span class=\"_ _3e\"> </span>(<span class=\"_ _3\"></span>16<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>.7 <span class=\"_ _7\"></span>) <span class=\"_ _11c\"> </span>1<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>14<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4  <span class=\"_ _7c\"> </span>1,<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>47.6  <span class=\"_ _3e\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>72<span class=\"_ _4\"></span>.6 <span class=\"_ _7\"></span>) <span class=\"_ _7e\"> </span>1<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>275<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>0<span class=\"_ _421\"> </span></div><div class=\"t m0 h40 ff69 fsd fc1 sc0 ls2 ws2 gsb4\">Concentration of insurance risk<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls42 ws118 gs267\">The UK does not underwrite group insurance co<span class=\"_ _2\"></span>vers which tends to naturally limit geographic concentrations. Exposures to material insurance risks, <span class=\"_ _2\"></span>on individual<span class=\"_ _421\"> </span> </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs268\">cases, are av<span class=\"_ _2\"></span>oided through the use of quota share and surplus reinsurance and retained sums assured <span class=\"_ _2\"></span>on any one lif<span class=\"_ _a\"></span>e are generally under \u00a3250,0<span class=\"_ _3\"></span>00.<span class=\"_ _421\"> </span></div><div class=\"t m0 h40 ff69 fsd fc1 sc0 ls2 ws2 gs269\">Mortalit<span class=\"_ _3\"></span>y assumptions<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws3f gs26a\">A base mortality table is selected which is most appropriate for <span class=\"_ _2\"></span>each type of contract taking into account historical <span class=\"_ _2\"></span>experience and where appropriate, reinsurers<span class=\"_ _421\"> </span> </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 wsff gs26b\">rates. <span class=\"_ _0\"></span>The mortality rates reflected in these tables are periodically adjusted, allo<span class=\"_ _2\"></span>wing for emerging <span class=\"_ _2\"></span>experience. <span class=\"_ _7\"></span>The mortality assumptions used on the blocks <span class=\"_ _2\"></span>of<span class=\"_ _421\"> </span> </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs26c\">business most sensitive to changes in mortality assumptions are disclosed belo<span class=\"_ _2\"></span>w<span class=\"_ _a\"></span>.<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls22 wsf gs26d\">T<span class=\"_ _0\"></span>erm assurance e<span class=\"_ _2\"></span>x<span class=\"_ _a\"></span>-Protection Lif<span class=\"_ _2\"></span>e, Lif<span class=\"_ _2\"></span>e Business: 65% <span class=\"_ _0\"></span>TMN00 select (2022: 65%) and 65% <span class=\"_ _0\"></span>TFN0<span class=\"_ _3\"></span>0 select (non-smokers) (2022: 65%), 65% <span class=\"_ _7\"></span>TMS0<span class=\"_ _3\"></span>0 select (2022:<span class=\"_ _421\"> </span> </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs1b8\">65%) and 65% <span class=\"_ _0\"></span>TFS00 select (smokers) (2022: 65%).<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls0 ws55 gs26e\">Annuitant mortality (CA): <span class=\"_ _a\"></span>1<span class=\"_ _a\"></span>04<span class=\"_ _a\"></span>% PMA08 table (2022: 1<span class=\"_ _2\"></span>04%) and 1<span class=\"_ _a\"></span>04% PF<span class=\"_ _a\"></span>A08 table (2022: 1<span class=\"_ _a\"></span>04%), with 1<span class=\"_ _a\"></span>0<span class=\"_ _3\"></span>0% CMI_2022 improv<span class=\"_ _2\"></span>ements (with zero w<span class=\"_ _2\"></span>eighting to<span class=\"_ _421\"> </span> </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs26f\">2020, 202<span class=\"_ _a\"></span>1 and 2022 data) with a 1<span class=\"_ _0\"></span>.5% long-term conv<span class=\"_ _2\"></span>ergence rate from 3<span class=\"_ _a\"></span>1 December 2023 (2022: 1<span class=\"_ _0\"></span>.5%).<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls42 ws93 gsbf\">Annuitant mortality (CASLP con<span class=\"_ _2\"></span>ventional annuities): <span class=\"_ _0\"></span>1<span class=\"_ _a\"></span>20% PMA08 table (2022: <span class=\"_ _2\"></span>1<span class=\"_ _a\"></span>20%) and 1<span class=\"_ _2\"></span>20% PF<span class=\"_ _0\"></span>A08 table (2022: 1<span class=\"_ _a\"></span>20%), with 1<span class=\"_ _a\"></span>0<span class=\"_ _3\"></span>0% CMI_2022 improv<span class=\"_ _2\"></span>ements<span class=\"_ _421\"> </span> </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs270\">(with zero w<span class=\"_ _2\"></span>eighting to 2020, 202<span class=\"_ _a\"></span>1 and 2022 data) with a 1<span class=\"_ _0\"></span>.5% long-term conv<span class=\"_ _2\"></span>ergence rate from 31 December 2023 (2022: 2%).<span class=\"_ _421\"> </span></div><div class=\"t m0 h11 ff63 fsd fc1 sc0 ls2 ws2 gs1bc\">Other underwr<span class=\"_ _2\"></span>iting r<span class=\"_ _2\"></span>isks on insurance contracts<span class=\"_ _421\"> </span></div><div class=\"t m0 h40 ff69 fsd fc1 sc0 ls2 ws2 gs1bd\">Expense risk<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws48 gs1be\">The UK business <span class=\"_ _2\"></span>outsources the majority of <span class=\"_ _2\"></span>operational activities to third party administrators in order to reduce the e<span class=\"_ _2\"></span>xpense inefficiencies that would arise with<span class=\"_ _421\"> </span> </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls0 ws20 gs271\">fixed and semi-fix<span class=\"_ _2\"></span>ed costs on a reducing policy base, although this is mitigated by acquisitions <span class=\"_ _2\"></span>of business. <span class=\"_ _0\"></span>There are, ho<span class=\"_ _2\"></span>we<span class=\"_ _2\"></span>ver<span class=\"_ _a\"></span>, risks associated with the use <span class=\"_ _a\"></span>of<span class=\"_ _421\"> </span> </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls42 ws114 gs272\">outsourcing. In particular<span class=\"_ _a\"></span>, there wil<span class=\"_ _3\"></span>l be a need f<span class=\"_ _2\"></span>or periodic renegotiations of the terms of the <span class=\"_ _2\"></span>outsourcing arrangements as the e<span class=\"_ _2\"></span>xisting agreements e<span class=\"_ _2\"></span>xpire, the<span class=\"_ _421\"> </span> </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws21 gs1c0\">outcome of which could potentially impact <span class=\"_ _2\"></span>ongoing maintenance expenses and in<span class=\"_ _2\"></span>volv<span class=\"_ _2\"></span>e transition costs. <span class=\"_ _0\"></span>There is also a risk that, at some point in the future, third<span class=\"_ _421\"> </span> </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls6d ws36 gs1c1\">party administrators could default <span class=\"_ _2\"></span>on their obligations. <span class=\"_ _0\"></span>T<span class=\"_ _2\"></span>he UK business monitors the financial soundness of third-party administrators and has retained ste<span class=\"_ _2\"></span>p-in<span class=\"_ _421\"> </span> </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 wsd5 gs1c2\">rights on the more significant <span class=\"_ _2\"></span>of these agreements. <span class=\"_ _0\"></span>There are also contractual arrangements in place which pro<span class=\"_ _2\"></span>vide for financial penalties in the <span class=\"_ _2\"></span>ev<span class=\"_ _2\"></span>ent of default<span class=\"_ _421\"> </span> </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs273\">by the administration service pro<span class=\"_ _2\"></span>vider<span class=\"_ _a\"></span>.<span class=\"_ _421\"> </span></div><div class=\"t m0 h40 ff69 fsd fc1 sc0 ls2 ws2 gs274\">P<span class=\"_ _a\"></span>ersistency risk<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 lsc4 ws118 gs275\">P<span class=\"_ _a\"></span>ersistency risk is the risk that the investor cancels the contract <span class=\"_ _2\"></span>or discontinues paying new premiums into the contract, thereb<span class=\"_ _2\"></span>y e<span class=\"_ _2\"></span>xposing the UK business to<span class=\"_ _421\"> </span> </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls1c ws16 gs276\">the risk of a reduction in profits. P<span class=\"_ _a\"></span>ersistency experience is activ<span class=\"_ _2\"></span>ely monitored to allow <span class=\"_ _2\"></span>early identification of trends. In addition, reinsurance is in place to limit the<span class=\"_ _421\"> </span> </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs277\">impact arising from a mass lapse e<span class=\"_ _2\"></span>vent <span class=\"_ _2\"></span>on the long-term contracts. </div><div class=\"t m0 h3 ff62 fs1 fc1 sc0 ls84 ws8a gsc0\">170<span class=\"_ _d\"> </span><span class=\"ff67 ls3 ws2\">CHES<span class=\"_ _3\"></span>NAR<span class=\"_ _3\"></span>A A<span class=\"_ _3\"></span>NNUAL REPO<span class=\"_ _3\"></span>RT AN<span class=\"_ _3\"></span>D ACCOUN<span class=\"_ _3\"></span>TS 2023<span class=\"_ _421\"> </span></span></div>IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS <span class=\"_ _e\"></span><span class=\"_ _e\"> </span>(b) <span class=\"_ _3\"></span>Swedish business<span class=\"_ _421\"> </span>The Mo<span class=\"_ _2\"></span>vestic business is f<span class=\"_ _2\"></span>ocused predominantly on unit-linked sa<span class=\"_ _2\"></span>vings and pensions in the local <span class=\"_ _2\"></span>Sw<span class=\"_ _2\"></span>edish market. IFRS <span class=\"_ _a\"></span>1<span class=\"_ _0\"></span>7 requires that contracts are separated according to the benefits selected. <span class=\"_ _0\"></span>The majority <span class=\"_ _2\"></span>of the benefits in Mov<span class=\"_ _2\"></span>estic are classified as investment contracts, with no significant insurance risk, and are<span class=\"_ _2\"></span> therefore measured under IFR<span class=\"_ _2\"></span>S 9, how<span class=\"_ _2\"></span>ever some <span class=\"_ _2\"></span>of the savings benefits do ho<span class=\"_ _2\"></span>we<span class=\"_ _2\"></span>ver fall within the scope <span class=\"_ _2\"></span>of IFRS <span class=\"_ _a\"></span>1<span class=\"_ _0\"></span>7 \u2018Insurance Contracts\u2019<span class=\"_ _7\"></span>. In addition, there is some short-term protection business, measured under P<span class=\"_ _a\"></span>AA. <span class=\"_ _79\"> </span>(i) <span class=\"_ _9\"> </span>Unit-linked/Index<span class=\"_ _a\"></span>-link<span class=\"_ _2\"></span>ed/With-profits <span class=\"_ _4\"></span>\u2013 VF<span class=\"_ _a\"></span>A<span class=\"_ _421\"> </span>The insurance benefits within scope <span class=\"_ _2\"></span>of IFRS <span class=\"_ _a\"></span>1<span class=\"_ _0\"></span>7 are unit-linked pension savings contracts where the policyholder has selected to receiv<span class=\"_ _2\"></span>e a payment on surviv<span class=\"_ _2\"></span>al to a specified date but there are no payments to beneficiaries <span class=\"_ _2\"></span>on death before this date, with inv<span class=\"_ _2\"></span>ested amounts instead becoming the property of Mo<span class=\"_ _2\"></span>vestic. <span class=\"_ _19\"></span><span class=\"ls2 ws2\"> </span>T<span class=\"_ _0\"></span>o compensate the insured for this risk, Mo<span class=\"_ _2\"></span>vestic allocates inheritance gains on a monthly basis to surviving policyholders such that the gains broadly match the long-term av<span class=\"_ _2\"></span>erage values retained due to death. <span class=\"_ _2\"></span>At the individual beneficiary level there is insurance risk as significant additional amounts are paid to the<span class=\"_ _2\"></span> beneficiary on surviv<span class=\"_ _2\"></span>al compared to receiving no payment <span class=\"_ _2\"></span>on death.  (ii) <span class=\"_ _3\"></span>Short-ter<span class=\"_ _a\"></span>m protection These portf<span class=\"_ _2\"></span>olios primarily include insurance contracts providing: <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>Lif<span class=\"_ _2\"></span>e cov<span class=\"_ _2\"></span>er on an individual or group contract basis <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>Accident and sickness co<span class=\"_ _2\"></span>ver f<span class=\"_ _2\"></span>or group contracts <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>Income protection benefits separated from group pension schemes <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>W<span class=\"_ _2\"></span>aiver <span class=\"_ _2\"></span>of premium separated from group pension schemes<span class=\"_ _421\"> </span>The principal risk f<span class=\"_ _2\"></span>or the lif<span class=\"_ _2\"></span>e cover is mortality risk and the principal risk f<span class=\"_ _2\"></span>or the remaining products is morbidity risk. <span class=\"_ _0\"></span>The abo<span class=\"_ _2\"></span>ve are 1<span class=\"_ _0\"></span>-year contracts as Movestic has the practical ability to re-price all benefits within 1 <span class=\"_ _a\"></span>year<span class=\"_ _a\"></span>. Management of insurance risks<span class=\"_ _421\"> </span>F<span class=\"_ _2\"></span>or linked contracts the in<span class=\"_ _2\"></span>vestment risk is borne by the policyholder and there is limited <span class=\"_ _2\"></span>exposure to insurance risk. In addition, the allocation <span class=\"_ _2\"></span>of inheritance gains are revie<span class=\"_ _2\"></span>wed regularly and are subject to change in <span class=\"_ _2\"></span>order that the inheritance gains allocated broadly equals the amount paid to Mov<span class=\"_ _2\"></span>estic on death, thereb<span class=\"_ _2\"></span>y reducing the risk to Mov<span class=\"_ _2\"></span>estic. F<span class=\"_ _2\"></span>or the contracts measured under the P<span class=\"_ _a\"></span>AA the key risks are managed through appropriate product design and pricing <span class=\"_ _2\"></span>of the policies to ensure that the potential cost to Mov<span class=\"_ _2\"></span>estic of these <span class=\"_ _2\"></span>events (and associated <span class=\"_ _2\"></span>expenses <span class=\"_ _2\"></span>of underwriting and administration) are reflected in the price charged to the policyholder<span class=\"_ _a\"></span>. <span class=\"_ _0\"></span>These contracts are either 1<span class=\"_ _0\"></span>-year contracts or Mo<span class=\"_ _2\"></span>vestic has the practical ability to re-price all benefits within 1 <span class=\"_ _a\"></span>year<span class=\"_ _0\"></span>, which allows Movestic to manage its risk <span class=\"_ _2\"></span>exposure. In addition, risk is further mitigated by the use <span class=\"_ _2\"></span>of reinsurance. The f<span class=\"_ _2\"></span>ollowing table sho<span class=\"_ _2\"></span>ws the breakdown of insurance and reinsurance contract v<span class=\"_ _2\"></span>alues by major product type f<span class=\"_ _2\"></span>or contracts in S<span class=\"_ _a\"></span>weden:<span class=\"_ _421\"> </span>31 December<span class=\"_ _421\"> </span>T<span class=\"_ _a\"></span>ype of cont<span class=\"_ _2\"></span>racts <span class=\"_ _1df\"> </span>2023 2022 <span class=\"_ _19e\"> </span>  <span class=\"_ _2a\"> </span>Gros<span class=\"_ _3\"></span>s  <span class=\"_ _3c\"> </span>R<span class=\"_ _3\"></span>einsurance  <span class=\"_ _28\"> </span>T<span class=\"_ _a\"></span>o<span class=\"_ _3\"></span>tal  <span class=\"_ _2a\"> </span>Gross  <span class=\"_ _13\"> </span>Rein<span class=\"_ _3\"></span>surance  <span class=\"_ _28\"> </span>T<span class=\"_ _a\"></span>o<span class=\"_ _3\"></span>tal <span class=\"_ _19e\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Long-term <span class=\"_ _3\"></span>with <span class=\"_ _3\"></span>direct <span class=\"_ _3\"></span>participating <span class=\"_ _3\"></span>features <span class=\"_ _186\"> </span>  <span class=\"_ _c2\"> </span>1<span class=\"_ _3\"></span>31.5  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _c2\"> </span>13<span class=\"_ _3\"></span>1.5  <span class=\"_ _7b\"> </span>1<span class=\"_ _4\"></span>1<span class=\"_ _3\"></span>7<span class=\"_ _2\"></span>.0  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _7b\"> </span>1<span class=\"_ _4\"></span>1<span class=\"_ _3\"></span>7.<span class=\"_ _2\"></span>0<span class=\"_ _421\"> </span>Short-term <span class=\"_ _3\"></span>protection <span class=\"_ _55\"> </span>  <span class=\"_ _c2\"> </span>40.3  <span class=\"_ _f0\"> </span>(14<span class=\"_ _3\"></span>.5 <span class=\"_ _7\"></span>) <span class=\"_ _f0\"> </span>25.8  <span class=\"_ _c2\"> </span>42<span class=\"_ _3\"></span>.0  <span class=\"_ _2d\"> </span>(1<span class=\"_ _3\"></span>5.8 <span class=\"_ _0\"></span>) <span class=\"_ _f0\"> </span>26.2<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _14b\"> </span>1<span class=\"_ _3\"></span>7<span class=\"_ _3\"></span>1.<span class=\"_ _3\"></span>8  <span class=\"_ _150\"> </span>(<span class=\"_ _3\"></span>14<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5 <span class=\"_ _7\"></span>) <span class=\"_ _15c\"> </span>1<span class=\"_ _3\"></span>57.<span class=\"_ _3\"></span>3  <span class=\"_ _e7\"> </span>15<span class=\"_ _3\"></span>9.<span class=\"_ _3\"></span>0  <span class=\"_ _150\"> </span>(<span class=\"_ _3\"></span>15<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8 <span class=\"_ _7\"></span>) <span class=\"_ _119\"> </span>14<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2<span class=\"_ _421\"> </span>Concentration of insurance risk<span class=\"_ _421\"> </span>Regarding benefits assured f<span class=\"_ _2\"></span>or individual contracts, the combined eff<span class=\"_ _2\"></span>ect of reinsurance and the f<span class=\"_ _2\"></span>act that the vast majority <span class=\"_ _2\"></span>of the total benefit assured relates to numerous small value contracts limits the le<span class=\"_ _2\"></span>vel of concentration risk. <span class=\"_ _7\"></span>The use of reinsurance means that <span class=\"_ _2\"></span>exposures to material insurance risks <span class=\"_ _2\"></span>on individual cases are av<span class=\"_ _2\"></span>oided, with 97<span class=\"_ _31\"></span>.5% of the business having retained sums assured <span class=\"_ _2\"></span>of less than \u00a3250,00<span class=\"_ _3\"></span>0.<span class=\"_ _421\"> </span>In respect of group contracts, the business is <span class=\"_ _2\"></span>exposed to multiple emplo<span class=\"_ _2\"></span>yees <span class=\"_ _2\"></span>of the same organisation being in<span class=\"_ _2\"></span>volved in a single loss <span class=\"_ _2\"></span>ev<span class=\"_ _2\"></span>ent. Mov<span class=\"_ _2\"></span>estic forecasts that its maximum loss would be <span class=\"_ _2\"></span>of the order of <span class=\"_ _a\"></span>SEK 61<span class=\"_ _2\"></span>4m (approximately \u00a348.0m) gross of reinsurance and <span class=\"_ _a\"></span>SEK 1<span class=\"_ _2\"></span>5m (approximately \u00a31<span class=\"_ _7\"></span>.2m) after reinsurance. The <span class=\"_ _2\"></span>equivalent retention f<span class=\"_ _2\"></span>or 2022 was <span class=\"_ _2\"></span>SEK 5m (approximately \u00a30.4m).<span class=\"_ _421\"> </span>Mortalit<span class=\"_ _3\"></span>y assumptions<span class=\"_ _421\"> </span>These are not material f<span class=\"_ _2\"></span>or the long-term <span class=\"_ _2\"></span>Swedish contracts as the inheritance gains allocated b<span class=\"_ _2\"></span>y Mov<span class=\"_ _2\"></span>estic to the surviving policyholders are such that they broadly match the long-term av<span class=\"_ _2\"></span>erage of the amounts retained <span class=\"_ _2\"></span>on death. Mortality assumptions are not material to the protection products due to the short-term nature of these contracts.<span class=\"_ _421\"> </span>Other underwr<span class=\"_ _2\"></span>iting r<span class=\"_ _2\"></span>isks on insurance contracts<span class=\"_ _421\"> </span>Expense risk<span class=\"_ _421\"> </span>Expense risk is the risk that e<span class=\"_ _2\"></span>xpenses are higher than expected hence leading to a reduction in profits. Expenses are activ<span class=\"_ _2\"></span>ely monitored and managed to reduce this risk. P<span class=\"_ _a\"></span>ersistency risk<span class=\"_ _421\"> </span>P<span class=\"_ _a\"></span>ersistency risk is the risk that t<span class=\"_ _3\"></span>he in<span class=\"_ _2\"></span>vestor cancels the contract or discontinues pa<span class=\"_ _2\"></span>ying new premiums into the contract, thereb<span class=\"_ _2\"></span>y exposing the <span class=\"_ _a\"></span>Swedish business to the risk of a reduction in profits. P<span class=\"_ _a\"></span>ersistency experience is activ<span class=\"_ _2\"></span>ely monitored to allow <span class=\"_ _2\"></span>early identification of trends. In addition, reinsurance is in place to limit the impact arising from a mass lapse e<span class=\"_ _2\"></span>vent <span class=\"_ _2\"></span>on the long-term contracts<span class=\"_ _421\"> </span>.<span class=\"_ _421\"> </span><span class=\"ff65 ls3 ws2\">CHES<span class=\"_ _283\"></span>NAR<span class=\"_ _277\"></span>A<span class=\"_ _278\"></span>A<span class=\"_ _283\"></span>NNUAL<span class=\"_ _27f\"></span>REPO<span class=\"_ _277\"></span>RT<span class=\"_ _287\"></span>AND<span class=\"_ _392\"></span>ACCOUN<span class=\"_ _27a\"></span>TS<span class=\"_ _27b\"></span>2023</span><span class=\"_ _3ba\"></span><span class=\"_ _421\"> </span>171<span class=\"_ _421\"> </span><div class=\"t m0 h4 ff67 fs2 fc1 sc0 lsc3 ws82 gs93\">IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS<span class=\"_ _421\"> </span></div><div class=\"t m0 h9 ff68 fs8 fc2 sc0 ls18f ws2 gs94\">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<span class=\"_ _421\"> </span></div><div class=\"t m0 hf ff61 fsc fc2 sc0 ls37 ws2 gs95\">SECTION B \u2013 RISK AND CAP<span class=\"_ _2\"></span>IT<span class=\"_ _2\"></span>AL MANAGEMENT</div><div class=\"t m0 h11 ff63 fsd fc2 sc0 ls2 ws2 gs96\">  B2 <span class=\"_ _3\"></span>Underwriting r<span class=\"_ _a\"></span>isk (continued)</div><div class=\"t m0 h11 ff63 fsd fc1 sc0 ls2 ws2 gs19d\"> <span class=\"_ _18\"> </span>(c) <span class=\"_ _4\"></span>W<span class=\"_ _2\"></span>aard Gr<span class=\"_ _2\"></span>oup<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls42 wsd4 gs98\">The <span class=\"_ _0\"></span>W<span class=\"_ _a\"></span>aard Group comprises the original business acquired by the Chesnara group in 20<span class=\"_ _a\"></span>1<span class=\"_ _2\"></span>5 and the subsequent acquisitions of portf<span class=\"_ _2\"></span>olios of business made b<span class=\"_ _2\"></span>y the </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls42 ws53 gs19e\">W<span class=\"_ _2\"></span>aard Group from 20<span class=\"_ _a\"></span>1<span class=\"_ _2\"></span>9 onw<span class=\"_ _2\"></span>ards (see Note C1 for details). <span class=\"_ _0\"></span>With the recent acquisitions there is now a mix <span class=\"_ _2\"></span>of protection and savings business in the <span class=\"_ _0\"></span>W<span class=\"_ _2\"></span>aard Group </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws6c gs19f\">and both the GMM and <span class=\"_ _a\"></span>VF<span class=\"_ _a\"></span>A measurement models are applied. <span class=\"_ _0\"></span>The acquisition <span class=\"_ _2\"></span>of Conservatrix <span class=\"_ _2\"></span>on 1 January 2023 also contained contracts where no significant </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs1a0\">insurance risk remained at the date of acquisition and these contracts ha<span class=\"_ _2\"></span>ve consequently been classified as inv<span class=\"_ _2\"></span>estment contacts. </div><div class=\"t m0 h11 ff63 fsd fc1 sc0 ls2 ws2 gs279\"> <span class=\"_ _d\"> </span>(i) <span class=\"_ _4\"></span>Immediate annuities<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs226\">The acquisitions <span class=\"_ _2\"></span>of Robein and Conserv<span class=\"_ _2\"></span>atrix contain immediate annuities, where the risk is longevity<span class=\"_ _a\"></span>. </div><div class=\"t m0 h11 ff63 fsd fc1 sc0 ls2 ws2 gs27a\">  (ii) <span class=\"_ _3\"></span>T<span class=\"_ _0\"></span>er<span class=\"_ _2\"></span>m assurance and other non-link<span class=\"_ _a\"></span>ed<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws11f gs1a4\">W<span class=\"_ _2\"></span>aard\u2019<span class=\"_ _a\"></span>s original business includes term assurances, with further contracts added in subsequent acquisitions most significantly f<span class=\"_ _2\"></span>or Argenta and Brand Ne<span class=\"_ _2\"></span>w Day<span class=\"_ _a\"></span>. </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs1a5\">These portf<span class=\"_ _2\"></span>olios are e<span class=\"_ _2\"></span>xposed to mortality risk.<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 wsff gs1a6\">The portf<span class=\"_ _2\"></span>olio acquired from Monuta contained endo<span class=\"_ _2\"></span>wment and savings business, some with-profit sharing conditions how<span class=\"_ _2\"></span>ev<span class=\"_ _2\"></span>er there are separate portfolios for </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs1a7\">mortality and longevity risk depending <span class=\"_ _2\"></span>on which is considered to be the predominant risk.<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs27b\">The R<span class=\"_ _2\"></span>obein acquisition also included term assurance business.<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs258\">The Conserv<span class=\"_ _2\"></span>atrix acquisition also included pension, endo<span class=\"_ _2\"></span>wment and funeral plans all of which are e<span class=\"_ _2\"></span>xposed to mortality risk. </div><div class=\"t m0 h11 ff63 fsd fc1 sc0 ls2 ws2 gsa6\"> (iii) <span class=\"_ _3\"></span>Unit-linked/Index<span class=\"_ _a\"></span>-linked/With-pr<span class=\"_ _2\"></span>ofits \u2013 GMM<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls18 ws2 gs25a\">The <span class=\"_ _2\"></span>Argenta acquisition included a significant amount of mortgage sa<span class=\"_ _2\"></span>vings which contain mortality risk. </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls6b ws2 gs27c\">The R<span class=\"_ _2\"></span>obein acquisition contains unit-linked sa<span class=\"_ _2\"></span>vings products with death cover as a percentage <span class=\"_ _2\"></span>of fund value. <span class=\"_ _2\"></span>A significant amount of these policies had no insurance </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls42 ws13 gs25c\">risk on acquisition (as <span class=\"_ _2\"></span>ov<span class=\"_ _2\"></span>er time the death cover mo<span class=\"_ _2\"></span>ves to 1<span class=\"_ _0\"></span>0<span class=\"_ _3\"></span>0% of the fund v<span class=\"_ _2\"></span>alue) howe<span class=\"_ _2\"></span>ver as the acquisition w<span class=\"_ _2\"></span>as before the <span class=\"_ _2\"></span>effectiv<span class=\"_ _2\"></span>e date of IFR<span class=\"_ _2\"></span>S 1<span class=\"_ _a\"></span>7<span class=\"_ _31\"></span>, the scope </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws86 gsa9\">is determined at inception of the contract. F<span class=\"_ _a\"></span>or those policies with insurance risk, the predominant risk is considered to be longevity risk. <span class=\"_ _0\"></span>The unit-link<span class=\"_ _2\"></span>ed savings </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs27d\">products hav<span class=\"_ _2\"></span>e been allocated to two portf<span class=\"_ _2\"></span>olios as only certain types of policy (e<span class=\"_ _2\"></span>xecution <span class=\"_ _2\"></span>only) passed all criteria of the <span class=\"_ _a\"></span>VF<span class=\"_ _0\"></span>A eligibility test. </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 wse8 gs27e\">The Conserv<span class=\"_ _2\"></span>atrix acquisition includes \u2018Natural Guarantee Plans<span class=\"_ _2\"></span>\u2019 which provide v<span class=\"_ _2\"></span>arying degrees of death benefit cov<span class=\"_ _2\"></span>er<span class=\"_ _a\"></span>, ranging from 0% to 1<span class=\"_ _0\"></span>1<span class=\"_ _a\"></span>0%. <span class=\"_ _0\"></span>These policies </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws11f gs27f\">hav<span class=\"_ _2\"></span>e been split between those with mortality risk (where the death cov<span class=\"_ _2\"></span>er e<span class=\"_ _2\"></span>xceeds the fund v<span class=\"_ _2\"></span>alue) and those with longevity risk (where the death cov<span class=\"_ _2\"></span>er is low<span class=\"_ _2\"></span>er </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs280\">than fund value). In addition Conserv<span class=\"_ _2\"></span>atrix also includes unit-linked products with mortality being the predominant risk. </div><div class=\"t m0 h11 ff63 fsd fc1 sc0 ls2 ws1de gs281\"> <span class=\"_ _4\"></span>(iv) <span class=\"_ _e\"> </span>Unit-link<span class=\"_ _2\"></span>ed/Index<span class=\"_ _2\"></span>-link<span class=\"_ _2\"></span>ed/With-profits <span class=\"_ _4\"></span>\u2013 VF<span class=\"_ _a\"></span>A<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls42 ws22 gs282\">As noted abo<span class=\"_ _2\"></span>ve the acquisition of R<span class=\"_ _2\"></span>obein contains unit-linked sa<span class=\"_ _2\"></span>vings contracts, for which the criteria f<span class=\"_ _2\"></span>or measurement under <span class=\"_ _a\"></span>VF<span class=\"_ _a\"></span>A are met. <span class=\"_ _0\"></span>The principal insurance </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs283\">risk for these contracts is longe<span class=\"_ _2\"></span>vity risk.<span class=\"_ _421\"> </span></div><div class=\"t m0 h40 ff69 fsd fc1 sc0 ls2 ws2 gs284\">Management of insurance risks<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls66 ws41 gs285\">The portf<span class=\"_ _2\"></span>olio is closed to new business and is in run-off and hence no significant underwriting <span class=\"_ _2\"></span>occurs. F<span class=\"_ _2\"></span>or the existing portf<span class=\"_ _2\"></span>olio, the division entered into an <span class=\"_ _2\"></span>excess </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls17 wse7 gs286\">of loss and catastrophe (Lif<span class=\"_ _2\"></span>e) and quota share (Health) reinsurance agreement to mitigate the risk in ex<span class=\"_ _2\"></span>cess of risk appetite f<span class=\"_ _2\"></span>or mortality<span class=\"_ _a\"></span>, disability and unemployment.<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gsb3\">The f<span class=\"_ _2\"></span>ollowing table sho<span class=\"_ _2\"></span>ws the breakdown of insurance and reinsurance contract v<span class=\"_ _2\"></span>alues by major product type f<span class=\"_ _2\"></span>or contracts in the <span class=\"_ _0\"></span>Waard Group:<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls190 wsc7 gs287\">31 December<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lscd ws52 gs288\">T<span class=\"_ _a\"></span>ype of cont<span class=\"_ _2\"></span>racts</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls119 ws1df gs289\"> <span class=\"_ _1df\"> </span>2023 2022</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lsd9 ws1bb gs28a\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _2a\"> </span>Gros<span class=\"_ _3\"></span>s  <span class=\"_ _3c\"> </span>R<span class=\"_ _3\"></span>einsurance  <span class=\"_ _28\"> </span>T<span class=\"_ _a\"></span>o<span class=\"_ _3\"></span>tal  <span class=\"_ _2a\"> </span>Gross  <span class=\"_ _13\"> </span>Rein<span class=\"_ _3\"></span>surance  <span class=\"_ _28\"> </span>T<span class=\"_ _a\"></span>o<span class=\"_ _3\"></span>tal</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls190 ws1e0 gs28b\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs28c\">Immediate <span class=\"_ _3\"></span>annuities <span class=\"_ _21\"> </span>  <span class=\"_ _5b\"> </span>67<span class=\"_ _2\"></span>.8  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _14e\"> </span>67<span class=\"_ _a\"></span>.8  <span class=\"_ _fe\"> </span>4.4  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _fe\"> </span>4.4<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs28d\">T<span class=\"_ _2\"></span>erm <span class=\"_ _3\"></span>assurance <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>other <span class=\"_ _3\"></span>non-linked <span class=\"_ _15a\"> </span>  <span class=\"_ _7b\"> </span>153.7  <span class=\"_ _12b\"> </span>(4.4 <span class=\"_ _7\"></span>) <span class=\"_ _46\"> </span>149.3  <span class=\"_ _14e\"> </span>75.2  <span class=\"_ _12e\"> </span>(3.5 <span class=\"_ _0\"></span>) <span class=\"_ _14e\"> </span>7<span class=\"_ _3\"></span>1.7<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs28e\">Unit-linked/Inde<span class=\"_ _2\"></span>x-linked/With-profits \u2013 <span class=\"_ _4\"></span>GMM <span class=\"_ _158\"> </span>  <span class=\"_ _e7\"> </span>496.9  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _e7\"> </span>496.9  <span class=\"_ _46\"> </span>305.5  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _46\"> </span>305.5<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs28f\">Unit-linked/Inde<span class=\"_ _2\"></span>x-linked/With-profits \u2013 <span class=\"_ _4\"></span>VF<span class=\"_ _2\"></span>A <span class=\"_ _84\"> </span>  <span class=\"_ _114\"> </span>67<span class=\"_ _2\"></span>.0  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _114\"> </span>67<span class=\"_ _2\"></span>.0  <span class=\"_ _5b\"> </span>78.6  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _114\"> </span>78.6<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs290\">T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _43\"> </span>785<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4  <span class=\"_ _c2\"> </span>(4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4 <span class=\"_ _7\"></span>) <span class=\"_ _a3\"> </span>78<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.0  <span class=\"_ _a3\"> </span>4<span class=\"_ _3\"></span>63<span class=\"_ _3\"></span>.7  <span class=\"_ _14e\"> </span>(<span class=\"_ _3\"></span>3.<span class=\"_ _4\"></span>5 <span class=\"_ _7\"></span>) <span class=\"_ _1c0\"> </span>4<span class=\"_ _3\"></span>60<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2<span class=\"_ _421\"> </span></div><div class=\"t m0 h40 ff69 fsd fc1 sc0 ls2 ws2 gs1bb\">Concentration of insurance risk<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws10a gs291\">The <span class=\"_ _0\"></span>W<span class=\"_ _a\"></span>aard portfolios do not include group contracts and hence do not have the concentration <span class=\"_ _2\"></span>of risk which may be presented b<span class=\"_ _2\"></span>y these contracts. F<span class=\"_ _2\"></span>or individual </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs292\">lif<span class=\"_ _2\"></span>e contracts an e<span class=\"_ _2\"></span>xcess of loss limit <span class=\"_ _2\"></span>of \u20ac1<span class=\"_ _a\"></span>00,0<span class=\"_ _3\"></span>00 is applied for lif<span class=\"_ _2\"></span>e risk, hence concentration risk is limited.<span class=\"_ _421\"> </span></div><div class=\"t m0 h40 ff69 fsd fc1 sc0 ls2 ws2 gs1be\">Mortalit<span class=\"_ _3\"></span>y assumptions<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 lsd0 ws2 gs271\">Diff<span class=\"_ _2\"></span>erent assumptions are used for <span class=\"_ _2\"></span>each portfolio. A<span class=\"_ _2\"></span>s an e<span class=\"_ _2\"></span>xample, the most material portfolio (Argenta <span class=\"_ _2\"></span>Savings Mortgages) uses the f<span class=\"_ _2\"></span>ollowing mortality assumptions: </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs272\">80% of the generational prognosis table <span class=\"_ _2\"></span>AG20<span class=\"_ _a\"></span>18.<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs293\">The assumptions are subject to regular re<span class=\"_ _2\"></span>view to <span class=\"_ _2\"></span>ensure that the assumption reflects the experience incur<span class=\"_ _2\"></span>red on the specific book.<span class=\"_ _421\"> </span></div><div class=\"t m0 h40 ff69 fsd fc1 sc0 ls2 ws2 gs1c2\">P<span class=\"_ _a\"></span>ersistency and expense risk<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls0 ws37 gs273\">The <span class=\"_ _0\"></span>W<span class=\"_ _a\"></span>aard portfolio is small relative to the group which limits the risks presented to the group. <span class=\"_ _0\"></span>T<span class=\"_ _0\"></span>o mitigate the e<span class=\"_ _2\"></span>xpense risk, management actively monitors the </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls69 wsf gs294\">expenses incurred to k<span class=\"_ _2\"></span>eep costs to an appropriate lev<span class=\"_ _2\"></span>el. In addition, management will continue with the current acquisition strategy to maintain e<span class=\"_ _2\"></span>xpenses efficiencies. </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs295\">P<span class=\"_ _a\"></span>ersistency levels are moderate and largely depend <span class=\"_ _2\"></span>on investment perf<span class=\"_ _2\"></span>ormance. </div><div class=\"t m0 h3 ff62 fs1 fc1 sc0 lseb wsfb gsc0\">172<span class=\"_ _d\"> </span><span class=\"ff67 ls3 ws2\">C<span class=\"_ _3\"></span>HESN<span class=\"_ _3\"></span>AR<span class=\"_ _3\"></span>A ANN<span class=\"_ _3\"></span>UAL REPOR<span class=\"_ _3\"></span>T AND <span class=\"_ _3\"></span>ACCOUNT<span class=\"_ _3\"></span>S 20<span class=\"_ _2\"></span>23<span class=\"_ _421\"> </span></span></div>IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS <span class=\"_ _5\"></span><span class=\"_ _5\"> </span>(d) Scildon<span class=\"_ _421\"> </span>Scildon contains a mixture of unit-link<span class=\"_ _2\"></span>ed and traditional savings contracts with lif<span class=\"_ _a\"></span>e cover<span class=\"_ _a\"></span>, term assurance, annuities and group pension business.  <span class=\"_ _d\"> </span>(i) <span class=\"_ _4\"></span>Immediate annuities<span class=\"_ _421\"> </span>Immediate annuities provide regular income pa<span class=\"_ _2\"></span>yments for <span class=\"_ _2\"></span>either the outstanding lif<span class=\"_ _2\"></span>etime of the policyholder and in some cases the outstanding lif<span class=\"_ _a\"></span>etime of a surviving spouse or partner <span class=\"_ _2\"></span>or for the fix<span class=\"_ _2\"></span>ed term chosen by the policyholder<span class=\"_ _a\"></span>. Pa<span class=\"_ _2\"></span>yments are guaranteed for a minimum period. <span class=\"_ _0\"></span>T<span class=\"_ _2\"></span>hese contracts e<span class=\"_ _2\"></span>xpose the business to longevity risk.  (ii) <span class=\"_ _3\"></span>T<span class=\"_ _0\"></span>er<span class=\"_ _2\"></span>m assurance and other non-link<span class=\"_ _a\"></span>ed<span class=\"_ _421\"> </span>Scildon mainly writes term lif<span class=\"_ _2\"></span>e contracts, sold as a regular premium policy<span class=\"_ _a\"></span>. <span class=\"_ _0\"></span>The current mass mark<span class=\"_ _2\"></span>et product has no surrender value <span class=\"_ _2\"></span>or profit sharing. <span class=\"_ _0\"></span>The most significant factors that could increase risk are <span class=\"_ _2\"></span>epidemics and changes in lif<span class=\"_ _2\"></span>estyle leading to higher mortality<span class=\"_ _a\"></span>. There are also <span class=\"_ _2\"></span>older traditional policies with-profit sharing conditions (before 20<span class=\"_ _a\"></span>1<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>) that allow for a surrender v<span class=\"_ _2\"></span>alue at lapse or profit sharing at maturity<span class=\"_ _0\"></span>. <span class=\"_ _0\"></span>These are split into separate portfolios reflecting the principal risks <span class=\"_ _2\"></span>of mortality or longevity<span class=\"_ _0\"></span>.  (iii) <span class=\"_ _3\"></span>Unit-linked/Index<span class=\"_ _a\"></span>-linked/With-pr<span class=\"_ _2\"></span>ofits \u2013 GMM<span class=\"_ _421\"> </span>Scildon writes unit-linked and inde<span class=\"_ _2\"></span>x<span class=\"_ _a\"></span>-linked business, with most policies paying <span class=\"_ _2\"></span>out 0%, 90% or 1<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>0% of the unit-value at death of the policyholder and 1<span class=\"_ _0\"></span>0<span class=\"_ _3\"></span>0% at maturity<span class=\"_ _a\"></span>. <span class=\"_ _0\"></span>When the death benefit is greater than 1<span class=\"_ _a\"></span>0<span class=\"_ _3\"></span>0% of the unit fund v<span class=\"_ _2\"></span>alue the principal risk is mortality and if the death benefit is less than 1<span class=\"_ _a\"></span>0<span class=\"_ _3\"></span>0% of the unit<span class=\"_ _2\"></span> fund value the principal risk is longe<span class=\"_ _2\"></span>vity<span class=\"_ _a\"></span>. <span class=\"_ _0\"></span>These are allocated to two portf<span class=\"_ _2\"></span>olios as only policies allocating the majority of premiums to unit-link<span class=\"_ _2\"></span>ed holdings passed the criteria of the <span class=\"_ _0\"></span>VF<span class=\"_ _a\"></span>A eligibility test. <span class=\"_ _4\"></span>(iv) <span class=\"_ _e\"> </span>Unit-link<span class=\"_ _2\"></span>ed/Index<span class=\"_ _2\"></span>-link<span class=\"_ _2\"></span>ed/With-profits <span class=\"_ _4\"></span>\u2013 VF<span class=\"_ _a\"></span>A As noted abo<span class=\"_ _2\"></span>ve, <span class=\"_ _2\"></span>Scildon contains unit-linked and inde<span class=\"_ _2\"></span>x<span class=\"_ _a\"></span>-linked savings contracts, f<span class=\"_ _2\"></span>or which the criteria for measurement under <span class=\"_ _0\"></span>VF<span class=\"_ _a\"></span>A are met. The group pension contracts are also unit-link<span class=\"_ _2\"></span>ed in nature and pass the <span class=\"_ _a\"></span>VF<span class=\"_ _a\"></span>A eligibility criteria. <span class=\"_ _7\"></span>The principal risk for these contracts is mortality risk. Management of insurance risks<span class=\"_ _421\"> </span>T<span class=\"_ _0\"></span>erm assurances are the main new business product type and significant underwriting <span class=\"_ _2\"></span>occurs.<span class=\"_ _421\"> </span>F<span class=\"_ _2\"></span>or linked contracts the in<span class=\"_ _2\"></span>vestment risk is borne by the policyholder<span class=\"_ _0\"></span>, therefore there is e<span class=\"_ _2\"></span>xposure to insurance risk only insofar as the v<span class=\"_ _2\"></span>alue of the unit-link<span class=\"_ _2\"></span>ed fund <span class=\"_ _19\"></span><span class=\"ls2 ws2\"> </span>is low<span class=\"_ _2\"></span>er than any guaranteed benefits.<span class=\"_ _421\"> </span>Quota share reinsurance agreements are in place with a maximum retention per policy<span class=\"_ _a\"></span>, to mitigate the risk in ex<span class=\"_ _2\"></span>cess of risk appetite f<span class=\"_ _2\"></span>or mortality at the moment of underwriting. Catastrophe reinsurance is in place to mitigate the loss arising from a catastrophe risk ev<span class=\"_ _2\"></span>ent. The f<span class=\"_ _2\"></span>ollowing table sho<span class=\"_ _2\"></span>ws the breakdown of insurance and reinsurance contract v<span class=\"_ _2\"></span>alues by major product type f<span class=\"_ _2\"></span>or contracts in Scildon:<span class=\"_ _421\"> </span>31 December<span class=\"_ _421\"> </span>T<span class=\"_ _a\"></span>ype of cont<span class=\"_ _2\"></span>racts <span class=\"_ _1df\"> </span>2023 2022 <span class=\"_ _19e\"> </span>  <span class=\"_ _2a\"> </span>Gros<span class=\"_ _3\"></span>s  <span class=\"_ _3c\"> </span>R<span class=\"_ _3\"></span>einsurance  <span class=\"_ _28\"> </span>T<span class=\"_ _a\"></span>o<span class=\"_ _3\"></span>tal  <span class=\"_ _2a\"> </span>Gross  <span class=\"_ _13\"> </span>Rein<span class=\"_ _3\"></span>surance  <span class=\"_ _28\"> </span>T<span class=\"_ _a\"></span>o<span class=\"_ _3\"></span>tal <span class=\"_ _19e\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Immediate <span class=\"_ _3\"></span>annuities <span class=\"_ _21\"> </span>  <span class=\"_ _150\"> </span>146.7  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _150\"> </span>146<span class=\"_ _3\"></span>.7  <span class=\"_ _150\"> </span>129.0  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _44\"> </span>129.0<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>erm <span class=\"_ _3\"></span>assurance <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>other <span class=\"_ _3\"></span>non-linked <span class=\"_ _15a\"> </span>  <span class=\"_ _7b\"> </span>173.3  <span class=\"_ _12b\"> </span>14.9  <span class=\"_ _150\"> </span>188.2  <span class=\"_ _7b\"> </span>167.3  <span class=\"_ _165\"> </span>15.2  <span class=\"_ _1e1\"> </span>182.5<span class=\"_ _421\"> </span>Unit-linked/Inde<span class=\"_ _2\"></span>x-linked/With-profits \u2013 <span class=\"_ _4\"></span>GMM <span class=\"_ _158\"> </span>  <span class=\"_ _28\"> </span>278.8  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _e7\"> </span>278.8  <span class=\"_ _46\"> </span>299.7  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _46\"> </span>299.7<span class=\"_ _421\"> </span>Unit-linked/Inde<span class=\"_ _2\"></span>x-linked/With-profits \u2013 <span class=\"_ _4\"></span>VF<span class=\"_ _2\"></span>A <span class=\"_ _84\"> </span>  <span class=\"_ _129\"> </span>1,<span class=\"_ _3\"></span>264.0  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _48\"> </span>1,264.0  <span class=\"_ _43\"> </span>1,1<span class=\"_ _3\"></span>55.3  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _a3\"> </span>1,1<span class=\"_ _3\"></span>55.3<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _11c\"> </span>1<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>86<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8  <span class=\"_ _c2\"> </span>14<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9  <span class=\"_ _14f\"> </span>1<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>87<span class=\"_ _3\"></span>7.<span class=\"_ _2\"></span>7  <span class=\"_ _48\"> </span>1,75<span class=\"_ _3\"></span>1.<span class=\"_ _4\"></span>3  <span class=\"_ _114\"> </span>1<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2  <span class=\"_ _3b\"> </span>1<span class=\"_ _3\"></span>,76<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5<span class=\"_ _421\"> </span>Concentration of insurance risk<span class=\"_ _421\"> </span>Scildon does write group pensions contracts with an e<span class=\"_ _2\"></span>xcess <span class=\"_ _2\"></span>of loss limit of \u20ac200,0<span class=\"_ _3\"></span>00 per life, hence concentration risk is limited. R<span class=\"_ _2\"></span>egarding benefits assured for individual contracts, the combined eff<span class=\"_ _a\"></span>ect of reinsurance and the fact that the v<span class=\"_ _2\"></span>ast majority of the total benefit assured relates to numerous small value contracts, limit the lev<span class=\"_ _2\"></span>el of concentration risk. Mortalit<span class=\"_ _3\"></span>y assumptions<span class=\"_ _421\"> </span>The assumptions diff<span class=\"_ _a\"></span>er by product type, and there are also diff<span class=\"_ _2\"></span>erent assumptions applied within each product type depending on when the contract w<span class=\"_ _2\"></span>as written. The unit-link<span class=\"_ _2\"></span>ed contracts are the largest product group and an e<span class=\"_ _2\"></span>xample of the mortality tables used are the GBM 1<span class=\"_ _a\"></span>976<span class=\"_ _4\"></span>-<span class=\"_ _2\"></span>1<span class=\"_ _a\"></span>980 (males) and the GB<span class=\"_ _2\"></span>V 1<span class=\"_ _a\"></span>976<span class=\"_ _4\"></span>-1<span class=\"_ _0\"></span>980 (f<span class=\"_ _2\"></span>emales). F<span class=\"_ _2\"></span>or annuities, an example <span class=\"_ _2\"></span>of the mortality tables applied are the GBM 1<span class=\"_ _2\"></span>980<span class=\"_ _4\"></span>-<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>985 (males) and GB<span class=\"_ _2\"></span>V 1<span class=\"_ _a\"></span>980<span class=\"_ _4\"></span>-<span class=\"_ _2\"></span>1<span class=\"_ _a\"></span>985 (females) tables. P<span class=\"_ _a\"></span>ersistency and expense risk<span class=\"_ _421\"> </span>T<span class=\"_ _0\"></span>o mitigate the e<span class=\"_ _2\"></span>xpense risk, management actively monitor the e<span class=\"_ _2\"></span>xpenses incurred to keep costs to an appropriate le<span class=\"_ _2\"></span>vel. P<span class=\"_ _a\"></span>ersistency lev<span class=\"_ _2\"></span>els are moderate howe<span class=\"_ _2\"></span>ver they are activ<span class=\"_ _2\"></span>ely monitored to allow early identification <span class=\"_ _2\"></span>of trends<span class=\"_ _421\"> </span>.<span class=\"_ _421\"> </span><span class=\"ff65 ls3 ws2\">CHE<span class=\"_ _277\"></span>SNA<span class=\"_ _277\"></span>RA<span class=\"_ _278\"></span>A<span class=\"_ _277\"></span>NNUAL<span class=\"_ _278\"></span>REP<span class=\"_ _279\"></span>ORT<span class=\"_ _27f\"></span>AN<span class=\"_ _277\"></span>D<span class=\"_ _278\"></span>ACCOUN<span class=\"_ _27a\"></span>TS<span class=\"_ _27b\"></span>2023</span><span class=\"_ _3bc\"></span>173<span class=\"_ _421\"> </span><div class=\"t m0 h4 ff67 fs2 fc1 sc0 lsc3 ws82 gs1eb\">IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS<span class=\"_ _421\"> </span></div><div class=\"t m0 h9 ff68 fs8 fc2 sc0 ls18f ws2 gs1ec\">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<span class=\"_ _421\"> </span></div><div class=\"t m0 hf ff61 fsc fc2 sc0 ls37 ws2 gs1ed\">SECTION B \u2013 RISK AND CAP<span class=\"_ _2\"></span>IT<span class=\"_ _2\"></span>AL MANAGEMENT</div><div class=\"t m0 h11 ff63 fsd fc2 sc0 ls2 ws2 gs1ee\">  B2 <span class=\"_ _3\"></span>Underwriting r<span class=\"_ _a\"></span>isk (continued)</div><div class=\"t m0 h11 ff63 fsd fc1 sc0 ls2 ws2 gs297\">  (e) <span class=\"_ _3\"></span>Sensitivity analysis<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls42 ws15b gs298\">The f<span class=\"_ _2\"></span>ollowing tables sho<span class=\"_ _2\"></span>w the impact to the CSM, profit or loss after tax and shareholders<span class=\"_ _2\"></span>\u2019 equity if changes in underwriting risk v<span class=\"_ _2\"></span>ariables that were reasonably </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls0 ws16 gs1f1\">possible at the reporting date had occurred. <span class=\"_ _7\"></span>The analysis has been prepared f<span class=\"_ _2\"></span>or a change in the stated variable, with all other assumptions remaining constant<span class=\"_ _2\"></span> </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs1f2\">and presents the impact both before and after reinsurance.<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls190 wsc7 gs299\">31 December 2023</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls51 ws1e1 gs29a\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _44\"> </span>C<span class=\"_ _3\"></span>S<span class=\"_ _3\"></span>M  <span class=\"_ _45\"> </span>C<span class=\"_ _3\"></span>SM<span class=\"_ _3\"></span>  <span class=\"_ _2e\"> </span>Profi<span class=\"_ _3\"></span>t <span class=\"_ _3\"></span>or  <span class=\"_ _2e\"> </span>Pr<span class=\"_ _3\"></span>ofit <span class=\"_ _4\"></span>or  <span class=\"_ _153\"> </span>Equ<span class=\"_ _3\"></span>it<span class=\"_ _3\"></span>y  <span class=\"_ _153\"> </span>Equ<span class=\"_ _3\"></span>it<span class=\"_ _3\"></span>y</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs29b\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _43\"> </span>gr<span class=\"_ _3\"></span>oss  <span class=\"_ _1b7\"> </span>n<span class=\"_ _3\"></span>et  <span class=\"_ _f2\"> </span>los<span class=\"_ _3\"></span>s <span class=\"_ _3\"></span>gro<span class=\"_ _3\"></span>ss  <span class=\"_ _89\"> </span>lo<span class=\"_ _3\"></span>ss <span class=\"_ _3\"></span>ne<span class=\"_ _3\"></span>t  <span class=\"_ _43\"> </span>gro<span class=\"_ _3\"></span>ss  <span class=\"_ _1b7\"> </span>n<span class=\"_ _3\"></span>et<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs29c\">Variat<span class=\"_ _3\"></span>ion <span class=\"_ _4\"></span>in/ari<span class=\"_ _3\"></span>sin<span class=\"_ _3\"></span>g <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>rom <span class=\"_ _1a0\"> </span>  <span class=\"_ _165\"> </span>\u00a3<span class=\"_ _3\"></span>m  <span class=\"_ _165\"> </span>\u00a3<span class=\"_ _3\"></span>m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3<span class=\"_ _3\"></span>m  <span class=\"_ _165\"> </span>\u00a3<span class=\"_ _3\"></span>m<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws2 gs29d\">Mortality and morbidity combined \u2013 10% incre<span class=\"_ _2\"></span>ase <span class=\"_ _42\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _14b\"> </span>(34<span class=\"_ _3\"></span>.8 <span class=\"_ _31\"></span>) <span class=\"_ _14e\"> </span>(9.9 <span class=\"_ _31\"></span>) <span class=\"_ _150\"> </span>(1<span class=\"_ _3\"></span>9.4 <span class=\"_ _31\"></span>) <span class=\"_ _11b\"> </span>(1<span class=\"_ _4\"></span>1.9 <span class=\"_ _31\"></span>) <span class=\"_ _44\"> </span>(1<span class=\"_ _3\"></span>9.4 <span class=\"_ _31\"></span>) <span class=\"_ _11b\"> </span>(1<span class=\"_ _4\"></span>1.9 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws1b6 gs29e\">Expenses <span class=\"_ _9\"> </span>\u2013 <span class=\"_ _9\"> </span>10% <span class=\"_ _e\"> </span>increase <span class=\"_ _1b9\"> </span> <span class=\"_ _5\"> </span> <span class=\"_ _152\"> </span>(13. 3 ) <span class=\"_ _c2\"> </span>(13.9 ) <span class=\"_ _12e\"> </span>(5.9 ) <span class=\"_ _12e\"> </span>(5.5 ) <span class=\"_ _12e\"> </span>(5.9 ) <span class=\"_ _12e\"> </span>(5.5 )<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws1b6 gs29f\">Lapse <span class=\"_ _9\"> </span>\u2013 <span class=\"_ _e\"> </span>10% <span class=\"_ _9\"> </span>decrease <span class=\"_ _21\"> </span> <span class=\"_ _5\"> </span> <span class=\"_ _179\"> </span>(2.4 ) <span class=\"_ _12e\"> </span>(3.5 ) <span class=\"_ _fe\"> </span>(1. 2 ) <span class=\"_ _1b7\"> </span>(0. 5 ) <span class=\"_ _10e\"> </span>(1.2 ) <span class=\"_ _1b7\"> </span>(0. 5 )<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls190 wsc7 gs2a0\">31 December 2022</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls51 ws1e1 gs2a1\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _44\"> </span>C<span class=\"_ _3\"></span>S<span class=\"_ _3\"></span>M  <span class=\"_ _45\"> </span>C<span class=\"_ _3\"></span>SM<span class=\"_ _3\"></span>  <span class=\"_ _2e\"> </span>Profi<span class=\"_ _3\"></span>t <span class=\"_ _3\"></span>or  <span class=\"_ _2e\"> </span>Pr<span class=\"_ _3\"></span>ofit <span class=\"_ _4\"></span>or  <span class=\"_ _153\"> </span>Equ<span class=\"_ _3\"></span>it<span class=\"_ _3\"></span>y  <span class=\"_ _153\"> </span>Equ<span class=\"_ _3\"></span>it<span class=\"_ _3\"></span>y</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs2a2\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _43\"> </span>gr<span class=\"_ _3\"></span>oss  <span class=\"_ _1b7\"> </span>n<span class=\"_ _3\"></span>et  <span class=\"_ _f2\"> </span>los<span class=\"_ _3\"></span>s <span class=\"_ _3\"></span>gro<span class=\"_ _3\"></span>ss  <span class=\"_ _89\"> </span>lo<span class=\"_ _3\"></span>ss <span class=\"_ _3\"></span>ne<span class=\"_ _3\"></span>t  <span class=\"_ _43\"> </span>gro<span class=\"_ _3\"></span>ss  <span class=\"_ _1b7\"> </span>n<span class=\"_ _3\"></span>et<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs2a3\">Variat<span class=\"_ _3\"></span>ion <span class=\"_ _4\"></span>in/ari<span class=\"_ _3\"></span>sin<span class=\"_ _3\"></span>g <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>rom <span class=\"_ _1a0\"> </span>  <span class=\"_ _165\"> </span>\u00a3<span class=\"_ _3\"></span>m  <span class=\"_ _165\"> </span>\u00a3<span class=\"_ _3\"></span>m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3<span class=\"_ _3\"></span>m  <span class=\"_ _165\"> </span>\u00a3<span class=\"_ _3\"></span>m<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws2 gs2a4\">Mortality and morbidity combined \u2013 10% incre<span class=\"_ _2\"></span>ase <span class=\"_ _42\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _11b\"> </span>(41.8 <span class=\"_ _31\"></span>) <span class=\"_ _1e1\"> </span>(<span class=\"_ _3\"></span>12.7 <span class=\"_ _31\"></span>) <span class=\"_ _2d\"> </span>(1<span class=\"_ _4\"></span>1.5 <span class=\"_ _31\"></span>) <span class=\"_ _12b\"> </span>(7<span class=\"_ _a\"></span>.2 <span class=\"_ _7\"></span>) <span class=\"_ _2d\"> </span>(1<span class=\"_ _4\"></span>1.5 <span class=\"_ _31\"></span>) <span class=\"_ _12b\"> </span>(7<span class=\"_ _a\"></span>.2 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws1b6 gs2a5\">Expenses <span class=\"_ _9\"> </span>\u2013 <span class=\"_ _9\"> </span>10% <span class=\"_ _e\"> </span>increase <span class=\"_ _1b9\"> </span> <span class=\"_ _5\"> </span> <span class=\"_ _c2\"> </span>( 14.0 ) <span class=\"_ _f0\"> </span>(14.5 ) <span class=\"_ _165\"> </span>(4.5 ) <span class=\"_ _10f\"> </span>(4.1 ) <span class=\"_ _1b7\"> </span>(4.5 ) <span class=\"_ _fe\"> </span>(4.1 )<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs2a6\">Lapse <span class=\"_ _3\"></span>\u2013 <span class=\"_ _3\"></span>10% <span class=\"_ _4\"></span>decre<span class=\"_ _2\"></span>ase <span class=\"_ _111\"> </span>  <span class=\"_ _1b7\"> </span>(2<span class=\"_ _3\"></span>.0 <span class=\"_ _7\"></span>) <span class=\"_ _8f\"> </span>(3.1 <span class=\"_ _0\"></span>) <span class=\"_ _57\"> </span>1.4  <span class=\"_ _56\"> </span>2.1  <span class=\"_ _5a\"> </span>1.4  <span class=\"_ _96\"> </span>2.1<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws16 gs204\">The sensitivities to mortality and morbidity (critical illness) rates sho<span class=\"_ _2\"></span>wn above are calculated <span class=\"_ _2\"></span>on the assumption that there would be no consequential change in </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws73 gs2a7\">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 <span class=\"_ _2\"></span>of </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs2a8\">the change is significant and subject to treating customers fairly<span class=\"_ _0\"></span>.<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls68 ws41 gs2a9\">A <span class=\"_ _a\"></span>1<span class=\"_ _a\"></span>0% increase in mortality and morbidity rates in 2023 is expected to result in a greater f<span class=\"_ _2\"></span>all in profits compared to 2022 as <span class=\"_ _2\"></span>Scildon, which has the highest e<span class=\"_ _2\"></span>xposure </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls0 ws70 gs2aa\">to mortality and morbidity<span class=\"_ _a\"></span>, has a lower CSM in 2023. <span class=\"_ _7\"></span>This means that the CSM would absorb less <span class=\"_ _2\"></span>of the impact of the stress. <span class=\"_ _2\"></span>Some additional risk also comes </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs2ab\">from the Canada Lif<span class=\"_ _2\"></span>e policies that CA acquired during 2023.<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls42 ws118 gs2ac\">The impact <span class=\"_ _2\"></span>of a 1<span class=\"_ _a\"></span>0% increase in expenses has increased from 2022 to 2023 due to an increased cost base f<span class=\"_ _2\"></span>ollowing the acquisitions <span class=\"_ _2\"></span>of Conservatrix and policies </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs2ad\">from Canada Lif<span class=\"_ _2\"></span>e.<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls6d ws48 gs2ae\">The group has increased <span class=\"_ _2\"></span>exposure to a 1<span class=\"_ _0\"></span>0% decrease in lapse rates in 2023 following <span class=\"_ _0\"></span>W<span class=\"_ _2\"></span>aard\u2019<span class=\"_ _0\"></span>s acquisition of Conservatrix, which includes some policies with </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws10a gs2af\">onerous guarantees. If f<span class=\"_ _2\"></span>ew<span class=\"_ _2\"></span>er such policies lapse, then the group would incur more guarantee costs, hence the profit and loss impact of a reduction in lapses is </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs2b0\">worse. Con<span class=\"_ _2\"></span>versely a 1<span class=\"_ _0\"></span>0% increase in lapse rates is now lower<span class=\"_ _0\"></span>.</div><div class=\"t m0 h11 ff63 fsd fc2 sc0 ls2 ws2 gs2b1\">  B3 <span class=\"_ _3\"></span>Financial risk </div><div class=\"t m0 h11 ff63 fsd fc1 sc0 ls2 ws2 gs2b2\">General<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls19 ws41 gs2b3\">The group is <span class=\"_ _2\"></span>exposed to a range <span class=\"_ _2\"></span>of financial risks, principally through its insurance contracts, financial assets, including assets representing shareholder assets, </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 wsd6 gs2b4\">financial liabilities, including inv<span class=\"_ _2\"></span>estment contracts and borrowings, and its reinsurance assets. T<span class=\"_ _2\"></span>hese risks are described at a high lev<span class=\"_ _2\"></span>el in the Risk Management </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs2b5\">section of the <span class=\"_ _2\"></span>Annual Report and <span class=\"_ _2\"></span>Accounts under \u2018PR1 <span class=\"_ _7\"></span>\u2013 Inv<span class=\"_ _2\"></span>estment and Liquidity Risk\u2019<span class=\"_ _0\"></span>.<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws11f gs2b6\">In particular<span class=\"_ _a\"></span>, the key financial risk is that, in the long-term, proceeds from financial assets are not sufficient to fund the <span class=\"_ _2\"></span>obligations arising from its insurance and </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws17d gs2b7\">inv<span class=\"_ _2\"></span>estment contracts and borrowings. <span class=\"_ _7\"></span>The most important components of this financial risk are mark<span class=\"_ _2\"></span>et risk (interest rate risk, equity and property price risk and </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs2b8\">foreign currency <span class=\"_ _2\"></span>ex<span class=\"_ _2\"></span>change risk), liquidity risk and credit risk (including the risk of reinsurer def<span class=\"_ _2\"></span>ault). </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs2b9\">The risks related to insurance contracts that ha<span class=\"_ _2\"></span>ve a material <span class=\"_ _2\"></span>effect <span class=\"_ _2\"></span>on the amount, timing and uncertainty of future cash flo<span class=\"_ _2\"></span>ws arising are set out in Note B2. </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs2ba\">The group pro<span class=\"_ _2\"></span>vides two types <span class=\"_ _2\"></span>of investment contract: unit-link<span class=\"_ _2\"></span>ed savings and unit-link<span class=\"_ _2\"></span>ed pensions predominantly written in the UK and S<span class=\"_ _a\"></span>weden.<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws1b gs2bb\">(i) <span class=\"_ _12\"> </span> <span class=\"_ _f\"></span>Unit-linked sa<span class=\"_ _2\"></span>vings are single or regular premium contracts, with the premiums inv<span class=\"_ _2\"></span>ested in a pooled inv<span class=\"_ _2\"></span>estment fund, where the policyholder<span class=\"_ _3\"></span>\u2019<span class=\"_ _0\"></span>s investment is </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws1e2 gs2bc\">represented by units <span class=\"_ _2\"></span>or trust accounts where the policyholder decides where to inv<span class=\"_ _2\"></span>est. On certain contracts there is a small additional benefit pay<span class=\"_ _2\"></span>able on </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls6d ws10a gs2bd\">death which is deemed not to transf<span class=\"_ _2\"></span>er significant insurance risk to the business for these contracts. <span class=\"_ _0\"></span>The benefits pa<span class=\"_ _2\"></span>yable at maturity <span class=\"_ _2\"></span>or surrender <span class=\"_ _2\"></span>of the </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs2be\">contracts are the underlying value <span class=\"_ _2\"></span>of the inv<span class=\"_ _2\"></span>estment in the unit-linked funds or tr<span class=\"_ _2\"></span>ust accounts, less surrender charges where applicable.<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls42 wsc4 gs2bf\">(ii) <span class=\"_ _10\"> </span> <span class=\"_ _f\"></span>Unit-linked pensions are single or regular premium contracts with f<span class=\"_ _a\"></span>eatures similar to unit-linked savings contracts. B<span class=\"_ _2\"></span>enefits are pay<span class=\"_ _2\"></span>able on transf<span class=\"_ _a\"></span>er<span class=\"_ _2\"></span>, retirement </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs2c0\">or death.</div><div class=\"t m0 h11 ff63 fsd fc1 sc0 ls2 ws2 gs2c1\">  (a) <span class=\"_ _3\"></span>Mark<span class=\"_ _2\"></span>et r<span class=\"_ _2\"></span>isk</div><div class=\"t m0 h11 ff63 fsd fc1 sc0 ls2 ws2 gs2c2\"> <span class=\"_ _d\"> </span>(i) <span class=\"_ _4\"></span>Management of mar<span class=\"_ _a\"></span>ket r<span class=\"_ _2\"></span>isk<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws18d gs2c3\">The group businesses manage their mark<span class=\"_ _2\"></span>et risks within Asset Liability Matching (ALM) frame<span class=\"_ _2\"></span>works that ha<span class=\"_ _2\"></span>ve been de<span class=\"_ _2\"></span>veloped to achiev<span class=\"_ _2\"></span>e long-term inv<span class=\"_ _2\"></span>estment </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls6d ws17d gs2c4\">returns at least equal to their <span class=\"_ _2\"></span>obligations under insurance and inv<span class=\"_ _2\"></span>estment contracts, with minimal risk. <span class=\"_ _0\"></span>W<span class=\"_ _3\"></span>ithin the <span class=\"_ _2\"></span>ALM frameworks the businesses produce<span class=\"_ _2\"></span> </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws1c1 gs2c5\">quarterly reports at legal entity and asset and liability class le<span class=\"_ _2\"></span>vel, which are circulated to the businesses<span class=\"_ _2\"></span>\u2019 ke<span class=\"_ _2\"></span>y management. <span class=\"_ _0\"></span>The principal technique <span class=\"_ _2\"></span>of the ALM </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls42 ws74 gs2c6\">framew<span class=\"_ _2\"></span>orks is to match assets to the liabilities arising from insurance and investment contracts b<span class=\"_ _2\"></span>y ref<span class=\"_ _2\"></span>erence to the type of benefits pa<span class=\"_ _2\"></span>yable to policyholders, with </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs2c7\">separate portfolios <span class=\"_ _2\"></span>of assets being maintained for linked and non-link<span class=\"_ _2\"></span>ed liabilities.<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls6d ws2 gs2c8\">F<span class=\"_ _2\"></span>or non-unit-linked business, the group\u2019<span class=\"_ _0\"></span>s objective is to match the timing and nature <span class=\"_ _2\"></span>of cash flows from insurance and in<span class=\"_ _2\"></span>vestment contract liabilities with the </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls18 ws18d gs2c9\">timing of cash flo<span class=\"_ _2\"></span>ws from assets subject to identical or similar risks. By matching the cash flows <span class=\"_ _2\"></span>of liabilities with those of suitable assets, mark<span class=\"_ _2\"></span>et risk is managed </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls42 ws48 gs2ca\">eff<span class=\"_ _2\"></span>ectively<span class=\"_ _a\"></span>, whilst liquidity risk is minimised. <span class=\"_ _0\"></span>These processes to manage the risks, which the group has not changed from pre<span class=\"_ _2\"></span>vious periods, ensure that the group </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs2cb\">is able to meet its obligations under its contractual liabilities as the<span class=\"_ _2\"></span>y fall due<span class=\"_ _421\"> </span>.<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff62 fs1 fc1 sc0 ls82 ws88 gs223\">1<span class=\"_ _3\"></span>74<span class=\"_ _69\"> </span><span class=\"ff67 ls3 ws2\">C<span class=\"_ _3\"></span>HESN<span class=\"_ _3\"></span>AR<span class=\"_ _3\"></span>A ANN<span class=\"_ _3\"></span>UAL REPOR<span class=\"_ _3\"></span>T AND <span class=\"_ _3\"></span>ACCOUNT<span class=\"_ _3\"></span>S 20<span class=\"_ _2\"></span>23<span class=\"_ _421\"> </span></span></div>IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS<span class=\"_ _421\"> </span>Unit-link<span class=\"_ _2\"></span>ed and index<span class=\"_ _2\"></span>-link<span class=\"_ _2\"></span>ed insurance contracts and in<span class=\"_ _2\"></span>vestment contr<span class=\"_ _2\"></span>acts<span class=\"_ _421\"> </span>The group matches the financial liabilities relating to these contracts with units in the financial assets <span class=\"_ _2\"></span>of the funds to which the value of the liabilities is link<span class=\"_ _2\"></span>ed, such that the policyholders bear the principal market risk (being interest rate, <span class=\"_ _2\"></span>equity price and foreign currency risks) and credit risk. <span class=\"_ _2\"></span>Accordingly<span class=\"_ _0\"></span>, this approach results in the group having no significant direct mark<span class=\"_ _2\"></span>et or credit risk on these contracts. Its primary <span class=\"_ _2\"></span>exposure to mark<span class=\"_ _2\"></span>et risk is the risk of v<span class=\"_ _2\"></span>olatility in asset-related f<span class=\"_ _2\"></span>ees due to the impact of interest rate, <span class=\"_ _2\"></span>equity price and foreign e<span class=\"_ _2\"></span>xchange rate mo<span class=\"_ _2\"></span>vements <span class=\"_ _2\"></span>on the fair value <span class=\"_ _2\"></span>of the assets held in the linked funds, <span class=\"_ _2\"></span>on which asset-related f<span class=\"_ _2\"></span>ees are based.<span class=\"_ _421\"> </span>There is residual <span class=\"_ _2\"></span>exposure to mark<span class=\"_ _2\"></span>et risk on certain unit-linked contracts where the group pro<span class=\"_ _2\"></span>vides to policyholders guarantees as to fund performance <span class=\"_ _2\"></span>or additional benefits which are not dependent on fund perf<span class=\"_ _2\"></span>ormance. <span class=\"_ _0\"></span>This <span class=\"_ _2\"></span>exposure is mitigated to the e<span class=\"_ _2\"></span>xtent that the group matches the obligations with suitable financial assets e<span class=\"_ _2\"></span>xternal to the unit-linked funds, such that the residual e<span class=\"_ _2\"></span>xposure is not considered to be material.<span class=\"_ _421\"> </span>With-profits contr<span class=\"_ _2\"></span>acts<span class=\"_ _421\"> </span>Some non-linked insurance contracts within the UK businesses include discretionary participation f<span class=\"_ _a\"></span>eatures in the form of with-profits policies. F<span class=\"_ _2\"></span>or 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 ReA<span class=\"_ _2\"></span>ssure Limited and hence there is no market risk f<span class=\"_ _2\"></span>or this class of business. F<span class=\"_ _2\"></span>or the CA (S&amp;P) business, the primary inv<span class=\"_ _2\"></span>estment objectiv<span class=\"_ _2\"></span>e of the with-profits policyholder funds is that the guaranteed minimum benefits of the with-profits policyholders should be met <span class=\"_ _2\"></span>entirely from the policyholder funds.<span class=\"_ _421\"> </span>The secondary in<span class=\"_ _2\"></span>vestment <span class=\"_ _2\"></span>objective is, where possible, to provide a surplus in <span class=\"_ _2\"></span>ex<span class=\"_ _2\"></span>cess of the guaranteed minimum benefits. <span class=\"_ _0\"></span>T<span class=\"_ _2\"></span>he entire surplus in the policyholder fund accrues to the with-profits policyholders. <span class=\"_ _2\"></span>Any deficit in the policyholder fund is ultimately borne by shareholders. <span class=\"_ _7\"></span>Therefore, the group has a significant exposure to mark<span class=\"_ _2\"></span>et risk in relation to with-profits business should the with-profits policyholder assets be unable to fully meet the cost of guarantees. <span class=\"_ _0\"></span>T<span class=\"_ _0\"></span>o achiev<span class=\"_ _2\"></span>e the inv<span class=\"_ _2\"></span>estment objectives, the funds ma<span class=\"_ _2\"></span>y inv<span class=\"_ _2\"></span>est in a range of asset classes including property<span class=\"_ _0\"></span>, equities, fixed interest securities, conv<span class=\"_ _2\"></span>ertibles, cash and derivativ<span class=\"_ _2\"></span>es, both in UK and o<span class=\"_ _2\"></span>verseas.<span class=\"_ _421\"> </span>Other insurance contr<span class=\"_ _2\"></span>acts<span class=\"_ _421\"> </span>Other non-linked contracts include contracts which pa<span class=\"_ _2\"></span>y guaranteed benefits on insured e<span class=\"_ _2\"></span>vents, the terms being fix<span class=\"_ _2\"></span>ed at the inception of the contract. Exposure to market price risk is minimised b<span class=\"_ _2\"></span>y generally inv<span class=\"_ _2\"></span>esting in fixed-interest debt securities, while interest rate risk is generally managed by closely matching contracts written with financial assets of suitable nature, <span class=\"_ _0\"></span>yield, duration and currency<span class=\"_ _a\"></span>. <span class=\"_ _0\"></span>T<span class=\"_ _0\"></span>o the extent that the group is unable to fully match its interest rate risk, it mak<span class=\"_ _2\"></span>es provision in respect <span class=\"_ _2\"></span>of assumed shortfalls <span class=\"_ _2\"></span>on guaranteed returns to policyholders.<span class=\"_ _421\"> </span>Shareholder funds<span class=\"_ _421\"> </span>Shareholder funds at both group parent company and <span class=\"_ _2\"></span>operating subsidiary level, in accordance with corporate <span class=\"_ _2\"></span>objectives and, in some instances, in accordance with local statutory solvency requirements, are in<span class=\"_ _2\"></span>vested in <span class=\"_ _2\"></span>order to protect capital and to minimise market and credit risk. <span class=\"_ _2\"></span>Accordingly<span class=\"_ _a\"></span>, they are generally in<span class=\"_ _2\"></span>vested in assets of a shorter<span class=\"_ _0\"></span>-term liquid nature, which gives rise to the risk <span class=\"_ _2\"></span>of low<span class=\"_ _2\"></span>er returns on these in<span class=\"_ _2\"></span>vestments due to changes in short-term interest rates.  (ii) <span class=\"_ _3\"></span>Interest r<span class=\"_ _2\"></span>ate r<span class=\"_ _a\"></span>isk<span class=\"_ _421\"> </span>As discussed in the Management <span class=\"_ _2\"></span>of Market Risk section on page 1<span class=\"_ _0\"></span>74, the group is <span class=\"_ _2\"></span>exposed to interest rate risks in regards to the assets backing non-linked<span class=\"_ _2\"></span> contracts. <span class=\"_ _0\"></span>The <span class=\"_ _2\"></span>exposure is managed b<span class=\"_ _2\"></span>y closely matching contracts written with financial assets of suitable nature, <span class=\"_ _a\"></span>yield, duration and currency<span class=\"_ _a\"></span>.<span class=\"_ _421\"> </span>The tables belo<span class=\"_ _2\"></span>w show the impact <span class=\"_ _2\"></span>of movements in per annum mark<span class=\"_ _2\"></span>et rates of interest <span class=\"_ _2\"></span>on the CSM, profit or loss after tax and on shareholder <span class=\"_ _2\"></span>equity as at the balance sheet dates. <span class=\"_ _0\"></span>W<span class=\"_ _2\"></span>e believe these interest rate risk v<span class=\"_ _2\"></span>ariables, to which the group results are sensitive, represent the <span class=\"_ _2\"></span>ones that might reasonably occur in the future.<span class=\"_ _421\"> </span>31 December 2023 <span class=\"_ _19e\"> </span>  <span class=\"_ _33\"> </span>Increase  <span class=\"_ _f6\"> </span>Decreas<span class=\"_ _3\"></span>e  <span class=\"_ _1e2\"> </span>Increase  <span class=\"_ _1e3\"> </span>Decrease  <span class=\"_ _33\"> </span>Increase  <span class=\"_ _f6\"> </span>D<span class=\"_ _3\"></span>ecrease <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _112\"> </span>Profit  <span class=\"_ _112\"> </span>Profit<span class=\"_ _2\"></span>  <span class=\"_ _13c\"> </span>Sharehold<span class=\"_ _3\"></span>er  <span class=\"_ _132\"> </span>S<span class=\"_ _3\"></span>hareholder<span class=\"_ _421\"> </span>Variat<span class=\"_ _3\"></span>ion <span class=\"_ _4\"></span>in/ari<span class=\"_ _3\"></span>sin<span class=\"_ _3\"></span>g <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>rom <span class=\"_ _4\"></span>10<span class=\"_ _3\"></span>0 <span class=\"_ _3\"></span>b<span class=\"_ _3\"></span>asi<span class=\"_ _3\"></span>s <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>oint<span class=\"_ _3\"></span>s <span class=\"_ _156\"> </span>  <span class=\"_ _44\"> </span>C<span class=\"_ _3\"></span>S<span class=\"_ _3\"></span>M  <span class=\"_ _44\"> </span>C<span class=\"_ _3\"></span>SM  <span class=\"_ _9d\"> </span>or <span class=\"_ _3\"></span>lo<span class=\"_ _3\"></span>ss  <span class=\"_ _153\"> </span>or <span class=\"_ _4\"></span>loss  <span class=\"_ _153\"> </span>equ<span class=\"_ _3\"></span>ity  <span class=\"_ _153\"> </span>e<span class=\"_ _3\"></span>qui<span class=\"_ _3\"></span>ty<span class=\"_ _421\"> </span>in <span class=\"_ _4\"></span>market <span class=\"_ _4\"></span>rat<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>f <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>ntere<span class=\"_ _3\"></span>st <span class=\"_ _c9\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3<span class=\"_ _3\"></span>m  <span class=\"_ _165\"> </span>\u00a3<span class=\"_ _3\"></span>m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Insurance <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>reinsurance <span class=\"_ _3\"></span>contracts <span class=\"_ _50\"> </span>  <span class=\"_ _56\"> </span>1.9  <span class=\"_ _165\"> </span>(2<span class=\"_ _3\"></span>.6 <span class=\"_ _7\"></span>) <span class=\"_ _1e1\"> </span>84<span class=\"_ _3\"></span>.9  <span class=\"_ _29\"> </span>(<span class=\"_ _3\"></span>102.3 <span class=\"_ _7\"></span>) <span class=\"_ _7b\"> </span>84<span class=\"_ _3\"></span>.9  <span class=\"_ _29\"> </span>(102.<span class=\"_ _3\"></span>3 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Financial <span class=\"_ _3\"></span>instruments <span class=\"_ _1ba\"> </span>  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _c2\"> </span>(9<span class=\"_ _3\"></span>1.2 <span class=\"_ _7\"></span>) <span class=\"_ _45\"> </span>1<span class=\"_ _3\"></span>01.5  <span class=\"_ _c2\"> </span>(91.<span class=\"_ _3\"></span>2 <span class=\"_ _7\"></span>) <span class=\"_ _45\"> </span>1<span class=\"_ _3\"></span>01.5 T<span class=\"_ _2\"></span>ota l <span class=\"_ _1e4\"> </span> <span class=\"_ _5\"> </span> <span class=\"_ _56\"> </span>1.<span class=\"_ _3\"></span>9 <span class=\"_ _5\"> </span> <span class=\"_ _165\"> </span>(2<span class=\"_ _4\"></span>.6 ) <span class=\"_ _14e\"> </span>(6 .<span class=\"_ _4\"></span>3 ) <span class=\"_ _5b\"> </span>(0 .<span class=\"_ _3\"></span>8 ) <span class=\"_ _14e\"> </span>(6 .<span class=\"_ _4\"></span>3 ) <span class=\"_ _5b\"> </span>(0 .<span class=\"_ _3\"></span>8 )<span class=\"_ _421\"> </span>31 December 2022 <span class=\"_ _19e\"> </span>  <span class=\"_ _1e2\"> </span>Increas<span class=\"_ _3\"></span>e  <span class=\"_ _f6\"> </span>Decreas<span class=\"_ _3\"></span>e  <span class=\"_ _1e2\"> </span>Increase  <span class=\"_ _1e3\"> </span>Decrease  <span class=\"_ _33\"> </span>Increase  <span class=\"_ _f6\"> </span>D<span class=\"_ _3\"></span>ecrease <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _112\"> </span>Profit  <span class=\"_ _112\"> </span>Profit<span class=\"_ _2\"></span>  <span class=\"_ _13c\"> </span>Sharehold<span class=\"_ _3\"></span>er  <span class=\"_ _132\"> </span>S<span class=\"_ _3\"></span>hareholder<span class=\"_ _421\"> </span>Variat<span class=\"_ _3\"></span>ion <span class=\"_ _4\"></span>in/ari<span class=\"_ _3\"></span>sin<span class=\"_ _3\"></span>g <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>rom <span class=\"_ _4\"></span>10<span class=\"_ _3\"></span>0 <span class=\"_ _3\"></span>b<span class=\"_ _3\"></span>asi<span class=\"_ _3\"></span>s <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>oint<span class=\"_ _3\"></span>s <span class=\"_ _156\"> </span>  <span class=\"_ _44\"> </span>C<span class=\"_ _3\"></span>S<span class=\"_ _3\"></span>M  <span class=\"_ _44\"> </span>C<span class=\"_ _3\"></span>SM  <span class=\"_ _9d\"> </span>or <span class=\"_ _3\"></span>lo<span class=\"_ _3\"></span>ss  <span class=\"_ _153\"> </span>or <span class=\"_ _4\"></span>loss  <span class=\"_ _153\"> </span>equ<span class=\"_ _3\"></span>ity  <span class=\"_ _153\"> </span>e<span class=\"_ _3\"></span>qui<span class=\"_ _3\"></span>ty<span class=\"_ _421\"> </span>in <span class=\"_ _4\"></span>market <span class=\"_ _4\"></span>rat<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>f <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>ntere<span class=\"_ _3\"></span>st <span class=\"_ _c9\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3<span class=\"_ _3\"></span>m  <span class=\"_ _165\"> </span>\u00a3<span class=\"_ _3\"></span>m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Insurance <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>reinsurance <span class=\"_ _3\"></span>contracts <span class=\"_ _50\"> </span>  <span class=\"_ _1b1\"> </span>2.5  <span class=\"_ _12e\"> </span>(2.7 <span class=\"_ _7\"></span>) <span class=\"_ _2d\"> </span>66.6  <span class=\"_ _44\"> </span>(78.4 <span class=\"_ _7\"></span>) <span class=\"_ _2d\"> </span>66.6  <span class=\"_ _44\"> </span>(78.4 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Financial <span class=\"_ _3\"></span>instruments <span class=\"_ _1ba\"> </span>  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _1e1\"> </span>(78.2 <span class=\"_ _0\"></span>) <span class=\"_ _7b\"> </span>89.0  <span class=\"_ _45\"> </span>(78.2 <span class=\"_ _0\"></span>) <span class=\"_ _7b\"> </span>89.0<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota l <span class=\"_ _1e4\"> </span> <span class=\"_ _5\"> </span> <span class=\"_ _1a1\"> </span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5 <span class=\"_ _9\"> </span> <span class=\"_ _165\"> </span>( 2<span class=\"_ _4\"></span>.7 ) <span class=\"_ _11b\"> </span>( 1<span class=\"_ _4\"></span>1. 6 ) <span class=\"_ _5b\"> </span>1<span class=\"_ _3\"></span>0. 6 <span class=\"_ _9\"> </span> <span class=\"_ _5b\"> </span>( 1<span class=\"_ _4\"></span>1 . 6 ) <span class=\"_ _5b\"> </span>1<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>6<span class=\"_ _421\"> </span>The group\u2019<span class=\"_ _0\"></span>s e<span class=\"_ _2\"></span>xposure to interest rate risk principally comes from non-linked liabilities and the assets backing them. <span class=\"_ _0\"></span>The change in <span class=\"_ _2\"></span>exposure from 2022 to 2023 is driven b<span class=\"_ _2\"></span>y the Conservatrix acquisition, which has had a more significant <span class=\"_ _2\"></span>effect <span class=\"_ _2\"></span>on liabilities than assets, o<span class=\"_ _2\"></span>wing to the very long-term nature <span class=\"_ _2\"></span>of its funeral plan policies. <span class=\"_ _0\"></span>This has subsequently impro<span class=\"_ _2\"></span>ved the profit and loss impact of a 1<span class=\"_ _0\"></span>0<span class=\"_ _3\"></span>0 bps rise in interest rates and w<span class=\"_ _2\"></span>orsened the profit and loss impact of a 1<span class=\"_ _a\"></span>00 bps fall in interest rates.<span class=\"_ _421\"> </span><span class=\"ff65 ls3 ws2\">CH<span class=\"_ _277\"></span>ESN<span class=\"_ _277\"></span>AR<span class=\"_ _277\"></span>A<span class=\"_ _278\"></span>ANNUA<span class=\"_ _283\"></span>L<span class=\"_ _278\"></span>REPOR<span class=\"_ _279\"></span>T<span class=\"_ _278\"></span>AND<span class=\"_ _278\"></span>ACCO<span class=\"_ _27a\"></span>UNT<span class=\"_ _27a\"></span>S<span class=\"_ _27b\"></span>20<span class=\"_ _2b5\"></span>23</span><span class=\"_ _3be\"></span>175<span class=\"_ _421\"> </span><div class=\"t m0 h4 ff67 fs2 fc1 sc0 lsc3 ws82 gs1eb\">IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS<span class=\"_ _421\"> </span></div><div class=\"t m0 h9 ff68 fs8 fc2 sc0 ls18f ws2 gs1ec\">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<span class=\"_ _421\"> </span></div><div class=\"t m0 hf ff61 fsc fc2 sc0 ls37 ws2 gs1ed\">SECTION B \u2013 RISK AND CAP<span class=\"_ _2\"></span>IT<span class=\"_ _2\"></span>AL MANAGEMENT</div><div class=\"t m0 h11 ff63 fsd fc2 sc0 ls2 ws2 gs1ee\">  B3 <span class=\"_ _3\"></span>Financial risk (continued)</div><div class=\"t m0 h11 ff63 fsd fc1 sc0 ls2 ws2 gs297\">  (a) <span class=\"_ _3\"></span>Mark<span class=\"_ _2\"></span>et r<span class=\"_ _2\"></span>isk (continued)</div><div class=\"t m0 h11 ff63 fsd fc1 sc0 ls2 ws2 gs1f0\"> (iii) <span class=\"_ _3\"></span>Equity price r<span class=\"_ _a\"></span>isk<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls22 ws2 gs1f1\">As discussed in the Management <span class=\"_ _2\"></span>of Market Risk section on page 1<span class=\"_ _0\"></span>74, the group is <span class=\"_ _2\"></span>exposed to <span class=\"_ _2\"></span>equity and property price risks in regards to the asset related fees </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls0 ws18d gs1f2\">from the assets backing its unit-linked and inde<span class=\"_ _2\"></span>x<span class=\"_ _a\"></span>-linked insurance contracts and inv<span class=\"_ _2\"></span>estment contracts and also in regards to policyholder guarantees for these </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs1f3\">contracts. <span class=\"_ _0\"></span>The <span class=\"_ _2\"></span>exposure is mitigated some<span class=\"_ _2\"></span>what by inv<span class=\"_ _2\"></span>esting in suitable financial assets outside <span class=\"_ _2\"></span>of the unit-linked and index<span class=\"_ _0\"></span>-linked funds. </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls6d ws74 gs1f4\">As also in the Management <span class=\"_ _2\"></span>of Market Risk section on page 1<span class=\"_ _0\"></span>7<span class=\"_ _2\"></span>4, the group is <span class=\"_ _2\"></span>exposed to <span class=\"_ _2\"></span>equity and property price risks in regards to the UK with-profits. <span class=\"_ _0\"></span>The </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs1f5\">exposure is mitigated b<span class=\"_ _2\"></span>y limiting these investments to back the surplus in the rele<span class=\"_ _2\"></span>vant funds and not the guaranteed minimum benefits. </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls19 ws55 gs2cd\">The tables belo<span class=\"_ _2\"></span>w show the impact <span class=\"_ _2\"></span>of movements in <span class=\"_ _2\"></span>equity and property values <span class=\"_ _2\"></span>on the CSM, profit or loss after tax and on shareholder <span class=\"_ _2\"></span>equity as at the balance </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls6d ws1cd gs2ce\">sheet date. <span class=\"_ _0\"></span>W<span class=\"_ _2\"></span>e believe these <span class=\"_ _2\"></span>equity and property risk variables, to which the group results are sensitiv<span class=\"_ _2\"></span>e, represent the ones that might reasonably occur in<span class=\"_ _2\"></span> <span class=\"_ _19\"></span><span class=\"ls2 ws2\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs2cf\">the future.<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls190 wsc7 gs2d0\">31 December 2023</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls9a ws1e4 gs2d1\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _1e2\"> </span>Increas<span class=\"_ _3\"></span>e  <span class=\"_ _f6\"> </span>Decreas<span class=\"_ _3\"></span>e  <span class=\"_ _1e2\"> </span>Increase  <span class=\"_ _1e3\"> </span>Decrease  <span class=\"_ _33\"> </span>Increase  <span class=\"_ _f6\"> </span>D<span class=\"_ _3\"></span>ecrease</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lsd9 ws1bb gs2d2\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _112\"> </span>Profit  <span class=\"_ _112\"> </span>Profit<span class=\"_ _2\"></span>  <span class=\"_ _13c\"> </span>Sharehold<span class=\"_ _3\"></span>er  <span class=\"_ _132\"> </span>S<span class=\"_ _3\"></span>hareholder<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs2d3\">Variat<span class=\"_ _3\"></span>ion <span class=\"_ _4\"></span>in/ari<span class=\"_ _3\"></span>sin<span class=\"_ _3\"></span>g <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>rom <span class=\"_ _4\"></span>10<span class=\"_ _3\"></span>% <span class=\"_ _3\"></span>in <span class=\"_ _4\"></span>eq<span class=\"_ _3\"></span>uit<span class=\"_ _3\"></span>y <span class=\"_ _9e\"> </span>  <span class=\"_ _45\"> </span>CS<span class=\"_ _3\"></span>M  <span class=\"_ _45\"> </span>CS<span class=\"_ _3\"></span>M  <span class=\"_ _153\"> </span>or <span class=\"_ _4\"></span>loss  <span class=\"_ _9d\"> </span>or <span class=\"_ _3\"></span>los<span class=\"_ _3\"></span>s  <span class=\"_ _153\"> </span>equi<span class=\"_ _3\"></span>ty  <span class=\"_ _153\"> </span>eq<span class=\"_ _3\"></span>uit<span class=\"_ _3\"></span>y<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs2d4\">and <span class=\"_ _4\"></span>pro<span class=\"_ _3\"></span>per<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>rice <span class=\"_ _ba\"> </span>  <span class=\"_ _12e\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3<span class=\"_ _3\"></span>m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3<span class=\"_ _3\"></span>m  <span class=\"_ _165\"> </span>\u00a3<span class=\"_ _3\"></span>m<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws1b6 gs2d5\">Insurance <span class=\"_ _9\"> </span>and <span class=\"_ _9\"> </span>reinsurance <span class=\"_ _9\"> </span>contracts <span class=\"_ _103\"> </span> <span class=\"_ _5\"> </span> <span class=\"_ _56\"> </span>3.5 <span class=\"_ _4\"> </span> <span class=\"_ _12e\"> </span>(4. 8 ) <span class=\"_ _119\"> </span>(14 0.5 ) <span class=\"_ _2d\"> </span>141. 3 <span class=\"_ _5\"> </span> <span class=\"_ _e7\"> </span>(14 0.5 ) <span class=\"_ _2d\"> </span>141. 3<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs2d6\">Financial <span class=\"_ _3\"></span>instruments <span class=\"_ _1ba\"> </span>  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _c2\"> </span>161.7  <span class=\"_ _150\"> </span>(161.7 <span class=\"_ _7\"></span>) <span class=\"_ _7b\"> </span>161.7  <span class=\"_ _14b\"> </span>(<span class=\"_ _3\"></span>161.7 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs2d7\">T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _10f\"> </span>3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5  <span class=\"_ _5b\"> </span>(4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8 <span class=\"_ _7\"></span>) <span class=\"_ _f0\"> </span>2<span class=\"_ _3\"></span>1.<span class=\"_ _4\"></span>2  <span class=\"_ _15c\"> </span>(<span class=\"_ _3\"></span>20<span class=\"_ _3\"></span>.4 <span class=\"_ _0\"></span>) <span class=\"_ _f0\"> </span>21<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2  <span class=\"_ _e7\"> </span>(20<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls190 wsc7 gs2d8\">31 December 2022</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls9a ws1e4 gs2d9\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _1e2\"> </span>Increas<span class=\"_ _3\"></span>e  <span class=\"_ _f6\"> </span>Decreas<span class=\"_ _3\"></span>e  <span class=\"_ _1e2\"> </span>Increase  <span class=\"_ _1e3\"> </span>Decrease  <span class=\"_ _33\"> </span>Increase  <span class=\"_ _f6\"> </span>D<span class=\"_ _3\"></span>ecrease</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lsd9 ws1bb gs2da\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _112\"> </span>Profit  <span class=\"_ _112\"> </span>Profit<span class=\"_ _2\"></span>  <span class=\"_ _13c\"> </span>Sharehold<span class=\"_ _3\"></span>er  <span class=\"_ _132\"> </span>S<span class=\"_ _3\"></span>hareholder<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs2db\">Variat<span class=\"_ _3\"></span>ion <span class=\"_ _4\"></span>in/ari<span class=\"_ _3\"></span>sin<span class=\"_ _3\"></span>g <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>rom <span class=\"_ _4\"></span>10<span class=\"_ _3\"></span>% <span class=\"_ _3\"></span>in <span class=\"_ _4\"></span>eq<span class=\"_ _3\"></span>uit<span class=\"_ _3\"></span>y <span class=\"_ _9e\"> </span>  <span class=\"_ _45\"> </span>CS<span class=\"_ _3\"></span>M  <span class=\"_ _45\"> </span>CS<span class=\"_ _3\"></span>M  <span class=\"_ _153\"> </span>or <span class=\"_ _4\"></span>loss  <span class=\"_ _9d\"> </span>or <span class=\"_ _3\"></span>los<span class=\"_ _3\"></span>s  <span class=\"_ _153\"> </span>equi<span class=\"_ _3\"></span>ty  <span class=\"_ _153\"> </span>eq<span class=\"_ _3\"></span>uit<span class=\"_ _3\"></span>y<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs2dc\">and <span class=\"_ _4\"></span>pro<span class=\"_ _3\"></span>per<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>rice <span class=\"_ _ba\"> </span>  <span class=\"_ _12e\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3<span class=\"_ _3\"></span>m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3<span class=\"_ _3\"></span>m  <span class=\"_ _165\"> </span>\u00a3<span class=\"_ _3\"></span>m<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws1b6 gs2dd\">Insurance <span class=\"_ _9\"> </span>and <span class=\"_ _9\"> </span>reinsurance <span class=\"_ _9\"> </span>contracts <span class=\"_ _103\"> </span> <span class=\"_ _5\"> </span> <span class=\"_ _1b1\"> </span>6.0 <span class=\"_ _5\"> </span> <span class=\"_ _10f\"> </span>(5.9 ) <span class=\"_ _14b\"> </span>(1 31.8 ) <span class=\"_ _c2\"> </span>131.6 <span class=\"_ _5\"> </span> <span class=\"_ _1e1\"> </span>(13 1.8 ) <span class=\"_ _c2\"> </span>131.6<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs2de\">Financial <span class=\"_ _3\"></span>instruments <span class=\"_ _1ba\"> </span>  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _45\"> </span>145.2  <span class=\"_ _15c\"> </span>(<span class=\"_ _3\"></span>145.2 <span class=\"_ _7\"></span>) <span class=\"_ _14b\"> </span>145.2  <span class=\"_ _29\"> </span>(<span class=\"_ _3\"></span>145.2 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs2df\">T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _8f\"> </span>6<span class=\"_ _3\"></span>.0  <span class=\"_ _14e\"> </span>(<span class=\"_ _3\"></span>5.<span class=\"_ _3\"></span>9 <span class=\"_ _7\"></span>) <span class=\"_ _2d\"> </span>13<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4  <span class=\"_ _45\"> </span>(<span class=\"_ _3\"></span>13<span class=\"_ _3\"></span>.6 <span class=\"_ _0\"></span>) <span class=\"_ _11b\"> </span>13<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4  <span class=\"_ _44\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>3.<span class=\"_ _3\"></span>6 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls18 ws72 gs2e0\">A fall in <span class=\"_ _2\"></span>equity and property values reduces policyholder fund values and so reduces the v<span class=\"_ _2\"></span>alue of charge income. <span class=\"_ _7\"></span>Thus, the profit and loss impact of a 1<span class=\"_ _0\"></span>0% decrease<span class=\"_ _3\"></span> </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls0 ws2 gs2e1\">in equity and property v<span class=\"_ _2\"></span>alues is negative. <span class=\"_ _0\"></span>T<span class=\"_ _2\"></span>his impact has increased in 2023 due to an increase in equity e<span class=\"_ _2\"></span>xposures follo<span class=\"_ _2\"></span>wing strong equity growth. Con<span class=\"_ _2\"></span>versely<span class=\"_ _0\"></span>, <span class=\"_ _f\"></span><span class=\"ls2\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs2e2\">a 1<span class=\"_ _a\"></span>0% increase in equity and property v<span class=\"_ _2\"></span>alues is now more positive than bef<span class=\"_ _2\"></span>ore.<span class=\"_ _421\"> </span></div><div class=\"t m0 h11 ff63 fsd fc1 sc0 ls2 ws59 gs2e3\">(iv) <span class=\"_ _4\"></span>Cur<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ency risk<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws22 gs2e4\">Currency risk is the risk that the fair v<span class=\"_ _2\"></span>alue or future cash flo<span class=\"_ _2\"></span>ws of an asset <span class=\"_ _2\"></span>or liability will change as a result of mov<span class=\"_ _2\"></span>ements in foreign <span class=\"_ _2\"></span>ex<span class=\"_ _2\"></span>change rates. <span class=\"_ _0\"></span>The group\u2019<span class=\"_ _0\"></span>s </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 lsd0 ws72 gs2e5\">exposure to currency <span class=\"_ _2\"></span>risk is minimised to the extent that the risk <span class=\"_ _2\"></span>on inv<span class=\"_ _2\"></span>estments denominated in foreign currencies which back unit-link<span class=\"_ _2\"></span>ed inv<span class=\"_ _2\"></span>estment and insurance </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs2b6\">contracts is borne by policyholders. It is, ho<span class=\"_ _2\"></span>we<span class=\"_ _2\"></span>ver<span class=\"_ _a\"></span>, e<span class=\"_ _2\"></span>xposed to currency risk through:<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs2e6\">(i) <span class=\"_ _79\"> </span> <span class=\"_ _f\"></span>its investment in Mo<span class=\"_ _2\"></span>vestic, the assets and liabilities of which are principally denominated in <span class=\"_ _a\"></span>Swedish krona; and </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs2e7\">(ii) <span class=\"_ _10\"> </span> <span class=\"_ _f\"></span>its inv<span class=\"_ _2\"></span>estment in <span class=\"_ _0\"></span>Waard and <span class=\"_ _a\"></span>Scildon, the assets and liabilities of which are principally denominated in euros. </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs2e8\">The group\u2019<span class=\"_ _0\"></span>s currency risk through its o<span class=\"_ _2\"></span>wnership of Mo<span class=\"_ _2\"></span>vestic, <span class=\"_ _2\"></span>Scildon and <span class=\"_ _0\"></span>W<span class=\"_ _2\"></span>aard Group is reflected in:<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls66 ws115 gs2e9\">(i) <span class=\"_ _79\"> </span> <span class=\"_ _f\"></span>foreign <span class=\"_ _2\"></span>ex<span class=\"_ _2\"></span>change translation differences arising <span class=\"_ _2\"></span>on the translation into sterling and consolidation of Mo<span class=\"_ _2\"></span>vestic, <span class=\"_ _2\"></span>Scildon and <span class=\"_ _0\"></span>W<span class=\"_ _2\"></span>aard Group\u2019<span class=\"_ _a\"></span>s financial statements; <span class=\"_ _19\"></span><span class=\"ls2 ws2\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 lsd7 ws118 gs2ea\">and<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls18 wsd6 gs2eb\">(ii) <span class=\"_ _d\"> </span> <span class=\"_ _19\"></span>the impact of adverse <span class=\"_ _2\"></span>ex<span class=\"_ _2\"></span>change rate movements <span class=\"_ _2\"></span>on cash flows betw<span class=\"_ _2\"></span>een Chesnara plc and its foreign subsidiaries: in the short-term these relate to cash flo<span class=\"_ _2\"></span>ws </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs2be\">from Mov<span class=\"_ _2\"></span>estic, <span class=\"_ _2\"></span>Scildon and <span class=\"_ _0\"></span>Waard to Chesnara b<span class=\"_ _2\"></span>y wa<span class=\"_ _2\"></span>y of dividend payments. <span class=\"_ _7\"></span>The risk on cash flo<span class=\"_ _2\"></span>ws is reduced by:</div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs2bf\"> <span class=\"_ _92\"> </span>(a) <span class=\"_ _c\"> </span> <span class=\"_ _f\"></span>the foreign currency hedge held b<span class=\"_ _2\"></span>y Chesnara plc which mitigates against adverse <span class=\"_ _2\"></span>ex<span class=\"_ _2\"></span>change rate impacts whilst also providing a dampening eff<span class=\"_ _a\"></span>ect to a </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs2ec\">fa<span class=\"_ _2\"></span>vourable currency mo<span class=\"_ _2\"></span>vement, and;</div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs2ed\"> <span class=\"_ _92\"> </span>(b) <span class=\"_ _14c\"> </span>b<span class=\"_ _2\"></span>y closely monitoring ex<span class=\"_ _2\"></span>change rate mov<span class=\"_ _2\"></span>ements and buying f<span class=\"_ _2\"></span>orward foreign <span class=\"_ _2\"></span>ex<span class=\"_ _2\"></span>change contracts, where deemed appropriate<span class=\"_ _421\"> </span>.<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff62 fs1 fc1 sc0 ls84 ws8a gs223\">176<span class=\"_ _69\"> </span><span class=\"ff67 ls3 ws2\">CHES<span class=\"_ _3\"></span>NAR<span class=\"_ _3\"></span>A A<span class=\"_ _3\"></span>NNUAL REPO<span class=\"_ _3\"></span>RT AN<span class=\"_ _3\"></span>D ACCOUN<span class=\"_ _3\"></span>TS 2023<span class=\"_ _421\"> </span></span></div>IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS<span class=\"_ _421\"> </span>The f<span class=\"_ _2\"></span>ollowing tables set <span class=\"_ _2\"></span>out the group\u2019<span class=\"_ _a\"></span>s e<span class=\"_ _2\"></span>xposure to assets and liabilities denominated in foreign currencies, <span class=\"_ _2\"></span>expressed in sterling, at the respective balance sheet date:<span class=\"_ _421\"> </span>31 December <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14b\"> </span>20<span class=\"_ _2\"></span>23  <span class=\"_ _14b\"> </span>2022 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Swedish<span class=\"_ _2\"></span> krona<span class=\"_ _421\"> </span>Assets <span class=\"_ _1e5\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _48\"> </span>4,5<span class=\"_ _3\"></span>07<span class=\"_ _2\"></span>.1  <span class=\"_ _48\"> </span>3,935.5<span class=\"_ _421\"> </span>Liabilities <span class=\"_ _1e6\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1c8\"> </span>(4,442.0 <span class=\"_ _7\"></span>) <span class=\"_ _7e\"> </span>(3,841.8 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Net <span class=\"_ _3\"></span>assets <span class=\"_ _1b3\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14e\"> </span>65.1  <span class=\"_ _f0\"> </span>93.7<span class=\"_ _421\"> </span>Euro<span class=\"_ _421\"> </span>Assets <span class=\"_ _1e5\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _129\"> </span>2,955.9  <span class=\"_ _14f\"> </span>2,540.4<span class=\"_ _421\"> </span>Liabilities <span class=\"_ _1e6\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14f\"> </span>(2<span class=\"_ _3\"></span>,761.6 <span class=\"_ _7\"></span>) <span class=\"_ _82\"> </span>(2,245.<span class=\"_ _2\"></span>7 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Net <span class=\"_ _3\"></span>assets <span class=\"_ _1b3\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _29\"> </span>1<span class=\"_ _3\"></span>94.<span class=\"_ _3\"></span>3  <span class=\"_ _43\"> </span>2<span class=\"_ _3\"></span>94.7<span class=\"_ _421\"> </span>US d<span class=\"_ _3\"></span>ollar<span class=\"_ _421\"> </span>Assets <span class=\"_ _1e5\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _17c\"> </span>1<span class=\"_ _3\"></span>.1  <span class=\"_ _fe\"> </span>0.8<span class=\"_ _421\"> </span>Liabilities <span class=\"_ _1e6\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b7\"> </span>(0.7 <span class=\"_ _7\"></span>) <span class=\"_ _114\"> </span>(0.4 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Ne<span class=\"_ _3\"></span>t <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>sse<span class=\"_ _3\"></span>ts <span class=\"_ _1b3\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12e\"> </span>0.<span class=\"_ _3\"></span>4  <span class=\"_ _12e\"> </span>0.<span class=\"_ _3\"></span>4<span class=\"_ _421\"> </span>The tables belo<span class=\"_ _2\"></span>w show the impact <span class=\"_ _2\"></span>of movements in f<span class=\"_ _2\"></span>oreign currency e<span class=\"_ _2\"></span>xchange rates <span class=\"_ _2\"></span>on profit before tax f<span class=\"_ _2\"></span>or the <span class=\"_ _a\"></span>year under revie<span class=\"_ _2\"></span>w and on shareholder <span class=\"_ _2\"></span>equity as at the balance sheet date. <span class=\"_ _0\"></span>W<span class=\"_ _2\"></span>e believe these cur<span class=\"_ _2\"></span>rency risk variables, to which the group results are sensitive, represent the <span class=\"_ _2\"></span>ones that are most reasonably possible to occur in the future.<span class=\"_ _421\"> </span>31 December 2023 <span class=\"_ _19e\"> </span>  <span class=\"_ _92\"> </span>Favourable  <span class=\"_ _2e\"> </span>Adverse  <span class=\"_ _92\"> </span>Favourable  <span class=\"_ _2e\"> </span>Adverse  <span class=\"_ _92\"> </span>Favourable  <span class=\"_ _2e\"> </span>Adverse <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _112\"> </span>Profit  <span class=\"_ _112\"> </span>Profit<span class=\"_ _2\"></span>  <span class=\"_ _13c\"> </span>Sharehold<span class=\"_ _3\"></span>er  <span class=\"_ _132\"> </span>S<span class=\"_ _3\"></span>hareholder<span class=\"_ _421\"> </span>Variat<span class=\"_ _3\"></span>ion <span class=\"_ _4\"></span>in/ari<span class=\"_ _3\"></span>sin<span class=\"_ _3\"></span>g <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>rom <span class=\"_ _4\"></span>10<span class=\"_ _3\"></span>% <span class=\"_ _3\"></span>in <span class=\"_ _4\"></span>S<span class=\"_ _3\"></span>EK<span class=\"_ _3\"></span>: <span class=\"_ _16b\"> </span>  <span class=\"_ _45\"> </span>C<span class=\"_ _3\"></span>SM  <span class=\"_ _45\"> </span>C<span class=\"_ _3\"></span>SM  <span class=\"_ _9d\"> </span>or <span class=\"_ _3\"></span>lo<span class=\"_ _3\"></span>ss  <span class=\"_ _153\"> </span>or <span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>oss  <span class=\"_ _153\"> </span>equ<span class=\"_ _3\"></span>ity  <span class=\"_ _153\"> </span>e<span class=\"_ _3\"></span>qui<span class=\"_ _3\"></span>ty<span class=\"_ _421\"> </span>ste<span class=\"_ _3\"></span>rlin<span class=\"_ _3\"></span>g <span class=\"_ _3\"></span>exch<span class=\"_ _3\"></span>ange <span class=\"_ _4\"></span>rat<span class=\"_ _3\"></span>e <span class=\"_ _1ad\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3<span class=\"_ _3\"></span>m  <span class=\"_ _165\"> </span>\u00a3<span class=\"_ _3\"></span>m<span class=\"_ _421\"> </span>Insurance <span class=\"_ _9\"> </span>and <span class=\"_ _9\"> </span>reinsurance <span class=\"_ _9\"> </span>contracts <span class=\"_ _103\"> </span> <span class=\"_ _5\"> </span> <span class=\"_ _94\"> </span>0.6 <span class=\"_ _5\"> </span> <span class=\"_ _8f\"> </span>(0.5 ) <span class=\"_ _57\"> </span>0.3 <span class=\"_ _5\"> </span> <span class=\"_ _179\"> </span>(0.3 ) <span class=\"_ _114\"> </span>(17<span class=\"_ _2\"></span>.5 ) <span class=\"_ _12b\"> </span>14. 3<span class=\"_ _421\"> </span>Financial <span class=\"_ _3\"></span>instruments <span class=\"_ _1ba\"> </span>  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _8f\"> </span>(7.2 <span class=\"_ _7\"></span>) <span class=\"_ _fe\"> </span>2.2  <span class=\"_ _5b\"> </span>20.8  <span class=\"_ _150\"> </span>(20.0 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _8f\"> </span>0<span class=\"_ _3\"></span>.6  <span class=\"_ _14e\"> </span>(0.<span class=\"_ _3\"></span>5 <span class=\"_ _0\"></span>) <span class=\"_ _2d\"> </span>(6<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9 <span class=\"_ _7\"></span>) <span class=\"_ _10f\"> </span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9  <span class=\"_ _10f\"> </span>3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3  <span class=\"_ _12b\"> </span>(5.7 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>31 December 2023 <span class=\"_ _19e\"> </span>  <span class=\"_ _92\"> </span>Favourable  <span class=\"_ _2e\"> </span>Adverse  <span class=\"_ _92\"> </span>Favourable  <span class=\"_ _2e\"> </span>Adverse  <span class=\"_ _92\"> </span>Favourable  <span class=\"_ _2e\"> </span>Adverse <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _112\"> </span>Profit  <span class=\"_ _112\"> </span>Profit<span class=\"_ _2\"></span>  <span class=\"_ _13c\"> </span>Sharehold<span class=\"_ _3\"></span>er  <span class=\"_ _132\"> </span>S<span class=\"_ _3\"></span>hareholder<span class=\"_ _421\"> </span>Variat<span class=\"_ _3\"></span>ion <span class=\"_ _4\"></span>in/ari<span class=\"_ _3\"></span>sin<span class=\"_ _3\"></span>g <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>rom <span class=\"_ _4\"></span>10<span class=\"_ _3\"></span>% <span class=\"_ _3\"></span>in <span class=\"_ _4\"></span>EU<span class=\"_ _3\"></span>R<span class=\"_ _3\"></span>: <span class=\"_ _107\"> </span>  <span class=\"_ _45\"> </span>C<span class=\"_ _3\"></span>SM  <span class=\"_ _45\"> </span>C<span class=\"_ _3\"></span>SM  <span class=\"_ _9d\"> </span>or <span class=\"_ _3\"></span>lo<span class=\"_ _3\"></span>ss  <span class=\"_ _153\"> </span>or <span class=\"_ _4\"></span>loss  <span class=\"_ _153\"> </span>equ<span class=\"_ _3\"></span>it<span class=\"_ _3\"></span>y  <span class=\"_ _153\"> </span>equi<span class=\"_ _3\"></span>ty<span class=\"_ _421\"> </span>ste<span class=\"_ _3\"></span>rlin<span class=\"_ _3\"></span>g <span class=\"_ _3\"></span>exch<span class=\"_ _3\"></span>ange <span class=\"_ _4\"></span>rat<span class=\"_ _3\"></span>e <span class=\"_ _1ad\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3<span class=\"_ _3\"></span>m  <span class=\"_ _165\"> </span>\u00a3<span class=\"_ _3\"></span>m<span class=\"_ _421\"> </span>Insurance <span class=\"_ _9\"> </span>and <span class=\"_ _9\"> </span>reinsurance <span class=\"_ _9\"> </span>contracts <span class=\"_ _103\"> </span> <span class=\"_ _5\"> </span> <span class=\"_ _12e\"> </span>14.7 <span class=\"_ _5\"> </span> <span class=\"_ _114\"> </span>(1 2.0 ) <span class=\"_ _1b7\"> </span>(0. 3 ) <span class=\"_ _10e\"> </span>0. 3 <span class=\"_ _5\"> </span> <span class=\"_ _42\"> </span>(295.4 ) <span class=\"_ _1e1\"> </span>241.7<span class=\"_ _421\"> </span>Financial <span class=\"_ _3\"></span>instruments <span class=\"_ _1ba\"> </span>  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _165\"> </span>(8.5 <span class=\"_ _0\"></span>) <span class=\"_ _10f\"> </span>7<span class=\"_ _2\"></span>.4  <span class=\"_ _e7\"> </span>308.2  <span class=\"_ _e7\"> </span>(251.8 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _114\"> </span>14<span class=\"_ _3\"></span>.7  <span class=\"_ _150\"> </span>(<span class=\"_ _3\"></span>12<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>0 <span class=\"_ _7\"></span>) <span class=\"_ _11b\"> </span>(<span class=\"_ _3\"></span>8.<span class=\"_ _3\"></span>8 <span class=\"_ _7\"></span>) <span class=\"_ _179\"> </span>7.<span class=\"_ _2\"></span>7  <span class=\"_ _5b\"> </span>1<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8  <span class=\"_ _2d\"> </span>(<span class=\"_ _3\"></span>10<span class=\"_ _3\"></span>.1 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>31 December 2022 <span class=\"_ _19e\"> </span>  <span class=\"_ _92\"> </span>Favourable  <span class=\"_ _2e\"> </span>Adverse  <span class=\"_ _92\"> </span>Favourable  <span class=\"_ _2e\"> </span>Adverse  <span class=\"_ _92\"> </span>Favourable  <span class=\"_ _2e\"> </span>Adverse <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _112\"> </span>Profit  <span class=\"_ _112\"> </span>Profit<span class=\"_ _2\"></span>  <span class=\"_ _13c\"> </span>Sharehold<span class=\"_ _3\"></span>er  <span class=\"_ _132\"> </span>S<span class=\"_ _3\"></span>hareholder<span class=\"_ _421\"> </span>Variat<span class=\"_ _3\"></span>ion <span class=\"_ _4\"></span>in/ari<span class=\"_ _3\"></span>sin<span class=\"_ _3\"></span>g <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>rom <span class=\"_ _4\"></span>10<span class=\"_ _3\"></span>% <span class=\"_ _3\"></span>in <span class=\"_ _4\"></span>S<span class=\"_ _3\"></span>EK<span class=\"_ _3\"></span>: <span class=\"_ _16b\"> </span>  <span class=\"_ _45\"> </span>C<span class=\"_ _3\"></span>SM  <span class=\"_ _45\"> </span>C<span class=\"_ _3\"></span>SM  <span class=\"_ _9d\"> </span>or <span class=\"_ _3\"></span>lo<span class=\"_ _3\"></span>ss  <span class=\"_ _153\"> </span>or <span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>oss  <span class=\"_ _153\"> </span>equ<span class=\"_ _3\"></span>ity  <span class=\"_ _153\"> </span>e<span class=\"_ _3\"></span>qui<span class=\"_ _3\"></span>ty<span class=\"_ _421\"> </span>ste<span class=\"_ _3\"></span>rlin<span class=\"_ _3\"></span>g <span class=\"_ _3\"></span>exch<span class=\"_ _3\"></span>ange <span class=\"_ _4\"></span>rat<span class=\"_ _3\"></span>e <span class=\"_ _1ad\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3<span class=\"_ _3\"></span>m  <span class=\"_ _165\"> </span>\u00a3<span class=\"_ _3\"></span>m<span class=\"_ _421\"> </span>Insurance <span class=\"_ _9\"> </span>and <span class=\"_ _9\"> </span>reinsurance <span class=\"_ _9\"> </span>contracts <span class=\"_ _103\"> </span> <span class=\"_ _5\"> </span> <span class=\"_ _94\"> </span>0.5 <span class=\"_ _5\"> </span> <span class=\"_ _12e\"> </span>(0.4 ) <span class=\"_ _10e\"> </span>0.6 <span class=\"_ _5\"> </span> <span class=\"_ _179\"> </span>(0.5 ) <span class=\"_ _c2\"> </span>(15.9 ) <span class=\"_ _1b7\"> </span>1 3.0<span class=\"_ _421\"> </span>Financial <span class=\"_ _3\"></span>instruments <span class=\"_ _1ba\"> </span>  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _165\"> </span>(5.0 <span class=\"_ _0\"></span>) <span class=\"_ _12e\"> </span>4.9  <span class=\"_ _152\"> </span>22.5  <span class=\"_ _5b\"> </span>(1<span class=\"_ _3\"></span>7<span class=\"_ _a\"></span>.7 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _8f\"> </span>0<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5  <span class=\"_ _5b\"> </span>(0.<span class=\"_ _3\"></span>4 <span class=\"_ _7\"></span>) <span class=\"_ _11b\"> </span>(4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4 <span class=\"_ _7\"></span>) <span class=\"_ _152\"> </span>4<span class=\"_ _3\"></span>.4  <span class=\"_ _10f\"> </span>6<span class=\"_ _3\"></span>.6  <span class=\"_ _14e\"> </span>(4<span class=\"_ _3\"></span>.7 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span><span class=\"ff65 ls3 ws2\">CHES<span class=\"_ _277\"></span>NAR<span class=\"_ _277\"></span>A<span class=\"_ _278\"></span>AN<span class=\"_ _277\"></span>NUAL<span class=\"_ _35e\"></span>REPO<span class=\"_ _284\"></span>RT<span class=\"_ _27f\"></span>AND<span class=\"_ _392\"></span>ACCOUNT<span class=\"_ _27a\"></span>S<span class=\"_ _287\"></span>20<span class=\"_ _2b5\"></span>23</span><span class=\"_ _3c0\"></span>177<span class=\"_ _421\"> </span><div class=\"t m0 h4 ff67 fs2 fc1 sc0 lsc3 ws82 gs93\">IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS<span class=\"_ _421\"> </span></div><div class=\"t m0 h9 ff68 fs8 fc2 sc0 ls18f ws2 gs94\">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<span class=\"_ _421\"> </span></div><div class=\"t m0 hf ff61 fsc fc2 sc0 ls37 ws2 gs95\">SECTION B \u2013 RISK AND CAP<span class=\"_ _2\"></span>IT<span class=\"_ _2\"></span>AL MANAGEMENT</div><div class=\"t m0 h11 ff63 fsd fc2 sc0 ls2 ws2 gs96\">  B3 <span class=\"_ _3\"></span>Financial risk (continued)</div><div class=\"t m0 h11 ff63 fsd fc1 sc0 ls2 ws2 gs19d\">  (a) <span class=\"_ _3\"></span>Mark<span class=\"_ _2\"></span>et r<span class=\"_ _2\"></span>isk (continued)</div><div class=\"t m0 h11 ff63 fsd fc1 sc0 ls2 ws2 gs225\"> (iv) <span class=\"_ _3\"></span>Curr<span class=\"_ _2\"></span>ency r<span class=\"_ _2\"></span>isk (continued)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls190 wsc7 gs2ef\">31 December 2022</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lsd9 ws1bb gs2f0\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _92\"> </span>Favourable  <span class=\"_ _2e\"> </span>Adverse  <span class=\"_ _92\"> </span>Favourable  <span class=\"_ _2e\"> </span>Adverse  <span class=\"_ _92\"> </span>Favourable  <span class=\"_ _2e\"> </span>Adverse</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lsd9 ws1bb gs2f1\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _112\"> </span>Profit  <span class=\"_ _112\"> </span>Profit<span class=\"_ _2\"></span>  <span class=\"_ _13c\"> </span>Sharehold<span class=\"_ _3\"></span>er  <span class=\"_ _132\"> </span>S<span class=\"_ _3\"></span>hareholder<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs2f2\">Variat<span class=\"_ _3\"></span>ion <span class=\"_ _4\"></span>in/ari<span class=\"_ _3\"></span>sin<span class=\"_ _3\"></span>g <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>rom <span class=\"_ _4\"></span>10<span class=\"_ _3\"></span>% <span class=\"_ _3\"></span>in <span class=\"_ _4\"></span>EU<span class=\"_ _3\"></span>R<span class=\"_ _3\"></span>: <span class=\"_ _107\"> </span>  <span class=\"_ _45\"> </span>C<span class=\"_ _3\"></span>SM  <span class=\"_ _45\"> </span>C<span class=\"_ _3\"></span>SM  <span class=\"_ _9d\"> </span>or <span class=\"_ _3\"></span>lo<span class=\"_ _3\"></span>ss  <span class=\"_ _153\"> </span>or <span class=\"_ _4\"></span>loss  <span class=\"_ _153\"> </span>equ<span class=\"_ _3\"></span>it<span class=\"_ _3\"></span>y  <span class=\"_ _153\"> </span>equi<span class=\"_ _3\"></span>ty<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs2f3\">ste<span class=\"_ _3\"></span>rlin<span class=\"_ _3\"></span>g <span class=\"_ _3\"></span>exch<span class=\"_ _3\"></span>ange <span class=\"_ _4\"></span>rat<span class=\"_ _3\"></span>e <span class=\"_ _1ad\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3<span class=\"_ _3\"></span>m  <span class=\"_ _165\"> </span>\u00a3<span class=\"_ _3\"></span>m<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws1b6 gs2f4\">Insurance <span class=\"_ _9\"> </span>and <span class=\"_ _9\"> </span>reinsurance <span class=\"_ _9\"> </span>contracts <span class=\"_ _103\"> </span> <span class=\"_ _5\"> </span> <span class=\"_ _1a1\"> </span>8 .8 <span class=\"_ _5\"> </span> <span class=\"_ _10e\"> </span>(7<span class=\"_ _2\"></span>.2 ) <span class=\"_ _57\"> </span>0.3 <span class=\"_ _5\"> </span> <span class=\"_ _179\"> </span>(0.3 ) <span class=\"_ _43\"> </span>(247<span class=\"_ _a\"></span>.4 ) <span class=\"_ _e7\"> </span>202.4<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs2f5\">Financial <span class=\"_ _3\"></span>instruments <span class=\"_ _1ba\"> </span>  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _12b\"> </span>(8.<span class=\"_ _3\"></span>8 <span class=\"_ _7\"></span>) <span class=\"_ _179\"> </span>8<span class=\"_ _3\"></span>.5  <span class=\"_ _46\"> </span>262.2  <span class=\"_ _28\"> </span>(21<span class=\"_ _3\"></span>3.5 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs2f6\">T<span class=\"_ _2\"></span>otal <span class=\"_ _1e4\"> </span>  <span class=\"_ _fe\"> </span>8.8  <span class=\"_ _8f\"> </span>(7.2 <span class=\"_ _7\"></span>) <span class=\"_ _152\"> </span>(8.5 <span class=\"_ _7\"></span>) <span class=\"_ _179\"> </span>8<span class=\"_ _3\"></span>.2  <span class=\"_ _152\"> </span>14.8  <span class=\"_ _12e\"> </span>(1<span class=\"_ _4\"></span>1.1 <span class=\"_ _7\"></span>)</div><div class=\"t m0 h11 ff63 fsd fc1 sc0 ls2 ws2 gs2f7\"> <span class=\"_ _e\"> </span>(b) <span class=\"_ _3\"></span>Credit r<span class=\"_ _a\"></span>isk</div><div class=\"t m0 h11 ff63 fsd fc1 sc0 ls2 ws2 gs2f8\"> <span class=\"_ _d\"> </span>(i) <span class=\"_ _4\"></span>Management of cr<span class=\"_ _2\"></span>edit r<span class=\"_ _2\"></span>isk<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls42 wsc4 gs1a9\">The group has <span class=\"_ _2\"></span>exposure to credit risk, which is the risk that a counterparty will be unable to pay amounts in full when due. K<span class=\"_ _2\"></span>ey areas where the group is <span class=\"_ _2\"></span>exposed </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs2f9\">to credit risk are:</div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gsa7\"> <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>Counterparty risk with respect to debt securities and cash deposits;</div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gsa8\"> <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>The mortgage loan portf<span class=\"_ _2\"></span>olio held by <span class=\"_ _0\"></span>W<span class=\"_ _2\"></span>aard with respect to the interest and capital repayments due from the bor<span class=\"_ _2\"></span>rowers;</div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs2fa\"> <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>Reinsurers<span class=\"_ _a\"></span>\u2019 share of insurance liabilities;</div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs2fb\"> <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>Amounts deposited with reinsurers in relation to inv<span class=\"_ _2\"></span>estment contracts;</div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gsab\"> <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>Amounts due from reinsurers in respect of claims already paid; and</div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gsac\"> <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>Other short-term receivables.<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws119 gs1b2\">In addition, there will be some e<span class=\"_ _2\"></span>xposures to individual policyholders, on amounts due on insurance contracts. <span class=\"_ _7\"></span>These are tightly controlled, with contracts being </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls0 ws10a gs2fc\">terminated or benefits amended if amounts <span class=\"_ _2\"></span>ow<span class=\"_ _2\"></span>ed are outstanding for more than a specified period <span class=\"_ _2\"></span>of time, so that there is no significant risk to the results of </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs2fd\">the businesses.<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws13 gs2fe\">The group businesses str<span class=\"_ _2\"></span>ucture the levels <span class=\"_ _2\"></span>of credit risk they accept b<span class=\"_ _2\"></span>y placing limits on their <span class=\"_ _2\"></span>exposure to a single counterparty<span class=\"_ _a\"></span>, or group <span class=\"_ _2\"></span>of counterparties. Such </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gsb0\">risks are subject to at least an annual revie<span class=\"_ _2\"></span>w<span class=\"_ _a\"></span>, while watch lists are maintained for <span class=\"_ _2\"></span>exposures requiring additional re<span class=\"_ _2\"></span>view<span class=\"_ _a\"></span>.<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 wsf gs286\">Although the businesses hold a significant proportion of their financial assets in debt securities and cash deposits the risk <span class=\"_ _2\"></span>of default on these is mitigated to the </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws119 gs1b5\">extent that an<span class=\"_ _2\"></span>y losses arising in respect of unit-link<span class=\"_ _2\"></span>ed assets backing the insurance and investment contracts which the businesses issue, w<span class=\"_ _2\"></span>ould eff<span class=\"_ _a\"></span>ectively be </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs1b6\">passed on to policyholders and in<span class=\"_ _2\"></span>vestors through the unit-linked funds backing the insurance and in<span class=\"_ _2\"></span>vestment contracts.<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls0 ws127 gs2ff\">Reinsurance is used to manage insurance risk in the businesses. <span class=\"_ _7\"></span>This does not, howe<span class=\"_ _2\"></span>ver<span class=\"_ _0\"></span>, discharge the businesses\u2019 liability as primary insurers. If a reinsurer </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws116 gsb5\">fails to pa<span class=\"_ _2\"></span>y a claim for an<span class=\"_ _2\"></span>y reason, the businesses remain liable for the payment to the policyholder<span class=\"_ _0\"></span>. <span class=\"_ _0\"></span>The group limits its e<span class=\"_ _2\"></span>xposure to reinsurance counterparties </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gsb6\">with a credit rating low<span class=\"_ _2\"></span>er than BBB- and the creditworthiness of reinsurance <span class=\"_ _2\"></span>exposures is regularly monitored as part <span class=\"_ _2\"></span>of the group\u2019<span class=\"_ _a\"></span>s Risk F<span class=\"_ _a\"></span>ramework.</div><div class=\"t m0 h11 ff63 fsd fc1 sc0 ls2 ws2 gs300\">  (ii) <span class=\"_ _3\"></span>Exposure to cr<span class=\"_ _a\"></span>edit risk<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs26b\">The f<span class=\"_ _2\"></span>ollowing table presents the assets <span class=\"_ _2\"></span>of the group which are subject to credit risk and a reconciliation to the balance sheet carrying value of <span class=\"_ _2\"></span>each item:<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls190 wsc7 gs301\">31 December</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls119 ws1e6 gs302\"> <span class=\"_ _1a4\"> </span>2023 20<span class=\"_ _2\"></span>22</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls9a ws1e4 gs303\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1c2\"> </span>Balance  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1c2\"> </span>Balance</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls9a ws1e4 gs304\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _2e\"> </span>A<span class=\"_ _3\"></span>mount  <span class=\"_ _112\"> </span>s<span class=\"_ _3\"></span>heet  <span class=\"_ _9f\"> </span>  <span class=\"_ _2e\"> </span>Amount  <span class=\"_ _2a\"> </span>s<span class=\"_ _3\"></span>heet</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lsd9 ws1bb gs305\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _4c\"> </span>Policy<span class=\"_ _3\"></span>holder  <span class=\"_ _1c1\"> </span>subje<span class=\"_ _3\"></span>ct <span class=\"_ _4\"></span>to  <span class=\"_ _33\"> </span>carr<span class=\"_ _3\"></span>ying  <span class=\"_ _4c\"> </span>Policy<span class=\"_ _3\"></span>holder  <span class=\"_ _1c1\"> </span>s<span class=\"_ _3\"></span>ubject <span class=\"_ _4\"></span>to  <span class=\"_ _33\"> </span>c<span class=\"_ _3\"></span>arrying</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls56 ws1e7 gs306\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _129\"> </span>link<span class=\"_ _2\"></span>ed  <span class=\"_ _1c1\"> </span>cred<span class=\"_ _2\"></span>it <span class=\"_ _3\"></span>risk  <span class=\"_ _43\"> </span>value  <span class=\"_ _129\"> </span>link<span class=\"_ _2\"></span>ed  <span class=\"_ _1e7\"> </span>credit<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>risk<span class=\"_ _2\"></span>  <span class=\"_ _a3\"> </span>value</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls190 ws1e0 gs307\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 ls51 ws1e8 gs308\">Reinsurance <span class=\"_ _3\"></span>contract assets <span class=\"_ _1e8\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _45\"> </span>18<span class=\"_ _3\"></span>5.7  <span class=\"_ _45\"> </span>18<span class=\"_ _3\"></span>5.7  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _14b\"> </span>194<span class=\"_ _3\"></span>.0  <span class=\"_ _14b\"> </span>194<span class=\"_ _3\"></span>.0<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs309\">Amounts <span class=\"_ _3\"></span>deposited <span class=\"_ _3\"></span>with <span class=\"_ _3\"></span>reinsurers <span class=\"_ _1a7\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _152\"> </span>32.5  <span class=\"_ _14e\"> </span>32<span class=\"_ _3\"></span>.5  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _114\"> </span>32<span class=\"_ _3\"></span>.8  <span class=\"_ _114\"> </span>32.8<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs30a\">Holdings <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>collective <span class=\"_ _3\"></span>investment <span class=\"_ _3\"></span>schemes <span class=\"_ _eb\"> </span>  <span class=\"_ _14f\"> </span>8,025.4  <span class=\"_ _28\"> </span>350.8  <span class=\"_ _153\"> </span>8,376.2  <span class=\"_ _112\"> </span>7,725.<span class=\"_ _2\"></span>1  <span class=\"_ _29\"> </span>464.6  <span class=\"_ _47\"> </span>8,189.7<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws2 gs30b\">Debt securities at fair value thr<span class=\"_ _2\"></span>ough profit or loss <span class=\"_ _e7\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _14e\"> </span>14.<span class=\"_ _3\"></span>8 <span class=\"_ _a\"></span> <span class=\"_ _3f\"> </span>1,222.<span class=\"_ _3\"></span>3 <span class=\"_ _a\"></span> <span class=\"_ _119\"> </span>1,237<span class=\"_ _a\"></span>.1 <span class=\"_ _2\"></span> <span class=\"_ _179\"> </span>19.1 <span class=\"_ _a\"></span> <span class=\"_ _150\"> </span>915.0 <span class=\"_ _a\"></span> <span class=\"_ _150\"> </span>934.1<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs30c\">Policyholders\u2019 <span class=\"_ _3\"></span>funds <span class=\"_ _3\"></span>held <span class=\"_ _3\"></span>by <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>group <span class=\"_ _16f\"> </span>  <span class=\"_ _112\"> </span>1,<span class=\"_ _3\"></span>281.8  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _112\"> </span>1,<span class=\"_ _3\"></span>281.8  <span class=\"_ _29\"> </span>986<span class=\"_ _3\"></span>.8  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _15c\"> </span>986<span class=\"_ _3\"></span>.8<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs30d\">Mortgage <span class=\"_ _3\"></span>loan <span class=\"_ _3\"></span>portfolio <span class=\"_ _d6\"> </span>  <span class=\"_ _15c\"> </span>366<span class=\"_ _3\"></span>.8  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _e7\"> </span>366.8  <span class=\"_ _28\"> </span>266.0  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _28\"> </span>266.0<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs30e\">Derivativ<span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>financial <span class=\"_ _4\"></span>instruments <span class=\"_ _1af\"> </span>  <span class=\"_ _5a\"> </span>0.1  <span class=\"_ _57\"> </span>0.2  <span class=\"_ _10e\"> </span>0.3  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _56\"> </span>0<span class=\"_ _2\"></span>.1  <span class=\"_ _5a\"> </span>0.1<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs30f\">Other <span class=\"_ _3\"></span>assets <span class=\"_ _1a9\"> </span>  <span class=\"_ _165\"> </span>12.6  <span class=\"_ _1b7\"> </span>45.1  <span class=\"_ _152\"> </span>57<span class=\"_ _2\"></span>.7  <span class=\"_ _fe\"> </span>0.8  <span class=\"_ _5b\"> </span>45.6  <span class=\"_ _f0\"> </span>46.4<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs310\">Cash <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>cash <span class=\"_ _3\"></span>equivalents <span class=\"_ _ee\"> </span>  <span class=\"_ _114\"> </span>78.3  <span class=\"_ _152\"> </span>67<span class=\"_ _2\"></span>.7  <span class=\"_ _14b\"> </span>146.0  <span class=\"_ _12b\"> </span>81.7  <span class=\"_ _1e1\"> </span>122.9  <span class=\"_ _15c\"> </span>204<span class=\"_ _3\"></span>.6<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs311\">T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _82\"> </span>9,77<span class=\"_ _3\"></span>9.<span class=\"_ _3\"></span>8  <span class=\"_ _7e\"> </span>1<span class=\"_ _3\"></span>,9<span class=\"_ _3\"></span>04<span class=\"_ _3\"></span>.<span class=\"_ _4\"></span>3  <span class=\"_ _1c8\"> </span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>68<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>.1  <span class=\"_ _82\"> </span>9,07<span class=\"_ _3\"></span>9.<span class=\"_ _3\"></span>5  <span class=\"_ _14f\"> </span>1<span class=\"_ _3\"></span>,775<span class=\"_ _3\"></span>.0  <span class=\"_ _2e\"> </span>10<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>85<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls42 ws160 gs277\">The amounts presented abo<span class=\"_ _2\"></span>ve as policyholder link<span class=\"_ _2\"></span>ed represent unit-linked assets where the risk is borne by the holders <span class=\"_ _2\"></span>of unit-linked insurance and in<span class=\"_ _2\"></span>vestment </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs312\">contracts. </div><div class=\"t m0 h3 ff62 fs1 fc1 sc0 ls4d ws54 gsc0\">178<span class=\"_ _d\"> </span><span class=\"ff67 ls3 ws2\">CHE<span class=\"_ _3\"></span>SNA<span class=\"_ _3\"></span>R<span class=\"_ _3\"></span>A ANNUAL R<span class=\"_ _3\"></span>EPORT A<span class=\"_ _3\"></span>ND ACCO<span class=\"_ _3\"></span>UNTS 2023<span class=\"_ _421\"> </span></span></div>IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS (iii) <span class=\"_ _3\"></span>Credit quality analysis<span class=\"_ _421\"> </span>The creditw<span class=\"_ _2\"></span>orthiness of major reinsurers is considered <span class=\"_ _2\"></span>on an annual basis by revie<span class=\"_ _2\"></span>wing their financial strength.<span class=\"_ _421\"> </span>The group\u2019<span class=\"_ _0\"></span>s e<span class=\"_ _2\"></span>xposure to credit risk is summarised as:<span class=\"_ _421\"> </span>Credit rating<span class=\"_ _421\"> </span>A<span class=\"_ _3\"></span>s at 31 D<span class=\"_ _3\"></span>ece<span class=\"_ _3\"></span>mbe<span class=\"_ _3\"></span>r 202<span class=\"_ _3\"></span>3 <span class=\"_ _1e4\"> </span>A<span class=\"_ _3\"></span>A<span class=\"_ _3\"></span>A  <span class=\"_ _10f\"> </span>A<span class=\"_ _3\"></span>A  <span class=\"_ _ae\"> </span>A  <span class=\"_ _45\"> </span>B<span class=\"_ _3\"></span>BB  <span class=\"_ _92\"> </span>B<span class=\"_ _3\"></span>elow <span class=\"_ _4\"></span>BB<span class=\"_ _3\"></span>B  <span class=\"_ _2e\"> </span>Un<span class=\"_ _3\"></span>rate<span class=\"_ _3\"></span>d  <span class=\"_ _28\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1d9\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Reinsurance <span class=\"_ _3\"></span>contract assets <span class=\"_ _1e9\"> </span>\u2013  <span class=\"_ _45\"> </span>138<span class=\"_ _3\"></span>.7  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _3\"></span>  <span class=\"_ _5b\"> </span>47<span class=\"_ _2\"></span>.0  <span class=\"_ _44\"> </span>1<span class=\"_ _3\"></span>85<span class=\"_ _3\"></span>.7<span class=\"_ _421\"> </span>Amounts <span class=\"_ _3\"></span>deposited <span class=\"_ _3\"></span>with <span class=\"_ _3\"></span>reinsurers <span class=\"_ _1ea\"> </span>\u2013  <span class=\"_ _152\"> </span>32.5  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _152\"> </span>32.5<span class=\"_ _421\"> </span>Holdings <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>collective <span class=\"_ _3\"></span>investment <span class=\"_ _3\"></span>schemes <span class=\"_ _114\"> </span>31<span class=\"_ _3\"></span>0.0  <span class=\"_ _e7\"> </span>306.7  <span class=\"_ _153\"> </span>2,27<span class=\"_ _a\"></span>4<span class=\"_ _3\"></span>.8  <span class=\"_ _e7\"> </span>422.0  <span class=\"_ _48\"> </span>1,482.6  <span class=\"_ _47\"> </span>3,580.1  <span class=\"_ _153\"> </span>8,376.2<span class=\"_ _421\"> </span>Debt securities at fair value thr<span class=\"_ _2\"></span>ough profit or loss <span class=\"_ _1c7\"> </span>409.6 <span class=\"_ _a\"></span> <span class=\"_ _44\"> </span>349.1 <span class=\"_ _a\"></span> <span class=\"_ _e7\"> </span>338.4 <span class=\"_ _2\"></span> <span class=\"_ _150\"> </span>1<span class=\"_ _3\"></span>28.2  <span class=\"_ _5a\"> </span>1.2 <span class=\"_ _2\"></span> <span class=\"_ _152\"> </span>1<span class=\"_ _3\"></span>0.6 <span class=\"_ _a\"></span> <span class=\"_ _119\"> </span>1,237<span class=\"_ _2\"></span>.1<span class=\"_ _421\"> </span>Policyholders\u2019 <span class=\"_ _3\"></span>funds <span class=\"_ _3\"></span>held <span class=\"_ _3\"></span>by <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>group <span class=\"_ _189\"> </span>\u2013  <span class=\"_ _2d\"> </span>101.9  <span class=\"_ _150\"> </span>353.3  <span class=\"_ _1e1\"> </span>167.3  <span class=\"_ _46\"> </span>659.<span class=\"_ _2\"></span>7  <span class=\"_ _12b\"> </span>(0.4 <span class=\"_ _7\"></span>) <span class=\"_ _1c0\"> </span>1,281.8<span class=\"_ _421\"> </span>Mortgage <span class=\"_ _3\"></span>loan <span class=\"_ _3\"></span>portfolio <span class=\"_ _c4\"> </span>\u2013  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _1b7\"> </span>10.7  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _7b\"> </span>356.1  <span class=\"_ _e7\"> </span>366.<span class=\"_ _3\"></span>8<span class=\"_ _421\"> </span>Derivativ<span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>financial <span class=\"_ _4\"></span>instruments <span class=\"_ _10b\"> </span>\u2013  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _57\"> </span>0.3  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _57\"> </span>0.3<span class=\"_ _421\"> </span>Other <span class=\"_ _3\"></span>assets <span class=\"_ _1eb\"> </span>0.7  <span class=\"_ _10e\"> </span>0.5  <span class=\"_ _57\"> </span>0.5  <span class=\"_ _57\"> </span>0.2  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _14e\"> </span>55.8  <span class=\"_ _152\"> </span>57<span class=\"_ _2\"></span>.7<span class=\"_ _421\"> </span>Cash <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>cash <span class=\"_ _3\"></span>equivalents <span class=\"_ _81\"> </span>0.1  <span class=\"_ _1a1\"> </span>3.2  <span class=\"_ _5b\"> </span>89.7  <span class=\"_ _12b\"> </span>41.2  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _8f\"> </span>1<span class=\"_ _4\"></span>1.8  <span class=\"_ _14b\"> </span>146.0<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1ec\"> </span>7<span class=\"_ _3\"></span>20<span class=\"_ _3\"></span>.4  <span class=\"_ _119\"> </span>93<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>6  <span class=\"_ _7e\"> </span>3<span class=\"_ _3\"></span>,0<span class=\"_ _3\"></span>67.7  <span class=\"_ _43\"> </span>75<span class=\"_ _3\"></span>8.<span class=\"_ _3\"></span>9  <span class=\"_ _3b\"> </span>2<span class=\"_ _3\"></span>,14<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5  <span class=\"_ _82\"> </span>4<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>06<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.0  <span class=\"_ _ec\"> </span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>,6<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>.1<span class=\"_ _421\"> </span>Credit rating<span class=\"_ _421\"> </span>A<span class=\"_ _3\"></span>s at 31 D<span class=\"_ _3\"></span>ece<span class=\"_ _3\"></span>mbe<span class=\"_ _3\"></span>r 202<span class=\"_ _3\"></span>2 <span class=\"_ _1e4\"> </span>A<span class=\"_ _3\"></span>A<span class=\"_ _3\"></span>A  <span class=\"_ _10f\"> </span>A<span class=\"_ _3\"></span>A  <span class=\"_ _ae\"> </span>A  <span class=\"_ _45\"> </span>B<span class=\"_ _3\"></span>BB  <span class=\"_ _92\"> </span>B<span class=\"_ _3\"></span>elow <span class=\"_ _4\"></span>BB<span class=\"_ _3\"></span>B  <span class=\"_ _2e\"> </span>Un<span class=\"_ _3\"></span>rate<span class=\"_ _3\"></span>d  <span class=\"_ _28\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1d9\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Reinsurers <span class=\"_ _3\"></span>share <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>insurance <span class=\"_ _3\"></span>contract <span class=\"_ _3\"></span>liabilities <span class=\"_ _14b\"> </span>\u2013  <span class=\"_ _11b\"> </span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>9.2  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _1a1\"> </span>2.9  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _1b7\"> </span>7<span class=\"_ _3\"></span>1.9  <span class=\"_ _14b\"> </span>194.0<span class=\"_ _421\"> </span>Amounts <span class=\"_ _3\"></span>deposited <span class=\"_ _3\"></span>with <span class=\"_ _3\"></span>reinsurers <span class=\"_ _1ea\"> </span>\u2013  <span class=\"_ _114\"> </span>32.8  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _14e\"> </span>32.8<span class=\"_ _421\"> </span>Holdings <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>collective <span class=\"_ _3\"></span>investment <span class=\"_ _3\"></span>schemes <span class=\"_ _f0\"> </span>303.6  <span class=\"_ _150\"> </span>190.9  <span class=\"_ _48\"> </span>2,297<span class=\"_ _a\"></span>.5  <span class=\"_ _1e1\"> </span>328.1  <span class=\"_ _114\"> </span>85.<span class=\"_ _3\"></span>3  <span class=\"_ _3b\"> </span>4,984.3  <span class=\"_ _47\"> </span>8,189.7<span class=\"_ _421\"> </span>Debt securities at fair value thr<span class=\"_ _2\"></span>ough profit or loss <span class=\"_ _7d\"> </span>315.8<span class=\"_ _3\"></span> <span class=\"_ _a\"></span> <span class=\"_ _45\"> </span>317.8 <span class=\"_ _a\"></span> <span class=\"_ _45\"> </span>173.9  <span class=\"_ _14b\"> </span>1<span class=\"_ _3\"></span>24.7 <span class=\"_ _a\"></span> <span class=\"_ _e9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _5a\"> </span>1.9 <span class=\"_ _2\"></span> <span class=\"_ _150\"> </span>934.1<span class=\"_ _421\"> </span>Policyholders\u2019 <span class=\"_ _3\"></span>funds <span class=\"_ _3\"></span>held <span class=\"_ _3\"></span>by <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>group <span class=\"_ _189\"> </span>\u2013  <span class=\"_ _165\"> </span>7<span class=\"_ _3\"></span>1.7  <span class=\"_ _29\"> </span>248.4  <span class=\"_ _11b\"> </span>1<span class=\"_ _3\"></span>16.9  <span class=\"_ _c2\"> </span>86.4  <span class=\"_ _15c\"> </span>463.4  <span class=\"_ _15c\"> </span>986.<span class=\"_ _3\"></span>8<span class=\"_ _421\"> </span>Mortgage <span class=\"_ _3\"></span>loan <span class=\"_ _3\"></span>portfolio <span class=\"_ _c4\"> </span>\u2013  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _e7\"> </span>266<span class=\"_ _3\"></span>.0  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _e7\"> </span>266.0<span class=\"_ _421\"> </span>Derivativ<span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>financial <span class=\"_ _4\"></span>instruments <span class=\"_ _10b\"> </span>\u2013  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _5a\"> </span>0.1  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _5a\"> </span>0.1<span class=\"_ _421\"> </span>Other <span class=\"_ _3\"></span>assets <span class=\"_ _1b2\"> </span>0.9  <span class=\"_ _10e\"> </span>0.6  <span class=\"_ _fe\"> </span>0.4  <span class=\"_ _5a\"> </span>0.1  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _2d\"> </span>44.4  <span class=\"_ _c2\"> </span>46.4<span class=\"_ _421\"> </span>Cash <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>cash <span class=\"_ _3\"></span>equivalents <span class=\"_ _1e8\"> </span>\u2013  <span class=\"_ _1b7\"> </span>17<span class=\"_ _2\"></span>.4  <span class=\"_ _45\"> </span>176.6  <span class=\"_ _5a\"> </span>0.1  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _1b7\"> </span>10.5  <span class=\"_ _15c\"> </span>204<span class=\"_ _3\"></span>.6<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1b3\"> </span>6<span class=\"_ _3\"></span>20<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3  <span class=\"_ _43\"> </span>750<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4  <span class=\"_ _3b\"> </span>3<span class=\"_ _3\"></span>,1<span class=\"_ _3\"></span>62<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9  <span class=\"_ _a3\"> </span>57<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8  <span class=\"_ _45\"> </span>17<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.7  <span class=\"_ _e8\"> </span>5<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>576<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4  <span class=\"_ _2e\"> </span>10<span class=\"_ _3\"></span>,8<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5<span class=\"_ _421\"> </span>Included within reinsurers<span class=\"_ _2\"></span>\u2019 share of insurance contract liabilities and amounts deposited with reinsurers (in respect of in<span class=\"_ _2\"></span>vestment contracts) abo<span class=\"_ _2\"></span>ve, is a total exposure <span class=\"_ _2\"></span>of \u00a37<span class=\"_ _a\"></span>1<span class=\"_ _0\"></span>.4m as at 3<span class=\"_ _a\"></span>1 December 2023 (31 December 2022: \u00a372.0m) to R<span class=\"_ _2\"></span>eAssure, which has been included within the \u2018<span class=\"_ _0\"></span>AA<span class=\"_ _31\"></span>\u2019 rating category<span class=\"_ _2\"></span>.<span class=\"_ _421\"> </span>Monument Re mak<span class=\"_ _2\"></span>es up \u00a348.7m of the unrated <span class=\"_ _2\"></span>exposure to reinsurers<span class=\"_ _2\"></span>\u2019 share of insurance contract liabilities as at 31 December 2023 (31 December 2022: \u00a350.6m). This is protected through the use <span class=\"_ _2\"></span>of a funds withheld arrangement under which the reinsurer has deposited collateral to CA in respect of the v<span class=\"_ _2\"></span>alue of <span class=\"_ _2\"></span>expected future reinsured claim payments.<span class=\"_ _421\"> </span>The \u2018Other assets<span class=\"_ _a\"></span>\u2019 in the credit risk rating table are not held at fair value <span class=\"_ _2\"></span>or managed on a fair v<span class=\"_ _2\"></span>alue basis. <span class=\"_ _0\"></span>These assets generally consist <span class=\"_ _2\"></span>of short-term receivables and are not considered to hav<span class=\"_ _2\"></span>e a low credit rating as at 31 December 2023.<span class=\"_ _421\"> </span><span class=\"ff65 ls3 ws2\">CHES<span class=\"_ _277\"></span>NAR<span class=\"_ _283\"></span>A<span class=\"_ _27e\"></span>AN<span class=\"_ _277\"></span>NUAL<span class=\"_ _370\"></span>REPO<span class=\"_ _284\"></span>RT<span class=\"_ _278\"></span>AND<span class=\"_ _3ad\"></span>ACCOUNT<span class=\"_ _27a\"></span>S<span class=\"_ _27b\"></span>20<span class=\"_ _2b5\"></span>23</span><span class=\"_ _3c2\"></span>179<span class=\"_ _421\"> </span><div class=\"t m0 h4 ff67 fs2 fc1 sc0 lsc3 ws82 gs93\">IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS<span class=\"_ _421\"> </span></div><div class=\"t m0 h9 ff68 fs8 fc2 sc0 ls18f ws2 gs94\">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<span class=\"_ _421\"> </span></div><div class=\"t m0 hf ff61 fsc fc2 sc0 ls37 ws2 gs95\">SECTION B \u2013 RISK AND CAP<span class=\"_ _2\"></span>IT<span class=\"_ _2\"></span>AL MANAGEMENT</div><div class=\"t m0 h11 ff63 fsd fc2 sc0 ls2 ws2 gs96\">  B3 <span class=\"_ _3\"></span>Financial risk (continued)</div><div class=\"t m0 h11 ff63 fsd fc1 sc0 ls2 ws2 gs19d\"> <span class=\"_ _e\"> </span>(b) <span class=\"_ _3\"></span>Credit r<span class=\"_ _a\"></span>isk (continued)</div><div class=\"t m0 h11 ff63 fsd fc1 sc0 ls2 ws2 gs225\"> (iv) <span class=\"_ _3\"></span>Concentration of credit r<span class=\"_ _a\"></span>isk<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls64 wsf6 gs2ef\">Debt securities</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lsd9 ws1bb gs2f0\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _4c\"> </span>Policy<span class=\"_ _3\"></span>holder  <span class=\"_ _4c\"> </span>Policy<span class=\"_ _3\"></span>holder  <span class=\"_ _f9\"> </span>Non-<span class=\"_ _3\"></span>linked/</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lsd9 ws1bb gs2f1\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _129\"> </span>linked  <span class=\"_ _15\"> </span>with-<span class=\"_ _3\"></span>profit  <span class=\"_ _30\"> </span>shareholder  <span class=\"_ _28\"> </span>T<span class=\"_ _2\"></span>otal<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs2f2\">A<span class=\"_ _3\"></span>s <span class=\"_ _3\"></span>at <span class=\"_ _4\"></span>3<span class=\"_ _3\"></span>1 <span class=\"_ _3\"></span>D<span class=\"_ _3\"></span>ece<span class=\"_ _3\"></span>mbe<span class=\"_ _3\"></span>r <span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>3 <span class=\"_ _1ed\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3<span class=\"_ _3\"></span>m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs314\">Austria <span class=\"_ _1ee\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _c2\"> </span>24.8  <span class=\"_ _5b\"> </span>24.8<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs315\">Belgium <span class=\"_ _1ef\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _12e\"> </span>37.<span class=\"_ _2\"></span>1  <span class=\"_ _12e\"> </span>3<span class=\"_ _3\"></span>7<span class=\"_ _a\"></span>.1<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs316\">France <span class=\"_ _1f0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _57\"> </span>0.<span class=\"_ _2\"></span>7  <span class=\"_ _1a1\"> </span>2<span class=\"_ _3\"></span>.7  <span class=\"_ _150\"> </span>200.<span class=\"_ _2\"></span>1  <span class=\"_ _46\"> </span>203.5<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs317\">Germany <span class=\"_ _1f1\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _fe\"> </span>0.4  <span class=\"_ _150\"> </span>2<span class=\"_ _3\"></span>10.7  <span class=\"_ _114\"> </span>2<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.1<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs318\">Italy <span class=\"_ _3\"></span> <span class=\"_ _118\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _165\"> </span>1<span class=\"_ _3\"></span>2.3  <span class=\"_ _12e\"> </span>12.3<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs319\">Ireland <span class=\"_ _1ee\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _152\"> </span>14<span class=\"_ _3\"></span>.4  <span class=\"_ _152\"> </span>14.4<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs31a\">Netherlands <span class=\"_ _190\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _1b1\"> </span>2.5  <span class=\"_ _46\"> </span>230.6  <span class=\"_ _7b\"> </span>233.1<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs31b\">Poland <span class=\"_ _1ee\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _10e\"> </span>0.4  <span class=\"_ _fe\"> </span>0.4<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs31c\">Portugal <span class=\"_ _1f2\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _1a1\"> </span>3.<span class=\"_ _3\"></span>3  <span class=\"_ _1a1\"> </span>3.<span class=\"_ _3\"></span>3<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs31d\">Spain <span class=\"_ _1d7\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _57\"> </span>0.5  <span class=\"_ _8f\"> </span>37<span class=\"_ _2\"></span>.1  <span class=\"_ _152\"> </span>37<span class=\"_ _a\"></span>.6<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs31e\">UK <span class=\"_ _1f3\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12e\"> </span>1<span class=\"_ _4\"></span>1.4  <span class=\"_ _14e\"> </span>25.9  <span class=\"_ _11b\"> </span>181.9  <span class=\"_ _1e1\"> </span>21<span class=\"_ _3\"></span>9.2<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs31f\">Other <span class=\"_ _8b\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1a1\"> </span>2.2  <span class=\"_ _1b7\"> </span>1<span class=\"_ _3\"></span>3.4  <span class=\"_ _11b\"> </span>1<span class=\"_ _3\"></span>17.4 <span class=\"_ _2\"></span> <span class=\"_ _44\"> </span>1<span class=\"_ _3\"></span>33.0<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs320\">Euro<span class=\"_ _3\"></span>pe <span class=\"_ _1f4\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5b\"> </span>14<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3  <span class=\"_ _45\"> </span>4<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4  <span class=\"_ _153\"> </span>1<span class=\"_ _3\"></span>,0<span class=\"_ _3\"></span>70.1  <span class=\"_ _129\"> </span>1,<span class=\"_ _3\"></span>12<span class=\"_ _3\"></span>9.<span class=\"_ _3\"></span>8<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs321\">USA <span class=\"_ _1f5\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _57\"> </span>0.5  <span class=\"_ _57\"> </span>3.<span class=\"_ _3\"></span>2  <span class=\"_ _5b\"> </span>82.4  <span class=\"_ _12b\"> </span>86.1<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs322\">Other <span class=\"_ _8b\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _96\"> </span>1.7  <span class=\"_ _5a\"> </span>1.4  <span class=\"_ _56\"> </span>3.1<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs323\">No<span class=\"_ _3\"></span>rth <span class=\"_ _4\"></span>A<span class=\"_ _3\"></span>meric<span class=\"_ _3\"></span>a <span class=\"_ _1f6\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _179\"> </span>0.<span class=\"_ _3\"></span>5  <span class=\"_ _8f\"> </span>4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9  <span class=\"_ _7b\"> </span>83<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8  <span class=\"_ _11b\"> </span>89<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs324\">Australia <span class=\"_ _1f7\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _179\"> </span>1<span class=\"_ _3\"></span>1.<span class=\"_ _3\"></span>3  <span class=\"_ _179\"> </span>1<span class=\"_ _4\"></span>1.3<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs325\">Other <span class=\"_ _8b\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _10e\"> </span>6<span class=\"_ _3\"></span>.8  <span class=\"_ _10e\"> </span>6.8<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs326\">A<span class=\"_ _3\"></span>sia <span class=\"_ _4\"></span>Pac<span class=\"_ _3\"></span>ific <span class=\"_ _1a9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _165\"> </span>18<span class=\"_ _3\"></span>.1  <span class=\"_ _1b7\"> </span>1<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>.1<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs327\">T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _c2\"> </span>14<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8  <span class=\"_ _11b\"> </span>50<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3  <span class=\"_ _153\"> </span>1<span class=\"_ _3\"></span>,1<span class=\"_ _3\"></span>7<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.0  <span class=\"_ _47\"> </span>1<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>37.1<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls64 wsf6 gs328\">Debt securities</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lsd9 ws1bb gs329\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _4c\"> </span>Policy<span class=\"_ _3\"></span>holder  <span class=\"_ _4c\"> </span>Policy<span class=\"_ _3\"></span>holder  <span class=\"_ _f9\"> </span>Non-<span class=\"_ _3\"></span>linked/</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lsd9 ws1bb gs32a\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _129\"> </span>linked  <span class=\"_ _15\"> </span>with-<span class=\"_ _3\"></span>profit  <span class=\"_ _30\"> </span>shareholder  <span class=\"_ _28\"> </span>T<span class=\"_ _2\"></span>otal<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs32b\">A<span class=\"_ _3\"></span>s <span class=\"_ _3\"></span>at <span class=\"_ _4\"></span>3<span class=\"_ _3\"></span>1 <span class=\"_ _3\"></span>D<span class=\"_ _3\"></span>ece<span class=\"_ _3\"></span>mbe<span class=\"_ _3\"></span>r <span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2 <span class=\"_ _1ed\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3<span class=\"_ _3\"></span>m  <span class=\"_ _165\"> </span>\u00a3<span class=\"_ _3\"></span>m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs32c\">Austria <span class=\"_ _1ee\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _165\"> </span>17.9  <span class=\"_ _165\"> </span>17<span class=\"_ _2\"></span>.9<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs32d\">Belgium <span class=\"_ _1ef\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _14e\"> </span>32.9  <span class=\"_ _14e\"> </span>32.9<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs32e\">France <span class=\"_ _1f0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _57\"> </span>0.<span class=\"_ _2\"></span>7  <span class=\"_ _1b1\"> </span>5.2  <span class=\"_ _150\"> </span>149.<span class=\"_ _2\"></span>4  <span class=\"_ _7b\"> </span>155.3<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs32f\">Germany <span class=\"_ _1f1\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _fe\"> </span>0.4  <span class=\"_ _14b\"> </span>104.3  <span class=\"_ _150\"> </span>104.7<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs330\">Italy <span class=\"_ _1f5\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _12b\"> </span>1<span class=\"_ _3\"></span>8.3  <span class=\"_ _12b\"> </span>1<span class=\"_ _3\"></span>8.3<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs331\">Ireland <span class=\"_ _1ee\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _57\"> </span>17<span class=\"_ _a\"></span>.1  <span class=\"_ _57\"> </span>17<span class=\"_ _a\"></span>.1<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs332\">Netherlands <span class=\"_ _190\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _56\"> </span>1.9  <span class=\"_ _1a1\"> </span>2.5  <span class=\"_ _5b\"> </span>123.1  <span class=\"_ _11b\"> </span>127<span class=\"_ _a\"></span>.5<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs333\">Poland <span class=\"_ _1ee\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _10e\"> </span>0.4  <span class=\"_ _fe\"> </span>0.4<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs334\">Spain <span class=\"_ _1d7\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _10e\"> </span>0.4  <span class=\"_ _5b\"> </span>20.9  <span class=\"_ _165\"> </span>21.3<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs335\">UK <span class=\"_ _1f3\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b7\"> </span>13.8  <span class=\"_ _14e\"> </span>25.9  <span class=\"_ _45\"> </span>172<span class=\"_ _3\"></span>.9  <span class=\"_ _45\"> </span>21<span class=\"_ _3\"></span>2.6<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 ls94 ws1bd gs336\">Other<span class=\"_ _2\"></span> <span class=\"_ _8b\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _57\"> </span>2.<span class=\"_ _3\"></span>2  <span class=\"_ _179\"> </span>4<span class=\"_ _3\"></span>.8  <span class=\"_ _44\"> </span>107.2  <span class=\"_ _1e1\"> </span>1<span class=\"_ _3\"></span>14<span class=\"_ _3\"></span>.2<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs337\">Euro<span class=\"_ _3\"></span>pe <span class=\"_ _1f4\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5b\"> </span>18<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>6  <span class=\"_ _2d\"> </span>3<span class=\"_ _3\"></span>9.<span class=\"_ _3\"></span>2  <span class=\"_ _2a\"> </span>764<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4  <span class=\"_ _119\"> </span>82<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs338\">USA <span class=\"_ _1f5\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _57\"> </span>0.5  <span class=\"_ _1a1\"> </span>7<span class=\"_ _2\"></span>.9  <span class=\"_ _152\"> </span>8<span class=\"_ _3\"></span>1.4  <span class=\"_ _c2\"> </span>89.8<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs339\">Other <span class=\"_ _8b\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _56\"> </span>1.6  <span class=\"_ _10e\"> </span>0.6  <span class=\"_ _1a1\"> </span>2<span class=\"_ _3\"></span>.2<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs33a\">No<span class=\"_ _3\"></span>rth <span class=\"_ _4\"></span>A<span class=\"_ _3\"></span>meric<span class=\"_ _3\"></span>a <span class=\"_ _1f6\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _179\"> </span>0.<span class=\"_ _3\"></span>5  <span class=\"_ _10f\"> </span>9<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5  <span class=\"_ _7b\"> </span>82<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>0  <span class=\"_ _7b\"> </span>9<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.0<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs33b\">Australia <span class=\"_ _1f7\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _165\"> </span>12<span class=\"_ _3\"></span>.5  <span class=\"_ _165\"> </span>12<span class=\"_ _3\"></span>.5<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs33c\">Other <span class=\"_ _8b\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _1a1\"> </span>7.<span class=\"_ _2\"></span>4  <span class=\"_ _1a1\"> </span>7<span class=\"_ _2\"></span>.4<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs33d\">A<span class=\"_ _3\"></span>sia <span class=\"_ _4\"></span>Pac<span class=\"_ _3\"></span>ific <span class=\"_ _1a9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _114\"> </span>1<span class=\"_ _3\"></span>9.<span class=\"_ _3\"></span>9  <span class=\"_ _114\"> </span>1<span class=\"_ _3\"></span>9.<span class=\"_ _3\"></span>9<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs33e\">T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>1<span class=\"_ _3\"></span>9.1  <span class=\"_ _7b\"> </span>4<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>.7  <span class=\"_ _2a\"> </span>8<span class=\"_ _3\"></span>66<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3  <span class=\"_ _e7\"> </span>9<span class=\"_ _3\"></span>34<span class=\"_ _3\"></span>.1<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs33f\">There are no direct holdings in debt securities within R<span class=\"_ _2\"></span>ussia or Ukraine.<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff62 fs1 fc1 sc0 lseb wsfb gsc0\">180<span class=\"_ _14c\"> </span><span class=\"ff67 ls3 ws2\">C<span class=\"_ _3\"></span>HESN<span class=\"_ _3\"></span>AR<span class=\"_ _3\"></span>A ANN<span class=\"_ _3\"></span>UAL REPOR<span class=\"_ _3\"></span>T AND <span class=\"_ _3\"></span>ACCOUNT<span class=\"_ _3\"></span>S 20<span class=\"_ _2\"></span>23<span class=\"_ _421\"> </span></span></div>IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS <span class=\"_ _18\"></span><span class=\"_ _18\"> </span>(c) <span class=\"_ _4\"></span>Liquidity risk <span class=\"_ _d\"> </span>(i) <span class=\"_ _4\"></span>Management of liquidity r<span class=\"_ _a\"></span>isk<span class=\"_ _421\"> </span>Liquidity risk is the risk that adequate liquid funds are not av<span class=\"_ _2\"></span>ailable to settle liabilities as they fall due and is managed b<span class=\"_ _2\"></span>y forecasting cash requirements and b<span class=\"_ _2\"></span>y adjusting inv<span class=\"_ _2\"></span>estment management strategies to meet those requirements. Liquidity risk is generally mitigated by holding sufficient inv<span class=\"_ _2\"></span>estments which are readily marketable in sufficiently short timeframes to allo<span class=\"_ _2\"></span>w the settlement of liabilities as they f<span class=\"_ _2\"></span>all due. <span class=\"_ _0\"></span>Where liabilities are backed b<span class=\"_ _2\"></span>y less marketable assets, for <span class=\"_ _2\"></span>example inv<span class=\"_ _2\"></span>estment properties, there are provisions in contractual terms which allo<span class=\"_ _2\"></span>w defer<span class=\"_ _2\"></span>ral of redemptions in times of adv<span class=\"_ _2\"></span>erse market conditions. <span class=\"_ _7\"></span>The group\u2019<span class=\"_ _0\"></span>s substant<span class=\"_ _3\"></span>ial holdings of mone<span class=\"_ _2\"></span>y market assets also serv<span class=\"_ _2\"></span>e to reduce liquidity risk.  (ii) <span class=\"_ _3\"></span>Maturity analysis The tables belo<span class=\"_ _2\"></span>w present a maturity analysis <span class=\"_ _2\"></span>of the group\u2019<span class=\"_ _a\"></span>s financial liabilities on discounted basis.<span class=\"_ _421\"> </span>31 December 2023 <span class=\"_ _1f8\"> </span>Contractual cash flows (discounted)<span class=\"_ _421\"> </span>Car<span class=\"_ _3\"></span>ry<span class=\"_ _3\"></span>ing v<span class=\"_ _3\"></span>alue<span class=\"_ _3\"></span>s and c<span class=\"_ _3\"></span>ash <span class=\"_ _150\"> </span>C<span class=\"_ _3\"></span>arr<span class=\"_ _3\"></span>ying v<span class=\"_ _3\"></span>alu<span class=\"_ _3\"></span>e <span class=\"_ _a\"></span> <span class=\"_ _123\"> </span>&lt;<span class=\"_ _4\"></span>1 yr <span class=\"_ _a\"></span> <span class=\"_ _1f9\"> </span>1-2 y<span class=\"_ _3\"></span>rs <span class=\"_ _a\"></span> <span class=\"_ _1c7\"> </span>2<span class=\"_ _3\"></span>-3 yr<span class=\"_ _3\"></span>s <span class=\"_ _a\"></span> <span class=\"_ _7f\"> </span>3-<span class=\"_ _3\"></span>4 y<span class=\"_ _3\"></span>rs <span class=\"_ _a\"></span> <span class=\"_ _7f\"> </span>4<span class=\"_ _3\"></span>-5 y<span class=\"_ _3\"></span>rs <span class=\"_ _2\"></span> <span class=\"_ _80\"> </span>5<span class=\"_ _3\"></span>-10 y<span class=\"_ _3\"></span>rs <span class=\"_ _a\"></span> <span class=\"_ _f2\"> </span>&gt;1<span class=\"_ _3\"></span>0 yrs <span class=\"_ _2\"></span> <span class=\"_ _1c2\"> </span>Total<span class=\"_ _421\"> </span>flow<span class=\"_ _3\"></span>s <span class=\"_ _3\"></span>ari<span class=\"_ _3\"></span>sin<span class=\"_ _3\"></span>g <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>rom: <span class=\"_ _17b\"> </span>\u00a3m  <span class=\"_ _129\"> </span>\u00a3m  <span class=\"_ _129\"> </span>\u00a3m  <span class=\"_ _129\"> </span>\u00a3<span class=\"_ _3\"></span>m  <span class=\"_ _129\"> </span>\u00a3m  <span class=\"_ _129\"> </span>\u00a3m  <span class=\"_ _129\"> </span>\u00a3m  <span class=\"_ _129\"> </span>\u00a3m  <span class=\"_ _129\"> </span>\u00a3<span class=\"_ _3\"></span>m<span class=\"_ _421\"> </span>Insurance <span class=\"_ _3\"></span>contract <span class=\"_ _3\"></span>liabilities <span class=\"_ _1fa\"> </span>4,203.0  <span class=\"_ _ec\"> </span>651.2  <span class=\"_ _1c6\"> </span>332.8  <span class=\"_ _f1\"> </span>294.4  <span class=\"_ _1c6\"> </span>277<span class=\"_ _2\"></span>.8  <span class=\"_ _89\"> </span>267.2  <span class=\"_ _5d\"> </span>872.9  <span class=\"_ _135\"> </span>1,222<span class=\"_ _3\"></span>.6  <span class=\"_ _62\"> </span>3,918<span class=\"_ _3\"></span>.9<span class=\"_ _421\"> </span>Reinsurance <span class=\"_ _3\"></span>contract <span class=\"_ _3\"></span>liabilities <span class=\"_ _16d\"> </span>17.<span class=\"_ _2\"></span>1  <span class=\"_ _43\"> </span>3.2  <span class=\"_ _2a\"> </span>3.6  <span class=\"_ _43\"> </span>3.5  <span class=\"_ _2a\"> </span>3.2  <span class=\"_ _2a\"> </span>2.9  <span class=\"_ _3e\"> </span>15.1  <span class=\"_ _7c\"> </span>24.7  <span class=\"_ _3b\"> </span>56<span class=\"_ _3\"></span>.2<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>otal insurance and reinsur<span class=\"_ _2\"></span>ance <span class=\"ls2\"> </span>contract <span class=\"_ _3\"></span>liabilities <span class=\"_ _15e\"> </span>4,220.1  <span class=\"_ _2e\"> </span>654.<span class=\"_ _3\"></span>4  <span class=\"_ _bf\"> </span>336.4  <span class=\"_ _1c6\"> </span>297<span class=\"_ _2\"></span>.9  <span class=\"_ _be\"> </span>281.0  <span class=\"_ _be\"> </span>270.1  <span class=\"_ _91\"> </span>888<span class=\"_ _3\"></span>.0  <span class=\"_ _127\"> </span>1,24<span class=\"_ _a\"></span>7.3  <span class=\"_ _135\"> </span>3,975.1<span class=\"_ _421\"> </span>Investment <span class=\"_ _3\"></span>contract <span class=\"_ _3\"></span>liabilities <span class=\"_ _1fb\"> </span>5,872.3  <span class=\"_ _1f9\"> </span>5,414.0  <span class=\"_ _11c\"> </span>40.3  <span class=\"_ _11c\"> </span>38<span class=\"_ _3\"></span>.0  <span class=\"_ _7e\"> </span>40.2  <span class=\"_ _14f\"> </span>4<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>.7  <span class=\"_ _7e\"> </span>131.0  <span class=\"_ _7c\"> </span>69.6  <span class=\"_ _1fc\"> </span>5,780<span class=\"_ _2\"></span>.8<span class=\"_ _421\"> </span>Liabilities relating to polic<span class=\"_ _2\"></span>yholder<span class=\"_ _3\"></span>\u2019s <span class=\"ls2\"> </span>fund <span class=\"_ _3\"></span>held <span class=\"_ _3\"></span>by <span class=\"_ _3\"></span>the <span class=\"_ _4\"></span>group <span class=\"_ _52\"> </span>1,<span class=\"_ _3\"></span>281.8  <span class=\"_ _37\"> </span>1,281.8  <span class=\"_ _c2\"> </span>\u2013  <span class=\"_ _c2\"> </span>\u2013  <span class=\"_ _5b\"> </span>\u2013  <span class=\"_ _f0\"> </span>\u2013  <span class=\"_ _c2\"> </span>\u2013  <span class=\"_ _c2\"> </span>\u2013  <span class=\"_ _1e2\"> </span>1,281.8<span class=\"_ _421\"> </span>Lease <span class=\"_ _3\"></span>contract <span class=\"_ _3\"></span>liabilities <span class=\"_ _1fd\"> </span>1.2  <span class=\"_ _119\"> </span>1.0  <span class=\"_ _112\"> </span>0.2  <span class=\"_ _c2\"> </span>\u2013  <span class=\"_ _c2\"> </span>\u2013  <span class=\"_ _c2\"> </span>\u2013  <span class=\"_ _c2\"> </span>\u2013  <span class=\"_ _c2\"> </span>\u2013  <span class=\"_ _29\"> </span>1.2<span class=\"_ _421\"> </span>Borro<span class=\"_ _2\"></span>wings <span class=\"_ _fc\"> </span>207<span class=\"_ _2\"></span>.9  <span class=\"_ _1c2\"> </span>204.2  <span class=\"_ _29\"> </span>1.7  <span class=\"_ _112\"> </span>0.7  <span class=\"_ _112\"> </span>0.3  <span class=\"_ _112\"> </span>0.2  <span class=\"_ _3e\"> </span>0.9  <span class=\"_ _c2\"> </span>\u2013  <span class=\"_ _f1\"> </span>208.0<span class=\"_ _421\"> </span>Derivativ<span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>financial <span class=\"_ _4\"></span>instruments <span class=\"_ _188\"> </span>4<span class=\"_ _3\"></span>.4  <span class=\"_ _1c0\"> </span>4.4  <span class=\"_ _c2\"> </span>\u2013  <span class=\"_ _c2\"> </span>\u2013  <span class=\"_ _c2\"> </span>\u2013  <span class=\"_ _5b\"> </span>\u2013  <span class=\"_ _f0\"> </span>\u2013  <span class=\"_ _c2\"> </span>\u2013  <span class=\"_ _3f\"> </span>4<span class=\"_ _3\"></span>.4<span class=\"_ _421\"> </span>Other <span class=\"_ _3\"></span>current <span class=\"_ _3\"></span>liabilities <span class=\"_ _1fe\"> </span>13<span class=\"_ _3\"></span>1.7  <span class=\"_ _7e\"> </span>13<span class=\"_ _3\"></span>1.7  <span class=\"_ _f0\"> </span>\u2013  <span class=\"_ _5b\"> </span>\u2013  <span class=\"_ _f0\"> </span>\u2013  <span class=\"_ _c2\"> </span>\u2013  <span class=\"_ _c2\"> </span>\u2013  <span class=\"_ _5b\"> </span>\u2013  <span class=\"_ _7e\"> </span>13<span class=\"_ _3\"></span>1.7<span class=\"_ _421\"> </span>Bank <span class=\"_ _3\"></span>over<span class=\"_ _2\"></span>drafts <span class=\"_ _177\"> </span>0.2  <span class=\"_ _112\"> </span>0.2  <span class=\"_ _c2\"> </span>\u2013  <span class=\"_ _c2\"> </span>\u2013  <span class=\"_ _c2\"> </span>\u2013  <span class=\"_ _c2\"> </span>\u2013  <span class=\"_ _c2\"> </span>\u2013  <span class=\"_ _5b\"> </span>\u2013  <span class=\"_ _3e\"> </span>0.2<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>otal <span class=\"_ _3\"></span>financial <span class=\"_ _3\"></span>liabilities <span class=\"_ _103\"> </span>7<span class=\"_ _2\"></span>,499.5  <span class=\"_ _62\"> </span>7,<span class=\"_ _2\"></span>037<span class=\"_ _a\"></span>.<span class=\"_ _4\"></span>3  <span class=\"_ _7c\"> </span>42.<span class=\"_ _3\"></span>2  <span class=\"_ _3b\"> </span>38.7  <span class=\"_ _11c\"> </span>40.5  <span class=\"_ _14f\"> </span>4<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>.9  <span class=\"_ _7e\"> </span>1<span class=\"_ _3\"></span>31.9  <span class=\"_ _3b\"> </span>69.6  <span class=\"_ _62\"> </span>7<span class=\"_ _2\"></span>,408.1<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1ff\"> </span>1<span class=\"_ _3\"></span>1,7<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>9.6  <span class=\"_ _13b\"> </span>76<span class=\"_ _3\"></span>91<span class=\"_ _3\"></span>.7  <span class=\"_ _1c3\"> </span>378<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>6  <span class=\"_ _1c3\"> </span>3<span class=\"_ _3\"></span>36<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>6  <span class=\"_ _bf\"> </span>3<span class=\"_ _3\"></span>21<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5  <span class=\"_ _f1\"> </span>3<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>.0  <span class=\"_ _f6\"> </span>1<span class=\"_ _3\"></span>,0<span class=\"_ _3\"></span>19<span class=\"_ _3\"></span>.9  <span class=\"_ _f6\"> </span>1<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>.9  <span class=\"_ _80\"> </span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>3.<span class=\"_ _3\"></span>2<span class=\"_ _421\"> </span>31 December 2022 <span class=\"_ _1f8\"> </span>Contractual cash flows (discounted)<span class=\"_ _421\"> </span>Car<span class=\"_ _3\"></span>ry<span class=\"_ _3\"></span>ing v<span class=\"_ _3\"></span>alue<span class=\"_ _3\"></span>s and c<span class=\"_ _3\"></span>ash <span class=\"_ _150\"> </span>C<span class=\"_ _3\"></span>arr<span class=\"_ _3\"></span>ying v<span class=\"_ _3\"></span>alu<span class=\"_ _3\"></span>e <span class=\"_ _a\"></span> <span class=\"_ _123\"> </span>&lt;<span class=\"_ _4\"></span>1 yr <span class=\"_ _a\"></span> <span class=\"_ _1f9\"> </span>1-2 y<span class=\"_ _3\"></span>rs <span class=\"_ _a\"></span> <span class=\"_ _1c7\"> </span>2<span class=\"_ _3\"></span>-3 yr<span class=\"_ _3\"></span>s <span class=\"_ _a\"></span> <span class=\"_ _7f\"> </span>3-<span class=\"_ _3\"></span>4 y<span class=\"_ _3\"></span>rs <span class=\"_ _a\"></span> <span class=\"_ _7f\"> </span>4<span class=\"_ _3\"></span>-5 y<span class=\"_ _3\"></span>rs <span class=\"_ _2\"></span> <span class=\"_ _80\"> </span>5<span class=\"_ _3\"></span>-10 y<span class=\"_ _3\"></span>rs <span class=\"_ _a\"></span> <span class=\"_ _f2\"> </span>&gt;1<span class=\"_ _3\"></span>0 yrs <span class=\"_ _2\"></span> <span class=\"_ _1c2\"> </span>Total<span class=\"_ _421\"> </span>flow<span class=\"_ _3\"></span>s <span class=\"_ _3\"></span>ari<span class=\"_ _3\"></span>sin<span class=\"_ _3\"></span>g <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>rom: <span class=\"_ _17b\"> </span>\u00a3m  <span class=\"_ _129\"> </span>\u00a3m  <span class=\"_ _129\"> </span>\u00a3m  <span class=\"_ _129\"> </span>\u00a3<span class=\"_ _3\"></span>m  <span class=\"_ _129\"> </span>\u00a3m  <span class=\"_ _129\"> </span>\u00a3m  <span class=\"_ _129\"> </span>\u00a3m  <span class=\"_ _129\"> </span>\u00a3m  <span class=\"_ _129\"> </span>\u00a3<span class=\"_ _3\"></span>m<span class=\"_ _421\"> </span>Insurance <span class=\"_ _3\"></span>contract <span class=\"_ _3\"></span>liabilities <span class=\"_ _154\"> </span>3,<span class=\"_ _3\"></span>821.6  <span class=\"_ _bf\"> </span>57<span class=\"_ _2\"></span>4.2  <span class=\"_ _1c6\"> </span>295.9  <span class=\"_ _5d\"> </span>269.0  <span class=\"_ _bf\"> </span>249.3  <span class=\"_ _123\"> </span>284.1  <span class=\"_ _be\"> </span>816.9  <span class=\"_ _37\"> </span>1,091.9  <span class=\"_ _7d\"> </span>3,581.3<span class=\"_ _421\"> </span>Reinsurance <span class=\"_ _3\"></span>contract <span class=\"_ _3\"></span>liabilities <span class=\"_ _9e\"> </span>17<span class=\"_ _2\"></span>.<span class=\"_ _3\"></span>3  <span class=\"_ _2a\"> </span>3.6  <span class=\"_ _29\"> </span>3.1  <span class=\"_ _29\"> </span>3.1  <span class=\"_ _112\"> </span>2.<span class=\"_ _3\"></span>8  <span class=\"_ _2a\"> </span>2.6  <span class=\"_ _14f\"> </span>14<span class=\"_ _3\"></span>.4  <span class=\"_ _11c\"> </span>28.0  <span class=\"_ _14f\"> </span>57.<span class=\"_ _2\"></span>6<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>otal insurance and reinsur<span class=\"_ _2\"></span>ance <span class=\"ls2\"> </span>contract <span class=\"_ _3\"></span>liabilities <span class=\"_ _15f\"> </span>3,838.9  <span class=\"_ _1c6\"> </span>577<span class=\"_ _2\"></span>.8  <span class=\"_ _5d\"> </span>299.0  <span class=\"_ _ec\"> </span>272.1  <span class=\"_ _e8\"> </span>252.1  <span class=\"_ _5d\"> </span>286<span class=\"_ _3\"></span>.7  <span class=\"_ _be\"> </span>831.<span class=\"_ _3\"></span>3  <span class=\"_ _91\"> </span>1<span class=\"_ _3\"></span>,11<span class=\"_ _3\"></span>9.9  <span class=\"_ _f6\"> </span>3,638.9<span class=\"_ _421\"> </span>Investment <span class=\"_ _3\"></span>contract <span class=\"_ _3\"></span>liabilities <span class=\"_ _187\"> </span>5,660.8  <span class=\"_ _1c7\"> </span>5,660.8  <span class=\"_ _c2\"> </span>\u2013  <span class=\"_ _c2\"> </span>\u2013  <span class=\"_ _c2\"> </span>\u2013  <span class=\"_ _c2\"> </span>\u2013  <span class=\"_ _c2\"> </span>\u2013  <span class=\"_ _c2\"> </span>\u2013  <span class=\"_ _1fc\"> </span>5,660.8<span class=\"_ _421\"> </span>Liabilities relating to polic<span class=\"_ _2\"></span>yholder<span class=\"_ _3\"></span>\u2019s <span class=\"ls2\"> </span>fund <span class=\"_ _3\"></span>held <span class=\"_ _3\"></span>by <span class=\"_ _3\"></span>the <span class=\"_ _4\"></span>group <span class=\"_ _26\"> </span>986.8  <span class=\"_ _f1\"> </span>986.8  <span class=\"_ _c2\"> </span>\u2013  <span class=\"_ _c2\"> </span>\u2013  <span class=\"_ _c2\"> </span>\u2013  <span class=\"_ _c2\"> </span>\u2013  <span class=\"_ _5b\"> </span>\u2013  <span class=\"_ _f0\"> </span>\u2013  <span class=\"_ _f1\"> </span>986<span class=\"_ _3\"></span>.8<span class=\"_ _421\"> </span>Lease <span class=\"_ _3\"></span>contract <span class=\"_ _3\"></span>liabilities <span class=\"_ _1fd\"> </span>1.2  <span class=\"_ _112\"> </span>0.7  <span class=\"_ _112\"> </span>0.5  <span class=\"_ _c2\"> </span>\u2013  <span class=\"_ _c2\"> </span>\u2013  <span class=\"_ _c2\"> </span>\u2013  <span class=\"_ _c2\"> </span>\u2013  <span class=\"_ _c2\"> </span>\u2013  <span class=\"_ _29\"> </span>1.2<span class=\"_ _421\"> </span>Borro<span class=\"_ _2\"></span>wings <span class=\"_ _3\"></span> <span class=\"_ _fc\"> </span>212.0  <span class=\"_ _be\"> </span>212.0  <span class=\"_ _c2\"> </span>\u2013  <span class=\"_ _c2\"> </span>\u2013  <span class=\"_ _c2\"> </span>\u2013  <span class=\"_ _c2\"> </span>\u2013  <span class=\"_ _c2\"> </span>\u2013  <span class=\"_ _c2\"> </span>\u2013  <span class=\"_ _1c8\"> </span>212.0<span class=\"_ _421\"> </span>Derivativ<span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>financial <span class=\"_ _4\"></span>instruments <span class=\"_ _a9\"> </span>3.8  <span class=\"_ _112\"> </span>3.8  <span class=\"_ _5b\"> </span>\u2013  <span class=\"_ _f0\"> </span>\u2013  <span class=\"_ _c2\"> </span>\u2013  <span class=\"_ _c2\"> </span>\u2013  <span class=\"_ _c2\"> </span>\u2013  <span class=\"_ _5b\"> </span>\u2013  <span class=\"_ _112\"> </span>3.8<span class=\"_ _421\"> </span>Other <span class=\"_ _3\"></span>current <span class=\"_ _3\"></span>liabilities <span class=\"_ _182\"> </span>123.3  <span class=\"_ _e8\"> </span>123.3  <span class=\"_ _5b\"> </span>\u2013  <span class=\"_ _f0\"> </span>\u2013  <span class=\"_ _c2\"> </span>\u2013  <span class=\"_ _c2\"> </span>\u2013  <span class=\"_ _5b\"> </span>\u2013  <span class=\"_ _f0\"> </span>\u2013  <span class=\"_ _e8\"> </span>123.3<span class=\"_ _421\"> </span>Bank <span class=\"_ _3\"></span>over<span class=\"_ _2\"></span>drafts <span class=\"_ _1a\"> </span>\u2013  <span class=\"_ _c2\"> </span>\u2013  <span class=\"_ _c2\"> </span>\u2013  <span class=\"_ _5b\"> </span>\u2013  <span class=\"_ _f0\"> </span>\u2013  <span class=\"_ _c2\"> </span>\u2013  <span class=\"_ _179\"> </span>  <span class=\"_ _10f\"> </span>  T<span class=\"_ _2\"></span>otal <span class=\"_ _3\"></span>financial <span class=\"_ _3\"></span>liabilities <span class=\"_ _103\"> </span>6,987<span class=\"_ _2\"></span>.9  <span class=\"_ _f6\"> </span>6,987.<span class=\"_ _2\"></span>4  <span class=\"_ _112\"> </span>0.5  <span class=\"_ _c2\"> </span>\u2013  <span class=\"_ _c2\"> </span>\u2013<span class=\"_ _3\"></span>  <span class=\"_ _f0\"> </span>\u2013<span class=\"_ _3\"></span>  <span class=\"_ _f0\"> </span>\u2013<span class=\"_ _3\"></span>  <span class=\"_ _f0\"> </span>\u2013<span class=\"_ _3\"></span>  <span class=\"_ _f6\"> </span>6,987.9<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _b3\"> </span>10,<span class=\"_ _3\"></span>82<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8  <span class=\"_ _1c1\"> </span>7,<span class=\"_ _3\"></span>56<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2  <span class=\"_ _1c3\"> </span>2<span class=\"_ _3\"></span>9<span class=\"_ _3\"></span>9.<span class=\"_ _3\"></span>5  <span class=\"_ _bf\"> </span>2<span class=\"_ _3\"></span>7<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.1  <span class=\"_ _1c6\"> </span>25<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.1  <span class=\"_ _91\"> </span>28<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>.7  <span class=\"_ _1c2\"> </span>8<span class=\"_ _3\"></span>31<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3  <span class=\"_ _13b\"> </span>1<span class=\"_ _3\"></span>,1<span class=\"_ _4\"></span>1<span class=\"_ _3\"></span>9.<span class=\"_ _3\"></span>9  <span class=\"_ _92\"> </span>1<span class=\"_ _3\"></span>0,<span class=\"_ _3\"></span>62<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8<span class=\"_ _421\"> </span>The v<span class=\"_ _2\"></span>alues reported for insurance contract liabilities and reinsurance contract liabilities e<span class=\"_ _2\"></span>xclude the risk adjustment and contractual service margin as these are not considered to be financial liabilities subject to liquidity risk. <span class=\"_ _0\"></span>The carrying v<span class=\"_ _2\"></span>alues in the table abov<span class=\"_ _2\"></span>e are the balance sheet values.<span class=\"_ _421\"> </span>The maturity analy<span class=\"_ _2\"></span>sis for unit-link<span class=\"_ _2\"></span>ed inv<span class=\"_ _2\"></span>estment contracts presents all the liabilities as due in the earliest period in the table because they are repa<span class=\"_ _2\"></span>yable or<span class=\"_ _2\"></span> transf<span class=\"_ _2\"></span>erable on demand.<span class=\"_ _421\"> </span><span class=\"ff65 ls3 ws2\">CHES<span class=\"_ _277\"></span>NAR<span class=\"_ _277\"></span>A<span class=\"_ _278\"></span>AN<span class=\"_ _283\"></span>NUAL<span class=\"_ _379\"></span>REPO<span class=\"_ _279\"></span>RT<span class=\"_ _278\"></span>AND<span class=\"_ _3b0\"></span>ACCOUNT<span class=\"_ _279\"></span>S<span class=\"_ _27b\"></span>20<span class=\"_ _2b5\"></span>23</span><span class=\"_ _3c4\"></span><span class=\"_ _421\"> </span>181<span class=\"_ _421\"> </span><div class=\"t m0 h4 ff67 fs2 fc1 sc0 lsc3 ws82 gs1eb\">IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS<span class=\"_ _421\"> </span></div><div class=\"t m0 h9 ff68 fs8 fc2 sc0 ls18f ws2 gs1ec\">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<span class=\"_ _421\"> </span></div><div class=\"t m0 hf ff61 fsc fc2 sc0 ls37 ws2 gs1ed\">SECTION B \u2013 RISK AND CAP<span class=\"_ _2\"></span>IT<span class=\"_ _2\"></span>AL MANAGEMENT</div><div class=\"t m0 h11 ff63 fsd fc2 sc0 ls2 ws2 gs1ee\">  B3 <span class=\"_ _3\"></span>Financial risk (continued)</div><div class=\"t m0 h11 ff63 fsd fc1 sc0 ls2 ws2 gs297\"> <span class=\"_ _18\"></span><span class=\"_ _18\"> </span>(c) <span class=\"_ _4\"></span>Liquidity risk (continued)</div><div class=\"t m0 h11 ff63 fsd fc1 sc0 ls2 ws2 gs1f0\">  (ii) <span class=\"_ _3\"></span>Maturity analysis (continued)<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws86 gs1f1\">The table that f<span class=\"_ _2\"></span>ollows sho<span class=\"_ _2\"></span>ws the amounts from insurance contract assets and liabilities that are payable <span class=\"_ _2\"></span>on demand. In most cases the non-distinct inv<span class=\"_ _2\"></span>estment </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls42 ws2c gs1f2\">component is considered to be appropriate. A<span class=\"_ _2\"></span>s per the maturity analysis table abo<span class=\"_ _2\"></span>ve, the amounts presented e<span class=\"_ _2\"></span>xclude the risk adjustment and contractual service </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs1f3\">margin. <span class=\"_ _0\"></span>The carrying amount is the full balance sheet v<span class=\"_ _2\"></span>alue. </div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls190 wsc7 gs341\">31 December<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lscd ws52 gs342\">T<span class=\"_ _a\"></span>ype of cont<span class=\"_ _2\"></span>racts</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls119 ws1ea gs343\"> <span class=\"_ _200\"> </span>2023 2022</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lsd9 ws1bb gs344\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _15\"> </span>Payable <span class=\"_ _3\"></span>on  <span class=\"_ _37\"> </span>C<span class=\"_ _3\"></span>arrying  <span class=\"_ _15\"> </span>Payable <span class=\"_ _4\"></span>on  <span class=\"_ _37\"> </span>Carry<span class=\"_ _3\"></span>ing</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lsd9 ws1bb gs345\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _91\"> </span>demand  <span class=\"_ _1c6\"> </span>amount  <span class=\"_ _91\"> </span>demand  <span class=\"_ _bf\"> </span>amount</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls190 ws1e0 gs346\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs347\">Immediate <span class=\"_ _3\"></span>annuities <span class=\"_ _21\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _57\"> </span>2.4  <span class=\"_ _14b\"> </span>327<span class=\"_ _2\"></span>.9  <span class=\"_ _57\"> </span>2.0  <span class=\"_ _7b\"> </span>251.5<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs348\">T<span class=\"_ _2\"></span>erm <span class=\"_ _3\"></span>assurance <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>other <span class=\"_ _3\"></span>non-linked <span class=\"_ _15a\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _44\"> </span>1<span class=\"_ _3\"></span>50.3  <span class=\"_ _44\"> </span>419.7  <span class=\"_ _28\"> </span>144<span class=\"_ _3\"></span>.0  <span class=\"_ _e7\"> </span>348.7<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs349\">Unit-linked/Inde<span class=\"_ _2\"></span>x-linked/With-profits \u2013 <span class=\"_ _4\"></span>GMM <span class=\"_ _158\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _29\"> </span>882<span class=\"_ _3\"></span>.0  <span class=\"_ _15c\"> </span>999.0  <span class=\"_ _e7\"> </span>769.0  <span class=\"_ _15c\"> </span>834<span class=\"_ _3\"></span>.3<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs34a\">Unit-linked/Inde<span class=\"_ _2\"></span>x-linked/With-profits \u2013 <span class=\"_ _4\"></span>VF<span class=\"_ _2\"></span>A <span class=\"_ _84\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _112\"> </span>2,132.5  <span class=\"_ _2a\"> </span>2<span class=\"_ _3\"></span>,412.1  <span class=\"_ _47\"> </span>2<span class=\"_ _3\"></span>,109.3  <span class=\"_ _153\"> </span>2,<span class=\"_ _3\"></span>345.2<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs34b\">Short-term <span class=\"_ _3\"></span>protection <span class=\"_ _55\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _114\"> </span>36<span class=\"_ _3\"></span>.9  <span class=\"_ _c2\"> </span>40.3  <span class=\"_ _114\"> </span>38.2  <span class=\"_ _5b\"> </span>42.0<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs34c\">T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _7c\"> </span>3,<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>04<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>1  <span class=\"_ _7e\"> </span>4<span class=\"_ _3\"></span>,1<span class=\"_ _3\"></span>99<span class=\"_ _3\"></span>.0  <span class=\"_ _82\"> </span>3,<span class=\"_ _3\"></span>06<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5  <span class=\"_ _14f\"> </span>3<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>82<span class=\"_ _3\"></span>1.7</div><div class=\"t m0 h11 ff63 fsd fc2 sc0 ls2 ws2 gs34d\">  B4 <span class=\"_ _3\"></span>Capital management</div><div class=\"t m0 h11 ff63 fsd fc1 sc0 ls2 ws2 gs34e\">  (a) <span class=\"_ _3\"></span>Regulatory context<span class=\"_ _421\"> </span></div><div class=\"t m0 h60 ff6b fsd fc1 sc0 ls2 ws2 gs204\">Solvency II<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls0 ws3e gs2a7\">The Chesnara group is required to comply with the <span class=\"_ _a\"></span>Solvency II capital regime. <span class=\"_ _2\"></span>Solvency II came into force <span class=\"_ _2\"></span>on 1 <span class=\"_ _2\"></span>January 20<span class=\"_ _2\"></span>1<span class=\"_ _a\"></span>6 and is an EU insurance legislat<span class=\"_ _3\"></span>ion </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls6d wsf gs2a8\">that aims to unify the EU insurance market and <span class=\"_ _2\"></span>enhance consumer protection. <span class=\"_ _0\"></span>This regime currently remains applicable to the UK post Bre<span class=\"_ _2\"></span>xit, albeit the PRA </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 lsda wsc4 gs34f\">has made some changes to the provision <span class=\"_ _2\"></span>of technical information such as the risk-free <span class=\"_ _a\"></span>yield curve, which is no<span class=\"_ _2\"></span>w based on <span class=\"_ _a\"></span>SONIA swap rates, and the volatility </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws72 gs350\">adjustment and symmetric adjustment, which are now deriv<span class=\"_ _2\"></span>ed using indices more relevant to the UK. <span class=\"_ _7\"></span>The UK <span class=\"_ _0\"></span>T<span class=\"_ _0\"></span>reasury and EIOP<span class=\"_ _a\"></span>A have both been undertaking a </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls18 ws13 gs351\">revie<span class=\"_ _2\"></span>w of <span class=\"_ _a\"></span>SII rules implementation. In the UK this has resulted in a reduction in the SII Risk Margin and similar is <span class=\"_ _2\"></span>expected for the <span class=\"_ _2\"></span>ov<span class=\"_ _2\"></span>erseas entities from the EIOP<span class=\"_ _a\"></span>A </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2c gs352\">revie<span class=\"_ _2\"></span>w<span class=\"_ _a\"></span>. <span class=\"_ _0\"></span>The <span class=\"_ _2\"></span>Solvency II regime includes rules <span class=\"_ _2\"></span>ov<span class=\"_ _2\"></span>er the quantity and quality of capital (kno<span class=\"_ _2\"></span>wn as Own F<span class=\"_ _a\"></span>unds) that insurance companies and groups need in order </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws17d gs2ac\">to meet the regime\u2019<span class=\"_ _0\"></span>s required lev<span class=\"_ _2\"></span>el of capital (kno<span class=\"_ _2\"></span>wn as the Solv<span class=\"_ _2\"></span>ency Capital Requirement). <span class=\"_ _7\"></span>The Chesnara group operates <span class=\"_ _2\"></span>exclusiv<span class=\"_ _2\"></span>ely within the UK and the EU </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls42 wsf gs2ad\">and as a result, the <span class=\"_ _2\"></span>Solvency II regime applies to the group and all regulated insurance companies within the group. <span class=\"_ _0\"></span>The regulators responsible f<span class=\"_ _2\"></span>or the supervision </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs353\">of the group and its subsidiaries hav<span class=\"_ _2\"></span>e been shown in section (c)(i) of this Note.<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws74 gs2af\">The <span class=\"_ _a\"></span>Solvency II regime has specific rules regarding how O<span class=\"_ _2\"></span>wn F<span class=\"_ _2\"></span>unds are recognised and valued. In a number <span class=\"_ _2\"></span>of cases, the IFRS and <span class=\"_ _a\"></span>Solvency II value <span class=\"_ _2\"></span>of an asset </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls6d ws18d gs2b0\">and liability are the same, but in some cases there are diff<span class=\"_ _2\"></span>erences. In particular<span class=\"_ _a\"></span>, liabilities for insurance and inv<span class=\"_ _2\"></span>estment contracts are valued diff<span class=\"_ _2\"></span>erently<span class=\"_ _a\"></span>, with </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls42 ws22 gs354\">insurance contracts now v<span class=\"_ _2\"></span>alued according to IFRS 1<span class=\"_ _a\"></span>7 and therefore including a contractual service margin and in<span class=\"_ _2\"></span>vestment contracts v<span class=\"_ _2\"></span>alued as per unit value under </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls42 ws86 gs355\">IFRS 9. In addition, <span class=\"_ _a\"></span>Solvency II has diff<span class=\"_ _2\"></span>ering treatments for certain intangible assets. <span class=\"_ _2\"></span>A high level reconciliation betw<span class=\"_ _2\"></span>een the IFRS net assets and <span class=\"_ _a\"></span>Solvency II Own </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs2b2\">F<span class=\"_ _a\"></span>unds of the group and its subsidiaries has been provided in section (c)(ii) of this Note.<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws16 gs356\">Regarding the <span class=\"_ _a\"></span>Solvency Capital Requirement (SCR) <span class=\"_ _2\"></span>of the Chesnara group and its subsidiaries, the group has elected to use the \u2018standard formula\u2019 approach f<span class=\"_ _2\"></span>or </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls6d ws116 gs2e4\">its calculation, which means we are applying the f<span class=\"_ _2\"></span>ormulae as included in the Solv<span class=\"_ _2\"></span>ency II framew<span class=\"_ _2\"></span>ork. <span class=\"_ _0\"></span>The calculations within the standard f<span class=\"_ _2\"></span>ormula have been<span class=\"_ _2\"></span> </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls42 wsd6 gs2e5\">designed such that, on the basis that an insurance compan<span class=\"_ _2\"></span>y holds Own F<span class=\"_ _a\"></span>unds that are at least equal to its <span class=\"_ _2\"></span>SCR, it will be able to withstand a 1 in 20<span class=\"_ _3\"></span>0 <span class=\"_ _a\"></span>year <span class=\"_ _2\"></span>ev<span class=\"_ _2\"></span>ent. </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs2b6\">An alternative w<span class=\"_ _2\"></span>ould have been to use an \u2018internal model\u2019 but this w<span class=\"_ _2\"></span>as not deemed appropriate for the siz<span class=\"_ _2\"></span>e and complexity <span class=\"_ _2\"></span>of the Chesnara group.<span class=\"_ _421\"> </span></div><div class=\"t m0 h60 ff6b fsd fc1 sc0 ls2 ws2 gs2b8\">Compan<span class=\"_ _2\"></span>y law<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls22 ws2 gs2e7\">As w<span class=\"_ _2\"></span>ell as complying with the Solv<span class=\"_ _2\"></span>ency II regime, each compan<span class=\"_ _2\"></span>y within the group is required to comply with relevant compan<span class=\"_ _2\"></span>y law capital and distribution r<span class=\"_ _2\"></span>ules.</div><div class=\"t m0 h11 ff63 fsd fc1 sc0 ls2 ws2 gs357\"> <span class=\"_ _e\"> </span>(b) <span class=\"_ _3\"></span>Objectives,<span class=\"_ _2\"></span> policies and processes for managing capital</div><div class=\"t m0 h11 ff63 fsd fc1 sc0 ls2 ws46 gs358\"> <span class=\"_ _c\"> </span>(i) Objectives<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls6d ws157 gs359\">T<span class=\"_ _0\"></span>o manage compliance with the e<span class=\"_ _2\"></span>xternally imposed capital requirements, the group and its subsidiaries have <span class=\"_ _2\"></span>established capital management policies in place.<span class=\"ls2 ws2\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs35a\">The <span class=\"_ _2\"></span>objectives <span class=\"_ _2\"></span>of these policies are:</div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs35b\"> <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>to ensure that capital is managed in a w<span class=\"_ _2\"></span>ay that is consistent with the business strategy <span class=\"_ _2\"></span>of the group and its subsidiaries, in that they:</div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs35c\"> <span class=\"_ _1c3\"> </span>\u2013 <span class=\"_ _3\"></span>promote fair customer outcomes through protecting policyholders;</div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs35d\"> <span class=\"_ _1c3\"> </span>\u2013 <span class=\"_ _3\"></span>provide protection to shareholders through ensuring that the business is adequately protected against stress e<span class=\"_ _2\"></span>vents; and</div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs2c1\"> <span class=\"_ _1c3\"> </span>\u2013 <span class=\"_ _3\"></span>provide a framew<span class=\"_ _2\"></span>ork to support the decision making process for returns to shareholders via dividends.</div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws4b gs35e\"> <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>to ensure that capital <span class=\"_ _2\"></span>of the group and its subsidiaries is managed in accordance with the board\u2019<span class=\"_ _a\"></span>s risk appetite, in particular each board\u2019<span class=\"_ _0\"></span>s av<span class=\"_ _2\"></span>ersion for Own F<span class=\"_ _a\"></span>unds </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs35f\">to fall belo<span class=\"_ _2\"></span>w the <span class=\"_ _2\"></span>SCR.<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff62 fs1 fc1 sc0 lseb wsfb gs223\">182<span class=\"_ _d\"> </span><span class=\"ff67 ls3 ws2\">CHES<span class=\"_ _3\"></span>NAR<span class=\"_ _3\"></span>A AN<span class=\"_ _3\"></span>NUAL REPO<span class=\"_ _3\"></span>RT AND <span class=\"_ _3\"></span>ACCOUNT<span class=\"_ _3\"></span>S 20<span class=\"_ _2\"></span>23<span class=\"_ _421\"> </span></span></div>IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS <span class=\"_ _9\"></span><span class=\"_ _9\"> </span>(ii) Policies<span class=\"_ _421\"> </span>In light of the <span class=\"_ _2\"></span>objectives for the group\u2019<span class=\"_ _0\"></span>s and its subsidiaries<span class=\"_ _2\"></span>\u2019 capital management policies, the follo<span class=\"_ _2\"></span>wing quantitative limits for managing O<span class=\"_ _2\"></span>wn F<span class=\"_ _a\"></span>unds are applied across the group: <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _153\"> </span>Waard<span class=\"_ _421\"> </span>Region <span class=\"_ _1d1\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _fe\"> </span>C<span class=\"_ _3\"></span>A  <span class=\"_ _13b\"> </span>Movestic  <span class=\"_ _3f\"> </span>Gr<span class=\"_ _2\"></span>oup<span class=\"_ _a\"></span>  <span class=\"_ _1c8\"> </span>S<span class=\"_ _3\"></span>cildon  <span class=\"_ _48\"> </span>Group<span class=\"_ _421\"> </span>Dividend paying limit: Own Funds stat<span class=\"_ _2\"></span>ed as % of SCR <span class=\"_ _37\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _14b\"> </span>120% <span class=\"_ _2\"></span> <span class=\"_ _150\"> </span>120% <span class=\"_ _a\"></span> <span class=\"_ _45\"> </span>135% <span class=\"_ _a\"></span> <span class=\"_ _45\"> </span>175% <span class=\"_ _a\"></span> <span class=\"_ _46\"> </span>140%<span class=\"_ _421\"> </span>Management actions limit: Own Funds stated as % of SCR <span class=\"_ _14c\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _44\"> </span>1<span class=\"_ _4\"></span>10% <span class=\"_ _2\"></span> <span class=\"_ _45\"> </span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>0% <span class=\"_ _2\"></span> <span class=\"_ _45\"> </span>135% <span class=\"_ _a\"></span> <span class=\"_ _45\"> </span>175% <span class=\"_ _a\"></span> <span class=\"_ _45\"> </span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>0%<span class=\"_ _421\"> </span>Dividend paying limit:<span class=\"ff64\"> <span class=\"_ _7\"></span>This is the point at which a dividend would cease to be paid, until at such time the solv<span class=\"_ _2\"></span>ency position was restored abov<span class=\"_ _2\"></span>e this point. </span>This <span class=\"_ _3\"></span>limit is set by the rele<span class=\"_ _2\"></span>vant board in <span class=\"_ _2\"></span>each division with ref<span class=\"_ _2\"></span>erence to its respective risk appetite, as articulated in each division<span class=\"_ _a\"></span>\u2019<span class=\"_ _0\"></span>s Capital Management Policy<span class=\"_ _0\"></span>.<span class=\"_ _421\"> </span>Management actions limit:<span class=\"ff64\"> <span class=\"_ _7\"></span>This is the point at which, should Own F<span class=\"_ _a\"></span>unds fall below this le<span class=\"_ _2\"></span>vel, additional management actions w<span class=\"_ _2\"></span>ould be considered to restore </span>Own F<span class=\"_ _a\"></span>unds back above this le<span class=\"_ _2\"></span>vel. In <span class=\"_ _2\"></span>essence this represents an internal \u2018ladder of intervention limit\u2019 that is set b<span class=\"_ _2\"></span>y the group and divisional boards.<span class=\"_ _421\"> </span>T<span class=\"_ _0\"></span>o put the abov<span class=\"_ _2\"></span>e table and definitions in context, and taking group as an <span class=\"_ _2\"></span>example, this means that the group will not pay a dividend should the pa<span class=\"_ _2\"></span>yment of the dividend take the group O<span class=\"_ _2\"></span>wn F<span class=\"_ _2\"></span>unds to below 1<span class=\"_ _a\"></span>40% of its <span class=\"_ _2\"></span>SCR. <span class=\"_ _2\"></span>Should Own F<span class=\"_ _a\"></span>unds fall below 1<span class=\"_ _0\"></span>1<span class=\"_ _a\"></span>0% of <span class=\"_ _a\"></span>SCR additional management actions will be taken. (iii) <span class=\"_ _3\"></span>Process for manag<span class=\"_ _2\"></span>ement of capital<span class=\"_ _421\"> </span>The f<span class=\"_ _2\"></span>ollowing k<span class=\"_ _2\"></span>ey processes and procedures are in place across the group to manage adherence to the capital management policies in place: \u2013 <span class=\"_ _86\"></span><span class=\"ff69 ws6c\">Internal solvency reporting:<span class=\"ff64\"> A number <span class=\"_ _2\"></span>of internal reports are produced that focus <span class=\"_ _2\"></span>on the solvency position of the group/compan<span class=\"_ _2\"></span>y<span class=\"_ _a\"></span>. <span class=\"_ _0\"></span>These include the Own Risk<span class=\"_ _2\"></span> <span class=\"_ _19\"></span><span class=\"ls2 ws2\"> </span></span></span>&amp; <span class=\"_ _2\"></span>Solvency <span class=\"_ _2\"></span>Assessment (ORS<span class=\"_ _2\"></span>A) Report, a quarterly actuarial report and a quarterly finance report. <span class=\"_ _a\"></span>All of these are presented to and approved b<span class=\"_ _2\"></span>y the board. \u2013 <span class=\"_ _86\"></span><span class=\"ff69 wsc4\">Production of projections:<span class=\"ff64\"> On at least an annual basis, solvency projections are produced f<span class=\"_ _2\"></span>or the group and its subsidiaries. <span class=\"_ _0\"></span>These projections are included in </span></span>both the business plans and the ORS<span class=\"_ _2\"></span>A Report and sho<span class=\"_ _2\"></span>w how management anticipates the solvency position to de<span class=\"_ _2\"></span>velop <span class=\"_ _2\"></span>ov<span class=\"_ _2\"></span>er time. <span class=\"_ _0\"></span>The projections process includes assessing the impact of a number <span class=\"_ _2\"></span>of diff<span class=\"_ _2\"></span>erent stress scenarios to ensure that the sensitivities of the business are understood. B<span class=\"_ _2\"></span>oth the ORS<span class=\"_ _2\"></span>A and the business plans are presented to and approv<span class=\"_ _2\"></span>ed by the board. \u2013 <span class=\"_ _86\"></span><span class=\"ff69 wsf\">Regular revie<span class=\"_ _2\"></span>w of internal limits in place:<span class=\"ff64\"> On at least an annual basis, the limits described in section (b)(ii) of this Note are re<span class=\"_ _2\"></span>viewed and assessed, ha<span class=\"_ _2\"></span>ving regard </span></span>to the dev<span class=\"_ _2\"></span>elopments of the business and an<span class=\"_ _2\"></span>y other changes that may ha<span class=\"_ _2\"></span>ve aff<span class=\"_ _a\"></span>ected the group\u2019<span class=\"_ _a\"></span>s/divisions\u2019 risk appetite. \u2013 <span class=\"_ _86\"></span><span class=\"ff69 ws15a\">Recov<span class=\"_ _2\"></span>er<span class=\"_ _3\"></span>y management protocol:<span class=\"ff64\"> A protocol f<span class=\"_ _2\"></span>or management actions has been designed which, in eff<span class=\"_ _a\"></span>ect, represents an internally set \u2018ladder of intervention<span class=\"_ _a\"></span>\u2019<span class=\"_ _7\"></span>. <span class=\"_ _0\"></span>The </span></span>protocol includes items such as solvency monitoring frequency<span class=\"_ _0\"></span>, what level <span class=\"_ _2\"></span>of escalations are required and what management actions need to be considered. \u2013 <span class=\"_ _86\"></span><span class=\"ff69 ws75\">Monthly solvency monitoring:<span class=\"ff64\"> F<span class=\"_ _a\"></span>ull solvency calculations are performed <span class=\"_ _2\"></span>on a quarterly basis. For intra-quarter months, a monthly solv<span class=\"_ _2\"></span>ency estimate is produced. </span></span>Where full estimation routines are not practical intra-v<span class=\"_ _2\"></span>aluation solvency can be monitored through trigger monitoring and sensitivity analysis. In addition to the group lev<span class=\"_ _2\"></span>el indicators, the Chesnara board will remain close to any indications of divisional solv<span class=\"_ _2\"></span>ency mov<span class=\"_ _2\"></span>ements by means <span class=\"_ _2\"></span>of divisional MI and quarterly business revie<span class=\"_ _2\"></span>ws. On at least a monthly basis, specific ke<span class=\"_ _2\"></span>y risk indicators are monitored against pre-defined trigger points. <span class=\"_ _0\"></span>The trigger points are set having regard f<span class=\"_ _2\"></span>or the sensitivity of the group to certain scenarios. <span class=\"_ _7\"></span>T<span class=\"_ _a\"></span>rigger points and the list of risk indicators being monitored are assessed at least annually<span class=\"_ _0\"></span>. (iv) <span class=\"_ _3\"></span>Compliance during y<span class=\"_ _2\"></span>ear<span class=\"_ _421\"> </span>The group, and all insurance companies within the group, held Own F<span class=\"_ _a\"></span>unds above their respectiv<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>Solvency Capital Requirements at all times during the <span class=\"_ _0\"></span>year<span class=\"_ _a\"></span>. <span class=\"_ _18\"> </span>(c) <span class=\"_ _4\"></span>Quantitative analysis <span class=\"_ _d\"> </span>(i) <span class=\"_ _4\"></span>Group solv<span class=\"_ _2\"></span>ency position<span class=\"_ _421\"> </span>The unaudited solv<span class=\"_ _2\"></span>ency position of the group and its divisions at 3<span class=\"_ _a\"></span>1 December 2023, and at 31 December 2022, has been sho<span class=\"_ _2\"></span>wn in the tables below<span class=\"_ _0\"></span>. <span class=\"_ _0\"></span>They present a view <span class=\"_ _2\"></span>of the solvency position which ma<span class=\"_ _2\"></span>y differ to the position <span class=\"_ _2\"></span>of the individual insurance company(ies) within that division.<span class=\"_ _421\"> </span>31 D<span class=\"_ _3\"></span>ece<span class=\"_ _3\"></span>mbe<span class=\"_ _3\"></span>r 202<span class=\"_ _3\"></span>3 (unaud<span class=\"_ _3\"></span>ited<span class=\"_ _3\"></span>) <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _3e\"> </span>Other   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _6c\"> </span>group <span class=\"_ _4\"></span>an<span class=\"_ _3\"></span>d   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14f\"> </span>Waard  <span class=\"_ _73\"> </span>  <span class=\"_ _18\"> </span>conso<span class=\"_ _3\"></span>lidation  Region <span class=\"_ _1d1\"> </span>  <span class=\"_ _10f\"> </span>UK  <span class=\"_ _7d\"> </span>Movestic  <span class=\"_ _129\"> </span>G<span class=\"_ _3\"></span>roup  <span class=\"_ _be\"> </span>Sc<span class=\"_ _3\"></span>ildon  <span class=\"_ _12\"> </span>adju<span class=\"_ _3\"></span>stments  <span class=\"_ _48\"> </span>Group <span class=\"_ _19e\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Own <span class=\"_ _3\"></span>Funds <span class=\"_ _3\"></span>(pre <span class=\"_ _3\"></span>dividends) <span class=\"_ _201\"> </span>  <span class=\"_ _1e1\"> </span>187.5  <span class=\"_ _44\"> </span>178.7  <span class=\"_ _44\"> </span>105.3  <span class=\"_ _7b\"> </span>133.7  <span class=\"_ _150\"> </span>102.0  <span class=\"_ _46\"> </span>707<span class=\"_ _a\"></span>.<span class=\"_ _3\"></span>2<span class=\"_ _421\"> </span>Pr<span class=\"_ _2\"></span>oposed <span class=\"_ _e\"> </span>dividend <span class=\"_ _202\"> </span> <span class=\"_ _5\"> </span> <span class=\"_ _f0\"> </span>(35.0 ) <span class=\"_ _165\"> </span>(7<span class=\"_ _2\"></span>.8 ) <span class=\"_ _1b7\"> </span>(6 .9 ) <span class=\"_ _158\"> </span>\u2013 <span class=\"_ _5\"> </span> <span class=\"_ _12b\"> </span>26. 2 <span class=\"_ _5\"> </span> <span class=\"_ _5b\"> </span>(23.5 )<span class=\"_ _421\"> </span>Own <span class=\"_ _4\"></span>Fun<span class=\"_ _3\"></span>ds <span class=\"_ _4\"></span>(po<span class=\"_ _3\"></span>st <span class=\"_ _4\"></span>div<span class=\"_ _3\"></span>ide<span class=\"_ _3\"></span>nds) <span class=\"_ _ff\"> </span>  <span class=\"_ _28\"> </span>15<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5  <span class=\"_ _e7\"> </span>170<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9  <span class=\"_ _45\"> </span>98<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4  <span class=\"_ _14b\"> </span>133<span class=\"_ _3\"></span>.7  <span class=\"_ _e7\"> </span>1<span class=\"_ _3\"></span>28<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2  <span class=\"_ _119\"> </span>68<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>.7<span class=\"_ _421\"> </span>SCR <span class=\"_ _203\"> </span>  <span class=\"_ _150\"> </span>102<span class=\"_ _3\"></span>.6  <span class=\"_ _11b\"> </span>1<span class=\"_ _3\"></span>16.7  <span class=\"_ _152\"> </span>27<span class=\"_ _2\"></span>.9  <span class=\"_ _5b\"> </span>72.<span class=\"_ _3\"></span>8  <span class=\"_ _165\"> </span>12.7  <span class=\"_ _14b\"> </span>332.7<span class=\"_ _421\"> </span>So<span class=\"_ _3\"></span>lven<span class=\"_ _3\"></span>cy <span class=\"_ _4\"></span>surp<span class=\"_ _3\"></span>lus <span class=\"_ _8d\"> </span>  <span class=\"_ _1e1\"> </span>4<span class=\"_ _3\"></span>9.<span class=\"_ _3\"></span>9  <span class=\"_ _7b\"> </span>5<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2  <span class=\"_ _11b\"> </span>70.<span class=\"_ _3\"></span>5  <span class=\"_ _7b\"> </span>6<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>9  <span class=\"_ _12e\"> </span>n/a  <span class=\"_ _e7\"> </span>3<span class=\"_ _3\"></span>51<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>0<span class=\"_ _421\"> </span>So<span class=\"_ _3\"></span>lven<span class=\"_ _3\"></span>cy <span class=\"_ _4\"></span>rati<span class=\"_ _3\"></span>o <span class=\"_ _204\"> </span>  <span class=\"_ _e7\"> </span>14<span class=\"_ _3\"></span>9%  <span class=\"_ _46\"> </span>147%  <span class=\"_ _15c\"> </span>3<span class=\"_ _3\"></span>53%  <span class=\"_ _e7\"> </span>1<span class=\"_ _3\"></span>84%  <span class=\"_ _12e\"> </span>n/a  <span class=\"_ _42\"> </span>2<span class=\"_ _3\"></span>05%<span class=\"_ _421\"> </span>Dividend <span class=\"_ _3\"></span>paying <span class=\"_ _3\"></span>limit <span class=\"_ _3\"></span>(% <span class=\"_ _4\"></span>of <span class=\"_ _3\"></span>SCR) <span class=\"_ _122\"> </span>  <span class=\"_ _150\"> </span>120%  <span class=\"_ _44\"> </span>120%  <span class=\"_ _7b\"> </span>135%  <span class=\"_ _1e1\"> </span>175%  <span class=\"_ _10f\"> </span>n/<span class=\"_ _2\"></span>a  <span class=\"_ _14b\"> </span>140%<span class=\"_ _421\"> </span>Dividend <span class=\"_ _3\"></span>paying <span class=\"_ _3\"></span>limit <span class=\"_ _3\"></span>(\u00a3) <span class=\"_ _205\"> </span>  <span class=\"_ _c2\"> </span>12<span class=\"_ _3\"></span>3.1  <span class=\"_ _46\"> </span>140.0  <span class=\"_ _152\"> </span>37<span class=\"_ _2\"></span>.7  <span class=\"_ _1e1\"> </span>127<span class=\"_ _a\"></span>.4  <span class=\"_ _fe\"> </span>n/<span class=\"_ _2\"></span>a  <span class=\"_ _15c\"> </span>465.<span class=\"_ _3\"></span>8<span class=\"_ _421\"> </span>Surplus <span class=\"_ _3\"></span>over <span class=\"_ _3\"></span>dividend <span class=\"_ _3\"></span>paying <span class=\"_ _3\"></span>limit <span class=\"_ _182\"> </span>  <span class=\"_ _5b\"> </span>29.4  <span class=\"_ _5b\"> </span>30.9  <span class=\"_ _c2\"> </span>60.7  <span class=\"_ _57\"> </span>6.<span class=\"_ _3\"></span>2  <span class=\"_ _10f\"> </span>n/<span class=\"_ _2\"></span>a  <span class=\"_ _1e1\"> </span>2<span class=\"_ _3\"></span>17<span class=\"_ _2\"></span>.9<span class=\"_ _421\"> </span><span class=\"ff65 ls3 ws2\">CHES<span class=\"_ _277\"></span>NAR<span class=\"_ _277\"></span>A<span class=\"_ _278\"></span>AN<span class=\"_ _283\"></span>NUAL<span class=\"_ _379\"></span>REPO<span class=\"_ _279\"></span>RT<span class=\"_ _278\"></span>AND<span class=\"_ _3b0\"></span>ACCOUNT<span class=\"_ _279\"></span>S<span class=\"_ _27b\"></span>20<span class=\"_ _2b5\"></span>23</span><span class=\"_ _3c6\"></span>183<span class=\"_ _421\"> </span><div class=\"t m0 h4 ff67 fs2 fc1 sc0 lsc3 ws82 gs93\">IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS<span class=\"_ _421\"> </span></div><div class=\"t m0 h9 ff68 fs8 fc2 sc0 ls18f ws2 gs94\">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<span class=\"_ _421\"> </span></div><div class=\"t m0 hf ff61 fsc fc2 sc0 ls37 ws2 gs95\">SECTION B \u2013 RISK AND CAP<span class=\"_ _2\"></span>IT<span class=\"_ _2\"></span>AL MANAGEMENT</div><div class=\"t m0 h11 ff63 fsd fc2 sc0 ls2 ws2 gs96\">  B4 <span class=\"_ _3\"></span>Capital management (continued)</div><div class=\"t m0 h11 ff63 fsd fc1 sc0 ls2 ws2 gs19d\"> <span class=\"_ _18\"> </span>(c) <span class=\"_ _4\"></span>Quantitative analysis (continued)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws2 gs361\">31 D<span class=\"_ _3\"></span>ece<span class=\"_ _3\"></span>mbe<span class=\"_ _3\"></span>r 2022 (una<span class=\"_ _3\"></span>udit<span class=\"_ _3\"></span>ed)</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls9a ws1e4 gs362\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _3e\"> </span>Other  </div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs363\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _6c\"> </span>group <span class=\"_ _4\"></span>an<span class=\"_ _3\"></span>d  </div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lsd9 ws1bb gs364\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14f\"> </span>Waard  <span class=\"_ _73\"> </span>  <span class=\"_ _18\"> </span>conso<span class=\"_ _3\"></span>lidation  </div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lsd9 ws1bb gs365\">Region <span class=\"_ _1d1\"> </span>  <span class=\"_ _10f\"> </span>UK  <span class=\"_ _7d\"> </span>Movestic  <span class=\"_ _129\"> </span>G<span class=\"_ _3\"></span>roup  <span class=\"_ _be\"> </span>Sc<span class=\"_ _3\"></span>ildon  <span class=\"_ _12\"> </span>adju<span class=\"_ _3\"></span>stments  <span class=\"_ _48\"> </span>Group</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls190 ws1e0 gs366\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs367\">Own <span class=\"_ _3\"></span>Funds <span class=\"_ _3\"></span>(pre <span class=\"_ _3\"></span>dividends) <span class=\"_ _201\"> </span>  <span class=\"_ _14b\"> </span>1<span class=\"_ _3\"></span>94.<span class=\"_ _3\"></span>2  <span class=\"_ _14b\"> </span>1<span class=\"_ _3\"></span>85.4  <span class=\"_ _5b\"> </span>85.0  <span class=\"_ _150\"> </span>132<span class=\"_ _3\"></span>.4  <span class=\"_ _5b\"> </span>30.9  <span class=\"_ _46\"> </span>627.9<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws1b6 gs368\">Pr<span class=\"_ _2\"></span>oposed <span class=\"_ _e\"> </span>dividend <span class=\"_ _202\"> </span> <span class=\"_ _5\"> </span> <span class=\"_ _11b\"> </span>(56.0 ) <span class=\"_ _f0\"> </span>(12 .0 ) <span class=\"_ _12e\"> </span>(5.3 ) <span class=\"_ _158\"> </span>\u2013 <span class=\"_ _5\"> </span> <span class=\"_ _12b\"> </span>50.5 <span class=\"_ _5\"> </span> <span class=\"_ _11b\"> </span>(22 . 8 )<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs369\">Own <span class=\"_ _4\"></span>Fun<span class=\"_ _3\"></span>ds <span class=\"_ _4\"></span>(po<span class=\"_ _3\"></span>st <span class=\"_ _4\"></span>div<span class=\"_ _3\"></span>ide<span class=\"_ _3\"></span>nds) <span class=\"_ _ff\"> </span>  <span class=\"_ _e7\"> </span>13<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2  <span class=\"_ _e7\"> </span>173<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4  <span class=\"_ _f0\"> </span>79<span class=\"_ _3\"></span>.7  <span class=\"_ _29\"> </span>1<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4  <span class=\"_ _f0\"> </span>8<span class=\"_ _3\"></span>1.<span class=\"_ _4\"></span>4  <span class=\"_ _e7\"> </span>60<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>.1<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs36a\">SCR <span class=\"_ _203\"> </span>  <span class=\"_ _5b\"> </span>99.<span class=\"_ _2\"></span>4  <span class=\"_ _14b\"> </span>1<span class=\"_ _3\"></span>06.9  <span class=\"_ _165\"> </span>13.<span class=\"_ _3\"></span>5  <span class=\"_ _5b\"> </span>70.3  <span class=\"_ _12b\"> </span>1<span class=\"_ _3\"></span>6.6  <span class=\"_ _28\"> </span>306.7<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs36b\">So<span class=\"_ _3\"></span>lven<span class=\"_ _3\"></span>cy <span class=\"_ _4\"></span>surp<span class=\"_ _3\"></span>lus <span class=\"_ _8d\"> </span>  <span class=\"_ _7b\"> </span>38<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8  <span class=\"_ _11b\"> </span>66<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5  <span class=\"_ _11b\"> </span>66<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2  <span class=\"_ _14e\"> </span>62<span class=\"_ _3\"></span>.1  <span class=\"_ _12e\"> </span>n/a  <span class=\"_ _43\"> </span>298<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs36c\">So<span class=\"_ _3\"></span>lven<span class=\"_ _3\"></span>cy <span class=\"_ _4\"></span>rati<span class=\"_ _3\"></span>o <span class=\"_ _204\"> </span>  <span class=\"_ _28\"> </span>1<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>9%  <span class=\"_ _46\"> </span>1<span class=\"_ _3\"></span>62<span class=\"_ _3\"></span>%  <span class=\"_ _28\"> </span>5<span class=\"_ _3\"></span>9<span class=\"_ _3\"></span>1%  <span class=\"_ _e7\"> </span>18<span class=\"_ _3\"></span>8%  <span class=\"_ _12e\"> </span>n/a  <span class=\"_ _28\"> </span>1<span class=\"_ _3\"></span>9<span class=\"_ _3\"></span>7%<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs36d\">Dividend <span class=\"_ _3\"></span>paying <span class=\"_ _3\"></span>limit <span class=\"_ _3\"></span>(% <span class=\"_ _4\"></span>of <span class=\"_ _3\"></span>SCR) <span class=\"_ _122\"> </span>  <span class=\"_ _150\"> </span>120%  <span class=\"_ _150\"> </span>1<span class=\"_ _3\"></span>20%  <span class=\"_ _7b\"> </span>135%  <span class=\"_ _45\"> </span>175%  <span class=\"_ _fe\"> </span>n/<span class=\"_ _a\"></span>a  <span class=\"_ _14b\"> </span>140%<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs36e\">Dividend <span class=\"_ _3\"></span>paying <span class=\"_ _3\"></span>limit <span class=\"_ _3\"></span>(\u00a3) <span class=\"_ _205\"> </span>  <span class=\"_ _2d\"> </span>1<span class=\"_ _3\"></span>19.3  <span class=\"_ _44\"> </span>1<span class=\"_ _3\"></span>28.<span class=\"_ _3\"></span>3  <span class=\"_ _12b\"> </span>18.2  <span class=\"_ _1e1\"> </span>123.0  <span class=\"_ _fe\"> </span>n/<span class=\"_ _a\"></span>a  <span class=\"_ _e7\"> </span>429.4<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs36f\">Surplus <span class=\"_ _3\"></span>over <span class=\"_ _3\"></span>dividend <span class=\"_ _3\"></span>paying <span class=\"_ _3\"></span>limit <span class=\"_ _182\"> </span>  <span class=\"_ _152\"> </span>1<span class=\"_ _3\"></span>8.9  <span class=\"_ _12b\"> </span>45<span class=\"_ _3\"></span>.1  <span class=\"_ _12b\"> </span>6<span class=\"_ _3\"></span>1.5  <span class=\"_ _10e\"> </span>9.4  <span class=\"_ _fe\"> </span>n/<span class=\"_ _a\"></span>a  <span class=\"_ _45\"> </span>1<span class=\"_ _3\"></span>75.7</div><div class=\"t m0 h11 ff63 fsd fc1 sc0 ls2 ws2 gs370\">  (ii) <span class=\"_ _3\"></span>Reconciliation between Solvency II Own F<span class=\"_ _2\"></span>unds and IFRS net assets (unaudited)<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs27f\">The tables belo<span class=\"_ _2\"></span>w show the k<span class=\"_ _2\"></span>ey diff<span class=\"_ _2\"></span>erences between the <span class=\"_ _a\"></span>Solvency II Own F<span class=\"_ _a\"></span>unds reported in section (c)(i) of this Note and the group\u2019<span class=\"_ _0\"></span>s IFRS net assets.<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls190 wsc7 gs371\">31 December 2023 (una<span class=\"_ _2\"></span>udited)</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls9a ws1e4 gs372\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _3e\"> </span>Other  </div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs373\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _6c\"> </span>group <span class=\"_ _4\"></span>an<span class=\"_ _3\"></span>d  </div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lsd9 ws1bb gs374\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14f\"> </span>Waard  <span class=\"_ _73\"> </span>  <span class=\"_ _18\"> </span>conso<span class=\"_ _3\"></span>lidation  </div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lsd9 ws1bb gs375\">Region <span class=\"_ _1d1\"> </span>  <span class=\"_ _10f\"> </span>UK  <span class=\"_ _7d\"> </span>Movestic  <span class=\"_ _129\"> </span>G<span class=\"_ _3\"></span>roup  <span class=\"_ _be\"> </span>Sc<span class=\"_ _3\"></span>ildon  <span class=\"_ _12\"> </span>adju<span class=\"_ _3\"></span>stments  <span class=\"_ _48\"> </span>Group</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls190 ws1e0 gs376\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs377\">So<span class=\"_ _3\"></span>lven<span class=\"_ _3\"></span>cy <span class=\"_ _4\"></span>II <span class=\"_ _4\"></span>Own <span class=\"_ _4\"></span>Fund<span class=\"_ _3\"></span>s <span class=\"_ _4\"></span>(po<span class=\"_ _3\"></span>st <span class=\"_ _4\"></span>div<span class=\"_ _3\"></span>ide<span class=\"_ _3\"></span>nds) <span class=\"_ _3a\"> </span>  <span class=\"_ _28\"> </span>1<span class=\"_ _3\"></span>52<span class=\"_ _3\"></span>.<span class=\"_ _4\"></span>5  <span class=\"_ _14b\"> </span>1<span class=\"_ _3\"></span>71<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>0  <span class=\"_ _45\"> </span>98<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4  <span class=\"_ _46\"> </span>1<span class=\"_ _3\"></span>33<span class=\"_ _3\"></span>.7  <span class=\"_ _44\"> </span>1<span class=\"_ _3\"></span>28<span class=\"_ _3\"></span>.1  <span class=\"_ _119\"> </span>68<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>.7<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs378\">Add <span class=\"_ _3\"></span>Back: <span class=\"_ _3\"></span>Ring-fenced <span class=\"_ _3\"></span>fund <span class=\"_ _3\"></span>surplus <span class=\"_ _3\"></span>restrictions <span class=\"_ _5b\"> </span>  <span class=\"_ _57\"> </span>0.5  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _57\"> </span>0.5<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs379\">Add <span class=\"_ _3\"></span>Back: <span class=\"_ _3\"></span>Intangible <span class=\"_ _3\"></span>assets <span class=\"_ _1e8\"> </span>  <span class=\"_ _12e\"> </span>22.1  <span class=\"_ _5b\"> </span>72.8  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _c2\"> </span>94<span class=\"_ _3\"></span>.9<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws2 gs37a\">Add Back: Tier 2 debt and r<span class=\"_ _2\"></span>estriction <span class=\"_ _40\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _e9\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _e9\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _165\"> </span>13.7 <span class=\"_ _a\"></span> <span class=\"_ _e9\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _42\"> </span>(214<span class=\"_ _3\"></span>.3 <span class=\"_ _31\"></span>) <span class=\"_ _47\"> </span>(200.6 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs37b\">Add <span class=\"_ _3\"></span>Back: <span class=\"_ _3\"></span>Foreseeable dividends <span class=\"_ _10b\"> </span>  <span class=\"_ _14e\"> </span>35.0  <span class=\"_ _57\"> </span>7<span class=\"_ _2\"></span>.8  <span class=\"_ _57\"> </span>6.9  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _1e1\"> </span>(26.<span class=\"_ _3\"></span>2 <span class=\"_ _7\"></span>) <span class=\"_ _5b\"> </span>23.5<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws2 gs37c\">Add Back: Differenc<span class=\"_ _2\"></span>e in valuation of technical pr<span class=\"_ _2\"></span>ovisions <span class=\"_ _128\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _14b\"> </span>(49.0 <span class=\"_ _31\"></span>) <span class=\"_ _43\"> </span>(153.4 <span class=\"_ _31\"></span>) <span class=\"_ _150\"> </span>(27<span class=\"_ _a\"></span>.7 <span class=\"_ _31\"></span>) <span class=\"_ _14b\"> </span>(25.6 <span class=\"_ _31\"></span>) <span class=\"_ _7b\"> </span>40.3 <span class=\"_ _a\"></span> <span class=\"_ _29\"> </span>(215.4 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws2 gs37d\">Add Back: Differenc<span class=\"_ _2\"></span>e in deferred tax <span class=\"_ _103\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _12b\"> </span>(4.7 <span class=\"_ _31\"></span>) <span class=\"_ _ae\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _12b\"> </span>16.5  <span class=\"_ _fe\"> </span>6<span class=\"_ _3\"></span>.5 <span class=\"_ _a\"></span> <span class=\"_ _2d\"> </span>(10.2 <span class=\"_ _31\"></span>) <span class=\"_ _57\"> </span>8.1<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws1b6 gs37e\">Add <span class=\"_ _9\"> </span>Back: <span class=\"_ _9\"> </span>O ther <span class=\"_ _9\"> </span>valuation <span class=\"_ _9\"> </span>differences <span class=\"_ _15a\"> </span> <span class=\"_ _5\"> </span> <span class=\"_ _fe\"> </span>(5.7 ) <span class=\"_ _10f\"> </span>(1.0 ) <span class=\"_ _44\"> </span>(28.0 ) <span class=\"_ _165\"> </span>(0.2 ) <span class=\"_ _5a\"> </span>0.1 <span class=\"_ _5\"> </span> <span class=\"_ _7b\"> </span>(34 .8 )<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs37f\">IF<span class=\"_ _3\"></span>RS <span class=\"_ _4\"></span>net <span class=\"_ _4\"></span>as<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>ts <span class=\"_ _88\"> </span>  <span class=\"_ _28\"> </span>1<span class=\"_ _3\"></span>50<span class=\"_ _3\"></span>.7  <span class=\"_ _2d\"> </span>9<span class=\"_ _3\"></span>7<span class=\"_ _2\"></span>.<span class=\"_ _3\"></span>2  <span class=\"_ _11b\"> </span>79.<span class=\"_ _3\"></span>8  <span class=\"_ _46\"> </span>11<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4  <span class=\"_ _28\"> </span>(8<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2 <span class=\"_ _7\"></span>) <span class=\"_ _2a\"> </span>35<span class=\"_ _3\"></span>9.<span class=\"_ _3\"></span>9<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls190 wsc7 gs380\">31 December 2022 (u<span class=\"_ _2\"></span>naudited)</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls9a ws1e4 gs381\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _3e\"> </span>Other  </div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs382\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _6c\"> </span>group <span class=\"_ _4\"></span>an<span class=\"_ _3\"></span>d  </div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lsd9 ws1bb gs383\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14f\"> </span>Waard  <span class=\"_ _73\"> </span>  <span class=\"_ _18\"> </span>conso<span class=\"_ _3\"></span>lidation  </div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lsd9 ws1bb gs384\">Region <span class=\"_ _1d1\"> </span>  <span class=\"_ _10f\"> </span>UK  <span class=\"_ _7d\"> </span>Movestic  <span class=\"_ _129\"> </span>G<span class=\"_ _3\"></span>roup  <span class=\"_ _be\"> </span>Sc<span class=\"_ _3\"></span>ildon  <span class=\"_ _12\"> </span>adju<span class=\"_ _3\"></span>stments  <span class=\"_ _48\"> </span>Group</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls190 ws1e0 gs385\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs386\">So<span class=\"_ _3\"></span>lven<span class=\"_ _3\"></span>cy <span class=\"_ _4\"></span>II <span class=\"_ _4\"></span>own <span class=\"_ _4\"></span>fun<span class=\"_ _3\"></span>ds <span class=\"_ _4\"></span>(po<span class=\"_ _3\"></span>st <span class=\"_ _4\"></span>div<span class=\"_ _3\"></span>ide<span class=\"_ _3\"></span>nds) <span class=\"_ _9b\"> </span>  <span class=\"_ _e7\"> </span>1<span class=\"_ _3\"></span>38<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2  <span class=\"_ _e7\"> </span>17<span class=\"_ _3\"></span>3.<span class=\"_ _3\"></span>4  <span class=\"_ _f0\"> </span>79<span class=\"_ _3\"></span>.7  <span class=\"_ _15c\"> </span>1<span class=\"_ _3\"></span>32<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4  <span class=\"_ _c2\"> </span>8<span class=\"_ _3\"></span>1.<span class=\"_ _3\"></span>4  <span class=\"_ _e7\"> </span>6<span class=\"_ _3\"></span>05<span class=\"_ _3\"></span>.1<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs387\">Add <span class=\"_ _3\"></span>Back: <span class=\"_ _3\"></span>Ring-fenced <span class=\"_ _3\"></span>fund <span class=\"_ _3\"></span>surplus <span class=\"_ _3\"></span>restrictions <span class=\"_ _5b\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs388\">Add <span class=\"_ _3\"></span>Back: <span class=\"_ _3\"></span>Intangible <span class=\"_ _3\"></span>assets <span class=\"_ _1e8\"> </span>  <span class=\"_ _5b\"> </span>50.<span class=\"_ _3\"></span>5  <span class=\"_ _14e\"> </span>75.6  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _c2\"> </span>126.1<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws2 gs389\">Add Back: Tier 2 debt and r<span class=\"_ _2\"></span>estriction <span class=\"_ _40\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _e9\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _e9\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _e9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _15c\"> </span>(1<span class=\"_ _3\"></span>53.3 <span class=\"_ _31\"></span>) <span class=\"_ _119\"> </span>(153.3 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs38a\">Add <span class=\"_ _3\"></span>Back: <span class=\"_ _3\"></span>Foreseeable dividends <span class=\"_ _10b\"> </span>  <span class=\"_ _5b\"> </span>56.0  <span class=\"_ _1b7\"> </span>12.0  <span class=\"_ _1b1\"> </span>5.3  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _1e1\"> </span>(50.5 <span class=\"_ _7\"></span>) <span class=\"_ _f0\"> </span>22.8<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws2 gs38b\">Add Back: Differenc<span class=\"_ _2\"></span>e in valuation of technical pr<span class=\"_ _2\"></span>ovisions <span class=\"_ _128\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _44\"> </span>(34.5 <span class=\"_ _31\"></span>) <span class=\"_ _43\"> </span>(154.2 <span class=\"_ _7\"></span>) <span class=\"_ _f0\"> </span>23.5 <span class=\"_ _a\"></span> <span class=\"_ _150\"> </span>(34.4 <span class=\"_ _31\"></span>) <span class=\"_ _5b\"> </span>42.1 <span class=\"_ _2\"></span> <span class=\"_ _e7\"> </span>(<span class=\"_ _3\"></span>157<span class=\"_ _a\"></span>.5 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws2 gs38c\">Add Back: Differenc<span class=\"_ _2\"></span>e in deferred tax <span class=\"_ _103\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _44\"> </span>(26.4 <span class=\"_ _31\"></span>) <span class=\"_ _ae\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _1a1\"> </span>7<span class=\"_ _2\"></span>.5 <span class=\"_ _2\"></span> <span class=\"_ _152\"> </span>14.7 <span class=\"_ _2\"></span> <span class=\"_ _12b\"> </span>(9.9 <span class=\"_ _31\"></span>) <span class=\"_ _f0\"> </span>(14.1 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws1b6 gs38d\">Add <span class=\"_ _9\"> </span>Back: <span class=\"_ _9\"> </span>O ther <span class=\"_ _9\"> </span>valuation <span class=\"_ _9\"> </span>differences <span class=\"_ _15a\"> </span> <span class=\"_ _5\"> </span> <span class=\"_ _94\"> </span>(1.2 ) <span class=\"_ _1b7\"> </span>(0.6 ) <span class=\"_ _44\"> </span>(42.8 ) <span class=\"_ _fe\"> </span>(1.6 ) <span class=\"_ _56\"> </span>1.2 <span class=\"_ _5\"> </span> <span class=\"_ _11b\"> </span>(45.0 )<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs38e\">IF<span class=\"_ _3\"></span>RS <span class=\"_ _4\"></span>net <span class=\"_ _4\"></span>as<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>ts <span class=\"_ _4\"></span>(as <span class=\"_ _4\"></span>res<span class=\"_ _3\"></span>tat<span class=\"_ _3\"></span>ed) <span class=\"_ _4e\"> </span>  <span class=\"_ _e7\"> </span>18<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.6  <span class=\"_ _15c\"> </span>1<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>6.<span class=\"_ _3\"></span>2  <span class=\"_ _f0\"> </span>73<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2  <span class=\"_ _5b\"> </span>1<span class=\"_ _3\"></span>1<span class=\"_ _4\"> </span>1<span class=\"_ _3\"></span>.1  <span class=\"_ _e7\"> </span>(8<span class=\"_ _3\"></span>9.<span class=\"_ _3\"></span>0 <span class=\"_ _7\"></span>) <span class=\"_ _a3\"> </span>38<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>.1<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls42 ws70 gs38f\">F<span class=\"_ _a\"></span>urther information on how the group uses <span class=\"_ _a\"></span>Solvency II, and metrics derived from <span class=\"_ _a\"></span>Solvency II, as Alternativ<span class=\"_ _2\"></span>e P<span class=\"_ _2\"></span>erformance Measures can be f<span class=\"_ _2\"></span>ound in the A<span class=\"_ _2\"></span>dditional </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs390\">Information section <span class=\"_ _2\"></span>of the Annual R<span class=\"_ _2\"></span>eport and A<span class=\"_ _2\"></span>ccounts on pages 27<span class=\"_ _2\"></span>4 to 277<span class=\"_ _31\"></span>.<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff62 fs1 fc1 sc0 lseb wsfb gsc0\">184<span class=\"_ _14c\"> </span><span class=\"ff67 ls3 ws2\">CH<span class=\"_ _3\"></span>ESN<span class=\"_ _3\"></span>AR<span class=\"_ _3\"></span>A ANNUA<span class=\"_ _3\"></span>L REPORT A<span class=\"_ _3\"></span>ND ACCO<span class=\"_ _3\"></span>UNT<span class=\"_ _3\"></span>S 20<span class=\"_ _2\"></span>23<span class=\"_ _421\"> </span></span></div>IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS<span class=\"_ _421\"> </span>SECTION C \u2013 SEGMENT<span class=\"_ _a\"></span>AL INFORMATION  C1  <span class=\"_ _31\"></span>Composition of operating segments<span class=\"_ _421\"> </span>The group considers that it has no product <span class=\"_ _2\"></span>or distribution-based business segments. It reports segmental information on the same basis as reported internally<span class=\"_ _2\"></span> to the chief operating decision mak<span class=\"_ _2\"></span>er<span class=\"_ _a\"></span>, which is the board of directors of Chesnara plc.<span class=\"_ _421\"> </span>The segments <span class=\"_ _2\"></span>of the group as at 3<span class=\"_ _2\"></span>1 December 2023 comprise:<span class=\"_ _421\"> </span>UK:<span class=\"ff64 ws48\"> <span class=\"_ _0\"></span>This segment comprises the UK\u2019<span class=\"_ _0\"></span>s lif<span class=\"_ _2\"></span>e insurance and pensions business within Countrywide Assured plc (CA), the group\u2019<span class=\"_ _0\"></span>s principal UK operating subsidiary<span class=\"_ _0\"></span>, </span>and <span class=\"_ _2\"></span>Sanlam Lif<span class=\"_ _2\"></span>e &amp; P<span class=\"_ _2\"></span>ensions UK (SLP), acquired by the group <span class=\"_ _2\"></span>on 28 April 2022 and subsequently renamed to CA<span class=\"_ _2\"></span>SLP Limited (CASLP). <span class=\"_ _7\"></span>The majority of the assets and liabilities of CA<span class=\"_ _2\"></span>SLP were transf<span class=\"_ _a\"></span>erred to CA on 31 December 2023 under a P<span class=\"_ _2\"></span>art <span class=\"_ _a\"></span>VII business transfer<span class=\"_ _0\"></span>.<span class=\"_ _421\"> </span>During the <span class=\"_ _a\"></span>year<span class=\"_ _a\"></span>, the group reached an agreement to acquire the onshore individual protection business <span class=\"_ _2\"></span>of Canada Life Limited with the transaction initially in the form <span class=\"_ _2\"></span>of a reinsurance agreement accepted by CA. <span class=\"_ _a\"></span>See Note I8 for further details.<span class=\"_ _421\"> </span>Mov<span class=\"_ _2\"></span>estic:<span class=\"ff64 ws73\"> <span class=\"_ _0\"></span>This segment comprises the group\u2019<span class=\"_ _0\"></span>s S<span class=\"_ _a\"></span>wedish life <span class=\"_ _2\"></span>and pensions business, Movestic Livf<span class=\"_ _2\"></span>\u00f6rs\u00e4kring AB (Mo<span class=\"_ _2\"></span>vestic) and its subsidiary compan<span class=\"_ _2\"></span>y Movestic </span>F<span class=\"_ _2\"></span>onder AB (in<span class=\"_ _2\"></span>vestment fund management company). Mo<span class=\"_ _2\"></span>vestic is <span class=\"_ _2\"></span>open to new business and primarily comprises unit-link<span class=\"_ _2\"></span>ed pension business and also providing some lif<span class=\"_ _2\"></span>e and health product off<span class=\"_ _2\"></span>erings.<span class=\"_ _421\"> </span>W<span class=\"_ _a\"></span>aard Group:<span class=\"ff64\"> <span class=\"_ _0\"></span>T<span class=\"_ _2\"></span>his segment represents the group\u2019<span class=\"_ _a\"></span>s closed Dutch lif<span class=\"_ _2\"></span>e insurance business and comprises a number of acquisitions <span class=\"_ _2\"></span>of closed insurance books of </span>business since the acquisition of the <span class=\"_ _2\"></span>original <span class=\"_ _0\"></span>Waard <span class=\"_ _2\"></span>entities into the group in 20<span class=\"_ _a\"></span>1<span class=\"_ _2\"></span>5. <span class=\"_ _0\"></span>The <span class=\"_ _0\"></span>W<span class=\"_ _2\"></span>aard Group comprises a mixture of long-term sa<span class=\"_ _2\"></span>vings and protection business and also contains some non-lif<span class=\"_ _2\"></span>e business.<span class=\"_ _421\"> </span>During the <span class=\"_ _a\"></span>year<span class=\"_ _a\"></span>, the group acquired the insurance portfolio <span class=\"_ _2\"></span>of Nederlandsche Algemeene Maatschappij v<span class=\"_ _2\"></span>an Lev<span class=\"_ _2\"></span>ensverz<span class=\"_ _2\"></span>ekering \u2018Conserv<span class=\"_ _2\"></span>atrix\u2019 N.V<span class=\"_ _0\"></span>. (Conservatrix), a specialist provider <span class=\"_ _2\"></span>of lif<span class=\"_ _2\"></span>e insurance products in the Netherlands. See Note I8 f<span class=\"_ _2\"></span>or further details.<span class=\"_ _421\"> </span>Scildon:<span class=\"ff64 wsd6\"> <span class=\"_ _0\"></span>This segment represents the group\u2019<span class=\"_ _0\"></span>s open Dutch lif<span class=\"_ _a\"></span>e insurance business. Scildon<span class=\"_ _a\"></span>\u2019<span class=\"_ _a\"></span>s policy base is predominantly made up of individual protection and </span>savings contracts. It is <span class=\"_ _2\"></span>open to new business and sells protection, individual savings and group pension contracts via a brok<span class=\"_ _2\"></span>er<span class=\"_ _0\"></span>-led distribution model.<span class=\"_ _421\"> </span>Other group activities:<span class=\"ff64\"> <span class=\"_ _7\"></span>The functions performed b<span class=\"_ _2\"></span>y the parent company<span class=\"_ _a\"></span>, Chesnara plc, are defined under the operating segment analy<span class=\"_ _2\"></span>sis as other group activities. </span>Also included therein are consolidation and elimination adjustments.<span class=\"_ _421\"> </span>The accounting policies <span class=\"_ _2\"></span>of the segments are the same as those for the group as a whole. <span class=\"_ _2\"></span>Any transactions between the business segments are <span class=\"_ _2\"></span>on normal commercial terms in normal market conditions. <span class=\"_ _7\"></span>The group ev<span class=\"_ _2\"></span>aluates performance <span class=\"_ _2\"></span>of operating segments <span class=\"_ _2\"></span>on the basis of the profit before tax attributable <span class=\"_ _b\"></span><span class=\"ls2 ws2\"> </span>to shareholders of the reporting segments and the group as a whole. <span class=\"_ _0\"></span>There w<span class=\"_ _2\"></span>ere no changes to the measurement basis for segment profit during the <span class=\"_ _0\"></span>year ended 3<span class=\"_ _2\"></span>1 December 2023.<span class=\"_ _421\"> </span><span class=\"ff65 ls3 ws2\">CHES<span class=\"_ _277\"></span>NAR<span class=\"_ _277\"></span>A<span class=\"_ _278\"></span>AN<span class=\"_ _277\"></span>NUAL<span class=\"_ _379\"></span>REPO<span class=\"_ _277\"></span>RT<span class=\"_ _27f\"></span>AND<span class=\"_ _3b0\"></span>ACCOUNT<span class=\"_ _27a\"></span>S<span class=\"_ _27b\"></span>20<span class=\"_ _2b5\"></span>23</span><span class=\"_ _3c8\"></span>185<span class=\"_ _421\"> </span><div class=\"t m0 h4 ff67 fs2 fc1 sc0 lsc3 ws82 gs93\">IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS<span class=\"_ _421\"> </span></div><div class=\"t m0 h9 ff68 fs8 fc2 sc0 ls18f ws2 gs94\">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<span class=\"_ _421\"> </span></div><div class=\"t m0 hf ff61 fsc fc2 sc0 ls37 ws2 gs95\">SECTION C \u2013 SEGMENT<span class=\"_ _a\"></span>AL INFORMATION</div><div class=\"t m0 h11 ff63 fsd fc2 sc0 ls2 ws2 gs96\">  C2  <span class=\"_ _31\"></span>Segmental perfor<span class=\"_ _a\"></span>mance and net assets</div><div class=\"t m0 h11 ff63 fsd fc1 sc0 ls2 ws2 gs19d\">  (a) <span class=\"_ _3\"></span>Segmental income statement for the y<span class=\"_ _2\"></span>ear ended 3<span class=\"_ _2\"></span>1 December 2023</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lsd9 ws1bb gs361\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14f\"> </span>Waard  <span class=\"_ _73\"> </span>  <span class=\"_ _132\"> </span>Ot<span class=\"_ _3\"></span>her <span class=\"_ _3\"></span>group  </div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs362\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _7d\"> </span>Moves<span class=\"_ _3\"></span>tic  <span class=\"_ _48\"> </span>Gro<span class=\"_ _3\"></span>up  <span class=\"_ _1c8\"> </span>Sc<span class=\"_ _3\"></span>ild<span class=\"_ _3\"></span>on  <span class=\"_ _1f9\"> </span>ac<span class=\"_ _3\"></span>ti<span class=\"_ _3\"></span>viti<span class=\"_ _3\"></span>es  </div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls23 ws1ef gs392\"> <span class=\"_ _166\"> </span> <span class=\"_ _5\"> </span> <span class=\"_ _1a1\"> </span>UK <span class=\"_ _5\"> </span> <span class=\"_ _91\"> </span>(Swe d en ) <span class=\"_ _79\"> </span>(Nethe rlands ) <span class=\"_ _79\"> </span>(Netherlands ) <span class=\"_ _14e\"> </span>( U K ) <span class=\"_ _28\"> </span>T<span class=\"_ _2\"></span>ot al</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls190 ws1e0 gs393\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs394\">Insurance <span class=\"_ _3\"></span>rev<span class=\"_ _2\"></span>enue <span class=\"_ _202\"> </span>  <span class=\"_ _5b\"> </span>65.<span class=\"_ _3\"></span>8  <span class=\"_ _57\"> </span>1<span class=\"_ _4\"></span>1.1  <span class=\"_ _165\"> </span>36.1  <span class=\"_ _7b\"> </span>1<span class=\"_ _4\"></span>1<span class=\"_ _3\"></span>5.0  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _28\"> </span>228.0<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws1b6 gs395\">Insurance <span class=\"_ _9\"> </span>service <span class=\"_ _9\"> </span>expense <span class=\"_ _206\"> </span> <span class=\"_ _5\"> </span> <span class=\"_ _f0\"> </span>(65.6 ) <span class=\"_ _165\"> </span>(7<span class=\"_ _2\"></span>.4 ) <span class=\"_ _7b\"> </span>(37<span class=\"_ _2\"></span>.8 ) <span class=\"_ _46\"> </span>(1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>3.9 ) <span class=\"_ _158\"> </span>\u2013 <span class=\"_ _5\"> </span> <span class=\"_ _15c\"> </span>(224.7 )<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws2 gs396\">Net expenses f<span class=\"_ _3\"></span>rom reinsurance c<span class=\"_ _2\"></span>ontracts held <span class=\"_ _1b1\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _165\"> </span>(5.5 <span class=\"_ _31\"></span>) <span class=\"_ _114\"> </span>(0.6 <span class=\"_ _31\"></span>) <span class=\"_ _165\"> </span>0.4 <span class=\"_ _a\"></span> <span class=\"_ _165\"> </span>(2.7 <span class=\"_ _31\"></span>) <span class=\"_ _ae\"> </span>\u2013  <span class=\"_ _14e\"> </span>(8.4 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b9 gs397\">Se gm e nt a l <span class=\"_ _e\"> </span>in s ur an c e <span class=\"_ _e\"> </span>se r<span class=\"_ _3\"></span>v ic e <span class=\"_ _e\"> </span>re s u l t <span class=\"_ _1dd\"> </span> <span class=\"_ _5\"> </span> <span class=\"_ _1b7\"> </span>( 5<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3 ) <span class=\"_ _94\"> </span>3<span class=\"_ _3\"></span>.1 <span class=\"_ _9\"> </span> <span class=\"_ _10f\"> </span>( 1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3 ) <span class=\"_ _165\"> </span>(<span class=\"_ _3\"></span>1 . 6 ) <span class=\"_ _158\"> </span>\u2013 <span class=\"_ _9\"> </span> <span class=\"_ _fe\"> </span>( 5<span class=\"_ _3\"></span>.1 )<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs398\">Net <span class=\"_ _3\"></span>investment <span class=\"_ _3\"></span>return <span class=\"_ _19f\"> </span>  <span class=\"_ _14b\"> </span>339.3  <span class=\"_ _46\"> </span>432.5  <span class=\"_ _114\"> </span>63.<span class=\"_ _3\"></span>2  <span class=\"_ _2d\"> </span>181.2  <span class=\"_ _94\"> </span>7.3  <span class=\"_ _1c0\"> </span>1,023.5<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws2 gs399\">Net finance (expenses)/income f<span class=\"_ _3\"></span>rom insurance contr<span class=\"_ _2\"></span>acts issued <span class=\"_ _1e2\"> </span>(86.4 <span class=\"_ _31\"></span>) <span class=\"_ _150\"> </span>(<span class=\"_ _3\"></span>16.0 <span class=\"_ _31\"></span>) <span class=\"_ _46\"> </span>(4<span class=\"_ _2\"></span>9.3 <span class=\"_ _31\"></span>) <span class=\"_ _a3\"> </span>(163.<span class=\"_ _3\"></span>2 <span class=\"_ _31\"></span>) <span class=\"_ _ae\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _119\"> </span>(314.9 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws2 gs39a\">Net finance expenses f<span class=\"_ _3\"></span>rom reinsuranc<span class=\"_ _2\"></span>e contracts held <span class=\"_ _1e7\"> </span>  <span class=\"_ _10e\"> </span>9.3 <span class=\"_ _a\"></span> <span class=\"_ _10e\"> </span>0.7 <span class=\"_ _a\"></span> <span class=\"_ _5a\"> </span>0<span class=\"_ _2\"></span>.1 <span class=\"_ _2\"></span> <span class=\"_ _12b\"> </span>(3.4 <span class=\"_ _31\"></span>) <span class=\"_ _ae\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _10e\"> </span>6.7<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws2 gs39b\">Net change in investment c<span class=\"_ _2\"></span>ontract liabilities <span class=\"_ _a1\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _2a\"> </span>(226.4 <span class=\"_ _31\"></span>) <span class=\"_ _3f\"> </span>(299.6 <span class=\"_ _31\"></span>) <span class=\"_ _14e\"> </span>(3.6 <span class=\"_ _31\"></span>) <span class=\"_ _15b\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _e9\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _43\"> </span>(529.6 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws2 gs39c\">Change in liabilities relating to polic<span class=\"_ _2\"></span>yholders\u2019 funds held <span class=\"ls2\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs39d\">by <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>group <span class=\"_ _1b4\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _e7\"> </span>(1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>4.0 <span class=\"_ _7\"></span>) <span class=\"_ _97\"> </span>\u2013  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _e7\"> </span>(1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>4.0 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs39e\">Se<span class=\"_ _3\"></span>gmen<span class=\"_ _3\"></span>tal <span class=\"_ _4\"></span>inves<span class=\"_ _3\"></span>tme<span class=\"_ _3\"></span>nt <span class=\"_ _4\"></span>resu<span class=\"_ _3\"></span>lt <span class=\"_ _15f\"> </span>  <span class=\"_ _11b\"> </span>35<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8  <span class=\"_ _10f\"> </span>3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>6  <span class=\"_ _f0\"> </span>1<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>4  <span class=\"_ _5b\"> </span>14<span class=\"_ _3\"></span>.6  <span class=\"_ _10e\"> </span>7.3  <span class=\"_ _14e\"> </span>7<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.7<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs39f\">Fee, <span class=\"_ _3\"></span>commission <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>other <span class=\"_ _3\"></span>operating <span class=\"_ _3\"></span>income <span class=\"_ _17c\"> </span>  <span class=\"_ _114\"> </span>39.8  <span class=\"_ _114\"> </span>50.3  <span class=\"_ _57\"> </span>2<span class=\"_ _3\"></span>.9  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _12e\"> </span>(3.6 <span class=\"_ _7\"></span>) <span class=\"_ _11b\"> </span>89.4<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs3a0\">Se<span class=\"_ _3\"></span>gmen<span class=\"_ _3\"></span>tal <span class=\"_ _4\"></span>reven<span class=\"_ _3\"></span>ue, <span class=\"_ _4\"></span>net <span class=\"_ _4\"></span>of <span class=\"_ _4\"></span>inve<span class=\"_ _3\"></span>stm<span class=\"_ _3\"></span>ent <span class=\"_ _4\"></span>re<span class=\"_ _3\"></span>sult <span class=\"_ _114\"> </span>  <span class=\"_ _11b\"> </span>70.<span class=\"_ _3\"></span>3  <span class=\"_ _f0\"> </span>5<span class=\"_ _3\"></span>7<span class=\"_ _2\"></span>.0  <span class=\"_ _114\"> </span>12<span class=\"_ _4\"></span>.0  <span class=\"_ _114\"> </span>13<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>0  <span class=\"_ _fe\"> </span>3<span class=\"_ _3\"></span>.7  <span class=\"_ _15c\"> </span>1<span class=\"_ _3\"></span>56<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>0<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws1b6 gs3a1\">Other <span class=\"_ _9\"> </span>operating <span class=\"_ _e\"> </span>expenses <span class=\"_ _df\"> </span> <span class=\"_ _5\"> </span> <span class=\"_ _2d\"> </span>(39.9 ) <span class=\"_ _14b\"> </span>(40.0 ) <span class=\"_ _12e\"> </span>(3.5 ) <span class=\"_ _12e\"> </span>(5.5 ) <span class=\"_ _5b\"> </span>(23.1 ) <span class=\"_ _28\"> </span>( 1<span class=\"_ _3\"></span>1 2.0 )<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws1b6 gs3a2\">Financing <span class=\"_ _9\"> </span>costs <span class=\"_ _1eb\"> </span> <span class=\"_ _5\"> </span> <span class=\"_ _179\"> </span>(0.2 ) <span class=\"_ _1b7\"> </span>(0.5 ) <span class=\"_ _158\"> </span>\u2013 <span class=\"_ _5\"> </span> <span class=\"_ _186\"> </span>\u2013 <span class=\"_ _5\"> </span> <span class=\"_ _14e\"> </span>(10.3 ) <span class=\"_ _5b\"> </span>( 1<span class=\"_ _4\"></span>1.0 )<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs3a3\">Pro<span class=\"_ _3\"></span>fit<span class=\"_ _3\"></span>/(los<span class=\"_ _3\"></span>s) <span class=\"_ _3\"></span>b<span class=\"_ _3\"></span>ef<span class=\"_ _3\"></span>ore <span class=\"_ _4\"></span>tax <span class=\"_ _4\"></span>and <span class=\"_ _4\"></span>co<span class=\"_ _3\"></span>nso<span class=\"_ _3\"></span>lida<span class=\"_ _3\"></span>tion <span class=\"_ _4\"></span>ad<span class=\"_ _3\"></span>jus<span class=\"_ _3\"></span>tmen<span class=\"_ _3\"></span>ts <span class=\"_ _c\"> </span>  <span class=\"_ _11b\"> </span>3<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>2  <span class=\"_ _114\"> </span>1<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5  <span class=\"_ _8f\"> </span>8<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5  <span class=\"_ _10e\"> </span>7.5  <span class=\"_ _14b\"> </span>(2<span class=\"_ _3\"></span>9.7 <span class=\"_ _7\"></span>) <span class=\"_ _45\"> </span>33<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>0<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws2 gs3a4\">Other operating expenses:<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 ls2 ws2 gs3a5\">Amortisation and impairment of intangible assets <span class=\"_ _7e\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _45\"> </span>(26<span class=\"_ _3\"></span>.7 <span class=\"_ _31\"></span>) <span class=\"_ _f0\"> </span>(1<span class=\"_ _4\"></span>1.2 <span class=\"_ _7\"></span>) <span class=\"_ _ae\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _e9\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _e9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _7b\"> </span>(37<span class=\"_ _2\"></span>.9 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs3a6\">Se<span class=\"_ _3\"></span>gmen<span class=\"_ _3\"></span>tal <span class=\"_ _4\"></span>inc<span class=\"_ _3\"></span>ome <span class=\"_ _4\"></span>les<span class=\"_ _3\"></span>s <span class=\"_ _4\"></span>expen<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>s <span class=\"_ _207\"> </span>  <span class=\"_ _10f\"> </span>3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5  <span class=\"_ _10f\"> </span>5<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3  <span class=\"_ _179\"> </span>8<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5  <span class=\"_ _10e\"> </span>7.5  <span class=\"_ _14b\"> </span>(2<span class=\"_ _3\"></span>9.7 <span class=\"_ _7\"></span>) <span class=\"_ _2d\"> </span>(4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs3a7\">Post <span class=\"_ _3\"></span>completion <span class=\"_ _3\"></span>gain <span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>por<span class=\"_ _3\"></span>tfolio <span class=\"_ _3\"></span>acquisition <span class=\"_ _ae\"> </span>  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _1a1\"> </span>6.7  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _57\"> </span>6<span class=\"_ _3\"></span>.7<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs3a8\">(L<span class=\"_ _3\"></span>oss)/p<span class=\"_ _3\"></span>rofi<span class=\"_ _3\"></span>t <span class=\"_ _3\"></span>b<span class=\"_ _3\"></span>efo<span class=\"_ _3\"></span>re <span class=\"_ _4\"></span>tax <span class=\"_ _205\"> </span>  <span class=\"_ _fe\"> </span>3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5  <span class=\"_ _10f\"> </span>5<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3  <span class=\"_ _14e\"> </span>15<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2  <span class=\"_ _10e\"> </span>7.5  <span class=\"_ _14b\"> </span>(2<span class=\"_ _3\"></span>9.7 <span class=\"_ _7\"></span>) <span class=\"_ _10f\"> </span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws1b6 gs3a9\">Income <span class=\"_ _9\"> </span>tax <span class=\"_ _e\"> </span>credit/(c<span class=\"_ _2\"></span>harge) <span class=\"_ _18c\"> </span> <span class=\"_ _4\"> </span> <span class=\"_ _12b\"> </span>20.5 <span class=\"_ _5\"> </span> <span class=\"_ _186\"> </span>\u2013 <span class=\"_ _5\"> </span> <span class=\"_ _1b1\"> </span>(1.6 ) <span class=\"_ _fe\"> </span>(1.9 ) <span class=\"_ _fe\"> </span>(0.1 ) <span class=\"_ _12b\"> </span>16.9<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs3aa\">(L<span class=\"_ _3\"></span>oss)/p<span class=\"_ _3\"></span>rofi<span class=\"_ _3\"></span>t <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ft<span class=\"_ _3\"></span>er <span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>ax <span class=\"_ _14a\"> </span>  <span class=\"_ _1e1\"> </span>2<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>.0  <span class=\"_ _10f\"> </span>5<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3  <span class=\"_ _14e\"> </span>13<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>6  <span class=\"_ _10f\"> </span>5<span class=\"_ _3\"></span>.6  <span class=\"_ _28\"> </span>(2<span class=\"_ _3\"></span>9<span class=\"_ _3\"></span>.8 <span class=\"_ _0\"></span>) <span class=\"_ _2d\"> </span>1<span class=\"_ _3\"></span>8.7</div><div class=\"t m0 h11 ff63 fsd fc1 sc0 ls2 ws2 gs3ab\"> <span class=\"_ _e\"> </span>(b) <span class=\"_ _3\"></span>Segmental balance sheet as at 3<span class=\"_ _2\"></span>1 December 2023</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lsd9 ws1bb gs301\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14f\"> </span>Waard  <span class=\"_ _73\"> </span>  <span class=\"_ _132\"> </span>Ot<span class=\"_ _3\"></span>her <span class=\"_ _3\"></span>group  </div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs302\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _7d\"> </span>Moves<span class=\"_ _3\"></span>tic  <span class=\"_ _48\"> </span>Gro<span class=\"_ _3\"></span>up  <span class=\"_ _1c8\"> </span>Sc<span class=\"_ _3\"></span>ild<span class=\"_ _3\"></span>on  <span class=\"_ _1f9\"> </span>ac<span class=\"_ _3\"></span>ti<span class=\"_ _3\"></span>viti<span class=\"_ _3\"></span>es  </div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls23 ws1ef gs3ac\"> <span class=\"_ _166\"> </span> <span class=\"_ _5\"> </span> <span class=\"_ _1a1\"> </span>UK <span class=\"_ _5\"> </span> <span class=\"_ _91\"> </span>(Swe d en ) <span class=\"_ _79\"> </span>(Nethe rlands ) <span class=\"_ _79\"> </span>(Netherlands ) <span class=\"_ _14e\"> </span>( U K ) <span class=\"_ _28\"> </span>T<span class=\"_ _2\"></span>ot al</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls190 ws1e0 gs3ad\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs3ae\">T<span class=\"_ _2\"></span>otal <span class=\"_ _3\"></span>assets <span class=\"_ _1ae\"> </span>  <span class=\"_ _9d\"> </span>4<span class=\"_ _3\"></span>,527<span class=\"_ _a\"></span>.<span class=\"_ _3\"></span>2  <span class=\"_ _48\"> </span>4,519.4  <span class=\"_ _42\"> </span>946<span class=\"_ _3\"></span>.8  <span class=\"_ _48\"> </span>2,009.1  <span class=\"_ _7b\"> </span>127<span class=\"_ _2\"></span>.3  <span class=\"_ _3b\"> </span>1<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>,129.8<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws1b6 gs3af\">T<span class=\"_ _2\"></span>otal <span class=\"_ _9\"> </span>liabilities <span class=\"_ _208\"> </span> <span class=\"_ _5\"> </span> <span class=\"_ _3b\"> </span>(4,376.6 ) <span class=\"_ _82\"> </span>(4,422.2 ) <span class=\"_ _2a\"> </span>(867.<span class=\"_ _2\"></span>0 ) <span class=\"_ _7c\"> </span>(1,894 .6 ) <span class=\"_ _43\"> </span>(209.5 ) <span class=\"_ _be\"> </span>( 1<span class=\"_ _3\"></span>1,769.9 )<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs3b0\">Ne<span class=\"_ _3\"></span>t <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>sse<span class=\"_ _3\"></span>ts <span class=\"_ _1b3\"> </span>  <span class=\"_ _e7\"> </span>15<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>6  <span class=\"_ _f0\"> </span>97.<span class=\"_ _3\"></span>2  <span class=\"_ _7b\"> </span>7<span class=\"_ _3\"></span>9.<span class=\"_ _3\"></span>8  <span class=\"_ _14b\"> </span>1<span class=\"_ _3\"></span>14<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5  <span class=\"_ _28\"> </span>(8<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2 <span class=\"_ _7\"></span>) <span class=\"_ _2a\"> </span>3<span class=\"_ _3\"></span>59<span class=\"_ _3\"></span>.9<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs3b1\">Investment <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>associates <span class=\"_ _c4\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs3b2\">Additions <span class=\"_ _3\"></span>to <span class=\"_ _3\"></span>non-current <span class=\"_ _3\"></span>assets <span class=\"_ _1be\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff62 fs1 fc1 sc0 lseb wsfb gsc0\">186<span class=\"_ _c\"> </span><span class=\"ff67 ls3 ws2\">C<span class=\"_ _3\"></span>HESN<span class=\"_ _3\"></span>AR<span class=\"_ _3\"></span>A AN<span class=\"_ _3\"></span>NUAL REPOR<span class=\"_ _3\"></span>T AND <span class=\"_ _3\"></span>ACCOUNT<span class=\"_ _3\"></span>S 20<span class=\"_ _2\"></span>23<span class=\"_ _421\"> </span></span></div>IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS <span class=\"_ _18\"></span><span class=\"_ _18\"> </span>(c) <span class=\"_ _4\"></span>Segmental income statement for the y<span class=\"_ _2\"></span>ear ended 3<span class=\"_ _a\"></span>1 December 2022 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14f\"> </span>Waard  <span class=\"_ _73\"> </span>  <span class=\"_ _132\"> </span>Ot<span class=\"_ _3\"></span>her <span class=\"_ _3\"></span>group   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _7d\"> </span>Moves<span class=\"_ _3\"></span>tic  <span class=\"_ _48\"> </span>Gro<span class=\"_ _3\"></span>up  <span class=\"_ _1c8\"> </span>Sc<span class=\"_ _3\"></span>ild<span class=\"_ _3\"></span>on  <span class=\"_ _1f9\"> </span>ac<span class=\"_ _3\"></span>ti<span class=\"_ _3\"></span>viti<span class=\"_ _3\"></span>es   <span class=\"_ _166\"> </span> <span class=\"_ _5\"> </span> <span class=\"_ _1a1\"> </span>UK <span class=\"_ _5\"> </span> <span class=\"_ _91\"> </span>(Swe d en ) <span class=\"_ _79\"> </span>(Nethe rlands ) <span class=\"_ _79\"> </span>(Netherlands ) <span class=\"_ _14e\"> </span>( U K ) <span class=\"_ _28\"> </span>T<span class=\"_ _2\"></span>ot al <span class=\"_ _19e\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Insurance <span class=\"_ _3\"></span>rev<span class=\"_ _2\"></span>enue <span class=\"_ _202\"> </span>  <span class=\"_ _165\"> </span>65.1  <span class=\"_ _165\"> </span>12.6  <span class=\"_ _1b7\"> </span>16.9  <span class=\"_ _45\"> </span>130.5  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _11b\"> </span>225.1<span class=\"_ _421\"> </span>Insurance <span class=\"_ _9\"> </span>service <span class=\"_ _9\"> </span>expense <span class=\"_ _206\"> </span> <span class=\"_ _5\"> </span> <span class=\"_ _2d\"> </span>(58. 2 ) <span class=\"_ _1b7\"> </span>(4.5 ) <span class=\"_ _5b\"> </span>(17<span class=\"_ _a\"></span>. 8 ) <span class=\"_ _e7\"> </span>(125.6 ) <span class=\"_ _158\"> </span>\u2013 <span class=\"_ _5\"> </span> <span class=\"_ _46\"> </span>(206.1 )<span class=\"_ _421\"> </span>Net expenses f<span class=\"_ _3\"></span>rom reinsurance c<span class=\"_ _2\"></span>ontracts held <span class=\"_ _1b1\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _10f\"> </span>(1.7 <span class=\"_ _31\"></span>) <span class=\"_ _14e\"> </span>(2.9 <span class=\"_ _7\"></span>) <span class=\"_ _165\"> </span>(1.6 <span class=\"_ _31\"></span>) <span class=\"_ _12e\"> </span>0.5 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013  <span class=\"_ _1b7\"> </span>(5.7 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Se<span class=\"_ _3\"></span>gmen<span class=\"_ _3\"></span>tal <span class=\"_ _4\"></span>ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>esu<span class=\"_ _3\"></span>lt <span class=\"_ _133\"> </span>  <span class=\"_ _10f\"> </span>5<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2  <span class=\"_ _fe\"> </span>5<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2  <span class=\"_ _14e\"> </span>(2<span class=\"_ _4\"></span>.<span class=\"_ _3\"></span>5 <span class=\"_ _7\"></span>) <span class=\"_ _12b\"> </span>5<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _14e\"> </span>13<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3<span class=\"_ _421\"> </span>Net <span class=\"_ _9\"> </span>investment <span class=\"_ _9\"> </span>return <span class=\"_ _1a8\"> </span> <span class=\"_ _5\"> </span> <span class=\"_ _43\"> </span>(280.8 ) <span class=\"_ _2a\"> </span>(876.8 ) <span class=\"_ _7b\"> </span>(93.3 ) <span class=\"_ _2a\"> </span>(302.4 ) <span class=\"_ _12e\"> </span>(3.6 ) <span class=\"_ _14f\"> </span>( 1,556.9 )<span class=\"_ _421\"> </span>Net finance (expenses)/income f<span class=\"_ _3\"></span>rom insurance contr<span class=\"_ _2\"></span>acts issued <span class=\"_ _1c2\"> </span>161.6 <span class=\"_ _a\"></span> <span class=\"_ _5b\"> </span>20.5 <span class=\"_ _2\"></span> <span class=\"_ _152\"> </span>91.0 <span class=\"_ _a\"></span> <span class=\"_ _14b\"> </span>27<span class=\"_ _2\"></span>5.7 <span class=\"_ _a\"></span> <span class=\"_ _e9\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _42\"> </span>548<span class=\"_ _3\"></span>.8<span class=\"_ _421\"> </span>Net finance expenses f<span class=\"_ _3\"></span>rom reinsuranc<span class=\"_ _2\"></span>e contracts held <span class=\"_ _1e7\"> </span>  <span class=\"_ _11b\"> </span>(24.1 <span class=\"_ _31\"></span>) <span class=\"_ _114\"> </span>(0.5 <span class=\"_ _7\"></span>) <span class=\"_ _114\"> </span>(0.3 <span class=\"_ _31\"></span>) <span class=\"_ _12b\"> </span>11.8  <span class=\"_ _97\"> </span>\u2013  <span class=\"_ _14e\"> </span>(1<span class=\"_ _3\"></span>3.1 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Net <span class=\"_ _3\"></span>change <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>investment <span class=\"_ _3\"></span>contract <span class=\"_ _3\"></span>liabilities <span class=\"_ _186\"> </span>  <span class=\"_ _7b\"> </span>129.5  <span class=\"_ _15c\"> </span>459.8  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _46\"> </span>589.3<span class=\"_ _421\"> </span>Change in liabilities relating to polic<span class=\"_ _2\"></span>yholders\u2019 funds held <span class=\"ls2\"> </span>by <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>group <span class=\"_ _1b4\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _46\"> </span>392<span class=\"_ _3\"></span>.9  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _46\"> </span>392.9<span class=\"_ _421\"> </span>Se gm e nt a l <span class=\"_ _e\"> </span>inve s t m en t <span class=\"_ _e\"> </span>re s ul t <span class=\"_ _53\"> </span> <span class=\"_ _9\"> </span> <span class=\"_ _11b\"> </span>( 1 3<span class=\"_ _3\"></span>. 8 ) <span class=\"_ _12e\"> </span>(<span class=\"_ _2\"></span>4<span class=\"_ _3\"></span>.1 ) <span class=\"_ _14e\"> </span>( 2<span class=\"_ _3\"></span>. 6 ) <span class=\"_ _150\"> </span>( 14<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9 ) <span class=\"_ _14e\"> </span>( 3<span class=\"_ _3\"></span>. 6 ) <span class=\"_ _28\"> </span>( 3 9 . 0 )<span class=\"_ _421\"> </span>Fee, <span class=\"_ _3\"></span>commission <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>other <span class=\"_ _3\"></span>operating <span class=\"_ _3\"></span>income <span class=\"_ _17c\"> </span>  <span class=\"_ _12b\"> </span>16.4  <span class=\"_ _1b7\"> </span>43.1  <span class=\"_ _5a\"> </span>0.1  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _14e\"> </span>59.6<span class=\"_ _421\"> </span>Se<span class=\"_ _3\"></span>gmen<span class=\"_ _3\"></span>tal reve<span class=\"_ _3\"></span>nue, n<span class=\"_ _3\"></span>et o<span class=\"_ _3\"></span>f inves<span class=\"_ _3\"></span>tmen<span class=\"_ _3\"></span>t res<span class=\"_ _3\"></span>ult <span class=\"_ _c2\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _179\"> </span>7<span class=\"_ _2\"></span>.<span class=\"_ _3\"></span>8 <span class=\"_ _a\"></span> <span class=\"_ _150\"> </span>4<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2 <span class=\"_ _a\"></span> <span class=\"_ _5b\"> </span>(5<span class=\"_ _3\"></span>.0 <span class=\"_ _31\"></span>) <span class=\"_ _11b\"> </span>(<span class=\"_ _3\"></span>9.<span class=\"_ _3\"></span>5 <span class=\"_ _31\"></span>) <span class=\"_ _11b\"> </span>(<span class=\"_ _3\"></span>3.<span class=\"_ _3\"></span>6 <span class=\"_ _31\"></span>) <span class=\"_ _150\"> </span>33<span class=\"_ _3\"></span>.9<span class=\"_ _421\"> </span>Other <span class=\"_ _9\"> </span>operating <span class=\"_ _e\"> </span>expenses <span class=\"_ _df\"> </span> <span class=\"_ _5\"> </span> <span class=\"_ _2d\"> </span>(30.7 ) <span class=\"_ _1e1\"> </span>(29.7 ) <span class=\"_ _10e\"> </span>(3.1 ) <span class=\"_ _12e\"> </span>(5.7 ) <span class=\"_ _2d\"> </span>(14 .2 ) <span class=\"_ _45\"> </span>(83.4 )<span class=\"_ _421\"> </span>Financing <span class=\"_ _9\"> </span>costs <span class=\"_ _1eb\"> </span> <span class=\"_ _5\"> </span> <span class=\"_ _179\"> </span>(0.2 ) <span class=\"_ _12b\"> </span>(0.8 ) <span class=\"_ _e9\"> </span>\u2013 <span class=\"_ _5\"> </span> <span class=\"_ _186\"> </span>\u2013 <span class=\"_ _5\"> </span> <span class=\"_ _fe\"> </span>(9.5 ) <span class=\"_ _f0\"> </span>(10.5 )<span class=\"_ _421\"> </span>Pro<span class=\"_ _3\"></span>fit<span class=\"_ _3\"></span>/(los<span class=\"_ _3\"></span>s) be<span class=\"_ _3\"></span>fore t<span class=\"_ _3\"></span>ax and c<span class=\"_ _3\"></span>ons<span class=\"_ _3\"></span>oli<span class=\"_ _3\"></span>datio<span class=\"_ _3\"></span>n adju<span class=\"_ _3\"></span>st<span class=\"_ _3\"></span>ment<span class=\"_ _3\"></span>s <span class=\"_ _74\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _45\"> </span>(2<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>.1 <span class=\"_ _31\"></span>) <span class=\"_ _2d\"> </span>13<span class=\"_ _3\"></span>.7 <span class=\"_ _a\"></span> <span class=\"_ _12b\"> </span>(<span class=\"_ _3\"></span>8.1 <span class=\"_ _31\"></span>) <span class=\"_ _28\"> </span>(<span class=\"_ _3\"></span>15<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2 <span class=\"_ _31\"></span>) <span class=\"_ _42\"> </span>(<span class=\"_ _3\"></span>27.<span class=\"_ _3\"></span>3 <span class=\"_ _31\"></span>) <span class=\"_ _2a\"> </span>(6<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>0 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Other operating expenses:<span class=\"_ _421\"> </span>Amortisation <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>intangible <span class=\"_ _4\"></span>assets <span class=\"_ _197\"> </span>  <span class=\"_ _12e\"> </span>(5<span class=\"_ _3\"></span>.3 <span class=\"_ _7\"></span>) <span class=\"_ _11b\"> </span>(<span class=\"_ _3\"></span>12.2 <span class=\"_ _0\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _3\"></span>  <span class=\"_ _5b\"> </span>(1<span class=\"_ _3\"></span>7<span class=\"_ _a\"></span>.<span class=\"_ _3\"></span>5 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Se gm e nt a l <span class=\"_ _e\"> </span>in co m e <span class=\"_ _e\"> </span>le s<span class=\"_ _3\"></span>s <span class=\"_ _e\"> </span>exp en s e s <span class=\"_ _26\"> </span> <span class=\"_ _5\"> </span> <span class=\"_ _14b\"> </span>( 2 8<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4 ) <span class=\"_ _1b1\"> </span>1 .<span class=\"_ _3\"></span>5 <span class=\"_ _9\"> </span> <span class=\"_ _10f\"> </span>(8<span class=\"_ _3\"></span>.1 ) <span class=\"_ _45\"> </span>(<span class=\"_ _3\"></span>1 5<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2 ) <span class=\"_ _14b\"> </span>( 2 7.<span class=\"_ _3\"></span>3 ) <span class=\"_ _14b\"> </span>(77. 5  )<span class=\"_ _421\"> </span>Post <span class=\"_ _3\"></span>completion <span class=\"_ _3\"></span>gain <span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>por<span class=\"_ _3\"></span>tfolio <span class=\"_ _3\"></span>acquisition <span class=\"_ _ae\"> </span>  <span class=\"_ _57\"> </span>9.6  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _57\"> </span>5.8  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _165\"> </span>15.4<span class=\"_ _421\"> </span>(L os<span class=\"_ _3\"></span>s)/pro fi t <span class=\"_ _e\"> </span>b e f o r e <span class=\"_ _e\"> </span>ta x <span class=\"_ _cd\"> </span> <span class=\"_ _5\"> </span> <span class=\"_ _7b\"> </span>(1<span class=\"_ _3\"></span>8 .<span class=\"_ _3\"></span>8 ) <span class=\"_ _1b1\"> </span>1 .<span class=\"_ _4\"></span>5 <span class=\"_ _5\"> </span> <span class=\"_ _1b7\"> </span>( 2<span class=\"_ _4\"></span>. 3 ) <span class=\"_ _1e1\"> </span>( 1 5<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2 ) <span class=\"_ _150\"> </span>(27. 3 ) <span class=\"_ _1e1\"> </span>(6 2<span class=\"_ _4\"></span>.1 )<span class=\"_ _421\"> </span>Income <span class=\"_ _3\"></span>tax <span class=\"_ _3\"></span>credit/(charge) <span class=\"_ _ee\"> </span>  <span class=\"_ _165\"> </span>19.2  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _10f\"> </span>(0.1 <span class=\"_ _7\"></span>) <span class=\"_ _fe\"> </span>3.9  <span class=\"_ _57\"> </span>5.4  <span class=\"_ _c2\"> </span>28.4<span class=\"_ _421\"> </span>(L os<span class=\"_ _3\"></span>s)/pro fi t <span class=\"_ _e\"> </span>a f<span class=\"_ _3\"></span>te r <span class=\"_ _e\"> </span>ta x <span class=\"_ _1a5\"> </span> <span class=\"_ _5\"> </span> <span class=\"_ _fe\"> </span>0 .<span class=\"_ _3\"></span>4 <span class=\"_ _5\"> </span> <span class=\"_ _56\"> </span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5 <span class=\"_ _5\"> </span> <span class=\"_ _12b\"> </span>( 2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4 ) <span class=\"_ _2d\"> </span>( 1<span class=\"_ _4\"></span>1.<span class=\"_ _4\"></span>3 ) <span class=\"_ _44\"> </span>( 2<span class=\"_ _3\"></span>1 .<span class=\"_ _3\"></span>9 ) <span class=\"_ _14b\"> </span>(3<span class=\"_ _3\"></span>3 .7 ) <span class=\"_ _e\"> </span>(d) <span class=\"_ _3\"></span>Segmental balance sheet as at 3<span class=\"_ _2\"></span>1 December 2022 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14f\"> </span>Waard  <span class=\"_ _73\"> </span>  <span class=\"_ _132\"> </span>Ot<span class=\"_ _3\"></span>her <span class=\"_ _3\"></span>group   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _7d\"> </span>Moves<span class=\"_ _3\"></span>tic  <span class=\"_ _48\"> </span>Gro<span class=\"_ _3\"></span>up  <span class=\"_ _1c8\"> </span>Sc<span class=\"_ _3\"></span>ild<span class=\"_ _3\"></span>on  <span class=\"_ _1f9\"> </span>ac<span class=\"_ _3\"></span>ti<span class=\"_ _3\"></span>viti<span class=\"_ _3\"></span>es   <span class=\"_ _166\"> </span> <span class=\"_ _5\"> </span> <span class=\"_ _1a1\"> </span>UK <span class=\"_ _5\"> </span> <span class=\"_ _91\"> </span>(Swe d en ) <span class=\"_ _79\"> </span>(Nethe rlands ) <span class=\"_ _79\"> </span>(Netherlands ) <span class=\"_ _14e\"> </span>( U K ) <span class=\"_ _28\"> </span>T<span class=\"_ _2\"></span>ot al <span class=\"_ _19e\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>otal <span class=\"_ _3\"></span>assets <span class=\"_ _1ae\"> </span>  <span class=\"_ _14f\"> </span>4,7<span class=\"_ _2\"></span>48.9  <span class=\"_ _76\"> </span>3,948<span class=\"_ _3\"></span>.2  <span class=\"_ _28\"> </span>542.6  <span class=\"_ _47\"> </span>1,902.5  <span class=\"_ _f0\"> </span>1<span class=\"_ _3\"></span>12<span class=\"_ _3\"></span>.7  <span class=\"_ _7c\"> </span>1<span class=\"_ _3\"></span>1,254.9<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>otal <span class=\"_ _9\"> </span>liabilities <span class=\"_ _208\"> </span> <span class=\"_ _5\"> </span> <span class=\"_ _7c\"> </span>(4,566 .3 ) <span class=\"_ _82\"> </span>(3,842.0 ) <span class=\"_ _3e\"> </span>(469.4 ) <span class=\"_ _129\"> </span>(1,791.4 ) <span class=\"_ _29\"> </span>(201.7 ) <span class=\"_ _1c2\"> </span>(10,870.8 )<span class=\"_ _421\"> </span>Ne<span class=\"_ _3\"></span>t <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>sse<span class=\"_ _3\"></span>ts <span class=\"_ _1b3\"> </span>  <span class=\"_ _e7\"> </span>18<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.6  <span class=\"_ _15c\"> </span>1<span class=\"_ _3\"></span>06<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2  <span class=\"_ _2d\"> </span>7<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2  <span class=\"_ _5b\"> </span>1<span class=\"_ _4\"></span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.1  <span class=\"_ _e7\"> </span>(89<span class=\"_ _3\"></span>.0 <span class=\"_ _7\"></span>) <span class=\"_ _a3\"> </span>3<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>.1<span class=\"_ _421\"> </span>Investment <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>associates <span class=\"_ _c4\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span>Additions <span class=\"_ _3\"></span>to <span class=\"_ _3\"></span>non-current <span class=\"_ _3\"></span>assets <span class=\"_ _1be\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _12b\"> </span>10<span class=\"_ _2\"></span>.4  <span class=\"_ _10e\"> </span>0.<span class=\"_ _3\"></span>3  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _1b7\"> </span>10.7<span class=\"_ _421\"> </span><span class=\"ff65 ls3 ws2\">CHES<span class=\"_ _277\"></span>NAR<span class=\"_ _283\"></span>A<span class=\"_ _27e\"></span>AN<span class=\"_ _277\"></span>NUAL<span class=\"_ _370\"></span>REPO<span class=\"_ _284\"></span>RT<span class=\"_ _278\"></span>AND<span class=\"_ _3ad\"></span>ACCOUNT<span class=\"_ _27a\"></span>S<span class=\"_ _27b\"></span>20<span class=\"_ _2b5\"></span>23</span><span class=\"_ _3ca\"></span>187<span class=\"_ _421\"> </span>IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS<span class=\"_ _421\"> </span>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<span class=\"_ _421\"> </span>SECTION D \u2013 PERF<span class=\"_ _2\"></span>ORMANCE IN THE YEAR <span class=\"_ _e\"></span><span class=\"_ _e\"> </span>D1 <span class=\"_ _3\"></span>Insurance r<span class=\"_ _2\"></span>esult<span class=\"_ _421\"> </span>Y<span class=\"_ _2\"></span>ear ended<span class=\"_ _2\"></span> 31 December 202<span class=\"_ _3\"></span>3 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14f\"> </span>Waard  <span class=\"_ _73\"> </span>   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _7d\"> </span>Moves<span class=\"_ _3\"></span>tic  <span class=\"_ _48\"> </span>Gro<span class=\"_ _3\"></span>up  <span class=\"_ _1c8\"> </span>Sc<span class=\"_ _3\"></span>ild<span class=\"_ _3\"></span>on   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _10f\"> </span>U<span class=\"_ _3\"></span>K  <span class=\"_ _127\"> </span>(<span class=\"_ _3\"></span>Sweden <span class=\"_ _0\"></span>) <span class=\"_ _10\"> </span>(Nethe<span class=\"_ _3\"></span>rlands <span class=\"_ _7\"></span>) <span class=\"_ _10\"> </span>(Nethe<span class=\"_ _3\"></span>rlands <span class=\"_ _7\"></span>) <span class=\"_ _119\"> </span>Total<span class=\"_ _421\"> </span>Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>revenu<span class=\"_ _3\"></span>e <span class=\"_ _209\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3<span class=\"_ _3\"></span>m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3<span class=\"_ _3\"></span>m  <span class=\"_ _165\"> </span>\u00a3<span class=\"_ _3\"></span>m<span class=\"_ _421\"> </span>Contract<span class=\"_ _3\"></span>s not measured u<span class=\"_ _2\"></span>nder the P<span class=\"_ _2\"></span>A<span class=\"_ _3\"></span>A:<span class=\"_ _421\"> </span>Amounts relating to changes<span class=\"_ _2\"></span> in the liability for remaining<span class=\"_ _2\"></span> coverage:<span class=\"_ _421\"> </span>Expected incurr<span class=\"_ _2\"></span>ed claims and other directly attributable e<span class=\"_ _2\"></span>xpenses <span class=\"_ _47\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _1b7\"> </span>59.1 <span class=\"_ _a\"></span> <span class=\"_ _10e\"> </span>0.3 <span class=\"_ _a\"></span> <span class=\"_ _5b\"> </span>28.2 <span class=\"_ _2\"></span> <span class=\"_ _7b\"> </span>100.1 <span class=\"_ _a\"></span> <span class=\"_ _44\"> </span>187.7<span class=\"_ _421\"> </span>Change in risk adjustment for non-financial risk for the risk expir<span class=\"_ _2\"></span>ed <span class=\"_ _11c\"> </span>  <span class=\"_ _10e\"> </span>2.2  <span class=\"_ _94\"> </span>0.1 <span class=\"_ _a\"></span> <span class=\"_ _fe\"> </span>0.9 <span class=\"_ _a\"></span> <span class=\"_ _10e\"> </span>2.4 <span class=\"_ _a\"></span> <span class=\"_ _57\"> </span>5.6<span class=\"_ _421\"> </span>CSM <span class=\"_ _3\"></span>recognised <span class=\"_ _3\"></span>for <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>services <span class=\"_ _3\"></span>provided <span class=\"_ _a9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _57\"> </span>4.5  <span class=\"_ _57\"> </span>0.3  <span class=\"_ _57\"> </span>7.<span class=\"_ _2\"></span>0  <span class=\"_ _10e\"> </span>9.0  <span class=\"_ _5b\"> </span>20.8<span class=\"_ _421\"> </span>Insurance <span class=\"_ _3\"></span>acquisition <span class=\"_ _3\"></span>cash <span class=\"_ _3\"></span>flows <span class=\"_ _3\"></span>recov<span class=\"_ _2\"></span>ery <span class=\"_ _a9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _1b1\"> </span>3.5  <span class=\"_ _1b1\"> </span>3.5<span class=\"_ _421\"> </span>Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce reve<span class=\"_ _3\"></span>nue fo<span class=\"_ _3\"></span>r cont<span class=\"_ _3\"></span>rac<span class=\"_ _3\"></span>ts n<span class=\"_ _3\"></span>ot me<span class=\"_ _3\"></span>asur<span class=\"_ _3\"></span>ed un<span class=\"_ _3\"></span>der th<span class=\"_ _3\"></span>e PAA <span class=\"_ _1c0\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _1e1\"> </span>6<span class=\"_ _3\"></span>5.<span class=\"_ _3\"></span>8 <span class=\"_ _2\"></span> <span class=\"_ _12e\"> </span>0<span class=\"_ _3\"></span>.7 <span class=\"_ _0\"></span> <span class=\"_ _5b\"> </span>3<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>.1 <span class=\"_ _a\"></span> <span class=\"_ _46\"> </span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>.0 <span class=\"_ _2\"></span> <span class=\"_ _28\"> </span>21<span class=\"_ _3\"></span>7<span class=\"_ _2\"></span>.6<span class=\"_ _421\"> </span>Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce reve<span class=\"_ _3\"></span>nue fo<span class=\"_ _3\"></span>r cont<span class=\"_ _3\"></span>rac<span class=\"_ _3\"></span>ts m<span class=\"_ _3\"></span>eas<span class=\"_ _3\"></span>ured u<span class=\"_ _3\"></span>nde<span class=\"_ _3\"></span>r the PA<span class=\"_ _3\"></span>A <span class=\"_ _96\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _2d\"> </span>10<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4 <span class=\"_ _a\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _2d\"> </span>1<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>4<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>nsur<span class=\"_ _3\"></span>ance <span class=\"_ _4\"></span>reve<span class=\"_ _3\"></span>nue <span class=\"_ _d9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _7b\"> </span>6<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8  <span class=\"_ _10f\"> </span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.1  <span class=\"_ _14e\"> </span>36<span class=\"_ _3\"></span>.1  <span class=\"_ _150\"> </span>11<span class=\"_ _4\"></span>5.<span class=\"_ _3\"></span>0  <span class=\"_ _43\"> </span>2<span class=\"_ _3\"></span>28<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>0<span class=\"_ _421\"> </span>Insura<span class=\"_ _2\"></span>nce service e<span class=\"_ _a\"></span>xpenses<span class=\"_ _421\"> </span>Incurred claims and other dir<span class=\"_ _2\"></span>ectly attributable expenses <span class=\"_ _f9\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _44\"> </span>(50.7 <span class=\"_ _31\"></span>) <span class=\"_ _2d\"> </span>(1<span class=\"_ _3\"></span>1.0 <span class=\"_ _31\"></span>) <span class=\"_ _28\"> </span>(30.4 <span class=\"_ _31\"></span>) <span class=\"_ _7b\"> </span>(75.1 <span class=\"_ _31\"></span>) <span class=\"_ _a3\"> </span>(<span class=\"_ _3\"></span>167<span class=\"_ _a\"></span>.2 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Changes that relate t<span class=\"_ _2\"></span>o past service \u2013 changes in the FCF relating t<span class=\"_ _2\"></span>o the LIC <span class=\"_ _5\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _e9\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _57\"> </span>3.6 <span class=\"_ _a\"></span> <span class=\"_ _e9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _57\"> </span>3.6<span class=\"_ _421\"> </span>Losses on onerous contr<span class=\"_ _2\"></span>acts and reversals of those losses <span class=\"_ _4c\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _1e1\"> </span>(<span class=\"_ _3\"></span>14.9 <span class=\"_ _31\"></span>) <span class=\"_ _15b\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _1b7\"> </span>(7<span class=\"_ _2\"></span>.4 <span class=\"_ _31\"></span>) <span class=\"_ _46\"> </span>(35.4 <span class=\"_ _31\"></span>) <span class=\"_ _150\"> </span>(57<span class=\"_ _2\"></span>.7 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Insurance <span class=\"_ _3\"></span>acquisition <span class=\"_ _3\"></span>cash <span class=\"_ _3\"></span>flows <span class=\"_ _3\"></span>amortisation <span class=\"_ _17c\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _165\"> </span>(3.4 <span class=\"_ _7\"></span>) <span class=\"_ _152\"> </span>(3.4 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota l <span class=\"_ _e\"> </span>in s u ra nc e <span class=\"_ _e\"> </span>s e r<span class=\"_ _3\"></span>vi ce <span class=\"_ _e\"> </span>ex p en s e s <span class=\"_ _194\"> </span> <span class=\"_ _5\"> </span> <span class=\"_ _126\"> </span> <span class=\"_ _9\"> </span> <span class=\"_ _150\"> </span>( 6 5<span class=\"_ _3\"></span>. 6 ) <span class=\"_ _14e\"> </span>( 7.4 ) <span class=\"_ _14b\"> </span>(3 7.8 ) <span class=\"_ _119\"> </span>( 1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>. 9 ) <span class=\"_ _47\"> </span>( 2 2 4<span class=\"_ _3\"></span>.7 )<span class=\"_ _421\"> </span>Net income/(e<span class=\"_ _2\"></span>xpens<span class=\"_ _3\"></span>es) from reinsurance contract<span class=\"_ _3\"></span>s held<span class=\"_ _421\"> </span>Reinsurance expense<span class=\"_ _3\"></span>s (<span class=\"_ _2\"></span>alloc<span class=\"_ _3\"></span>ation of reinsurance premiums paid) \u2013 <span class=\"ls2 ws2\"> </span>contract<span class=\"_ _3\"></span>s not measured under<span class=\"_ _2\"></span> the P<span class=\"_ _2\"></span>A<span class=\"_ _3\"></span>A<span class=\"_ _421\"> </span>Amounts relating to changes<span class=\"_ _2\"></span> in the remaining co<span class=\"_ _2\"></span>verage:<span class=\"_ _421\"> </span>Expected amount r<span class=\"_ _2\"></span>ecoverable f<span class=\"_ _2\"></span>or claims and other insurance service expenses <span class=\"_ _2a\"> </span>(23.<span class=\"_ _3\"></span>8 <span class=\"_ _31\"></span>)<span class=\"_ _3\"></span> <span class=\"_ _ae\"> </span>\u2013  <span class=\"_ _12b\"> </span>(5.0 <span class=\"_ _7\"></span>) <span class=\"_ _11b\"> </span>(17.7 <span class=\"_ _31\"></span>) <span class=\"_ _46\"> </span>(46.5 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Change in risk adjustment for non-financial risk for the risk expir<span class=\"_ _2\"></span>ed <span class=\"_ _11c\"> </span>  <span class=\"_ _20a\"> </span>(0.7 <span class=\"_ _31\"></span>) <span class=\"_ _ae\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _12b\"> </span>(0.2 <span class=\"_ _7\"></span>) <span class=\"_ _165\"> </span>(1.<span class=\"_ _3\"></span>3 <span class=\"_ _31\"></span>) <span class=\"_ _14e\"> </span>(2.<span class=\"_ _3\"></span>2 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>CSM recognised for the services r<span class=\"_ _2\"></span>eceived <span class=\"_ _154\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _20a\"> </span>(0.5 <span class=\"_ _31\"></span>) <span class=\"_ _ae\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _57\"> </span>2.2 <span class=\"_ _2\"></span> <span class=\"_ _165\"> </span>(2.7 <span class=\"_ _31\"></span>) <span class=\"_ _1b7\"> </span>(1.0 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Reinsurance expense<span class=\"_ _3\"></span>s (<span class=\"_ _2\"></span>alloc<span class=\"_ _3\"></span>ation of reinsurance premiums paid) \u2013 <span class=\"ls2 ws2\"> </span>con<span class=\"_ _3\"></span>trac<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>s not m<span class=\"_ _3\"></span>easu<span class=\"_ _3\"></span>red un<span class=\"_ _3\"></span>der t<span class=\"_ _3\"></span>he PA<span class=\"_ _3\"></span>A <span class=\"_ _3a\"> </span> <span class=\"_ _0\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _e7\"> </span>(2<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>.0 <span class=\"_ _31\"></span>) <span class=\"_ _e6\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _5b\"> </span>(3<span class=\"_ _3\"></span>.0 <span class=\"_ _31\"></span>) <span class=\"_ _46\"> </span>(2<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.7 <span class=\"_ _f\"></span>) <span class=\"_ _119\"> </span>(49.7 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Reinsurance expense<span class=\"_ _3\"></span>s (<span class=\"_ _2\"></span>alloc<span class=\"_ _3\"></span>ation of reinsurance premiums paid) \u2013 <span class=\"ls2 ws2\"> </span>con<span class=\"_ _3\"></span>trac<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>s <span class=\"_ _3\"></span>m<span class=\"_ _3\"></span>easu<span class=\"_ _3\"></span>red <span class=\"_ _4\"></span>und<span class=\"_ _3\"></span>er <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>PA<span class=\"_ _3\"></span>A <span class=\"_ _1c4\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _14e\"> </span>(<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5 <span class=\"_ _7\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _14e\"> </span>(<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Amounts recov<span class=\"_ _2\"></span>erable for incurred c<span class=\"_ _2\"></span>laims and other incurred insurance <span class=\"ls2\"> </span>service <span class=\"_ _3\"></span>expenses <span class=\"_ _4f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _165\"> </span>19.5  <span class=\"_ _1a1\"> </span>3.2  <span class=\"_ _57\"> </span>3.4  <span class=\"_ _12e\"> </span>17<span class=\"_ _2\"></span>.3  <span class=\"_ _5b\"> </span>43.4<span class=\"_ _421\"> </span>Changes in amounts recov<span class=\"_ _2\"></span>erable that relat<span class=\"_ _2\"></span>e to past service \u2013 adjustments <span class=\"ls2\"> </span>to <span class=\"_ _3\"></span>incurred <span class=\"_ _3\"></span>claims <span class=\"_ _ab\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _10e\"> </span>(1.<span class=\"_ _3\"></span>3 <span class=\"_ _7\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _10e\"> </span>(1.<span class=\"_ _3\"></span>3 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Recov<span class=\"_ _2\"></span>eries of loss on recognition of onerous underlying c<span class=\"_ _2\"></span>ontracts <span class=\"_ _119\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013  <span class=\"_ _fe\"> </span>0.5 <span class=\"_ _a\"></span> <span class=\"_ _10e\"> </span>0.5<span class=\"_ _421\"> </span>Recov<span class=\"_ _2\"></span>eries of losses on onerous underlying contracts and re<span class=\"_ _2\"></span>versals of such losses <span class=\"_ _7b\"> </span>\u2013  <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _e9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _56\"> </span>1.2 <span class=\"_ _2\"></span> <span class=\"_ _20b\"> </span>1.2<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l net ex<span class=\"_ _3\"></span>pen<span class=\"_ _3\"></span>ses f<span class=\"_ _3\"></span>rom re<span class=\"_ _3\"></span>insu<span class=\"_ _3\"></span>ranc<span class=\"_ _3\"></span>e cont<span class=\"_ _3\"></span>rac<span class=\"_ _3\"></span>ts h<span class=\"_ _3\"></span>eld <span class=\"_ _14d\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _114\"> </span>(<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5 <span class=\"_ _31\"></span>) <span class=\"_ _7b\"> </span>(0<span class=\"_ _3\"></span>.6 <span class=\"_ _31\"></span>) <span class=\"_ _14e\"> </span>0.<span class=\"_ _3\"></span>4 <span class=\"_ _a\"></span> <span class=\"_ _114\"> </span>(<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.7 <span class=\"_ _31\"></span>) <span class=\"_ _45\"> </span>(<span class=\"_ _3\"></span>8.<span class=\"_ _3\"></span>4 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota l <span class=\"_ _e\"> </span>in s u ra nc e <span class=\"_ _e\"> </span>s e r<span class=\"_ _3\"></span>vi ce <span class=\"_ _e\"> </span>r e su l t <span class=\"_ _164\"> </span> <span class=\"_ _5\"> </span> <span class=\"_ _126\"> </span> <span class=\"_ _9\"> </span> <span class=\"_ _165\"> </span>(5<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3 ) <span class=\"_ _5a\"> </span>3.1 <span class=\"_ _5\"> </span> <span class=\"_ _10f\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3 ) <span class=\"_ _165\"> </span>(<span class=\"_ _3\"></span>1 . 6 ) <span class=\"_ _8f\"> </span>(5<span class=\"_ _3\"></span>.1 )<span class=\"_ _421\"> </span>188<span class=\"_ _c\"> </span><span class=\"ff67 ls3 ws2\">CHE<span class=\"_ _3\"></span>SNA<span class=\"_ _3\"></span>R<span class=\"_ _3\"></span>A ANNUAL REP<span class=\"_ _3\"></span>ORT A<span class=\"_ _3\"></span>ND ACCOU<span class=\"_ _3\"></span>NTS 2023<span class=\"_ _421\"> </span></span>IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS<span class=\"_ _421\"> </span>Y<span class=\"_ _2\"></span>ear ended<span class=\"_ _2\"></span> 31 December 2022 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14f\"> </span>Waard  <span class=\"_ _73\"> </span>   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _7d\"> </span>Moves<span class=\"_ _3\"></span>tic  <span class=\"_ _48\"> </span>Gro<span class=\"_ _3\"></span>up  <span class=\"_ _1c8\"> </span>Sc<span class=\"_ _3\"></span>ild<span class=\"_ _3\"></span>on   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _10f\"> </span>U<span class=\"_ _3\"></span>K  <span class=\"_ _127\"> </span>(<span class=\"_ _3\"></span>Sweden <span class=\"_ _0\"></span>) <span class=\"_ _10\"> </span>(Nethe<span class=\"_ _3\"></span>rlands <span class=\"_ _7\"></span>) <span class=\"_ _10\"> </span>(Nethe<span class=\"_ _3\"></span>rlands <span class=\"_ _7\"></span>) <span class=\"_ _119\"> </span>Total<span class=\"_ _421\"> </span>Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>revenu<span class=\"_ _3\"></span>e <span class=\"_ _209\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3<span class=\"_ _3\"></span>m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3<span class=\"_ _3\"></span>m  <span class=\"_ _165\"> </span>\u00a3<span class=\"_ _3\"></span>m<span class=\"_ _421\"> </span>Contract<span class=\"_ _3\"></span>s not measured u<span class=\"_ _2\"></span>nder the P<span class=\"_ _2\"></span>A<span class=\"_ _3\"></span>A:<span class=\"_ _421\"> </span>Amounts relating to changes<span class=\"_ _2\"></span> in the liability for remaining<span class=\"_ _2\"></span> coverage:<span class=\"_ _421\"> </span>Expected incurr<span class=\"_ _2\"></span>ed claims and other directly attributable e<span class=\"_ _2\"></span>xpenses <span class=\"_ _47\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _14e\"> </span>57<span class=\"_ _2\"></span>.2 <span class=\"_ _2\"></span> <span class=\"_ _fe\"> </span>0.3 <span class=\"_ _2\"></span> <span class=\"_ _10e\"> </span>8.3 <span class=\"_ _2\"></span> <span class=\"_ _11b\"> </span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>3.7 <span class=\"_ _a\"></span> <span class=\"_ _44\"> </span>179.5<span class=\"_ _421\"> </span>Change in risk adjustment for non-financial risk for the risk expir<span class=\"_ _2\"></span>ed <span class=\"_ _11c\"> </span>  <span class=\"_ _10f\"> </span>2<span class=\"_ _3\"></span>.4 <span class=\"_ _a\"></span> <span class=\"_ _5a\"> </span>0<span class=\"_ _2\"></span>.1 <span class=\"_ _a\"></span> <span class=\"_ _fe\"> </span>4.9 <span class=\"_ _2\"></span> <span class=\"_ _fe\"> </span>3.0 <span class=\"_ _2\"></span> <span class=\"_ _14e\"> </span>10.4<span class=\"_ _421\"> </span>CSM <span class=\"_ _3\"></span>recognised <span class=\"_ _3\"></span>for <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>services <span class=\"_ _3\"></span>provided <span class=\"_ _a9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b1\"> </span>5.5  <span class=\"_ _57\"> </span>0.2  <span class=\"_ _1b1\"> </span>3.7  <span class=\"_ _12b\"> </span>10.3  <span class=\"_ _165\"> </span>19.7<span class=\"_ _421\"> </span>Insurance <span class=\"_ _3\"></span>acquisition <span class=\"_ _3\"></span>cash <span class=\"_ _3\"></span>flows <span class=\"_ _3\"></span>recov<span class=\"_ _2\"></span>ery <span class=\"_ _a9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _1b1\"> </span>3.5  <span class=\"_ _1b1\"> </span>3.5<span class=\"_ _421\"> </span>Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce reve<span class=\"_ _3\"></span>nue fo<span class=\"_ _3\"></span>r cont<span class=\"_ _3\"></span>rac<span class=\"_ _3\"></span>ts n<span class=\"_ _3\"></span>ot me<span class=\"_ _3\"></span>asur<span class=\"_ _3\"></span>ed un<span class=\"_ _3\"></span>der th<span class=\"_ _3\"></span>e PAA <span class=\"_ _1c0\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _5b\"> </span>6<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>.1 <span class=\"_ _a\"></span> <span class=\"_ _12e\"> </span>0.<span class=\"_ _3\"></span>6 <span class=\"_ _a\"></span> <span class=\"_ _f0\"> </span>1<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>.9 <span class=\"_ _2\"></span> <span class=\"_ _29\"> </span>1<span class=\"_ _3\"></span>30<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5 <span class=\"_ _a\"></span> <span class=\"_ _150\"> </span>2<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>3.<span class=\"_ _3\"></span>1<span class=\"_ _421\"> </span>Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce reve<span class=\"_ _3\"></span>nue fo<span class=\"_ _3\"></span>r cont<span class=\"_ _3\"></span>rac<span class=\"_ _3\"></span>ts m<span class=\"_ _3\"></span>eas<span class=\"_ _3\"></span>ured u<span class=\"_ _3\"></span>nde<span class=\"_ _3\"></span>r the PA<span class=\"_ _3\"></span>A <span class=\"_ _96\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _c2\"> </span>12<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>0 <span class=\"_ _a\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _5b\"> </span>12<span class=\"_ _3\"></span>.0<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>nsur<span class=\"_ _3\"></span>ance <span class=\"_ _4\"></span>reve<span class=\"_ _3\"></span>nue <span class=\"_ _d9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14e\"> </span>65<span class=\"_ _3\"></span>.1  <span class=\"_ _14e\"> </span>12<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>6  <span class=\"_ _5b\"> </span>16<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9  <span class=\"_ _e7\"> </span>1<span class=\"_ _3\"></span>30<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5  <span class=\"_ _46\"> </span>2<span class=\"_ _3\"></span>25<span class=\"_ _3\"></span>.1<span class=\"_ _421\"> </span>Insura<span class=\"_ _2\"></span>nce service e<span class=\"_ _a\"></span>xpenses<span class=\"_ _421\"> </span>Incurred claims and other dir<span class=\"_ _2\"></span>ectly attributable expenses <span class=\"_ _f9\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _44\"> </span>(58<span class=\"_ _3\"></span>.2 <span class=\"_ _31\"></span>) <span class=\"_ _c2\"> </span>(1<span class=\"_ _3\"></span>1.5 <span class=\"_ _31\"></span>) <span class=\"_ _44\"> </span>(14.6 <span class=\"_ _31\"></span>) <span class=\"_ _14b\"> </span>(92.7 <span class=\"_ _31\"></span>) <span class=\"_ _43\"> </span>(177.<span class=\"_ _2\"></span>0 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Changes that relate t<span class=\"_ _2\"></span>o past service \u2013 changes in the FCF relating t<span class=\"_ _2\"></span>o the LIC <span class=\"_ _5\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _e9\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _57\"> </span>7<span class=\"_ _a\"></span>.0 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013  <span class=\"_ _fe\"> </span>7.0<span class=\"_ _421\"> </span>Losses on onerous contr<span class=\"_ _2\"></span>acts and reversals of those losses <span class=\"_ _4c\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _97\"> </span>\u2013  <span class=\"_ _97\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _165\"> </span>(3.2 <span class=\"_ _7\"></span>) <span class=\"_ _28\"> </span>(29.4 <span class=\"_ _31\"></span>) <span class=\"_ _14b\"> </span>(32.6 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Insurance <span class=\"_ _3\"></span>acquisition <span class=\"_ _3\"></span>cash <span class=\"_ _3\"></span>flows <span class=\"_ _3\"></span>amortisation <span class=\"_ _17c\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _12e\"> </span>(3.5 <span class=\"_ _0\"></span>) <span class=\"_ _20a\"> </span>(3.5 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota l <span class=\"_ _e\"> </span>in s u ra nc e <span class=\"_ _e\"> </span>s e r<span class=\"_ _3\"></span>vi ce <span class=\"_ _e\"> </span>ex p en s e s <span class=\"_ _194\"> </span> <span class=\"_ _5\"> </span> <span class=\"_ _126\"> </span> <span class=\"_ _9\"> </span> <span class=\"_ _150\"> </span>( 5 8<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2 ) <span class=\"_ _114\"> </span>(4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5 ) <span class=\"_ _1e1\"> </span>( 1 7.8 ) <span class=\"_ _2a\"> </span>(<span class=\"_ _3\"></span>12<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>.6 ) <span class=\"_ _112\"> </span>( 2<span class=\"_ _3\"></span>0 6<span class=\"_ _3\"></span>.1 )<span class=\"_ _421\"> </span>Net income/(e<span class=\"_ _2\"></span>xpens<span class=\"_ _3\"></span>es) from reinsurance contract<span class=\"_ _3\"></span>s held<span class=\"_ _421\"> </span>Reinsurance expense<span class=\"_ _3\"></span>s (<span class=\"_ _2\"></span>alloc<span class=\"_ _3\"></span>ation of reinsurance premiums paid) \u2013 <span class=\"ls2 ws2\"> </span>contract<span class=\"_ _3\"></span>s not measured under<span class=\"_ _2\"></span> the P<span class=\"_ _2\"></span>A<span class=\"_ _3\"></span>A<span class=\"_ _421\"> </span>Amounts relating to changes<span class=\"_ _2\"></span> in the remaining co<span class=\"_ _2\"></span>verage:<span class=\"_ _421\"> </span>Expected amount r<span class=\"_ _2\"></span>ecoverable f<span class=\"_ _2\"></span>or claims and other insurance service expenses <span class=\"_ _2a\"> </span>(24.5<span class=\"_ _3\"></span> <span class=\"_ _31\"></span>) <span class=\"_ _15b\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _152\"> </span>(4.4 <span class=\"_ _7\"></span>) <span class=\"_ _44\"> </span>(16<span class=\"_ _3\"></span>.0 <span class=\"_ _31\"></span>)<span class=\"_ _3\"></span> <span class=\"_ _15c\"> </span>(44<span class=\"_ _3\"></span>.9 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Change in risk adjustment for non-financial risk for the risk expir<span class=\"_ _2\"></span>ed <span class=\"_ _11c\"> </span>  <span class=\"_ _14e\"> </span>(0.8 <span class=\"_ _31\"></span>) <span class=\"_ _15b\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _12b\"> </span>(0.2 <span class=\"_ _31\"></span>) <span class=\"_ _fe\"> </span>(1<span class=\"_ _3\"></span>.1 <span class=\"_ _31\"></span>) <span class=\"_ _12e\"> </span>(2.1 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>CSM recognised for the services r<span class=\"_ _2\"></span>eceived <span class=\"_ _154\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _1a1\"> </span>(1.1 <span class=\"_ _31\"></span>) <span class=\"_ _15b\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _20a\"> </span>(0.9 <span class=\"_ _31\"></span>) <span class=\"_ _152\"> </span>(2.7 <span class=\"_ _31\"></span>) <span class=\"_ _114\"> </span>(4.7 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Reinsurance expense<span class=\"_ _3\"></span>s (<span class=\"_ _2\"></span>alloc<span class=\"_ _3\"></span>ation of reinsurance premiums paid) \u2013 <span class=\"ls2 ws2\"> </span>con<span class=\"_ _3\"></span>trac<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>s not m<span class=\"_ _3\"></span>easu<span class=\"_ _3\"></span>red un<span class=\"_ _3\"></span>der t<span class=\"_ _3\"></span>he PA<span class=\"_ _3\"></span>A <span class=\"_ _3a\"> </span> <span class=\"_ _0\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _15c\"> </span>(2<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>.4 <span class=\"_ _31\"></span>) <span class=\"_ _ae\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _5b\"> </span>(<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5 <span class=\"_ _31\"></span>) <span class=\"_ _29\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>9.<span class=\"_ _3\"></span>8 <span class=\"_ _31\"></span>) <span class=\"_ _28\"> </span>(<span class=\"_ _3\"></span>51<span class=\"_ _3\"></span>.7 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Reinsurance expense<span class=\"_ _3\"></span>s (<span class=\"_ _2\"></span>alloc<span class=\"_ _3\"></span>ation of reinsurance premiums paid) \u2013 <span class=\"ls2 ws2\"> </span>con<span class=\"_ _3\"></span>trac<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>s <span class=\"_ _3\"></span>m<span class=\"_ _3\"></span>easu<span class=\"_ _3\"></span>red <span class=\"_ _4\"></span>und<span class=\"_ _3\"></span>er <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>PA<span class=\"_ _3\"></span>A <span class=\"_ _1c4\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _14e\"> </span>(<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3 <span class=\"_ _7\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _14e\"> </span>(<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>Amounts recov<span class=\"_ _2\"></span>erable for incurred c<span class=\"_ _2\"></span>laims and other incurred insurance <span class=\"ls2\"> </span>service <span class=\"_ _3\"></span>expenses <span class=\"_ _4f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _5b\"> </span>24.7  <span class=\"_ _57\"> </span>2.8  <span class=\"_ _1a1\"> </span>3.9  <span class=\"_ _1b7\"> </span>18.5  <span class=\"_ _5b\"> </span>49.9<span class=\"_ _421\"> </span>Changes in amounts recov<span class=\"_ _2\"></span>erable that relat<span class=\"_ _2\"></span>e to past service \u2013 adjustments <span class=\"ls2\"> </span>to <span class=\"_ _3\"></span>incurred <span class=\"_ _3\"></span>claims <span class=\"_ _ab\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _165\"> </span>(3.4 <span class=\"_ _0\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _165\"> </span>(3.4 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Recov<span class=\"_ _2\"></span>eries of loss on recognition of onerous underlying c<span class=\"_ _2\"></span>ontracts <span class=\"_ _119\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013  <span class=\"_ _1b1\"> </span>1.4 <span class=\"_ _2\"></span> <span class=\"_ _94\"> </span>1.4<span class=\"_ _421\"> </span>Recov<span class=\"_ _2\"></span>eries of losses on onerous underlying contracts and re<span class=\"_ _2\"></span>versals of such losses <span class=\"_ _7b\"> </span>\u2013  <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _e9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _10f\"> </span>0.4  <span class=\"_ _179\"> </span>0.4<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l net ex<span class=\"_ _3\"></span>pen<span class=\"_ _3\"></span>ses f<span class=\"_ _3\"></span>rom re<span class=\"_ _3\"></span>insu<span class=\"_ _3\"></span>ranc<span class=\"_ _3\"></span>e cont<span class=\"_ _3\"></span>rac<span class=\"_ _3\"></span>ts h<span class=\"_ _3\"></span>eld <span class=\"_ _14d\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _165\"> </span>(<span class=\"_ _3\"></span>1.7 <span class=\"_ _31\"></span>) <span class=\"_ _11b\"> </span>(2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9 <span class=\"_ _31\"></span>) <span class=\"_ _5b\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.6 <span class=\"_ _31\"></span>) <span class=\"_ _152\"> </span>0<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5 <span class=\"_ _a\"></span> <span class=\"_ _14e\"> </span>(5<span class=\"_ _3\"></span>.7 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>nsur<span class=\"_ _3\"></span>ance <span class=\"_ _4\"></span>se<span class=\"_ _3\"></span>rv<span class=\"_ _3\"></span>ice <span class=\"_ _4\"></span>re<span class=\"_ _3\"></span>sul<span class=\"_ _3\"></span>t <span class=\"_ _1cc\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _fe\"> </span>5<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2  <span class=\"_ _10f\"> </span>5<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2  <span class=\"_ _14e\"> </span>(<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5 <span class=\"_ _7\"></span>) <span class=\"_ _1b7\"> </span>5<span class=\"_ _3\"></span>.4  <span class=\"_ _14e\"> </span>1<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3<span class=\"_ _421\"> </span><span class=\"ff65 ls3 ws2\">CHES<span class=\"_ _283\"></span>NAR<span class=\"_ _277\"></span>A<span class=\"_ _278\"></span>AN<span class=\"_ _277\"></span>NUAL<span class=\"_ _35e\"></span>REPO<span class=\"_ _277\"></span>RT<span class=\"_ _287\"></span>AND<span class=\"_ _392\"></span>ACCOUNT<span class=\"_ _27a\"></span>S<span class=\"_ _27b\"></span>20<span class=\"_ _2b5\"></span>23</span><span class=\"_ _3cc\"></span>189<span class=\"_ _421\"> </span>IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS<span class=\"_ _421\"> </span>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<span class=\"_ _421\"> </span>SECTION D \u2013 PERF<span class=\"_ _2\"></span>ORMANCE IN THE YEAR <span class=\"_ _e\"> </span>D2 <span class=\"_ _3\"></span>Investment r<span class=\"_ _a\"></span>esult<span class=\"_ _421\"> </span>In the tables that follo<span class=\"_ _2\"></span>w the investment ret<span class=\"_ _2\"></span>urn on surplus shareholder assets is included in the insurance contracts column. Net fair v<span class=\"_ _2\"></span>alue gains and losses in respect of holdings in collectiv<span class=\"_ _2\"></span>e investment schemes are included in the line that is most appropriate taking into account the nat<span class=\"_ _2\"></span>ure of the underlying inv<span class=\"_ _2\"></span>estments.<span class=\"_ _421\"> </span>No amounts included in net fair v<span class=\"_ _2\"></span>alue gains and losses of financial instruments in 2023 w<span class=\"_ _2\"></span>ere estimated using a v<span class=\"_ _2\"></span>aluation technique (year ended 31 December<span class=\"_ _2\"></span> 2022: \u00a3Nil).<span class=\"_ _421\"> </span>Y<span class=\"_ _2\"></span>ear ended<span class=\"_ _2\"></span> 31 December 202<span class=\"_ _3\"></span>3 <span class=\"_ _20c\"> </span>  <span class=\"_ _114\"> </span>  <span class=\"_ _114\"> </span>  <span class=\"_ _114\"> </span>  <span class=\"_ _7\"></span>Investment<span class=\"_ _2\"></span> <span class=\"_ _c2\"> </span>   <span class=\"_ _20d\"> </span> <span class=\"_ _50\"> </span>co<span class=\"_ _3\"></span>ntracts  <span class=\"_ _114\"> </span>   <span class=\"_ _d3\"> </span>Insurance <span class=\"_ _3\"></span>contrac<span class=\"_ _3\"></span>ts <span class=\"_ _1b1\"> </span>(without  <span class=\"_ _d\"> </span>Chesnara   <span class=\"_ _20e\"> </span>UK  <span class=\"_ _12\"> </span>M<span class=\"_ _3\"></span>oves<span class=\"_ _3\"></span>tic  <span class=\"_ _6c\"> </span>W<span class=\"_ _2\"></span>aar<span class=\"_ _3\"></span>d  <span class=\"_ _8\"> </span>Sc<span class=\"_ _3\"></span>ild<span class=\"_ _3\"></span>on  <span class=\"_ _7d\"> </span>DP<span class=\"_ _3\"></span>Fs <span class=\"_ _7\"></span>) <span class=\"_ _82\"> </span>pl<span class=\"_ _3\"></span>c  <span class=\"_ _37\"> </span>T<span class=\"_ _2\"></span>ot<span class=\"_ _3\"></span>al<span class=\"_ _421\"> </span>Ne<span class=\"_ _3\"></span>t <span class=\"_ _3\"></span>I<span class=\"_ _3\"></span>nvest<span class=\"_ _3\"></span>ment <span class=\"_ _4\"></span>re<span class=\"_ _3\"></span>turn <span class=\"_ _20f\"> </span>\u00a3m  <span class=\"_ _7e\"> </span>\u00a3<span class=\"_ _3\"></span>m  <span class=\"_ _7e\"> </span>\u00a3m  <span class=\"_ _11c\"> </span>\u00a3m  <span class=\"_ _11c\"> </span>\u00a3m  <span class=\"_ _11c\"> </span>\u00a3m  <span class=\"_ _7e\"> </span>\u00a3<span class=\"_ _3\"></span>m<span class=\"_ _421\"> </span>Interest r<span class=\"_ _2\"></span>evenue f<span class=\"_ _3\"></span>rom financial assets not measured at FVTP<span class=\"_ _2\"></span>L <span class=\"_ _174\"> </span>6.8 <span class=\"_ _2\"></span> <span class=\"_ _14f\"> </span>0.9 <span class=\"_ _a\"></span> <span class=\"_ _76\"> </span>0.5 <span class=\"_ _a\"></span> <span class=\"_ _46\"> </span>\u2013  <span class=\"_ _28\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _14f\"> </span>0.9 <span class=\"_ _a\"></span> <span class=\"_ _47\"> </span>9.1<span class=\"_ _421\"> </span>Net gains on financial investments mandat<span class=\"_ _2\"></span>orily measured as FVTPL <span class=\"_ _f0\"> </span>63.0 <span class=\"_ _2\"></span> <span class=\"_ _7c\"> </span>18.1 <span class=\"_ _2\"></span> <span class=\"_ _e8\"> </span>21.4 <span class=\"_ _2\"></span> <span class=\"_ _91\"> </span>129.6 <span class=\"_ _2\"></span> <span class=\"_ _33\"> </span>527<span class=\"_ _2\"></span>.7 <span class=\"_ _a\"></span> <span class=\"_ _210\"> </span>6.3 <span class=\"_ _2\"></span> <span class=\"_ _91\"> </span>766.1<span class=\"_ _421\"> </span>Net gains on financial investments designat<span class=\"_ _2\"></span>ed as FVTPL <span class=\"_ _1bd\"> </span>4<span class=\"_ _2\"></span>1.9 <span class=\"_ _a\"></span> <span class=\"_ _46\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _1c8\"> </span>37<span class=\"_ _2\"></span>.6 <span class=\"_ _a\"></span> <span class=\"_ _7e\"> </span>51.7 <span class=\"_ _a\"></span> <span class=\"_ _1c2\"> </span>1<span class=\"_ _3\"></span>15.<span class=\"_ _3\"></span>8 <span class=\"_ _a\"></span> <span class=\"_ _46\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _37\"> </span>24<span class=\"_ _a\"></span>7.0<span class=\"_ _421\"> </span>Net gains f<span class=\"_ _3\"></span>rom fair value adjustments to in<span class=\"_ _2\"></span>vestment properties <span class=\"_ _188\"> </span>1.2 <span class=\"_ _2\"></span> <span class=\"_ _46\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _46\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _46\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _46\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _46\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _47\"> </span>1.2<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>et <span class=\"_ _4\"></span>inves<span class=\"_ _3\"></span>tme<span class=\"_ _3\"></span>nt <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>eturn <span class=\"_ _117\"> </span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9  <span class=\"_ _123\"> </span>1<span class=\"_ _3\"></span>9.<span class=\"_ _3\"></span>0  <span class=\"_ _bf\"> </span>59<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5  <span class=\"_ _1c3\"> </span>1<span class=\"_ _3\"></span>81<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3  <span class=\"_ _93\"> </span>6<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5  <span class=\"_ _76\"> </span>7<span class=\"_ _2\"></span>.<span class=\"_ _3\"></span>2  <span class=\"_ _80\"> </span>1<span class=\"_ _3\"></span>,02<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4<span class=\"_ _421\"> </span>Finance income/(<span class=\"_ _2\"></span>expense<span class=\"_ _3\"></span>s) from insurance contracts is<span class=\"_ _3\"></span>sued<span class=\"_ _421\"> </span>Change in fair value of underlying assets of c<span class=\"_ _2\"></span>ontracts measured <span class=\"ls2\"> </span>under <span class=\"_ _9\"> </span>the <span class=\"_ _e\"> </span>VF<span class=\"_ _2\"></span>A <span class=\"_ _211\"> </span>(75.4 ) <span class=\"_ _46\"> </span>\u2013 <span class=\"_ _5\"> </span> <span class=\"_ _48\"> </span>(5.1 ) <span class=\"_ _127\"> </span>(132.6 ) <span class=\"_ _14b\"> </span>\u2013 <span class=\"_ _5\"> </span> <span class=\"_ _45\"> </span>\u2013 <span class=\"_ _5\"> </span> <span class=\"_ _bf\"> </span>(213.1 )<span class=\"_ _421\"> </span>Interest <span class=\"_ _5\"> </span>accreted <span class=\"_ _212\"> </span>(18.2 ) <span class=\"_ _14b\"> </span>\u2013 <span class=\"_ _5\"> </span> <span class=\"_ _5d\"> </span>(30.0 ) <span class=\"_ _e8\"> </span>(19.1 ) <span class=\"_ _14b\"> </span>\u2013 <span class=\"_ _5\"> </span> <span class=\"_ _45\"> </span>\u2013 <span class=\"_ _5\"> </span> <span class=\"_ _123\"> </span>(67<span class=\"_ _a\"></span>. 3 )<span class=\"_ _421\"> </span>Effect of changes in inter<span class=\"_ _2\"></span>est rates and other financial assumptions <span class=\"_ _1ca\"> </span>2.4 <span class=\"_ _2\"></span> <span class=\"_ _5d\"> </span>(16.0 <span class=\"_ _31\"></span>) <span class=\"_ _1c2\"> </span>(21.<span class=\"_ _3\"></span>2 <span class=\"_ _31\"></span>) <span class=\"_ _91\"> </span>(<span class=\"_ _3\"></span>14.2 <span class=\"_ _31\"></span>) <span class=\"_ _15c\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _46\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _1c3\"> </span>(49.0 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Effect of changes in fulfilment cash flows at curr<span class=\"_ _2\"></span>ent rates when CSM <span class=\"ls2\"> </span>is <span class=\"_ _3\"></span>unlocked <span class=\"_ _3\"></span>at <span class=\"_ _3\"></span>locked <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>rates <span class=\"_ _1dc\"> </span>4.7  <span class=\"_ _14b\"> </span>\u2013  <span class=\"_ _210\"> </span>6<span class=\"_ _3\"></span>.9  <span class=\"_ _153\"> </span>2.9  <span class=\"_ _14b\"> </span>\u2013  <span class=\"_ _14b\"> </span>\u2013  <span class=\"_ _82\"> </span>14.5<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l finan<span class=\"_ _3\"></span>ce inc<span class=\"_ _3\"></span>ome fr<span class=\"_ _3\"></span>om in<span class=\"_ _3\"></span>sura<span class=\"_ _3\"></span>nce co<span class=\"_ _3\"></span>ntra<span class=\"_ _3\"></span>ct<span class=\"_ _3\"></span>s is<span class=\"_ _3\"></span>sue<span class=\"_ _3\"></span>d <span class=\"_ _107\"> </span>(86<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5 <span class=\"_ _31\"></span>) <span class=\"_ _7d\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>.0 <span class=\"_ _31\"></span>) <span class=\"_ _1e3\"> </span>(49<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4 <span class=\"_ _f\"></span>) <span class=\"_ _39\"> </span>(<span class=\"_ _3\"></span>16<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>.0 <span class=\"_ _31\"></span>) <span class=\"_ _42\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _46\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _1c7\"> </span>(31<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>.9 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Finance income from reinsurance contrac<span class=\"_ _3\"></span>ts held<span class=\"_ _421\"> </span>Interest accreted <span class=\"_ _1c9\"> </span>8.<span class=\"_ _3\"></span>8  <span class=\"_ _14b\"> </span>\u2013  <span class=\"_ _48\"> </span>0.1  <span class=\"_ _48\"> </span>(1.1 <span class=\"_ _7\"></span>) <span class=\"_ _e7\"> </span>\u2013  <span class=\"_ _14b\"> </span>\u2013  <span class=\"_ _153\"> </span>7<span class=\"_ _2\"></span>.8<span class=\"_ _421\"> </span>Effect of changes in inter<span class=\"_ _2\"></span>est rates and other financial assumptions <span class=\"_ _b9\"> </span>1.<span class=\"_ _3\"></span>5 <span class=\"_ _2\"></span> <span class=\"_ _14f\"> </span>0.7 <span class=\"_ _a\"></span> <span class=\"_ _46\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _3b\"> </span>(1.6 <span class=\"_ _31\"></span>) <span class=\"_ _15c\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _46\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _76\"> </span>0.6<span class=\"_ _421\"> </span>Effect of changes in fulfilment cash flows at curr<span class=\"_ _2\"></span>ent rates when CSM <span class=\"ls2\"> </span>is unlocked at loc<span class=\"_ _2\"></span>ked in rates <span class=\"_ _213\"> </span>(1.0 <span class=\"_ _31\"></span>) <span class=\"_ _29\"> </span>\u2013  <span class=\"_ _28\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _82\"> </span>(0<span class=\"_ _2\"></span>.7 <span class=\"_ _31\"></span>) <span class=\"_ _15c\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _46\"> </span>\u2013  <span class=\"_ _3b\"> </span>(1.7 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l finan<span class=\"_ _3\"></span>ce expe<span class=\"_ _3\"></span>ns<span class=\"_ _3\"></span>es fro<span class=\"_ _3\"></span>m rein<span class=\"_ _3\"></span>sura<span class=\"_ _3\"></span>nce co<span class=\"_ _3\"></span>ntra<span class=\"_ _3\"></span>ct<span class=\"_ _3\"></span>s he<span class=\"_ _3\"></span>ld <span class=\"_ _214\"> </span>9.<span class=\"_ _3\"></span>3 <span class=\"_ _2\"></span> <span class=\"_ _7c\"> </span>0.7 <span class=\"_ _a\"></span> <span class=\"_ _210\"> </span>0<span class=\"_ _3\"></span>.1 <span class=\"_ _a\"></span> <span class=\"_ _89\"> </span>(<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>.4 <span class=\"_ _31\"></span>) <span class=\"_ _42\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _28\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _3b\"> </span>6.7<span class=\"_ _421\"> </span>Ne t <span class=\"_ _e\"> </span>in s ur an c e <span class=\"_ _e\"> </span>fin a nc e <span class=\"_ _e\"> </span>exp e n s e s <span class=\"_ _215\"> </span>(7<span class=\"_ _3\"></span>7.2 ) <span class=\"_ _2e\"> </span>( 1<span class=\"_ _3\"></span>5 .<span class=\"_ _4\"></span>3 ) <span class=\"_ _37\"> </span>(49.<span class=\"_ _3\"></span>3 ) <span class=\"_ _1c7\"> </span>( 1 6<span class=\"_ _3\"></span>6 .<span class=\"_ _3\"></span>4 ) <span class=\"_ _14b\"> </span>\u2013 <span class=\"_ _5\"> </span> <span class=\"_ _7b\"> </span>\u2013 <span class=\"_ _5\"> </span> <span class=\"_ _1c7\"> </span>(3 0<span class=\"_ _3\"></span>8 .<span class=\"_ _3\"></span>2  )<span class=\"_ _421\"> </span>Net <span class=\"_ _3\"></span>change <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>investment <span class=\"_ _3\"></span>contract <span class=\"_ _3\"></span>liabilities <span class=\"_ _216\"> </span>\u2013  <span class=\"_ _14b\"> </span>\u2013  <span class=\"_ _14b\"> </span>\u2013  <span class=\"_ _14b\"> </span>\u2013  <span class=\"_ _1f9\"> </span>(529.6 <span class=\"_ _7\"></span>) <span class=\"_ _e7\"> </span>\u2013  <span class=\"_ _62\"> </span>(529.6 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Change in liabilities relating to polic<span class=\"_ _2\"></span>yholder funds held by the group <span class=\"_ _ae\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _46\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _46\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _46\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _37\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>13.9 <span class=\"_ _31\"></span>) <span class=\"_ _15c\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _37\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>13.9 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Ne<span class=\"_ _3\"></span>t <span class=\"_ _3\"></span>inve<span class=\"_ _3\"></span>st<span class=\"_ _3\"></span>ment <span class=\"_ _4\"></span>re<span class=\"_ _3\"></span>sul<span class=\"_ _3\"></span>t <span class=\"_ _217\"> </span>35<span class=\"_ _3\"></span>.7  <span class=\"_ _14f\"> </span>3<span class=\"_ _3\"></span>.7  <span class=\"_ _be\"> </span>10.<span class=\"_ _4\"></span>2  <span class=\"_ _89\"> </span>14<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9  <span class=\"_ _14b\"> </span>\u2013  <span class=\"_ _76\"> </span>7.2  <span class=\"_ _1c8\"> </span>7<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.7<span class=\"_ _421\"> </span>190<span class=\"_ _c\"> </span><span class=\"ff67 ls3 ws2\">CHE<span class=\"_ _3\"></span>SNA<span class=\"_ _3\"></span>R<span class=\"_ _3\"></span>A ANNUAL R<span class=\"_ _3\"></span>EPORT A<span class=\"_ _3\"></span>ND ACCOU<span class=\"_ _3\"></span>NTS 2023<span class=\"_ _421\"> </span></span>IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS<span class=\"_ _421\"> </span>Y<span class=\"_ _2\"></span>ear ended<span class=\"_ _2\"></span> 31 December 2022 <span class=\"_ _20c\"> </span>  <span class=\"_ _114\"> </span>  <span class=\"_ _114\"> </span>  <span class=\"_ _114\"> </span>  <span class=\"_ _7\"></span>Investment<span class=\"_ _2\"></span> <span class=\"_ _c2\"> </span>   <span class=\"_ _20d\"> </span> <span class=\"_ _50\"> </span>co<span class=\"_ _3\"></span>ntracts  <span class=\"_ _114\"> </span>   <span class=\"_ _d3\"> </span>Insurance <span class=\"_ _3\"></span>contrac<span class=\"_ _3\"></span>ts <span class=\"_ _1b1\"> </span>(without  <span class=\"_ _d\"> </span>Chesnara   <span class=\"_ _20e\"> </span>UK  <span class=\"_ _12\"> </span>M<span class=\"_ _3\"></span>oves<span class=\"_ _3\"></span>tic  <span class=\"_ _6c\"> </span>W<span class=\"_ _2\"></span>aar<span class=\"_ _3\"></span>d  <span class=\"_ _8\"> </span>Sc<span class=\"_ _3\"></span>ild<span class=\"_ _3\"></span>on  <span class=\"_ _7d\"> </span>DP<span class=\"_ _3\"></span>Fs <span class=\"_ _7\"></span>) <span class=\"_ _82\"> </span>pl<span class=\"_ _3\"></span>c  <span class=\"_ _37\"> </span>T<span class=\"_ _2\"></span>ot<span class=\"_ _3\"></span>al<span class=\"_ _421\"> </span>Ne<span class=\"_ _3\"></span>t <span class=\"_ _3\"></span>I<span class=\"_ _3\"></span>nvest<span class=\"_ _3\"></span>ment <span class=\"_ _4\"></span>re<span class=\"_ _3\"></span>turn <span class=\"_ _20f\"> </span>\u00a3m  <span class=\"_ _7e\"> </span>\u00a3<span class=\"_ _3\"></span>m  <span class=\"_ _7e\"> </span>\u00a3m  <span class=\"_ _11c\"> </span>\u00a3m  <span class=\"_ _11c\"> </span>\u00a3m  <span class=\"_ _11c\"> </span>\u00a3m  <span class=\"_ _7e\"> </span>\u00a3<span class=\"_ _3\"></span>m<span class=\"_ _421\"> </span>Interest r<span class=\"_ _2\"></span>evenue f<span class=\"_ _3\"></span>rom financial assets not measured at FVTP<span class=\"_ _2\"></span>L <span class=\"_ _214\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _48\"> </span>0<span class=\"_ _2\"></span>.1 <span class=\"_ _a\"></span> <span class=\"_ _46\"> </span>\u2013  <span class=\"_ _28\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _46\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _46\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _48\"> </span>0.1<span class=\"_ _421\"> </span>Net gains on financial investments mandat<span class=\"_ _2\"></span>orily measured as FVTPL <span class=\"_ _15c\"> </span>(1<span class=\"_ _3\"></span>10.8 <span class=\"_ _31\"></span>) <span class=\"_ _1c8\"> </span>(5.8 <span class=\"_ _31\"></span>) <span class=\"_ _33\"> </span>(83.3 <span class=\"_ _31\"></span>) <span class=\"_ _1fc\"> </span>(207<span class=\"_ _a\"></span>.<span class=\"_ _3\"></span>2 <span class=\"_ _31\"></span>) <span class=\"_ _17d\"> </span>(589.3 <span class=\"_ _7\"></span>) <span class=\"_ _82\"> </span>(4.1 <span class=\"_ _31\"></span>) <span class=\"_ _15\"> </span>(1,000.5 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Net gains on financial investments designat<span class=\"_ _2\"></span>ed as FVTPL <span class=\"_ _17a\"> </span>(37<span class=\"_ _2\"></span>.4 <span class=\"_ _31\"></span>) <span class=\"_ _2e\"> </span>(18.5 <span class=\"_ _7\"></span>) <span class=\"_ _1c3\"> </span>(10.0 <span class=\"_ _31\"></span>) <span class=\"_ _33\"> </span>(95.2 <span class=\"_ _7\"></span>) <span class=\"_ _17d\"> </span>(392<span class=\"_ _3\"></span>.9 <span class=\"_ _31\"></span>) <span class=\"_ _7c\"> </span>0.5 <span class=\"_ _a\"></span> <span class=\"_ _62\"> </span>(553.5 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Net gains f<span class=\"_ _3\"></span>rom fair value adjustments to in<span class=\"_ _2\"></span>vestment properties <span class=\"_ _1cb\"> </span>(3.1 <span class=\"_ _31\"></span>) <span class=\"_ _15c\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _46\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _48\"> </span>0.1 <span class=\"_ _a\"></span> <span class=\"_ _46\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _46\"> </span>\u2013  <span class=\"_ _e8\"> </span>(3.0 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota l <span class=\"_ _e\"> </span>ne t <span class=\"_ _e\"> </span>i nve s t me n t <span class=\"_ _e\"> </span>re tu rn <span class=\"_ _218\"> </span>( 1 5 1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3 ) <span class=\"_ _37\"> </span>(2<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2 ) <span class=\"_ _1e2\"> </span>(93<span class=\"_ _3\"></span>.<span class=\"_ _4\"></span>3 ) <span class=\"_ _7f\"> </span>(30 2<span class=\"_ _3\"></span>.<span class=\"_ _4\"></span>3 ) <span class=\"_ _7f\"> </span>(98 2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2 ) <span class=\"_ _ec\"> </span>(3<span class=\"_ _3\"></span>. 6 ) <span class=\"_ _14\"> </span>(<span class=\"_ _3\"></span>1 ,<span class=\"_ _4\"></span>55 6<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9 )<span class=\"_ _421\"> </span>Finance income/(<span class=\"_ _2\"></span>expense<span class=\"_ _3\"></span>s) from insurance contracts is<span class=\"_ _3\"></span>sued<span class=\"_ _421\"> </span>Change in fair value of underlying assets of c<span class=\"_ _2\"></span>ontracts measured <span class=\"ls2\"> </span>under <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>VFA <span class=\"_ _219\"> </span>72.3  <span class=\"_ _82\"> </span>18<span class=\"_ _3\"></span>.5  <span class=\"_ _210\"> </span>3.4  <span class=\"_ _bf\"> </span>171.<span class=\"_ _3\"></span>8  <span class=\"_ _14b\"> </span>\u2013  <span class=\"_ _14b\"> </span>\u2013  <span class=\"_ _127\"> </span>266.0<span class=\"_ _421\"> </span>Interest accreted <span class=\"_ _21a\"> </span>5.6  <span class=\"_ _14b\"> </span>\u2013  <span class=\"_ _82\"> </span>(0.5 <span class=\"_ _0\"></span>) <span class=\"_ _1c8\"> </span>12<span class=\"_ _3\"></span>.6  <span class=\"_ _14b\"> </span>\u2013  <span class=\"_ _46\"> </span>\u2013  <span class=\"_ _7c\"> </span>17<span class=\"_ _2\"></span>.7<span class=\"_ _421\"> </span>Effect of changes in inter<span class=\"_ _2\"></span>est rates and other financial assumptions <span class=\"_ _57\"> </span>78.9 <span class=\"_ _a\"></span> <span class=\"_ _76\"> </span>2.0 <span class=\"_ _2\"></span> <span class=\"_ _123\"> </span>92<span class=\"_ _3\"></span>.7 <span class=\"_ _a\"></span> <span class=\"_ _be\"> </span>92.5 <span class=\"_ _a\"></span> <span class=\"_ _46\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _46\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _2e\"> </span>266.1<span class=\"_ _421\"> </span>Effect of changes in fulfilment cash flows at curr<span class=\"_ _2\"></span>ent rates when CSM <span class=\"ls2\"> </span>is unlocked at loc<span class=\"_ _2\"></span>ked in rates <span class=\"_ _213\"> </span>4<span class=\"_ _3\"></span>.8 <span class=\"_ _2\"></span> <span class=\"_ _46\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _e8\"> </span>(4.6 <span class=\"_ _31\"></span>) <span class=\"_ _11c\"> </span>(1.2 <span class=\"_ _7\"></span>) <span class=\"_ _29\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _46\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _3b\"> </span>(1.0 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>fi<span class=\"_ _3\"></span>nanc<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>in<span class=\"_ _3\"></span>com<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>fr<span class=\"_ _3\"></span>om <span class=\"_ _4\"></span>insu<span class=\"_ _3\"></span>ranc<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ontra<span class=\"_ _3\"></span>ct<span class=\"_ _3\"></span>s <span class=\"_ _4\"></span>is<span class=\"_ _3\"></span>sued <span class=\"_ _157\"> </span>16<span class=\"_ _3\"></span>1.<span class=\"_ _3\"></span>6  <span class=\"_ _5d\"> </span>20<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5  <span class=\"_ _123\"> </span>9<span class=\"_ _3\"></span>1.<span class=\"_ _3\"></span>0  <span class=\"_ _7d\"> </span>2<span class=\"_ _3\"></span>75<span class=\"_ _3\"></span>.7  <span class=\"_ _14b\"> </span>\u2013  <span class=\"_ _46\"> </span>\u2013  <span class=\"_ _1e3\"> </span>5<span class=\"_ _3\"></span>48<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8<span class=\"_ _421\"> </span>Finance income from reinsurance contrac<span class=\"_ _3\"></span>ts held<span class=\"_ _421\"> </span>Interest accreted <span class=\"_ _21b\"> </span>1.1  <span class=\"_ _14b\"> </span>\u2013  <span class=\"_ _14b\"> </span>\u2013  <span class=\"_ _210\"> </span>0.5  <span class=\"_ _14b\"> </span>\u2013  <span class=\"_ _14b\"> </span>\u2013  <span class=\"_ _1c0\"> </span>1.6<span class=\"_ _421\"> </span>Effect of changes in inter<span class=\"_ _2\"></span>est rates and other financial assumptions <span class=\"_ _8f\"> </span>(25.2 <span class=\"_ _31\"></span>) <span class=\"_ _1c8\"> </span>(0.5 <span class=\"_ _31\"></span>) <span class=\"_ _be\"> </span>(0.3 <span class=\"_ _31\"></span>) <span class=\"_ _e8\"> </span>1<span class=\"_ _3\"></span>1.0 <span class=\"_ _2\"></span> <span class=\"_ _46\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _46\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _bf\"> </span>(15.0 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Effect of changes in fulfilment cash flows at curr<span class=\"_ _2\"></span>ent rates when CSM <span class=\"ls2\"> </span>is <span class=\"_ _3\"></span>unlocked <span class=\"_ _3\"></span>at <span class=\"_ _3\"></span>locked <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>rates <span class=\"_ _8b\"> </span>\u2013  <span class=\"_ _46\"> </span>\u2013  <span class=\"_ _14b\"> </span>\u2013  <span class=\"_ _210\"> </span>0.3  <span class=\"_ _14b\"> </span>\u2013  <span class=\"_ _14b\"> </span>\u2013  <span class=\"_ _210\"> </span>0.<span class=\"_ _3\"></span>3<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l finan<span class=\"_ _3\"></span>ce expe<span class=\"_ _3\"></span>ns<span class=\"_ _3\"></span>es fro<span class=\"_ _3\"></span>m rein<span class=\"_ _3\"></span>sura<span class=\"_ _3\"></span>nce co<span class=\"_ _3\"></span>ntra<span class=\"_ _3\"></span>ct<span class=\"_ _3\"></span>s he<span class=\"_ _3\"></span>ld <span class=\"_ _16c\"> </span>(24<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>1 <span class=\"_ _f\"></span>) <span class=\"_ _5d\"> </span>(<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>5 <span class=\"_ _31\"></span>) <span class=\"_ _1c2\"> </span>(<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>3 <span class=\"_ _31\"></span>) <span class=\"_ _1c6\"> </span>1<span class=\"_ _4\"></span>1.<span class=\"_ _3\"></span>8 <span class=\"_ _a\"></span> <span class=\"_ _46\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _46\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _bf\"> </span>(<span class=\"_ _3\"></span>13<span class=\"_ _3\"></span>.1<span class=\"_ _421\"> </span><span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Net insurance finance expense<span class=\"_ _3\"></span>s<span class=\"ff60 ls2 ws2\"> <span class=\"_ _1eb\"> </span></span><span class=\"lseb ws1b5\">13<span class=\"_ _3\"></span>7<span class=\"_ _2\"></span>.<span class=\"_ _3\"></span>5  <span class=\"_ _1c2\"> </span>2<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>0  <span class=\"_ _5d\"> </span>90<span class=\"_ _3\"></span>.7  <span class=\"_ _13b\"> </span>2<span class=\"_ _3\"></span>87.5  <span class=\"_ _14b\"> </span>\u2013  <span class=\"_ _14b\"> </span>\u2013  <span class=\"_ _7d\"> </span>5<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>5.7<span class=\"_ _421\"> </span></span>Net <span class=\"_ _3\"></span>change <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>investment <span class=\"_ _3\"></span>contract <span class=\"_ _3\"></span>liabilities <span class=\"_ _216\"> </span>\u2013  <span class=\"_ _14b\"> </span>\u2013  <span class=\"_ _14b\"> </span>\u2013  <span class=\"_ _14b\"> </span>\u2013  <span class=\"_ _37\"> </span>589.3  <span class=\"_ _14b\"> </span>\u2013  <span class=\"_ _1e2\"> </span>589.3<span class=\"_ _421\"> </span>Change in liabilities relating to polic<span class=\"_ _2\"></span>yholder funds held by the group <span class=\"_ _ae\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _46\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _46\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _46\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _37\"> </span>392.9 <span class=\"_ _a\"></span> <span class=\"_ _46\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _37\"> </span>392.9<span class=\"_ _421\"> </span>Ne t <span class=\"_ _e\"> </span>inve s t m e nt <span class=\"_ _e\"> </span>re s u l t <span class=\"_ _21c\"> </span>( 1 3<span class=\"_ _3\"></span>. 8 ) <span class=\"_ _1c8\"> </span>(4 .<span class=\"_ _3\"></span>2 ) <span class=\"_ _ec\"> </span>(2<span class=\"_ _3\"></span>. 6 ) <span class=\"_ _1c3\"> </span>( 14<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8 ) <span class=\"_ _14b\"> </span>\u2013 <span class=\"_ _5\"> </span> <span class=\"_ _7e\"> </span>(3<span class=\"_ _3\"></span>. 6 ) <span class=\"_ _37\"> </span>(<span class=\"_ _3\"></span>39 . 0 ) <span class=\"_ _e\"> </span>D3 <span class=\"_ _3\"></span>Fees,<span class=\"_ _2\"></span> commission and other operating income<span class=\"_ _421\"> </span>Y<span class=\"_ _2\"></span>ear ended<span class=\"_ _2\"></span> 31 December <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _e9\"> </span>2023  <span class=\"_ _33\"> </span>2022 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _187\"> </span>\u00a3m  <span class=\"_ _7e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Policy-b<span class=\"_ _2\"></span>ased <span class=\"_ _3\"></span>fees <span class=\"_ _e2\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _a4\"> </span>3.2  <span class=\"_ _3f\"> </span>1.7<span class=\"_ _421\"> </span>Fund <span class=\"_ _3\"></span>management-based <span class=\"_ _3\"></span>fees <span class=\"_ _3\"></span>recognised <span class=\"_ _3\"></span>under <span class=\"_ _3\"></span>IFRS <span class=\"_ _3\"></span>15 <span class=\"_ _13c\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>45.5  <span class=\"_ _ec\"> </span>25.9<span class=\"_ _421\"> </span>Change <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>deferred <span class=\"_ _3\"></span>income <span class=\"_ _3\"></span>\u2013 <span class=\"_ _3\"></span>gross <span class=\"_ _21d\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _ad\"> </span>0.6  <span class=\"_ _43\"> </span>1.1<span class=\"_ _421\"> </span>Commission <span class=\"_ _3\"></span>income <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>rom <span class=\"_ _3\"></span>investment <span class=\"_ _3\"></span>contracts <span class=\"_ _f0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _138\"> </span>20.4  <span class=\"_ _82\"> </span>21.4<span class=\"_ _421\"> </span>Fee <span class=\"_ _3\"></span>income <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>rom <span class=\"_ _3\"></span>investment <span class=\"_ _3\"></span>managers <span class=\"_ _168\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _3a\"> </span>1.<span class=\"_ _3\"></span>3  <span class=\"_ _47\"> </span>1.4<span class=\"_ _421\"> </span>Charges <span class=\"_ _3\"></span>to <span class=\"_ _3\"></span>policyholder <span class=\"_ _3\"></span>funds <span class=\"_ _3\"></span>for <span class=\"_ _3\"></span>yield <span class=\"_ _3\"></span>tax <span class=\"_ _3a\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _187\"> </span>17.9  <span class=\"_ _210\"> </span>8.3<span class=\"_ _421\"> </span>Other <span class=\"_ _3\"></span>types <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>operating <span class=\"_ _4\"></span>income <span class=\"_ _1fd\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _21e\"> </span>0.5  <span class=\"_ _82\"> </span>(0.2 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>ee, <span class=\"_ _4\"></span>co<span class=\"_ _3\"></span>mmis<span class=\"_ _3\"></span>sio<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>nd <span class=\"_ _4\"></span>othe<span class=\"_ _3\"></span>r <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>per<span class=\"_ _3\"></span>ating <span class=\"_ _4\"></span>in<span class=\"_ _3\"></span>come <span class=\"_ _f6\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _186\"> </span>8<span class=\"_ _3\"></span>9.<span class=\"_ _3\"></span>4  <span class=\"_ _bf\"> </span>59<span class=\"_ _3\"></span>.6<span class=\"_ _421\"> </span><span class=\"ff65 ls3\">CHES<span class=\"_ _277\"></span>NAR<span class=\"_ _277\"></span>A<span class=\"_ _278\"></span>A<span class=\"_ _277\"></span>NNUAL<span class=\"_ _287\"></span>REPO<span class=\"_ _277\"></span>RT<span class=\"_ _27f\"></span>AND<span class=\"_ _3b0\"></span>ACCOUN<span class=\"_ _27a\"></span>TS<span class=\"_ _27b\"></span>2023</span><span class=\"_ _3ce\"></span><span class=\"_ _421\"> </span>191<span class=\"_ _421\"> </span>IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS<span class=\"_ _421\"> </span>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<span class=\"_ _421\"> </span>SECTION D \u2013 PERF<span class=\"_ _2\"></span>ORMANCE IN THE YEAR <span class=\"_ _e\"> </span>D4 <span class=\"_ _3\"></span>Expenses by natur<span class=\"_ _2\"></span>e<span class=\"_ _421\"> </span>Y<span class=\"_ _2\"></span>ear ended<span class=\"_ _2\"></span> 31 December 202<span class=\"_ _3\"></span>3 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _39\"> </span>I<span class=\"_ _3\"></span>nsurance  <span class=\"_ _3f\"> </span>Othe<span class=\"_ _3\"></span>r  <span class=\"_ _3f\"> </span>Other   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _189\"> </span>acquisitio<span class=\"_ _3\"></span>n  <span class=\"_ _30\"> </span>attributable  <span class=\"_ _7f\"> </span>ope<span class=\"_ _3\"></span>rating   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _185\"> </span>cash <span class=\"_ _3\"></span>flows  <span class=\"_ _f6\"> </span>e<span class=\"_ _2\"></span>xpenses  <span class=\"_ _f6\"> </span>expe<span class=\"_ _2\"></span>nses  <span class=\"_ _28\"> </span>T<span class=\"_ _a\"></span>otal <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _46\"> </span>Not<span class=\"_ _3\"></span>e  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3<span class=\"_ _3\"></span>m  <span class=\"_ _165\"> </span>\u00a3<span class=\"_ _3\"></span>m<span class=\"_ _421\"> </span>Administrative expense<span class=\"_ _3\"></span>s<span class=\"_ _421\"> </span>Personnel-relat<span class=\"_ _2\"></span>ed <span class=\"_ _3\"></span>costs <span class=\"_ _d4\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _ae\"> </span><span class=\"ff61 ls77 ws7c\">I1</span>  <span class=\"_ _1a1\"> </span>2.2  <span class=\"_ _165\"> </span>1<span class=\"_ _3\"></span>3.6  <span class=\"_ _5b\"> </span>25.4  <span class=\"_ _12b\"> </span>41.<span class=\"_ _3\"></span>2<span class=\"_ _421\"> </span>Investment <span class=\"_ _3\"></span>management <span class=\"_ _3\"></span>fees <span class=\"_ _163\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _1b1\"> </span>2.3  <span class=\"_ _56\"> </span>1.<span class=\"_ _3\"></span>3  <span class=\"_ _1a1\"> </span>3.6<span class=\"_ _421\"> </span>Costs <span class=\"_ _3\"></span>paid <span class=\"_ _3\"></span>to <span class=\"_ _3\"></span>third-party <span class=\"_ _3\"></span>administrator<span class=\"_ _2\"></span>s <span class=\"_ _21f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _1a1\"> </span>9.7  <span class=\"_ _57\"> </span>3.9  <span class=\"_ _165\"> </span>13.6<span class=\"_ _421\"> </span>Other <span class=\"_ _3\"></span>goods <span class=\"_ _3\"></span>and <span class=\"_ _4\"></span>services <span class=\"_ _220\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1a1\"> </span>3.<span class=\"_ _3\"></span>3  <span class=\"_ _12b\"> </span>13.0  <span class=\"_ _5b\"> </span>28<span class=\"_ _3\"></span>.9  <span class=\"_ _5b\"> </span>45.<span class=\"_ _3\"></span>2<span class=\"_ _421\"> </span>Depreciation <span class=\"_ _3\"></span>charge <span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>property <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>equipment <span class=\"_ _e7\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _20b\"> </span>0.1  <span class=\"_ _10e\"> </span>0.5  <span class=\"_ _57\"> </span>0.2  <span class=\"_ _fe\"> </span>0.8<span class=\"_ _421\"> </span>Depreciation <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>right-of-use <span class=\"_ _3\"></span>assets <span class=\"_ _221\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _fe\"> </span>0.4  <span class=\"_ _fe\"> </span>0.4<span class=\"_ _421\"> </span>Amortisation <span class=\"_ _3\"></span>charge <span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>software <span class=\"_ _3\"></span>assets <span class=\"_ _189\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _57\"> </span>2.0  <span class=\"_ _57\"> </span>2.0<span class=\"_ _421\"> </span>Sub<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>tota<span class=\"_ _3\"></span>l <span class=\"_ _102\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _10f\"> </span>5<span class=\"_ _3\"></span>.6  <span class=\"_ _152\"> </span>39<span class=\"_ _3\"></span>.1  <span class=\"_ _114\"> </span>6<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.1  <span class=\"_ _29\"> </span>1<span class=\"_ _3\"></span>06<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8<span class=\"_ _421\"> </span>Com<span class=\"_ _3\"></span>mis<span class=\"_ _3\"></span>sion<span class=\"_ _3\"></span>, new b<span class=\"_ _3\"></span>usi<span class=\"_ _3\"></span>nes<span class=\"_ _3\"></span>s and re<span class=\"_ _3\"></span>newa<span class=\"_ _3\"></span>l cos<span class=\"_ _3\"></span>ts<span class=\"_ _421\"> </span>Insurance <span class=\"_ _3\"></span>contracts <span class=\"_ _ba\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _1b1\"> </span>3.5  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _94\"> </span>3.5<span class=\"_ _421\"> </span>Investment <span class=\"_ _3\"></span>contracts <span class=\"_ _1c5\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _5b\"> </span>29.4  <span class=\"_ _114\"> </span>29.4<span class=\"_ _421\"> </span>Sub<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>tota<span class=\"_ _3\"></span>l <span class=\"_ _102\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _10f\"> </span>3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5  <span class=\"_ _11b\"> </span>29<span class=\"_ _3\"></span>.4  <span class=\"_ _2d\"> </span>3<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9<span class=\"_ _421\"> </span>Amor<span class=\"_ _3\"></span>tisation and Impairment of intangible asset<span class=\"_ _3\"></span>s<span class=\"_ _421\"> </span>Acquired <span class=\"_ _3\"></span>value of <span class=\"_ _4\"></span>in-forc<span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>business <span class=\"_ _194\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _114\"> </span>28.6  <span class=\"_ _114\"> </span>28.6<span class=\"_ _421\"> </span>Deferred a<span class=\"_ _3\"></span>cquisition <span class=\"_ _3\"></span>costs <span class=\"_ _1a0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _1b1\"> </span>7.6  <span class=\"_ _1a1\"> </span>7<span class=\"_ _2\"></span>.6<span class=\"_ _421\"> </span>Sub<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>tota<span class=\"_ _3\"></span>l <span class=\"_ _102\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _2d\"> </span>36<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2  <span class=\"_ _2d\"> </span>3<span class=\"_ _3\"></span>6.<span class=\"_ _4\"></span>2<span class=\"_ _421\"> </span>Other expenses<span class=\"_ _421\"> </span>Payment of yield tax r<span class=\"_ _2\"></span>elating to policyholders funds <span class=\"_ _1c8\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _1b7\"> </span>17.9 <span class=\"_ _a\"></span> <span class=\"_ _1b7\"> </span>17<span class=\"_ _2\"></span>.9<span class=\"_ _421\"> </span>Other <span class=\"_ _8b\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _1a1\"> </span>2.9  <span class=\"_ _10e\"> </span>4<span class=\"_ _3\"></span>.3  <span class=\"_ _1b1\"> </span>7.2<span class=\"_ _421\"> </span>Sub<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>tota<span class=\"_ _3\"></span>l <span class=\"_ _102\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _179\"> </span>2<span class=\"_ _4\"></span>.9  <span class=\"_ _f0\"> </span>22<span class=\"_ _4\"></span>.<span class=\"_ _3\"></span>2  <span class=\"_ _14e\"> </span>2<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>.1<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _10f\"> </span>5<span class=\"_ _3\"></span>.6  <span class=\"_ _11b\"> </span>45<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5  <span class=\"_ _e7\"> </span>149.<span class=\"_ _3\"></span>9  <span class=\"_ _15c\"> </span>2<span class=\"_ _3\"></span>01<span class=\"_ _3\"></span>.0<span class=\"_ _421\"> </span>192<span class=\"_ _d\"> </span><span class=\"ff67 ls3\">CH<span class=\"_ _3\"></span>ESN<span class=\"_ _3\"></span>AR<span class=\"_ _3\"></span>A ANN<span class=\"_ _3\"></span>UAL REPOR<span class=\"_ _3\"></span>T AND <span class=\"_ _3\"></span>ACCOUNT<span class=\"_ _3\"></span>S 20<span class=\"_ _2\"></span>23<span class=\"_ _421\"> </span></span>IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS<span class=\"_ _421\"> </span>Y<span class=\"_ _2\"></span>ear ended<span class=\"_ _2\"></span> 31 December 2022 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _39\"> </span>I<span class=\"_ _3\"></span>nsurance  <span class=\"_ _3f\"> </span>Othe<span class=\"_ _3\"></span>r  <span class=\"_ _3f\"> </span>Other   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _92\"> </span>acquis<span class=\"_ _3\"></span>ition  <span class=\"_ _30\"> </span>attributable  <span class=\"_ _7f\"> </span>op<span class=\"_ _3\"></span>erating   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _185\"> </span>cash <span class=\"_ _3\"></span>flows  <span class=\"_ _f6\"> </span>e<span class=\"_ _2\"></span>xpenses  <span class=\"_ _f6\"> </span>expe<span class=\"_ _2\"></span>nses  <span class=\"_ _28\"> </span>T<span class=\"_ _a\"></span>otal <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _46\"> </span>Not<span class=\"_ _3\"></span>e  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3<span class=\"_ _3\"></span>m  <span class=\"_ _165\"> </span>\u00a3<span class=\"_ _3\"></span>m<span class=\"_ _421\"> </span>Administrative expense<span class=\"_ _3\"></span>s<span class=\"_ _421\"> </span>Personnel-relat<span class=\"_ _2\"></span>ed <span class=\"_ _3\"></span>costs <span class=\"_ _d4\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _ae\"> </span><span class=\"ff61 ls77 ws7c\">I1</span>  <span class=\"_ _10f\"> </span>4<span class=\"_ _3\"></span>.0  <span class=\"_ _fe\"> </span>12.1  <span class=\"_ _12b\"> </span>21.<span class=\"_ _3\"></span>8  <span class=\"_ _14e\"> </span>37.9<span class=\"_ _421\"> </span>Investment <span class=\"_ _3\"></span>management <span class=\"_ _3\"></span>fees <span class=\"_ _163\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _57\"> </span>0.3  <span class=\"_ _5a\"> </span>1.4  <span class=\"_ _56\"> </span>1.7<span class=\"_ _421\"> </span>Costs <span class=\"_ _3\"></span>paid <span class=\"_ _3\"></span>to <span class=\"_ _3\"></span>third-party <span class=\"_ _3\"></span>administrator<span class=\"_ _2\"></span>s <span class=\"_ _21f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _fe\"> </span>8.0  <span class=\"_ _fe\"> </span>4.8  <span class=\"_ _1b7\"> </span>12.<span class=\"_ _3\"></span>8<span class=\"_ _421\"> </span>Other <span class=\"_ _3\"></span>goods <span class=\"_ _3\"></span>and <span class=\"_ _4\"></span>services <span class=\"_ _220\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1a1\"> </span>2.7  <span class=\"_ _1a1\"> </span>9.7  <span class=\"_ _1b7\"> </span>17.<span class=\"_ _2\"></span>0  <span class=\"_ _114\"> </span>29.4<span class=\"_ _421\"> </span>Depreciation <span class=\"_ _3\"></span>charge <span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>property <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>equipment <span class=\"_ _e7\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _fe\"> </span>0.4  <span class=\"_ _57\"> </span>0.3  <span class=\"_ _10e\"> </span>0.7<span class=\"_ _421\"> </span>Depreciation <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>right-of-use <span class=\"_ _3\"></span>assets <span class=\"_ _221\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _5a\"> </span>0.1  <span class=\"_ _10e\"> </span>0.6  <span class=\"_ _57\"> </span>0.<span class=\"_ _2\"></span>7<span class=\"_ _421\"> </span>Amortisation <span class=\"_ _3\"></span>charge <span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>software <span class=\"_ _3\"></span>assets <span class=\"_ _189\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _5a\"> </span>1.<span class=\"_ _3\"></span>8  <span class=\"_ _5a\"> </span>1.8<span class=\"_ _421\"> </span>Sub<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>tota<span class=\"_ _3\"></span>l <span class=\"_ _102\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _10f\"> </span>6<span class=\"_ _3\"></span>.7  <span class=\"_ _11b\"> </span>30<span class=\"_ _3\"></span>.6  <span class=\"_ _f0\"> </span>47.7  <span class=\"_ _1e1\"> </span>8<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>.0<span class=\"_ _421\"> </span>Com<span class=\"_ _3\"></span>mis<span class=\"_ _3\"></span>sion<span class=\"_ _3\"></span>, new b<span class=\"_ _3\"></span>usi<span class=\"_ _3\"></span>nes<span class=\"_ _3\"></span>s and re<span class=\"_ _3\"></span>newa<span class=\"_ _3\"></span>l cos<span class=\"_ _3\"></span>ts<span class=\"_ _421\"> </span>Insurance <span class=\"_ _3\"></span>contracts <span class=\"_ _ba\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _10e\"> </span>6<span class=\"_ _3\"></span>.4  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _10e\"> </span>6.4<span class=\"_ _421\"> </span>Investment <span class=\"_ _3\"></span>contracts <span class=\"_ _1c5\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _165\"> </span>29.1  <span class=\"_ _12e\"> </span>29<span class=\"_ _2\"></span>.1<span class=\"_ _421\"> </span>Sub<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>tota<span class=\"_ _3\"></span>l <span class=\"_ _102\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _12e\"> </span>6<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4  <span class=\"_ _14e\"> </span>2<span class=\"_ _3\"></span>9.1  <span class=\"_ _f0\"> </span>3<span class=\"_ _3\"></span>5.<span class=\"_ _4\"></span>5<span class=\"_ _421\"> </span>Amor<span class=\"_ _3\"></span>tisation of intangible asse<span class=\"_ _3\"></span>ts<span class=\"_ _421\"> </span>Acquired <span class=\"_ _3\"></span>value of <span class=\"_ _4\"></span>in-forc<span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>business <span class=\"_ _194\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _94\"> </span>7<span class=\"_ _2\"></span>.2  <span class=\"_ _94\"> </span>7<span class=\"_ _2\"></span>.2<span class=\"_ _421\"> </span>Deferred a<span class=\"_ _3\"></span>cquisition <span class=\"_ _3\"></span>costs <span class=\"_ _1a0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _57\"> </span>8<span class=\"_ _3\"></span>.5  <span class=\"_ _57\"> </span>8.5<span class=\"_ _421\"> </span>Sub<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>tota<span class=\"_ _3\"></span>l <span class=\"_ _102\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _14e\"> </span>1<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>.7  <span class=\"_ _14e\"> </span>1<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>.7<span class=\"_ _421\"> </span>Other expenses<span class=\"_ _421\"> </span>Payment of yield tax r<span class=\"_ _2\"></span>elating to policyholders funds <span class=\"_ _1c8\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _10e\"> </span>8.3 <span class=\"_ _2\"></span> <span class=\"_ _fe\"> </span>8<span class=\"_ _3\"></span>.3<span class=\"_ _421\"> </span>Other <span class=\"_ _8b\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _56\"> </span>1.9  <span class=\"_ _5a\"> </span>0.1  <span class=\"_ _57\"> </span>2.0<span class=\"_ _421\"> </span>Sub<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>tota<span class=\"_ _3\"></span>l <span class=\"_ _102\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _1a1\"> </span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9  <span class=\"_ _12e\"> </span>8<span class=\"_ _3\"></span>.4  <span class=\"_ _114\"> </span>10<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _10f\"> </span>6<span class=\"_ _3\"></span>.7  <span class=\"_ _7b\"> </span>3<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9  <span class=\"_ _42\"> </span>1<span class=\"_ _3\"></span>00<span class=\"_ _3\"></span>.9  <span class=\"_ _e7\"> </span>146<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5<span class=\"_ _421\"> </span>I<span class=\"_ _421\"> </span>ncluded in other goods and services abo<span class=\"_ _2\"></span>ve are the f<span class=\"_ _2\"></span>ollowing amounts pay<span class=\"_ _2\"></span>able to the auditor and its associates, e<span class=\"_ _2\"></span>xclusive <span class=\"_ _2\"></span>of <span class=\"_ _a\"></span>V<span class=\"_ _2\"></span>A<span class=\"_ _a\"></span>T<span class=\"_ _7\"></span>.<span class=\"_ _421\"> </span>Y<span class=\"_ _2\"></span>ear ended<span class=\"_ _2\"></span> 31 December <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14b\"> </span>20<span class=\"_ _2\"></span>23  <span class=\"_ _14b\"> </span>2022 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Fees pay<span class=\"_ _2\"></span>able to the company\u2019s audit<span class=\"_ _2\"></span>or for the audit of the company\u2019s financial stat<span class=\"_ _2\"></span>ements <span class=\"_ _1\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _fe\"> </span>0.6 <span class=\"_ _a\"></span> <span class=\"_ _10f\"> </span>0.4<span class=\"_ _421\"> </span>Fees pay<span class=\"_ _2\"></span>able to the company\u2019s audit<span class=\"_ _2\"></span>or and its associates for other services to the gr<span class=\"_ _2\"></span>oup:<span class=\"_ _421\"> </span>The audit of the company\u2019s subsidiaries pursuant t<span class=\"_ _2\"></span>o legislation* <span class=\"_ _e7\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _5a\"> </span>1.9 <span class=\"_ _2\"></span> <span class=\"_ _5a\"> </span>1.7<span class=\"_ _421\"> </span>Audit-relat<span class=\"_ _2\"></span>ed <span class=\"_ _3\"></span>assurance <span class=\"_ _3\"></span>services*<span class=\"_ _3\"></span>* <span class=\"_ _51\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _57\"> </span>2.0  <span class=\"_ _99\"> </span>1.1<span class=\"_ _421\"> </span>Non-audit <span class=\"_ _3\"></span>services <span class=\"_ _bb\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5a\"> </span>0.1  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12e\"> </span>4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>6  <span class=\"_ _fe\"> </span>3.<span class=\"_ _3\"></span>2 <span class=\"_ _222\"></span>*Includes \u00a31<span class=\"_ _7\"></span>.6m (2022: \u00a30.6m) audit fees in respect of the Mo<span class=\"_ _2\"></span>vestic, <span class=\"_ _0\"></span>W<span class=\"_ _a\"></span>aard and Scildon audit in the <span class=\"_ _a\"></span>year perf<span class=\"_ _2\"></span>ormed by EY<span class=\"_ _31\"></span>.  <span class=\"_ _fb\"></span>*<span class=\"_ _2\"></span>*Includes \u00a30.<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>m (2022: \u00a30.3m) f<span class=\"_ _2\"></span>ees related to assurance services in respect of <span class=\"_ _0\"></span>W<span class=\"_ _2\"></span>aard and <span class=\"_ _2\"></span>Scildon in the <span class=\"_ _a\"></span>year performed b<span class=\"_ _2\"></span>y EY<span class=\"_ _7\"></span>.<span class=\"_ _421\"> </span><span class=\"ff65 ls3 ws2\">CHE<span class=\"_ _277\"></span>SNA<span class=\"_ _277\"></span>R<span class=\"_ _277\"></span>A<span class=\"_ _278\"></span>ANNUAL<span class=\"_ _27f\"></span>REP<span class=\"_ _284\"></span>ORT<span class=\"_ _287\"></span>A<span class=\"_ _277\"></span>ND<span class=\"_ _27f\"></span>ACCOU<span class=\"_ _27a\"></span>NTS<span class=\"_ _27b\"></span>2023</span><span class=\"_ _3d0\"></span>193<span class=\"_ _421\"> </span><div class=\"t m0 h4 ff67 fs2 fc1 sc0 lsc3 ws82 gs1eb\">IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS<span class=\"_ _421\"> </span></div><div class=\"t m0 h9 ff68 fs8 fc2 sc0 ls18f ws2 gs1ec\">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<span class=\"_ _421\"> </span></div><div class=\"t m0 hf ff61 fsc fc2 sc0 ls37 ws2 gs1ed\">SECTION D \u2013 PERF<span class=\"_ _2\"></span>ORMANCE IN THE YEAR</div><div class=\"t m0 h11 ff63 fsd fc2 sc0 ls2 ws2 gs1ee\"> <span class=\"_ _e\"></span><span class=\"_ _e\"> </span>D5 <span class=\"_ _3\"></span>Financing costs<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls190 wsc7 gs3d8\">Y<span class=\"_ _2\"></span>ear ended<span class=\"_ _2\"></span> 31 December</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls119 ws1b4 gs3d9\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14b\"> </span>20<span class=\"_ _2\"></span>23  <span class=\"_ _14b\"> </span>2022</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls190 ws1e0 gs3da\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs3db\">Interest expense <span class=\"_ _3\"></span>on <span class=\"_ _4\"></span>bank <span class=\"_ _3\"></span>borro<span class=\"_ _2\"></span>wings <span class=\"_ _1dd\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _57\"> </span>0.7  <span class=\"_ _10e\"> </span>0.6<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs3dc\">Interest expense <span class=\"_ _3\"></span>on <span class=\"_ _4\"></span>financial <span class=\"_ _3\"></span>reinsurance <span class=\"_ _a9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _57\"> </span>0.5  <span class=\"_ _fe\"> </span>0.8<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs3dd\">Interest expenses <span class=\"_ _3\"></span>on <span class=\"_ _4\"></span>lease <span class=\"_ _3\"></span>liabilities <span class=\"_ _223\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs3de\">Interest expense <span class=\"_ _3\"></span>on <span class=\"_ _4\"></span>Tier <span class=\"_ _3\"></span>2 <span class=\"_ _3\"></span>debt <span class=\"_ _160\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _10e\"> </span>9.8  <span class=\"_ _57\"> </span>8.9<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs3df\">Other <span class=\"_ _3\"></span>interest <span class=\"_ _224\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _57\"> </span>0.2<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs3e0\">T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>fi<span class=\"_ _3\"></span>nanc<span class=\"_ _3\"></span>ing <span class=\"_ _4\"></span>cos<span class=\"_ _3\"></span>ts <span class=\"_ _55\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _20a\"> </span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.0  <span class=\"_ _114\"> </span>1<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>5<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws72 gs3e1\">Interest e<span class=\"_ _2\"></span>xpense on bank borro<span class=\"_ _2\"></span>wings and <span class=\"_ _0\"></span>Tier 2 debt is calculated using the eff<span class=\"_ _a\"></span>ective interest rate method and is the total interest expense f<span class=\"_ _2\"></span>or financial liabilities </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs3e2\">that are not designated at fair v<span class=\"_ _2\"></span>alue through profit or loss.<span class=\"_ _421\"> </span></div><div class=\"t m0 h11 ff63 fsd fc2 sc0 ls2 ws2 gs3e3\"> <span class=\"_ _e\"> </span>D6 <span class=\"_ _3\"></span>Income tax<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws2 gs3e4\">T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l inco<span class=\"_ _3\"></span>me ta<span class=\"_ _3\"></span>x comp<span class=\"_ _3\"></span>rise<span class=\"_ _3\"></span>s </div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls190 wsc7 gs3e5\">Y<span class=\"_ _2\"></span>ear ended<span class=\"_ _2\"></span> 31 December</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls119 ws1b4 gs3e6\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14b\"> </span>20<span class=\"_ _2\"></span>23  <span class=\"_ _14b\"> </span>2022</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls190 ws1e0 gs3e7\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs3e8\">CA <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>other <span class=\"_ _3\"></span>group <span class=\"_ _3\"></span>\u2013 <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>et <span class=\"_ _3\"></span>credit <span class=\"_ _106\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5b\"> </span>20.4  <span class=\"_ _5b\"> </span>24.6<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs3e9\">Movestic <span class=\"_ _120\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs3ea\">W<span class=\"_ _2\"></span>aard <span class=\"_ _3\"></span>Group <span class=\"_ _3\"></span>\u2013 <span class=\"_ _3\"></span>net <span class=\"_ _3\"></span>expense <span class=\"_ _225\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _fe\"> </span>(1.6 <span class=\"_ _0\"></span>) <span class=\"_ _165\"> </span>(0.1 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs3eb\">Scildon <span class=\"_ _3\"></span>\u2013 <span class=\"_ _3\"></span>net <span class=\"_ _4\"></span>(expense)/<span class=\"_ _a\"></span>credit <span class=\"_ _178\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _fe\"> </span>(1.9 <span class=\"_ _7\"></span>) <span class=\"_ _fe\"> </span>3.9<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs3ec\">T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>et <span class=\"_ _4\"></span>cre<span class=\"_ _3\"></span>dit <span class=\"_ _88\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5b\"> </span>1<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9  <span class=\"_ _1e1\"> </span>2<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>.4<span class=\"_ _421\"> </span></div><div class=\"t m0 h60 ff6b fsd fc1 sc0 ls2 ws2 gs2ad\">UK businesses<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws2 gs3ed\">CA a<span class=\"_ _3\"></span>nd oth<span class=\"_ _3\"></span>er gro<span class=\"_ _3\"></span>up ac<span class=\"_ _3\"></span>ti<span class=\"_ _3\"></span>viti<span class=\"_ _3\"></span>es<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls190 wsc7 gs3ee\">Y<span class=\"_ _2\"></span>ear ended<span class=\"_ _2\"></span> 31 December</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls119 ws1b4 gs3ef\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14b\"> </span>20<span class=\"_ _2\"></span>23  <span class=\"_ _14b\"> </span>2022</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls190 ws1e0 gs3f0\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls64 wsf6 gs3f1\">Current tax<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs3f2\">Curr<span class=\"_ _2\"></span>ent <span class=\"_ _3\"></span>year <span class=\"_ _3\"></span>expense <span class=\"_ _216\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _12e\"> </span>(3.<span class=\"_ _3\"></span>2 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs3f3\">Overseas tax <span class=\"_ _1ab\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>(0.3 <span class=\"_ _7\"></span>) <span class=\"_ _97\"> </span>\u2013<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs3f4\">Adjustment <span class=\"_ _3\"></span>to <span class=\"_ _3\"></span>prior <span class=\"_ _3\"></span>years <span class=\"_ _d9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _96\"> </span>1.5<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs3f5\">Net <span class=\"_ _3\"></span>expense <span class=\"_ _1a9\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _165\"> </span>(0.3 <span class=\"_ _0\"></span>) <span class=\"_ _12e\"> </span>(1.7 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls190 wsc7 gs3f6\">Deferred tax<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs3f7\">Origination <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>reversal <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>temporary <span class=\"_ _3\"></span>differences <span class=\"_ _42\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _114\"> </span>20.7  <span class=\"_ _114\"> </span>26.<span class=\"_ _3\"></span>3<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs3f8\">T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>ncom<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>x <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>red<span class=\"_ _3\"></span>it <span class=\"_ _205\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _1e1\"> </span>2<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>4  <span class=\"_ _7b\"> </span>2<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>.6<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff62 fs1 fc1 sc0 lseb wsfb gs223\">194<span class=\"_ _c\"> </span><span class=\"ff67 ls3 ws2\">CHE<span class=\"_ _3\"></span>SNA<span class=\"_ _3\"></span>R<span class=\"_ _3\"></span>A ANNUAL REP<span class=\"_ _3\"></span>ORT A<span class=\"_ _3\"></span>ND ACCOU<span class=\"_ _3\"></span>NTS 2023<span class=\"_ _421\"> </span></span></div>IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS<span class=\"_ _421\"> </span>Re<span class=\"_ _3\"></span>conc<span class=\"_ _3\"></span>iliat<span class=\"_ _3\"></span>ion o<span class=\"_ _3\"></span>f ef<span class=\"_ _3\"></span>fe<span class=\"_ _3\"></span>ct<span class=\"_ _3\"></span>ive tax r<span class=\"_ _3\"></span>ate on p<span class=\"_ _3\"></span>rofi<span class=\"_ _3\"></span>t bef<span class=\"_ _3\"></span>ore t<span class=\"_ _3\"></span>ax<span class=\"_ _421\"> </span>Y<span class=\"_ _2\"></span>ear ended<span class=\"_ _2\"></span> 31 December <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14b\"> </span>20<span class=\"_ _2\"></span>23  <span class=\"_ _14b\"> </span>2022 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Pro<span class=\"_ _3\"></span>fit<span class=\"_ _3\"></span>/(los<span class=\"_ _3\"></span>s) <span class=\"_ _3\"></span>b<span class=\"_ _3\"></span>ef<span class=\"_ _3\"></span>ore <span class=\"_ _4\"></span>tax <span class=\"_ _1ad\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _46\"> </span>(2<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3 <span class=\"_ _7\"></span>) <span class=\"_ _119\"> </span>(<span class=\"_ _3\"></span>80<span class=\"_ _3\"></span>.7 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Income tax using the domestic corporation tax rat<span class=\"_ _2\"></span>e of 23.<span class=\"_ _3\"></span>5% (2022: 19.0%) <span class=\"_ _4a\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _57\"> </span>6.2 <span class=\"_ _a\"></span> <span class=\"_ _165\"> </span>15.3<span class=\"_ _421\"> </span>Non-taxable <span class=\"_ _3\"></span>profit <span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>acquisition <span class=\"_ _3\"></span>of <span class=\"_ _4\"></span>subsidiary <span class=\"_ _94\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _1b7\"> </span>(4<span class=\"_ _3\"></span>.7 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Impact <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>small <span class=\"_ _4\"></span>companies <span class=\"_ _3\"></span>rat<span class=\"_ _2\"></span>e <span class=\"_ _1be\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _10e\"> </span>(1.5 <span class=\"_ _0\"></span>) <span class=\"_ _15b\"> </span>\u2013<span class=\"_ _421\"> </span>Other <span class=\"_ _3\"></span>permanent <span class=\"_ _3\"></span>differences <span class=\"_ _178\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b7\"> </span>(0.6 <span class=\"_ _7\"></span>) <span class=\"_ _179\"> </span>0.2<span class=\"_ _421\"> </span>Effect of UK tax bases on insurance profits <span class=\"_ _a4\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _12e\"> </span>(7<span class=\"_ _2\"></span>.5 <span class=\"_ _31\"></span>) <span class=\"_ _179\"> </span>7<span class=\"_ _2\"></span>.8<span class=\"_ _421\"> </span>Offset <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>ranked investment <span class=\"_ _3\"></span>income <span class=\"_ _17a\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _56\"> </span>1.2  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span>V<span class=\"_ _2\"></span>ariation in rat<span class=\"_ _2\"></span>e of tax on amortisation of acquired in-force value <span class=\"_ _45\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _1b7\"> </span>13.<span class=\"_ _3\"></span>3 <span class=\"_ _a\"></span> <span class=\"_ _57\"> </span>3.<span class=\"_ _3\"></span>3<span class=\"_ _421\"> </span>Foreign tax <span class=\"_ _1ec\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>(0.3 <span class=\"_ _7\"></span>) <span class=\"_ _97\"> </span>\u2013<span class=\"_ _421\"> </span>Effect <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>deferred <span class=\"_ _3\"></span>tax <span class=\"_ _3\"></span>not <span class=\"_ _3\"></span>recognised <span class=\"_ _196\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _179\"> </span>10.1  <span class=\"_ _20a\"> </span>(0.4 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Effect <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>change <span class=\"_ _3\"></span>in <span class=\"_ _4\"></span>tax <span class=\"_ _3\"></span>rate <span class=\"_ _226\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b7\"> </span>(0.2 <span class=\"_ _0\"></span>) <span class=\"_ _94\"> </span>3.1<span class=\"_ _421\"> </span>Other <span class=\"_ _8b\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b7\"> </span>(0.3 <span class=\"_ _0\"></span>) <span class=\"_ _15b\"> </span>\u2013<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>ncom<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>x <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>red<span class=\"_ _3\"></span>it <span class=\"_ _205\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _1e1\"> </span>2<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>4  <span class=\"_ _7b\"> </span>2<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>.6<span class=\"_ _421\"> </span>The Finance <span class=\"_ _2\"></span>Act 202<span class=\"_ _0\"></span>1 increased the rate of corporation tax from 1<span class=\"_ _2\"></span>9% to 25% from 1 April 2023. Mov<span class=\"_ _2\"></span>estic<span class=\"_ _421\"> </span>The current tax and def<span class=\"_ _a\"></span>erred tax for Mo<span class=\"_ _2\"></span>vestic was \u00a3Nil in the <span class=\"_ _0\"></span>year ended 31 December 2023 (31 December 2022: \u00a3Nil).<span class=\"_ _421\"> </span>Re<span class=\"_ _3\"></span>conc<span class=\"_ _3\"></span>iliat<span class=\"_ _3\"></span>ion o<span class=\"_ _3\"></span>f ef<span class=\"_ _3\"></span>fe<span class=\"_ _3\"></span>ct<span class=\"_ _3\"></span>ive tax r<span class=\"_ _3\"></span>ate on p<span class=\"_ _3\"></span>rofi<span class=\"_ _3\"></span>t bef<span class=\"_ _3\"></span>ore t<span class=\"_ _3\"></span>ax Y<span class=\"_ _2\"></span>ear ended<span class=\"_ _2\"></span> 31 December <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14b\"> </span>20<span class=\"_ _2\"></span>23  <span class=\"_ _14b\"> </span>2022 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Pro<span class=\"_ _3\"></span>fit <span class=\"_ _4\"></span>bef<span class=\"_ _3\"></span>ore <span class=\"_ _4\"></span>tax <span class=\"_ _142\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _179\"> </span>5<span class=\"_ _3\"></span>.4  <span class=\"_ _94\"> </span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5<span class=\"_ _421\"> </span>Income tax using the domestic corporation tax rat<span class=\"_ _2\"></span>e of 20.6<span class=\"_ _2\"></span>% (20.6<span class=\"_ _2\"></span>%) <span class=\"_ _be\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _1b1\"> </span>(1.1 <span class=\"_ _31\"></span>) <span class=\"_ _14e\"> </span>(0.5 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Non-taxable <span class=\"_ _3\"></span>income <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>relation <span class=\"_ _3\"></span>to <span class=\"_ _3\"></span>unit-linked <span class=\"_ _3\"></span>business <span class=\"_ _39\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _56\"> </span>1.<span class=\"_ _3\"></span>2  <span class=\"_ _20b\"> </span>1.<span class=\"_ _3\"></span>5<span class=\"_ _421\"> </span>Non-taxable <span class=\"_ _3\"></span>fair <span class=\"_ _3\"></span>value <span class=\"_ _3\"></span>adjustment <span class=\"_ _182\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span>Unrecognised <span class=\"_ _3\"></span>tax <span class=\"_ _3\"></span>recov<span class=\"_ _2\"></span>erable <span class=\"_ _ff\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>(0.3 <span class=\"_ _0\"></span>) <span class=\"_ _15b\"> </span>\u2013<span class=\"_ _421\"> </span>Non-deductible <span class=\"_ _3\"></span>expenses <span class=\"_ _227\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _57\"> </span>0.2  <span class=\"_ _12b\"> </span>(0.9 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Under<span class=\"_ _2\"></span>/(over) <span class=\"_ _3\"></span>pro<span class=\"_ _2\"></span>vided <span class=\"_ _3\"></span>in <span class=\"_ _4\"></span>prior <span class=\"_ _3\"></span>ye<span class=\"_ _2\"></span>ars <span class=\"_ _1a7\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _fe\"> </span>(0.1 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l inco<span class=\"_ _3\"></span>me ta<span class=\"_ _3\"></span>x cred<span class=\"_ _3\"></span>it<span class=\"_ _3\"></span>/(expens<span class=\"_ _3\"></span>e)<span class=\"ff60 ls2 ws1e9\"> <span class=\"_ _52\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span></span><span class=\"ls2\">\u2013<span class=\"ff60 ws1e9\">  <span class=\"_ _158\"> </span></span>\u2013<span class=\"_ _421\"> </span></span>W<span class=\"_ _a\"></span>aard Group<span class=\"_ _421\"> </span>Waard Group<span class=\"_ _421\"> </span>Y<span class=\"_ _2\"></span>ear ended<span class=\"_ _2\"></span> 31 December <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14b\"> </span>20<span class=\"_ _2\"></span>23  <span class=\"_ _14b\"> </span>2022 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Current tax<span class=\"_ _421\"> </span>Curr<span class=\"_ _2\"></span>ent <span class=\"_ _3\"></span>year <span class=\"_ _3\"></span>expense <span class=\"_ _216\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _fe\"> </span>(1.7 <span class=\"_ _0\"></span>) <span class=\"_ _fe\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.1 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Adjustment <span class=\"_ _3\"></span>to <span class=\"_ _3\"></span>prior <span class=\"_ _3\"></span>years <span class=\"_ _d9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _57\"> </span>4.7  <span class=\"_ _e9\"> </span>\u2013<span class=\"_ _421\"> </span>Net <span class=\"_ _3\"></span>expenses <span class=\"_ _b6\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _10e\"> </span>3.<span class=\"_ _3\"></span>0  <span class=\"_ _1b1\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.1 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Deferred tax<span class=\"_ _421\"> </span>Origination <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>reversal <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>temporary <span class=\"_ _3\"></span>differences <span class=\"_ _42\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12b\"> </span>(4.6 <span class=\"_ _0\"></span>) <span class=\"_ _57\"> </span>1.0<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>ncom<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>x <span class=\"_ _3\"></span>ex<span class=\"_ _3\"></span>pen<span class=\"_ _3\"></span>se <span class=\"_ _228\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>(<span class=\"_ _3\"></span>1.<span class=\"_ _3\"></span>6 <span class=\"_ _7\"></span>) <span class=\"_ _152\"> </span>(0<span class=\"_ _3\"></span>.1 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span><span class=\"ff65 ls3 ws2\">CHES<span class=\"_ _277\"></span>NAR<span class=\"_ _277\"></span>A<span class=\"_ _278\"></span>AN<span class=\"_ _277\"></span>NUAL<span class=\"_ _379\"></span>REPO<span class=\"_ _277\"></span>RT<span class=\"_ _27f\"></span>AND<span class=\"_ _3b0\"></span>ACCOUNT<span class=\"_ _27a\"></span>S<span class=\"_ _27b\"></span>20<span class=\"_ _2b5\"></span>23</span><span class=\"_ _3b4\"></span>195<span class=\"_ _421\"> </span><div class=\"t m0 h4 ff67 fs2 fc1 sc0 lsc3 ws82 gs93\">IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS<span class=\"_ _421\"> </span></div><div class=\"t m0 h9 ff68 fs8 fc2 sc0 ls18f ws2 gs94\">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<span class=\"_ _421\"> </span></div><div class=\"t m0 hf ff61 fsc fc2 sc0 ls37 ws2 gs95\">SECTION D \u2013 PERF<span class=\"_ _2\"></span>ORMANCE IN THE YEAR</div><div class=\"t m0 h11 ff63 fsd fc2 sc0 ls2 ws2 gs96\"> <span class=\"_ _e\"> </span>D6 <span class=\"_ _3\"></span>Income tax (continued)<span class=\"_ _421\"> </span></div><div class=\"t m0 h60 ff6b fsd fc1 sc0 ls2 ws2 gs97\">W<span class=\"_ _a\"></span>aard Group (continued)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws2 gs361\">Re<span class=\"_ _3\"></span>conc<span class=\"_ _3\"></span>iliat<span class=\"_ _3\"></span>ion o<span class=\"_ _3\"></span>f ef<span class=\"_ _3\"></span>fe<span class=\"_ _3\"></span>ct<span class=\"_ _3\"></span>ive tax r<span class=\"_ _3\"></span>ate on p<span class=\"_ _3\"></span>rofi<span class=\"_ _3\"></span>t bef<span class=\"_ _3\"></span>ore t<span class=\"_ _3\"></span>ax<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls190 wsc7 gs362\">Y<span class=\"_ _2\"></span>ear ended<span class=\"_ _2\"></span> 31 December</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls119 ws1b4 gs363\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14b\"> </span>20<span class=\"_ _2\"></span>23  <span class=\"_ _14b\"> </span>2022</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls190 ws1e0 gs393\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs394\">Lo<span class=\"_ _3\"></span>ss <span class=\"_ _4\"></span>be<span class=\"_ _3\"></span>fore <span class=\"_ _4\"></span>ta<span class=\"_ _3\"></span>x <span class=\"_ _88\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _114\"> </span>14<span class=\"_ _3\"></span>.7  <span class=\"_ _14e\"> </span>(2<span class=\"_ _3\"></span>.<span class=\"_ _4\"></span>3 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws2 gs3fa\">Income tax using the domestic corporation tax rat<span class=\"_ _2\"></span>e of 25%   <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _12b\"> </span>(3.8 <span class=\"_ _7\"></span>) <span class=\"_ _12e\"> </span>0.6<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs3fb\">Non-taxable <span class=\"_ _3\"></span>fair <span class=\"_ _3\"></span>value <span class=\"_ _3\"></span>adjustment <span class=\"_ _182\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _56\"> </span>1.7  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs397\">T<span class=\"_ _2\"></span>emporary <span class=\"_ _3\"></span>differences <span class=\"_ _19f\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _20b\"> </span>1.0  <span class=\"_ _1b7\"> </span>(0.7 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs398\">Reversal of <span class=\"_ _4\"></span>temporary <span class=\"_ _3\"></span>difference <span class=\"_ _109\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>(0.5 <span class=\"_ _7\"></span>) <span class=\"_ _97\"> </span>\u2013<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs36a\">T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>ncom<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>x <span class=\"_ _3\"></span>ex<span class=\"_ _3\"></span>pen<span class=\"_ _3\"></span>se <span class=\"_ _228\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>(<span class=\"_ _3\"></span>1.<span class=\"_ _3\"></span>6 <span class=\"_ _7\"></span>) <span class=\"_ _152\"> </span>(0<span class=\"_ _3\"></span>.1 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h60 ff6b fsd fc1 sc0 ls2 ws2 gs1a9\">Scildon<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls190 ws1f2 gs3fc\">Scildon<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls190 wsc7 gs3fd\">Y<span class=\"_ _2\"></span>ear ended<span class=\"_ _2\"></span> 31 December</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls119 ws1b4 gs3fe\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14b\"> </span>20<span class=\"_ _2\"></span>23  <span class=\"_ _14b\"> </span>2022</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls190 ws1e0 gs3ff\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs400\">Curre<span class=\"_ _3\"></span>nt <span class=\"_ _4\"></span>tax <span class=\"_ _11a\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12e\"> </span>4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8  <span class=\"_ _5b\"> </span>(4.<span class=\"_ _3\"></span>0 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs401\">Adjustments <span class=\"_ _3\"></span>for <span class=\"_ _3\"></span>prior <span class=\"_ _3\"></span>year <span class=\"_ _18c\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _b4\"> </span>\u2013<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs402\">Net <span class=\"_ _3\"></span>expense <span class=\"_ _1a9\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _fe\"> </span>4.<span class=\"_ _3\"></span>8  <span class=\"_ _20a\"> </span>(4.0 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls190 wsc7 gs403\">Deferred tax<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs404\">Origination <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>reversal <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>temporary <span class=\"_ _3\"></span>differences <span class=\"_ _42\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>(6.7 <span class=\"_ _0\"></span>) <span class=\"_ _10f\"> </span>7<span class=\"_ _2\"></span>.8<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs405\">Impact <span class=\"_ _3\"></span>to <span class=\"_ _3\"></span>changes <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>tax <span class=\"_ _4\"></span>rat<span class=\"_ _2\"></span>es <span class=\"_ _4e\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _20b\"> </span>0.1<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs406\">T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>ncom<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>x <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>red<span class=\"_ _3\"></span>it <span class=\"_ _205\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _1b7\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.9 <span class=\"_ _7\"></span>) <span class=\"_ _12e\"> </span>3.<span class=\"_ _3\"></span>9<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws2 gs407\">Re<span class=\"_ _3\"></span>conc<span class=\"_ _3\"></span>iliat<span class=\"_ _3\"></span>ion o<span class=\"_ _3\"></span>f ef<span class=\"_ _3\"></span>fe<span class=\"_ _3\"></span>ct<span class=\"_ _3\"></span>ive tax r<span class=\"_ _3\"></span>ate on p<span class=\"_ _3\"></span>rofi<span class=\"_ _3\"></span>t bef<span class=\"_ _3\"></span>ore t<span class=\"_ _3\"></span>ax<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls190 wsc7 gs408\">Y<span class=\"_ _2\"></span>ear ended<span class=\"_ _2\"></span> 31 December</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls119 ws1b4 gs409\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14b\"> </span>20<span class=\"_ _2\"></span>23  <span class=\"_ _14b\"> </span>2022</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls190 ws1e0 gs40a\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs40b\">Lo<span class=\"_ _3\"></span>ss <span class=\"_ _4\"></span>be<span class=\"_ _3\"></span>fore <span class=\"_ _4\"></span>ta<span class=\"_ _3\"></span>x <span class=\"_ _88\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _fe\"> </span>7.<span class=\"_ _3\"></span>5  <span class=\"_ _44\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws2 gs40c\">Income tax using the domestic corporation tax rat<span class=\"_ _2\"></span>e of 25%   <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _179\"> </span>(<span class=\"_ _3\"></span>1.9 <span class=\"_ _31\"></span>) <span class=\"_ _1b7\"> </span>4<span class=\"_ _3\"></span>.0<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs40d\">Permanent <span class=\"_ _3\"></span>differenc<span class=\"_ _2\"></span>es <span class=\"_ _dd\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _20b\"> </span>0.1  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs40e\">T<span class=\"_ _2\"></span>emporary <span class=\"_ _3\"></span>differences <span class=\"_ _19f\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _fe\"> </span>(0.1 <span class=\"_ _7\"></span>) <span class=\"_ _12e\"> </span>(0.<span class=\"_ _2\"></span>1 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs40f\">T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>ncom<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>x <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>red<span class=\"_ _3\"></span>it <span class=\"_ _205\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _1b7\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.9 <span class=\"_ _7\"></span>) <span class=\"_ _12e\"> </span>3.<span class=\"_ _3\"></span>9<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff62 fs1 fc1 sc0 lseb wsfb gsc0\">196<span class=\"_ _10\"> </span><span class=\"ff67 ls3 ws2\">CHE<span class=\"_ _3\"></span>SNA<span class=\"_ _3\"></span>R<span class=\"_ _3\"></span>A ANNUAL R<span class=\"_ _3\"></span>EPORT A<span class=\"_ _3\"></span>ND ACCO<span class=\"_ _3\"></span>UNTS 2023<span class=\"_ _421\"> </span></span></div>IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS<span class=\"_ _421\"> </span>SECTION E \u2013 BALANCE SHEET ASSETS <span class=\"_ _18\"> </span>E1 <span class=\"_ _4\"></span>Intangible assets<span class=\"_ _421\"> </span>Y<span class=\"_ _2\"></span>ear ended<span class=\"_ _2\"></span> 31 December 202<span class=\"_ _3\"></span>3 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _62\"> </span>Sof<span class=\"_ _3\"></span>tware   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14b\"> </span>AVIF  <span class=\"_ _43\"> </span>AVCR  <span class=\"_ _153\"> </span>as<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>ts  <span class=\"_ _28\"> </span>Total <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Cost<span class=\"_ _3\"></span>:<span class=\"_ _421\"> </span>Ba<span class=\"_ _3\"></span>lance <span class=\"_ _4\"></span>at <span class=\"_ _4\"></span>1 <span class=\"_ _4\"></span>Janu<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y <span class=\"_ _1b0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _150\"> </span>1<span class=\"_ _3\"></span>13<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9  <span class=\"_ _10f\"> </span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3  <span class=\"_ _2d\"> </span>2<span class=\"_ _3\"></span>9.<span class=\"_ _4\"></span>5  <span class=\"_ _e7\"> </span>14<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>.7<span class=\"_ _421\"> </span>Additions <span class=\"_ _229\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span>Additions <span class=\"_ _3\"></span>\u2013 <span class=\"_ _3\"></span>arising <span class=\"_ _3\"></span>on <span class=\"_ _4\"></span>acquisition <span class=\"_ _f5\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _1a1\"> </span>2.<span class=\"_ _3\"></span>3  <span class=\"_ _1a1\"> </span>2.3<span class=\"_ _421\"> </span>Foreign exchange <span class=\"_ _3\"></span>translation <span class=\"_ _3\"></span>difference <span class=\"_ _175\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _fe\"> </span>(<span class=\"_ _3\"></span>1.6 <span class=\"_ _7\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _165\"> </span>(0.7 <span class=\"_ _7\"></span>) <span class=\"_ _20a\"> </span>(2.3 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>Ba<span class=\"_ _3\"></span>lance <span class=\"_ _4\"></span>at <span class=\"_ _4\"></span>31 <span class=\"_ _4\"></span>D<span class=\"_ _3\"></span>ecem<span class=\"_ _3\"></span>ber <span class=\"_ _d9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _150\"> </span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3  <span class=\"_ _10f\"> </span>2<span class=\"_ _4\"></span>.<span class=\"_ _3\"></span>3  <span class=\"_ _12e\"> </span>31<span class=\"_ _3\"></span>.1  <span class=\"_ _28\"> </span>145<span class=\"_ _3\"></span>.7<span class=\"_ _421\"> </span>Ba<span class=\"_ _3\"></span>lance <span class=\"_ _4\"></span>at <span class=\"_ _4\"></span>1 <span class=\"_ _4\"></span>Janu<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y <span class=\"_ _1b0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _45\"> </span>4<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5  <span class=\"_ _1b1\"> </span>2<span class=\"_ _4\"></span>.1  <span class=\"_ _11b\"> </span>2<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>2  <span class=\"_ _7b\"> </span>70<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8<span class=\"_ _421\"> </span>Amortisation <span class=\"_ _3\"></span>for <span class=\"_ _3\"></span>the <span class=\"_ _4\"></span>year <span class=\"_ _177\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _94\"> </span>7.5  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _57\"> </span>2.0  <span class=\"_ _1a1\"> </span>9.5<span class=\"_ _421\"> </span>Impairment <span class=\"_ _3\"></span>for <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>year <span class=\"_ _1ad\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b7\"> </span>21.0  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _1b7\"> </span>21.0<span class=\"_ _421\"> </span>Foreign exchange <span class=\"_ _3\"></span>translation <span class=\"_ _3\"></span>difference <span class=\"_ _175\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b7\"> </span>(0.9 <span class=\"_ _7\"></span>) <span class=\"_ _97\"> </span>\u2013  <span class=\"_ _1b7\"> </span>(0.5 <span class=\"_ _7\"></span>) <span class=\"_ _12e\"> </span>(1.4 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Ba<span class=\"_ _3\"></span>lance <span class=\"_ _4\"></span>at <span class=\"_ _4\"></span>31 <span class=\"_ _4\"></span>D<span class=\"_ _3\"></span>ecem<span class=\"_ _3\"></span>ber <span class=\"_ _d9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14e\"> </span>76<span class=\"_ _3\"></span>.1  <span class=\"_ _94\"> </span>2<span class=\"_ _3\"></span>.1  <span class=\"_ _152\"> </span>2<span class=\"_ _3\"></span>1.7  <span class=\"_ _11b\"> </span>99<span class=\"_ _3\"></span>.9<span class=\"_ _421\"> </span>Carr<span class=\"_ _3\"></span>ying amounts:<span class=\"_ _421\"> </span>At <span class=\"_ _4\"></span>1 <span class=\"_ _3\"></span>J<span class=\"_ _3\"></span>anuar<span class=\"_ _3\"></span>y <span class=\"_ _f8\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _7b\"> </span>6<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>.4  <span class=\"_ _10f\"> </span>0.<span class=\"_ _3\"></span>2  <span class=\"_ _10f\"> </span>9<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3  <span class=\"_ _7b\"> </span>74<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9<span class=\"_ _421\"> </span>At <span class=\"_ _4\"></span>31 <span class=\"_ _4\"></span>De<span class=\"_ _3\"></span>cemb<span class=\"_ _3\"></span>er <span class=\"_ _59\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _2d\"> </span>36<span class=\"_ _3\"></span>.<span class=\"_ _4\"></span>3  <span class=\"_ _8f\"> </span>0<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2  <span class=\"_ _10f\"> </span>9.<span class=\"_ _4\"></span>3  <span class=\"_ _1e1\"> </span>45<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8<span class=\"_ _421\"> </span>Y<span class=\"_ _2\"></span>ear ended<span class=\"_ _2\"></span> 31 December 2022 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _62\"> </span>Sof<span class=\"_ _3\"></span>tware   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14b\"> </span>AVIF  <span class=\"_ _43\"> </span>AVCR  <span class=\"_ _153\"> </span>as<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>ts  <span class=\"_ _28\"> </span>Total <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Cost<span class=\"_ _3\"></span>:<span class=\"_ _421\"> </span>Ba<span class=\"_ _3\"></span>lance <span class=\"_ _4\"></span>at <span class=\"_ _4\"></span>1 <span class=\"_ _4\"></span>Janu<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y <span class=\"_ _1b0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _7b\"> </span>60<span class=\"_ _3\"></span>.6  <span class=\"_ _10f\"> </span>2<span class=\"_ _3\"></span>.<span class=\"_ _4\"></span>3  <span class=\"_ _5b\"> </span>27<span class=\"_ _2\"></span>.7  <span class=\"_ _7b\"> </span>9<span class=\"_ _3\"></span>0.6<span class=\"_ _421\"> </span>Additions <span class=\"_ _229\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span>Additions <span class=\"_ _3\"></span>\u2013 <span class=\"_ _3\"></span>arising <span class=\"_ _3\"></span>on <span class=\"_ _4\"></span>acquisition <span class=\"_ _f5\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5b\"> </span>54.7  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _57\"> </span>2.4  <span class=\"_ _8f\"> </span>57<span class=\"_ _a\"></span>.1<span class=\"_ _421\"> </span>Foreign exchange <span class=\"_ _3\"></span>translation <span class=\"_ _3\"></span>difference <span class=\"_ _175\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _10f\"> </span>(1.4 <span class=\"_ _0\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _1b7\"> </span>(0.6 <span class=\"_ _7\"></span>) <span class=\"_ _14e\"> </span>(2<span class=\"_ _3\"></span>.0 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Ba<span class=\"_ _3\"></span>lance <span class=\"_ _4\"></span>at <span class=\"_ _4\"></span>31 <span class=\"_ _4\"></span>D<span class=\"_ _3\"></span>ecem<span class=\"_ _3\"></span>ber <span class=\"_ _d9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _150\"> </span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9  <span class=\"_ _179\"> </span>2<span class=\"_ _4\"></span>.<span class=\"_ _3\"></span>3  <span class=\"_ _11b\"> </span>2<span class=\"_ _3\"></span>9<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5  <span class=\"_ _e7\"> </span>1<span class=\"_ _3\"></span>45<span class=\"_ _3\"></span>.7<span class=\"_ _421\"> </span>Ba<span class=\"_ _3\"></span>lance <span class=\"_ _4\"></span>at <span class=\"_ _4\"></span>1 <span class=\"_ _4\"></span>Janu<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y <span class=\"_ _1b0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _7b\"> </span>42<span class=\"_ _4\"></span>.<span class=\"_ _3\"></span>3  <span class=\"_ _1b1\"> </span>2<span class=\"_ _4\"></span>.1  <span class=\"_ _c2\"> </span>1<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>.8  <span class=\"_ _2d\"> </span>6<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2<span class=\"_ _421\"> </span>Amortisation <span class=\"_ _3\"></span>for <span class=\"_ _3\"></span>the <span class=\"_ _4\"></span>year <span class=\"_ _177\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _94\"> </span>7<span class=\"_ _2\"></span>.2  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _5a\"> </span>1.<span class=\"_ _3\"></span>8  <span class=\"_ _10e\"> </span>9.0<span class=\"_ _421\"> </span>Foreign exchange <span class=\"_ _3\"></span>translation <span class=\"_ _3\"></span>difference <span class=\"_ _175\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _10f\"> </span>(1.0 <span class=\"_ _0\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _20a\"> </span>(0.4 <span class=\"_ _7\"></span>) <span class=\"_ _12e\"> </span>(1.4 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Ba<span class=\"_ _3\"></span>lance <span class=\"_ _4\"></span>at <span class=\"_ _4\"></span>31 <span class=\"_ _4\"></span>D<span class=\"_ _3\"></span>ecem<span class=\"_ _3\"></span>ber <span class=\"_ _d9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1e1\"> </span>4<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5  <span class=\"_ _1b1\"> </span>2<span class=\"_ _4\"></span>.1  <span class=\"_ _11b\"> </span>20<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2  <span class=\"_ _7b\"> </span>70<span class=\"_ _3\"></span>.8<span class=\"_ _421\"> </span>Carr<span class=\"_ _3\"></span>ying amounts:<span class=\"_ _421\"> </span>At <span class=\"_ _4\"></span>1 <span class=\"_ _3\"></span>J<span class=\"_ _3\"></span>anuar<span class=\"_ _3\"></span>y <span class=\"_ _f8\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5b\"> </span>1<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3  <span class=\"_ _179\"> </span>0<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2  <span class=\"_ _8f\"> </span>8<span class=\"_ _3\"></span>.9  <span class=\"_ _f0\"> </span>27.4<span class=\"_ _421\"> </span>At <span class=\"_ _4\"></span>31 <span class=\"_ _4\"></span>De<span class=\"_ _3\"></span>cemb<span class=\"_ _3\"></span>er <span class=\"_ _59\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _7b\"> </span>6<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4  <span class=\"_ _8f\"> </span>0<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2  <span class=\"_ _10f\"> </span>9.<span class=\"_ _3\"></span>3  <span class=\"_ _11b\"> </span>74.<span class=\"_ _3\"></span>9<span class=\"_ _421\"> </span>The amortisation charged to the Consolidated <span class=\"_ _a\"></span>Statement of Comprehensive Income is recognised in <span class=\"_ _2\"></span>other operating e<span class=\"_ _2\"></span>xpenses (see Note D4).<span class=\"_ _421\"> </span><span class=\"ff65 ls3\">CHES<span class=\"_ _277\"></span>NAR<span class=\"_ _277\"></span>A<span class=\"_ _278\"></span>A<span class=\"_ _277\"></span>NNUAL<span class=\"_ _278\"></span>REPO<span class=\"_ _279\"></span>RT<span class=\"_ _278\"></span>AND<span class=\"_ _3b0\"></span>ACCOUN<span class=\"_ _27a\"></span>TS<span class=\"_ _27b\"></span>2023</span><span class=\"_ _3b8\"></span>197<span class=\"_ _421\"> </span>IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS<span class=\"_ _421\"> </span>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<span class=\"_ _421\"> </span>SECTION E \u2013 BALANCE SHEET ASSETS <span class=\"_ _18\"> </span>E1 <span class=\"_ _4\"></span>Intangible assets (continued)<span class=\"_ _421\"> </span>Def<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>red acquisition costs<span class=\"_ _421\"> </span>Y<span class=\"_ _2\"></span>ear ended<span class=\"_ _2\"></span> 31 December <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14b\"> </span>20<span class=\"_ _2\"></span>23  <span class=\"_ _14b\"> </span>2022 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Ba<span class=\"_ _3\"></span>lance <span class=\"_ _4\"></span>at <span class=\"_ _4\"></span>1 <span class=\"_ _4\"></span>Janu<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y <span class=\"_ _1b0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14e\"> </span>51<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2  <span class=\"_ _11b\"> </span>5<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>.0<span class=\"_ _421\"> </span>Additions <span class=\"_ _229\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _57\"> </span>8.3  <span class=\"_ _1b1\"> </span>7<span class=\"_ _2\"></span>.9<span class=\"_ _421\"> </span>Amortisation <span class=\"_ _3\"></span>charged <span class=\"_ _3\"></span>to <span class=\"_ _3\"></span>income <span class=\"_ _109\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _8f\"> </span>(7<span class=\"_ _2\"></span>.6 <span class=\"_ _7\"></span>) <span class=\"_ _152\"> </span>(8.5 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>Foreign exchange <span class=\"_ _3\"></span>translation <span class=\"_ _3\"></span>difference <span class=\"_ _175\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _fe\"> </span>(<span class=\"_ _3\"></span>1.3 <span class=\"_ _0\"></span>) <span class=\"_ _12e\"> </span>(1.<span class=\"_ _3\"></span>2 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Ba<span class=\"_ _3\"></span>lance <span class=\"_ _4\"></span>at <span class=\"_ _4\"></span>31 <span class=\"_ _4\"></span>D<span class=\"_ _3\"></span>ecem<span class=\"_ _3\"></span>ber <span class=\"_ _d9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _11b\"> </span>5<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>6  <span class=\"_ _114\"> </span>5<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2<span class=\"_ _421\"> </span>Curr<span class=\"_ _2\"></span>ent <span class=\"_ _1f4\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _1a1\"> </span>1<span class=\"_ _3\"></span>1.1  <span class=\"_ _10f\"> </span>1<span class=\"_ _3\"></span>1.2<span class=\"_ _421\"> </span>Non-current <span class=\"_ _1a9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _152\"> </span>39.5  <span class=\"_ _2d\"> </span>40.0<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _11b\"> </span>50<span class=\"_ _3\"></span>.6  <span class=\"_ _14e\"> </span>5<span class=\"_ _3\"></span>1.<span class=\"_ _3\"></span>2<span class=\"_ _421\"> </span>The amortisation charged to income is recognised in <span class=\"_ _2\"></span>other operating e<span class=\"_ _2\"></span>xpenses (see Note D4)<span class=\"_ _421\"> </span>. <span class=\"_ _18\"> </span>E2 <span class=\"_ _4\"></span>Proper<span class=\"_ _2\"></span>ty and equipment<span class=\"_ _421\"> </span>31 December <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14b\"> </span>20<span class=\"_ _2\"></span>23  <span class=\"_ _14b\"> </span>2022 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Cost<span class=\"_ _3\"></span>:<span class=\"_ _421\"> </span>Ba<span class=\"_ _3\"></span>lance <span class=\"_ _4\"></span>at <span class=\"_ _4\"></span>1 <span class=\"_ _4\"></span>Janu<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y <span class=\"_ _1b0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5b\"> </span>19<span class=\"_ _3\"></span>.0  <span class=\"_ _5b\"> </span>14<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5<span class=\"_ _421\"> </span>Additions <span class=\"_ _3\"></span>\u2013 <span class=\"_ _3\"></span>Arising <span class=\"_ _3\"></span>on <span class=\"_ _4\"></span>acquisition <span class=\"_ _22a\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _fe\"> </span>4.4<span class=\"_ _421\"> </span>Additions <span class=\"_ _229\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _20b\"> </span>1.9  <span class=\"_ _fe\"> </span>0.4<span class=\"_ _421\"> </span>Disposals <span class=\"_ _1e6\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _1b7\"> </span>(0.3 <span class=\"_ _7\"></span>) <span class=\"_ _8f\"> </span>(1.6 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Revaluation <span class=\"_ _11a\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _57\"> </span>0.3  <span class=\"_ _10e\"> </span>0.8<span class=\"_ _421\"> </span>Foreign exchange <span class=\"_ _3\"></span>translation <span class=\"_ _3\"></span>difference <span class=\"_ _175\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>(0.3 <span class=\"_ _7\"></span>) <span class=\"_ _179\"> </span>0.<span class=\"_ _3\"></span>5<span class=\"_ _421\"> </span>Ba<span class=\"_ _3\"></span>lance <span class=\"_ _4\"></span>at <span class=\"_ _4\"></span>31 <span class=\"_ _4\"></span>D<span class=\"_ _3\"></span>ecem<span class=\"_ _3\"></span>ber <span class=\"_ _d9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _11b\"> </span>2<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>6  <span class=\"_ _5b\"> </span>19<span class=\"_ _3\"></span>.0<span class=\"_ _421\"> </span>Amor<span class=\"_ _3\"></span>tisation and impairment losses<span class=\"_ _3\"></span>:<span class=\"_ _421\"> </span>Ba<span class=\"_ _3\"></span>lance <span class=\"_ _4\"></span>at <span class=\"_ _4\"></span>1 <span class=\"_ _4\"></span>Janu<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y <span class=\"_ _1b0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _10f\"> </span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.1  <span class=\"_ _179\"> </span>6<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>6<span class=\"_ _421\"> </span>Additions <span class=\"_ _3\"></span>\u2013 <span class=\"_ _3\"></span>Arising <span class=\"_ _3\"></span>on <span class=\"_ _4\"></span>acquisition <span class=\"_ _22a\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _fe\"> </span>4.4<span class=\"_ _421\"> </span>Depreciation <span class=\"_ _3\"></span>charge <span class=\"_ _3\"></span>for <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>year <span class=\"_ _22b\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _fe\"> </span>0.8  <span class=\"_ _5a\"> </span>1.4<span class=\"_ _421\"> </span>Disposals <span class=\"_ _1e6\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _179\"> </span>(1<span class=\"_ _3\"></span>.4 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>Foreign exchange <span class=\"_ _3\"></span>translation <span class=\"_ _3\"></span>difference <span class=\"_ _175\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _57\"> </span>0.3  <span class=\"_ _20b\"> </span>0.1<span class=\"_ _421\"> </span>Ba<span class=\"_ _3\"></span>lance <span class=\"_ _4\"></span>at <span class=\"_ _4\"></span>31 <span class=\"_ _4\"></span>D<span class=\"_ _3\"></span>ecem<span class=\"_ _3\"></span>ber <span class=\"_ _d9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14e\"> </span>12<span class=\"_ _4\"></span>.<span class=\"_ _3\"></span>2  <span class=\"_ _10f\"> </span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.1<span class=\"_ _421\"> </span>Car<span class=\"_ _3\"></span>ry<span class=\"_ _3\"></span>ing <span class=\"_ _4\"></span>amo<span class=\"_ _3\"></span>unt<span class=\"_ _3\"></span>s <span class=\"_ _3\"></span>at <span class=\"_ _4\"></span>3<span class=\"_ _3\"></span>1 <span class=\"_ _3\"></span>D<span class=\"_ _3\"></span>ece<span class=\"_ _3\"></span>mbe<span class=\"_ _3\"></span>r <span class=\"_ _1ea\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12e\"> </span>8<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4  <span class=\"_ _fe\"> </span>7.9<span class=\"_ _421\"> </span>The group leases se<span class=\"_ _2\"></span>veral assets including <span class=\"_ _2\"></span>office buildings, office and IT equipment and motor v<span class=\"_ _2\"></span>ehicles. <span class=\"_ _0\"></span>The a<span class=\"_ _2\"></span>verage lease term is 3 <span class=\"_ _a\"></span>years. Right<span class=\"_ _2\"></span>-of-use assets <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _15b\"> </span>Non-inves<span class=\"_ _3\"></span>tment  <span class=\"_ _73\"> </span>  <span class=\"_ _14b\"> </span>202<span class=\"_ _3\"></span>3 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _af\"> </span>proper<span class=\"_ _3\"></span>ty  <span class=\"_ _3f\"> </span>O<span class=\"_ _3\"></span>ther<span class=\"_ _2\"></span>  <span class=\"_ _28\"> </span>T<span class=\"_ _2\"></span>otal <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _15f\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Car<span class=\"_ _3\"></span>ry<span class=\"_ _3\"></span>ing <span class=\"_ _4\"></span>amo<span class=\"_ _3\"></span>unt<span class=\"_ _3\"></span>s <span class=\"_ _3\"></span>at <span class=\"_ _4\"></span>1 <span class=\"_ _4\"></span>Janu<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y <span class=\"_ _22b\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _94\"> </span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2  <span class=\"_ _1a1\"> </span>0.<span class=\"_ _3\"></span>1  <span class=\"_ _1a1\"> </span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3<span class=\"_ _421\"> </span>Additions <span class=\"_ _229\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _fe\"> </span>0.8  <span class=\"_ _fe\"> </span>0.8<span class=\"_ _421\"> </span>Disposals <span class=\"_ _1e6\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _b4\"> </span>\u2013<span class=\"_ _421\"> </span>Depreciation <span class=\"_ _3\"></span>charge <span class=\"_ _11d\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12b\"> </span>(0.4 <span class=\"_ _7\"></span>) <span class=\"_ _114\"> </span>(0.4 <span class=\"_ _7\"></span>) <span class=\"_ _114\"> </span>(0.8 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>Foreign exchange <span class=\"_ _3\"></span>translation <span class=\"_ _3\"></span>difference <span class=\"_ _175\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _57\"> </span>0.3  <span class=\"_ _1b7\"> </span>(0.3 <span class=\"_ _0\"></span>) <span class=\"_ _15b\"> </span>\u2013<span class=\"_ _421\"> </span>Car<span class=\"_ _3\"></span>ry<span class=\"_ _3\"></span>ing <span class=\"_ _4\"></span>amo<span class=\"_ _3\"></span>unt<span class=\"_ _3\"></span>s <span class=\"_ _3\"></span>at <span class=\"_ _4\"></span>3<span class=\"_ _3\"></span>1 <span class=\"_ _3\"></span>D<span class=\"_ _3\"></span>ece<span class=\"_ _3\"></span>mbe<span class=\"_ _3\"></span>r <span class=\"_ _1ea\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _a6\"> </span>1<span class=\"_ _3\"></span>.1  <span class=\"_ _179\"> </span>0<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2  <span class=\"_ _1a1\"> </span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3<span class=\"_ _421\"> </span>198<span class=\"_ _c\"> </span><span class=\"ff67 ls3 ws2\">C<span class=\"_ _3\"></span>HESN<span class=\"_ _3\"></span>AR<span class=\"_ _3\"></span>A AN<span class=\"_ _3\"></span>NUAL REPOR<span class=\"_ _3\"></span>T AND <span class=\"_ _3\"></span>ACCOUNT<span class=\"_ _3\"></span>S 20<span class=\"_ _2\"></span>23<span class=\"_ _421\"> </span></span>IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS<span class=\"_ _421\"> </span>Am<span class=\"_ _3\"></span>ount re<span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>gnis<span class=\"_ _3\"></span>ed in p<span class=\"_ _3\"></span>rofi<span class=\"_ _3\"></span>t and lo<span class=\"_ _3\"></span>ss <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _15b\"> </span>Non-inves<span class=\"_ _3\"></span>tment  <span class=\"_ _73\"> </span>  <span class=\"_ _14b\"> </span>202<span class=\"_ _3\"></span>3 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _af\"> </span>proper<span class=\"_ _3\"></span>ty  <span class=\"_ _3f\"> </span>O<span class=\"_ _3\"></span>ther<span class=\"_ _2\"></span>  <span class=\"_ _28\"> </span>T<span class=\"_ _2\"></span>otal <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _15f\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Fixed lease <span class=\"_ _3\"></span>expense <span class=\"_ _209\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _5a\"> </span>0.1  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _20b\"> </span>0.1<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ash <span class=\"_ _4\"></span>ou<span class=\"_ _3\"></span>tfl<span class=\"_ _3\"></span>ow <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>or <span class=\"_ _4\"></span>lea<span class=\"_ _3\"></span>ses <span class=\"_ _54\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1a1\"> </span>0<span class=\"_ _3\"></span>.1  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _1b1\"> </span>0.1<span class=\"_ _421\"> </span>Right<span class=\"_ _2\"></span>-of-use assets <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _15b\"> </span>Non-inves<span class=\"_ _3\"></span>tment  <span class=\"_ _73\"> </span>  <span class=\"_ _14b\"> </span>2<span class=\"_ _3\"></span>022 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _af\"> </span>proper<span class=\"_ _3\"></span>ty  <span class=\"_ _3f\"> </span>O<span class=\"_ _3\"></span>ther<span class=\"_ _2\"></span>  <span class=\"_ _28\"> </span>T<span class=\"_ _2\"></span>otal <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _15f\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Car<span class=\"_ _3\"></span>ry<span class=\"_ _3\"></span>ing <span class=\"_ _4\"></span>amo<span class=\"_ _3\"></span>unt<span class=\"_ _3\"></span>s <span class=\"_ _3\"></span>at <span class=\"_ _4\"></span>1 <span class=\"_ _4\"></span>Janu<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y <span class=\"_ _22b\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b1\"> </span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9  <span class=\"_ _1a1\"> </span>0.1  <span class=\"_ _10f\"> </span>2<span class=\"_ _3\"></span>.0<span class=\"_ _421\"> </span>Additions <span class=\"_ _229\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5a\"> </span>0.1  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _5a\"> </span>0.1<span class=\"_ _421\"> </span>Disposals <span class=\"_ _1e6\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>(0.2 <span class=\"_ _0\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _1b7\"> </span>(0.2 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>Depreciation <span class=\"_ _3\"></span>charge <span class=\"_ _11d\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>(0.7 <span class=\"_ _7\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _165\"> </span>(0.7 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Car<span class=\"_ _3\"></span>ry<span class=\"_ _3\"></span>ing <span class=\"_ _4\"></span>amo<span class=\"_ _3\"></span>unt<span class=\"_ _3\"></span>s <span class=\"_ _3\"></span>at <span class=\"_ _4\"></span>3<span class=\"_ _3\"></span>1 <span class=\"_ _3\"></span>D<span class=\"_ _3\"></span>ece<span class=\"_ _3\"></span>mbe<span class=\"_ _3\"></span>r <span class=\"_ _1ea\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _a6\"> </span>1<span class=\"_ _3\"></span>.1  <span class=\"_ _1a1\"> </span>0<span class=\"_ _3\"></span>.1  <span class=\"_ _1b1\"> </span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2<span class=\"_ _421\"> </span>Am<span class=\"_ _3\"></span>ount re<span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>gnis<span class=\"_ _3\"></span>ed in p<span class=\"_ _3\"></span>rofi<span class=\"_ _3\"></span>t and lo<span class=\"_ _3\"></span>ss <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _15b\"> </span>Non-inves<span class=\"_ _3\"></span>tment  <span class=\"_ _73\"> </span>  <span class=\"_ _14b\"> </span>2<span class=\"_ _3\"></span>022 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _af\"> </span>proper<span class=\"_ _3\"></span>ty  <span class=\"_ _3f\"> </span>O<span class=\"_ _3\"></span>ther<span class=\"_ _2\"></span>  <span class=\"_ _28\"> </span>T<span class=\"_ _2\"></span>otal <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _15f\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Fixed lease <span class=\"_ _3\"></span>expense <span class=\"_ _209\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _10e\"> </span>0.6  <span class=\"_ _5a\"> </span>0.1  <span class=\"_ _10e\"> </span>0.7<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ash <span class=\"_ _4\"></span>ou<span class=\"_ _3\"></span>tfl<span class=\"_ _3\"></span>ow <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>or <span class=\"_ _4\"></span>lea<span class=\"_ _3\"></span>ses <span class=\"_ _54\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _179\"> </span>0.<span class=\"_ _3\"></span>6  <span class=\"_ _1a1\"> </span>0<span class=\"_ _3\"></span>.1  <span class=\"_ _10f\"> </span>0.7 <span class=\"_ _18\"></span><span class=\"_ _18\"> </span>E3 <span class=\"_ _4\"></span>Inv<span class=\"_ _2\"></span>estment properties<span class=\"_ _421\"> </span>31 December <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14b\"> </span>20<span class=\"_ _2\"></span>23  <span class=\"_ _14b\"> </span>2022 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Ba<span class=\"_ _3\"></span>lance <span class=\"_ _4\"></span>at <span class=\"_ _4\"></span>1 <span class=\"_ _4\"></span>Janu<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y <span class=\"_ _1b0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1e1\"> </span>9<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5  <span class=\"_ _96\"> </span>1<span class=\"_ _3\"></span>.1<span class=\"_ _421\"> </span>Additions <span class=\"_ _3\"></span>\u2013 <span class=\"_ _3\"></span>Arising <span class=\"_ _3\"></span>on <span class=\"_ _4\"></span>acquisition <span class=\"_ _22a\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _150\"> </span>103.0<span class=\"_ _421\"> </span>Additions <span class=\"_ _229\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1a1\"> </span>2<span class=\"_ _3\"></span>.3  <span class=\"_ _10e\"> </span>0.9<span class=\"_ _421\"> </span>Disposals <span class=\"_ _1e6\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _12b\"> </span>(6.0 <span class=\"_ _7\"></span>) <span class=\"_ _152\"> </span>(2<span class=\"_ _3\"></span>.9 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Revaluation <span class=\"_ _11a\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12e\"> </span>(2.7 <span class=\"_ _0\"></span>) <span class=\"_ _20a\"> </span>(7.7 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Foreign exchange <span class=\"_ _3\"></span>translation <span class=\"_ _3\"></span>difference <span class=\"_ _175\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _20b\"> </span>0.1<span class=\"_ _421\"> </span>Ba<span class=\"_ _3\"></span>lance <span class=\"_ _4\"></span>at <span class=\"_ _4\"></span>31 <span class=\"_ _4\"></span>D<span class=\"_ _3\"></span>ecem<span class=\"_ _3\"></span>ber <span class=\"_ _d9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5b\"> </span>8<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>.1  <span class=\"_ _1e1\"> </span>9<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5<span class=\"_ _421\"> </span>Inv<span class=\"_ _2\"></span>estment properties were bought f<span class=\"_ _2\"></span>or investment purposes in line with the in<span class=\"_ _2\"></span>vestment strategy <span class=\"_ _2\"></span>of the group. <span class=\"_ _0\"></span>The properties are independently valued in accordance with International <span class=\"_ _a\"></span>V<span class=\"_ _2\"></span>aluation <span class=\"_ _2\"></span>Standards on the basis <span class=\"_ _2\"></span>of determining the open market v<span class=\"_ _2\"></span>alue of the in<span class=\"_ _2\"></span>vestment properties <span class=\"_ _2\"></span>on an annual basis. <span class=\"_ _0\"></span>The latest valuations<span class=\"_ _2\"></span> were conducted as at 31 December 2022. <span class=\"_ _7\"></span>There is no observable input and theref<span class=\"_ _2\"></span>ore its classed as Le<span class=\"_ _2\"></span>vel 3 totalling \u00a388.<span class=\"_ _a\"></span>1m, see Note E4(b).<span class=\"_ _421\"> </span>Both <span class=\"_ _2\"></span>of these amounts are disclosed in net investment ret<span class=\"_ _2\"></span>urn (see Note D2). Expenses incur<span class=\"_ _2\"></span>red in the operation and maintenance of in<span class=\"_ _2\"></span>vestment properties are disclosed in other <span class=\"_ _2\"></span>operating expenses (see Note D4). <span class=\"ff65 ls3 ws2\">CHES<span class=\"_ _283\"></span>NAR<span class=\"_ _277\"></span>A<span class=\"_ _278\"></span>AN<span class=\"_ _277\"></span>NUAL<span class=\"_ _35e\"></span>REPO<span class=\"_ _277\"></span>RT<span class=\"_ _287\"></span>AND<span class=\"_ _392\"></span>ACCOUNT<span class=\"_ _27a\"></span>S<span class=\"_ _27b\"></span>20<span class=\"_ _2b5\"></span>23</span><span class=\"_ _3a1\"></span>199<span class=\"_ _421\"> </span><div class=\"t m0 h4 ff67 fs2 fc1 sc0 lsc3 ws82 gs93\">IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS<span class=\"_ _421\"> </span></div><div class=\"t m0 h9 ff68 fs8 fc2 sc0 ls18f ws2 gs94\">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<span class=\"_ _421\"> </span></div><div class=\"t m0 hf ff61 fsc fc2 sc0 ls37 ws2 gs95\">SECTION E \u2013 BALANCE SHEET ASSETS</div><div class=\"t m0 h11 ff69 fsd fc2 sc0 ls2 ws2 gs96\"> <span class=\"_ _18\"> </span><span class=\"ff63\">E4  <span class=\"_ _7\"></span>Financial inv<span class=\"_ _2\"></span>estments</span></div><div class=\"t m0 h11 ff63 fsd fc1 sc0 ls2 ws2 gs19d\">  (a) <span class=\"_ _3\"></span>Financial investments b<span class=\"_ _2\"></span>y classification<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs98\">The carrying amounts <span class=\"_ _2\"></span>of the financial inv<span class=\"_ _2\"></span>estments and other financial assets and liabilities held b<span class=\"_ _2\"></span>y the group at the balance sheet date are as follows:<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls190 wsc7 gs2ef\">31 December 2023</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs2f0\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _80\"> </span>A<span class=\"_ _3\"></span>mor<span class=\"_ _3\"></span>tis<span class=\"_ _3\"></span>ed  <span class=\"_ _5d\"> </span>F<span class=\"_ _3\"></span>V<span class=\"_ _3\"></span>T<span class=\"_ _3\"></span>PL <span class=\"_ _3\"></span>\u2013  <span class=\"_ _5d\"> </span>F<span class=\"_ _3\"></span>V<span class=\"_ _3\"></span>T<span class=\"_ _3\"></span>PL <span class=\"_ _4\"></span>\u2013  </div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs2f1\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _7b\"> </span>c<span class=\"_ _3\"></span>ost  <span class=\"_ _14\"> </span>d<span class=\"_ _3\"></span>esi<span class=\"_ _3\"></span>gnate<span class=\"_ _3\"></span>d  <span class=\"_ _15\"> </span>mand<span class=\"_ _3\"></span>ator<span class=\"_ _3\"></span>y  <span class=\"_ _28\"> </span>Total</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls190 ws1e0 gs2f2\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lsd9 ws1bc gs314\">Financial investments<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs315\">Equity <span class=\"_ _3\"></span>securities <span class=\"_ _1ac\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _150\"> </span>194<span class=\"_ _3\"></span>.2  <span class=\"_ _150\"> </span>194<span class=\"_ _3\"></span>.2<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs316\">Holdings <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>collective <span class=\"_ _3\"></span>investment <span class=\"_ _3\"></span>schemes <span class=\"_ _eb\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _153\"> </span>8,<span class=\"_ _3\"></span>37<span class=\"_ _2\"></span>6.2  <span class=\"_ _9d\"> </span>8,376.2<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs317\">Debt <span class=\"_ _3\"></span>securities <span class=\"_ _3\"></span>\u2013 <span class=\"_ _3\"></span>government <span class=\"_ _3\"></span>bonds <span class=\"_ _40\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _45\"> </span>716<span class=\"_ _3\"></span>.5  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _1e1\"> </span>716.5<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs318\">Debt <span class=\"_ _3\"></span>securities <span class=\"_ _3\"></span>\u2013 <span class=\"_ _3\"></span>other <span class=\"_ _1cf\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _46\"> </span>520.6  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _46\"> </span>520.6<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs319\">Policyholder <span class=\"_ _3\"></span>funds <span class=\"_ _3\"></span>help <span class=\"_ _3\"></span>by <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>group <span class=\"_ _af\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _2a\"> </span>1,281.8  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _2a\"> </span>1,281.8<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs31a\">Mortgage <span class=\"_ _3\"></span>loan <span class=\"_ _3\"></span>portfolio <span class=\"_ _d6\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _e7\"> </span>366<span class=\"_ _3\"></span>.8  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _28\"> </span>366.8<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs411\">T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _e8\"> </span>2<span class=\"_ _4\"></span>,8<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>.7  <span class=\"_ _1c8\"> </span>8<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>570<span class=\"_ _3\"></span>.4  <span class=\"_ _82\"> </span>11<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>45<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>.1<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws2 gs412\">De<span class=\"_ _3\"></span>riva<span class=\"_ _3\"></span>tive<span class=\"_ _3\"></span>s and ot<span class=\"_ _3\"></span>her fi<span class=\"_ _3\"></span>nanc<span class=\"_ _3\"></span>ial as<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>ts<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs413\">Derivativ<span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>financial <span class=\"_ _4\"></span>instruments <span class=\"_ _1af\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _57\"> </span>0.3  <span class=\"_ _10e\"> </span>0.3<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs414\">Other <span class=\"_ _3\"></span>assets <span class=\"_ _1a9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _152\"> </span>57<span class=\"_ _2\"></span>.7  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _152\"> </span>57.<span class=\"_ _2\"></span>7<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs415\">Cash <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>cash <span class=\"_ _3\"></span>equivalents <span class=\"_ _ee\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _14b\"> </span>146.0  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _14b\"> </span>146.0<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs416\">T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>fi<span class=\"_ _3\"></span>nanc<span class=\"_ _3\"></span>ial <span class=\"_ _4\"></span>inves<span class=\"_ _3\"></span>tme<span class=\"_ _3\"></span>nts <span class=\"_ _4\"></span>an<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>fi<span class=\"_ _3\"></span>nanc<span class=\"_ _3\"></span>ial <span class=\"_ _4\"></span>ass<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>s <span class=\"_ _3b\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5b\"> </span>57.7  <span class=\"_ _14f\"> </span>3,<span class=\"_ _3\"></span>031<span class=\"_ _3\"></span>.7  <span class=\"_ _82\"> </span>8,<span class=\"_ _4\"></span>570.7  <span class=\"_ _e8\"> </span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>66<span class=\"_ _3\"></span>0.1<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lsd9 ws1bc gs417\">Financial liabilities<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws2 gs418\">Investment contr<span class=\"_ _2\"></span>acts at fair value through profit or loss  <span class=\"_ _8c\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _97\"> </span>\u2013  <span class=\"_ _76\"> </span>5,872<span class=\"_ _3\"></span>.3 <span class=\"_ _a\"></span> <span class=\"_ _e9\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _153\"> </span>5,872.<span class=\"_ _3\"></span>3<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws2 gs419\">Liabilities relating to polic<span class=\"_ _2\"></span>yholder funds help by the group <span class=\"_ _14c\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _3e\"> </span>1,281.<span class=\"_ _3\"></span>8 <span class=\"_ _a\"></span> <span class=\"_ _e9\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _3e\"> </span>1,<span class=\"_ _3\"></span>281.8<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs41a\">Derivativ<span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>financial <span class=\"_ _4\"></span>instruments <span class=\"_ _1af\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _3\"></span> <span class=\"_ _ae\"> </span>\u2013  <span class=\"_ _10f\"> </span>4<span class=\"_ _3\"></span>.4  <span class=\"_ _10f\"> </span>4.4<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs41b\">Borro<span class=\"_ _2\"></span>wings <span class=\"_ _1ae\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _46\"> </span>207<span class=\"_ _a\"></span>.9  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _46\"> </span>207<span class=\"_ _2\"></span>.9 </div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs41c\">Other <span class=\"_ _3\"></span>current <span class=\"_ _3\"></span>liabilities <span class=\"_ _fc\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _c2\"> </span>13<span class=\"_ _3\"></span>1.7  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _c2\"> </span>13<span class=\"_ _3\"></span>1.7<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lsd9 ws1bb gs41d\">T<span class=\"_ _a\"></span>o<span class=\"_ _3\"></span>tal <span class=\"_ _3\"></span>financial <span class=\"_ _4\"></span>liabilities <span class=\"_ _1ed\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _42\"> </span>339<span class=\"_ _3\"></span>.6  <span class=\"_ _129\"> </span>7<span class=\"_ _2\"></span>,15<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>.1  <span class=\"_ _165\"> </span>4<span class=\"_ _3\"></span>.4  <span class=\"_ _3b\"> </span>7<span class=\"_ _a\"></span>,<span class=\"_ _3\"></span>498<span class=\"_ _3\"></span>.1<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls190 wsc7 gs41e\">31 December 2022</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs41f\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _80\"> </span>A<span class=\"_ _3\"></span>mor<span class=\"_ _3\"></span>tis<span class=\"_ _3\"></span>ed  <span class=\"_ _5d\"> </span>F<span class=\"_ _3\"></span>V<span class=\"_ _3\"></span>T<span class=\"_ _3\"></span>PL <span class=\"_ _3\"></span>\u2013  <span class=\"_ _5d\"> </span>F<span class=\"_ _3\"></span>V<span class=\"_ _3\"></span>T<span class=\"_ _3\"></span>PL <span class=\"_ _4\"></span>\u2013  </div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs420\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _7b\"> </span>c<span class=\"_ _3\"></span>ost  <span class=\"_ _14\"> </span>d<span class=\"_ _3\"></span>esi<span class=\"_ _3\"></span>gnate<span class=\"_ _3\"></span>d  <span class=\"_ _15\"> </span>mand<span class=\"_ _3\"></span>ator<span class=\"_ _3\"></span>y  <span class=\"_ _28\"> </span>Total</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls190 ws1e0 gs421\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lsd9 ws1bc gs422\">Financial investments<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs423\">Equity <span class=\"_ _3\"></span>securities <span class=\"_ _1ac\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _44\"> </span>160.2  <span class=\"_ _44\"> </span>160.2<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs424\">Holdings <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>collective <span class=\"_ _3\"></span>investment <span class=\"_ _3\"></span>schemes <span class=\"_ _eb\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _48\"> </span>8,189.7  <span class=\"_ _48\"> </span>8,189.7<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs425\">Debt <span class=\"_ _3\"></span>securities <span class=\"_ _3\"></span>\u2013 <span class=\"_ _3\"></span>government <span class=\"_ _3\"></span>bonds <span class=\"_ _40\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _150\"> </span>445.1  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _150\"> </span>445.1<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs426\">Debt <span class=\"_ _3\"></span>securities <span class=\"_ _3\"></span>\u2013 <span class=\"_ _3\"></span>other <span class=\"_ _1cf\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _29\"> </span>489.0  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _29\"> </span>489.0<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs427\">Policyholder <span class=\"_ _3\"></span>funds <span class=\"_ _3\"></span>help <span class=\"_ _3\"></span>by <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>group <span class=\"_ _af\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _29\"> </span>986<span class=\"_ _3\"></span>.8  <span class=\"_ _15c\"> </span>986.8<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs428\">Mortgage <span class=\"_ _3\"></span>loan <span class=\"_ _3\"></span>portfolio <span class=\"_ _d6\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _e7\"> </span>266.0  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _e7\"> </span>266<span class=\"_ _3\"></span>.0<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs333\">T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _210\"> </span>1<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>00<span class=\"_ _3\"></span>.1  <span class=\"_ _7e\"> </span>9,<span class=\"_ _3\"></span>33<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>.7  <span class=\"_ _f1\"> </span>10<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>36<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws2 gs429\">De<span class=\"_ _3\"></span>riva<span class=\"_ _3\"></span>tive<span class=\"_ _3\"></span>s and ot<span class=\"_ _3\"></span>her fi<span class=\"_ _3\"></span>nanc<span class=\"_ _3\"></span>ial as<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>ts<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs42a\">Derivativ<span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>financial <span class=\"_ _4\"></span>instruments <span class=\"_ _1af\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _5a\"> </span>0.1  <span class=\"_ _5a\"> </span>0.1<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs42b\">Other <span class=\"_ _3\"></span>assets <span class=\"_ _1a9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _f0\"> </span>46.4  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _f0\"> </span>46<span class=\"_ _3\"></span>.4<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs337\">Cash <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>cash <span class=\"_ _3\"></span>equivalents <span class=\"_ _ee\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _15c\"> </span>204<span class=\"_ _3\"></span>.6  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _15c\"> </span>204<span class=\"_ _3\"></span>.6<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs42c\">T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>fi<span class=\"_ _3\"></span>nanc<span class=\"_ _3\"></span>ial <span class=\"_ _4\"></span>inves<span class=\"_ _3\"></span>tme<span class=\"_ _3\"></span>nts <span class=\"_ _4\"></span>an<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>fi<span class=\"_ _3\"></span>nanc<span class=\"_ _3\"></span>ial <span class=\"_ _4\"></span>ass<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>s <span class=\"_ _3b\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _45\"> </span>46<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4  <span class=\"_ _7e\"> </span>1<span class=\"_ _3\"></span>,4<span class=\"_ _3\"></span>04<span class=\"_ _3\"></span>.7  <span class=\"_ _e8\"> </span>9<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>36<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8  <span class=\"_ _bf\"> </span>1<span class=\"_ _3\"></span>0,787.9<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lsd9 ws1bc gs42d\">Financial liabilities<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws2 gs33a\">Investment contr<span class=\"_ _2\"></span>acts at fair value through profit or loss  <span class=\"_ _8c\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _97\"> </span>\u2013  <span class=\"_ _3b\"> </span>5,660.8 <span class=\"_ _a\"></span> <span class=\"_ _e9\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _14f\"> </span>5,660.8<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws2 gs42e\">Liabilities relating to polic<span class=\"_ _2\"></span>yholder funds help by the group <span class=\"_ _14c\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _42\"> </span>986.<span class=\"_ _3\"></span>8 <span class=\"_ _a\"></span> <span class=\"_ _e9\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _29\"> </span>986.8<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs42f\">Derivativ<span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>financial <span class=\"_ _4\"></span>instruments <span class=\"_ _1af\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _57\"> </span>3.8  <span class=\"_ _57\"> </span>3.8<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs430\">Borro<span class=\"_ _2\"></span>wings <span class=\"_ _1ae\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _44\"> </span>21<span class=\"_ _3\"></span>2.0  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _45\"> </span>212.0<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs431\">Other <span class=\"_ _3\"></span>current <span class=\"_ _3\"></span>liabilities <span class=\"_ _fc\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _7b\"> </span>123.3  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _11b\"> </span>123.3<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lsd9 ws1bb gs432\">T<span class=\"_ _a\"></span>o<span class=\"_ _3\"></span>tal <span class=\"_ _3\"></span>financial <span class=\"_ _4\"></span>liabilities <span class=\"_ _1ed\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _42\"> </span>33<span class=\"_ _3\"></span>5.<span class=\"_ _4\"></span>3  <span class=\"_ _e8\"> </span>6<span class=\"_ _3\"></span>,6<span class=\"_ _3\"></span>47<span class=\"_ _a\"></span>.<span class=\"_ _3\"></span>6  <span class=\"_ _8f\"> </span>3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8  <span class=\"_ _ec\"> </span>6<span class=\"_ _3\"></span>,9<span class=\"_ _3\"></span>86<span class=\"_ _3\"></span>.<span class=\"_ _2\"></span>7<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls6d ws1c0 gs312\">The directors consider that the carrying v<span class=\"_ _2\"></span>alue amounts of financial assets and financial liabilities recorded at amortised cost in the financial statements are<span class=\"_ _421\"> </span> </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs33f\">approximately <span class=\"_ _2\"></span>equal to their fair v<span class=\"_ _2\"></span>alues.<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff62 fs1 fc1 sc0 ls74 ws7a gsc0\">200<span class=\"_ _e\"> </span><span class=\"ff67 ls3 ws2\">CH<span class=\"_ _3\"></span>ESN<span class=\"_ _3\"></span>AR<span class=\"_ _3\"></span>A ANNUA<span class=\"_ _3\"></span>L REPORT A<span class=\"_ _3\"></span>ND ACCO<span class=\"_ _3\"></span>UNT<span class=\"_ _3\"></span>S 20<span class=\"_ _2\"></span>23<span class=\"_ _421\"> </span></span></div>IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS <span class=\"_ _e\"> </span>(b) <span class=\"_ _3\"></span>Financial investment f<span class=\"_ _a\"></span>air values<span class=\"_ _421\"> </span>Fair v<span class=\"_ _2\"></span>alue is the amount for which an asset <span class=\"_ _2\"></span>or liability could be ex<span class=\"_ _2\"></span>changed between willing parties in an arm\u2019<span class=\"_ _0\"></span>s length transaction. <span class=\"_ _0\"></span>The tables below sho<span class=\"_ _2\"></span>w the determination of f<span class=\"_ _2\"></span>air value according to a three-lev<span class=\"_ _2\"></span>el valuation hierarch<span class=\"_ _2\"></span>y<span class=\"_ _a\"></span>. Fair values are generally determined at prices quoted in activ<span class=\"_ _2\"></span>e markets (L<span class=\"_ _2\"></span>ev<span class=\"_ _2\"></span>el 1). Howe<span class=\"_ _2\"></span>ver<span class=\"_ _0\"></span>,<span class=\"_ _3\"></span> where such information is not a<span class=\"_ _2\"></span>vailable, the group applies valuation techniques to measure such instr<span class=\"_ _2\"></span>uments. <span class=\"_ _0\"></span>These v<span class=\"_ _2\"></span>aluation techniques make use of mark<span class=\"_ _2\"></span>et-<span class=\"_ _421\"> </span>observ<span class=\"_ _2\"></span>able data f<span class=\"_ _2\"></span>or all significant inputs where possible (Le<span class=\"_ _2\"></span>vel 2), but in some cases it ma<span class=\"_ _2\"></span>y be necessary to estimate other than mark<span class=\"_ _2\"></span>et-observable data within a valuation model f<span class=\"_ _2\"></span>or significant inputs (Le<span class=\"_ _2\"></span>vel 3).<span class=\"_ _421\"> </span>Fair va<span class=\"_ _3\"></span>lue me<span class=\"_ _3\"></span>asu<span class=\"_ _3\"></span>reme<span class=\"_ _3\"></span>nt at 31 D<span class=\"_ _3\"></span>ec<span class=\"_ _3\"></span>emb<span class=\"_ _3\"></span>er 20<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>3 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _76\"> </span>L<span class=\"_ _3\"></span>evel <span class=\"_ _4\"></span>1  <span class=\"_ _11c\"> </span>L<span class=\"_ _3\"></span>evel <span class=\"_ _4\"></span>2  <span class=\"_ _11c\"> </span>L<span class=\"_ _3\"></span>evel <span class=\"_ _4\"></span>3  <span class=\"_ _28\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Investment <span class=\"_ _3\"></span>properties <span class=\"_ _1a5\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _20a\"> </span>88.1  <span class=\"_ _12b\"> </span>88.1<span class=\"_ _421\"> </span>Financial asse<span class=\"_ _3\"></span>ts<span class=\"_ _421\"> </span>Equities <span class=\"_ _3\"></span>\u2013 <span class=\"_ _3\"></span>Listed <span class=\"_ _176\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _150\"> </span>194<span class=\"_ _3\"></span>.2  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _150\"> </span>194.2<span class=\"_ _421\"> </span>Holdings <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>collective <span class=\"_ _3\"></span>investment <span class=\"_ _3\"></span>schemes <span class=\"_ _eb\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9d\"> </span>8<span class=\"_ _3\"></span>,233.7  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _45\"> </span>142.5  <span class=\"_ _9d\"> </span>8,376.2<span class=\"_ _421\"> </span>Debt <span class=\"_ _3\"></span>securities <span class=\"_ _3\"></span>\u2013 <span class=\"_ _3\"></span>government <span class=\"_ _3\"></span>bonds <span class=\"_ _40\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _45\"> </span>716<span class=\"_ _3\"></span>.5  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _45\"> </span>71<span class=\"_ _3\"></span>6.5<span class=\"_ _421\"> </span>Debt <span class=\"_ _3\"></span>securities <span class=\"_ _3\"></span>\u2013 <span class=\"_ _3\"></span>other <span class=\"_ _4\"></span>debt <span class=\"_ _3\"></span>securities <span class=\"_ _25\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _46\"> </span>520.6  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _46\"> </span>520.<span class=\"_ _2\"></span>6<span class=\"_ _421\"> </span>Policyholders\u2019 <span class=\"_ _3\"></span>funds <span class=\"_ _3\"></span>held <span class=\"_ _3\"></span>by <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>group <span class=\"_ _16f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1c0\"> </span>1,239.4  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _5b\"> </span>42.4  <span class=\"_ _112\"> </span>1,281.8<span class=\"_ _421\"> </span>Mortgage <span class=\"_ _3\"></span>loan <span class=\"_ _3\"></span>portfolio <span class=\"_ _d6\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _e7\"> </span>366<span class=\"_ _3\"></span>.8  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _28\"> </span>366.8<span class=\"_ _421\"> </span>Derivativ<span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>financial <span class=\"_ _4\"></span>instruments <span class=\"_ _1af\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _57\"> </span>0.3  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _57\"> </span>0.3<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _33\"> </span>10<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>90<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4  <span class=\"_ _46\"> </span>3<span class=\"_ _3\"></span>67.1  <span class=\"_ _a3\"> </span>2<span class=\"_ _3\"></span>73<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>0  <span class=\"_ _5d\"> </span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5<span class=\"_ _421\"> </span>Curr<span class=\"_ _2\"></span>ent <span class=\"_ _1f4\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9d\"> </span>9,095.5<span class=\"_ _421\"> </span>Non-current <span class=\"_ _1a9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _3b\"> </span>2<span class=\"_ _3\"></span>,449.0<span class=\"_ _421\"> </span>T<span class=\"_ _a\"></span>o<span class=\"_ _3\"></span>tal <span class=\"_ _1e0\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _bf\"> </span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>54<span class=\"_ _3\"></span>4.<span class=\"_ _3\"></span>5<span class=\"_ _421\"> </span>Financial liabilities<span class=\"_ _421\"> </span>Investment contr<span class=\"_ _2\"></span>acts at fair value through profit or loss <span class=\"_ _15\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _210\"> </span>5,872<span class=\"_ _3\"></span>.3 <span class=\"_ _a\"></span> <span class=\"_ _e9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _210\"> </span>5,872.<span class=\"_ _3\"></span>3<span class=\"_ _421\"> </span>Liabilities related t<span class=\"_ _2\"></span>o policyholders\u2019 funds held by the group <span class=\"_ _4\"></span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _3f\"> </span>1,<span class=\"_ _3\"></span>281.8 <span class=\"_ _a\"></span> <span class=\"_ _e9\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _e9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _3e\"> </span>1,281.8<span class=\"_ _421\"> </span>Derivativ<span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>financial <span class=\"_ _4\"></span>instruments <span class=\"_ _1af\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _10f\"> </span>4<span class=\"_ _3\"></span>.4  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _fe\"> </span>4.4<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _210\"> </span>1<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>28<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.8  <span class=\"_ _7e\"> </span>5<span class=\"_ _3\"></span>,8<span class=\"_ _3\"></span>76<span class=\"_ _3\"></span>.7  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _14f\"> </span>7,15<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5<span class=\"_ _421\"> </span>Fair va<span class=\"_ _3\"></span>lue me<span class=\"_ _3\"></span>asu<span class=\"_ _3\"></span>reme<span class=\"_ _3\"></span>nt at 31 D<span class=\"_ _3\"></span>ec<span class=\"_ _3\"></span>emb<span class=\"_ _3\"></span>er 20<span class=\"_ _3\"></span>22 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _76\"> </span>L<span class=\"_ _3\"></span>evel <span class=\"_ _4\"></span>1  <span class=\"_ _11c\"> </span>L<span class=\"_ _3\"></span>evel <span class=\"_ _4\"></span>2  <span class=\"_ _11c\"> </span>L<span class=\"_ _3\"></span>evel <span class=\"_ _4\"></span>3  <span class=\"_ _28\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Investment <span class=\"_ _3\"></span>properties <span class=\"_ _1a5\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _56\"> </span>1.2  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _14e\"> </span>93.3  <span class=\"_ _5b\"> </span>94.5<span class=\"_ _421\"> </span>Financial asse<span class=\"_ _3\"></span>ts<span class=\"_ _421\"> </span>Equities <span class=\"_ _3\"></span>\u2013 <span class=\"_ _3\"></span>Listed <span class=\"_ _176\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _44\"> </span>160.2  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _44\"> </span>160.2<span class=\"_ _421\"> </span>Holdings <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>collective <span class=\"_ _3\"></span>investment <span class=\"_ _3\"></span>schemes <span class=\"_ _eb\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9d\"> </span>7,997<span class=\"_ _a\"></span>.8  <span class=\"_ _5b\"> </span>46.5  <span class=\"_ _150\"> </span>145.4  <span class=\"_ _48\"> </span>8,189.7<span class=\"_ _421\"> </span>Debt <span class=\"_ _3\"></span>securities <span class=\"_ _3\"></span>\u2013 <span class=\"_ _3\"></span>government <span class=\"_ _3\"></span>bonds <span class=\"_ _40\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _15c\"> </span>420.9  <span class=\"_ _114\"> </span>24.2  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _150\"> </span>445.1<span class=\"_ _421\"> </span>Debt <span class=\"_ _3\"></span>securities <span class=\"_ _3\"></span>\u2013 <span class=\"_ _3\"></span>other <span class=\"_ _4\"></span>debt <span class=\"_ _3\"></span>securities <span class=\"_ _25\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _29\"> </span>434.0  <span class=\"_ _114\"> </span>55.0  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _29\"> </span>489.0<span class=\"_ _421\"> </span>Policyholders\u2019 <span class=\"_ _3\"></span>funds <span class=\"_ _3\"></span>held <span class=\"_ _3\"></span>by <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>group <span class=\"_ _16f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1e1\"> </span>951.7  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _12e\"> </span>35.1  <span class=\"_ _15c\"> </span>986.8<span class=\"_ _421\"> </span>Mortgage <span class=\"_ _3\"></span>loan <span class=\"_ _3\"></span>portfolio <span class=\"_ _d6\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _e7\"> </span>266.0  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _e7\"> </span>266<span class=\"_ _3\"></span>.0<span class=\"_ _421\"> </span>Derivativ<span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>financial <span class=\"_ _4\"></span>instruments <span class=\"_ _1af\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _5a\"> </span>0.1  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _5a\"> </span>0.1<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _ec\"> </span>9<span class=\"_ _3\"></span>,9<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>5.<span class=\"_ _3\"></span>8  <span class=\"_ _e7\"> </span>3<span class=\"_ _3\"></span>91<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8  <span class=\"_ _a3\"> </span>2<span class=\"_ _3\"></span>73<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8  <span class=\"_ _89\"> </span>10<span class=\"_ _3\"></span>,6<span class=\"_ _3\"></span>31<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4<span class=\"_ _421\"> </span>Curr<span class=\"_ _2\"></span>ent <span class=\"_ _1f4\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _129\"> </span>5,932.9<span class=\"_ _421\"> </span>Non-current <span class=\"_ _1a9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14f\"> </span>4,698<span class=\"_ _3\"></span>.5<span class=\"_ _421\"> </span>T<span class=\"_ _a\"></span>o<span class=\"_ _3\"></span>tal <span class=\"_ _1e0\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _123\"> </span>10,<span class=\"_ _3\"></span>631<span class=\"_ _3\"></span>.4<span class=\"_ _421\"> </span>Financial liabilities<span class=\"_ _421\"> </span>Investment contr<span class=\"_ _2\"></span>acts at fair value through profit or loss <span class=\"_ _15\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _14f\"> </span>5,660<span class=\"_ _2\"></span>.8 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _14f\"> </span>5,660.8<span class=\"_ _421\"> </span>Liabilities related t<span class=\"_ _2\"></span>o policyholders\u2019 funds held by the group <span class=\"_ _4\"></span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _119\"> </span>986.8  <span class=\"_ _97\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013  <span class=\"_ _119\"> </span>986.<span class=\"_ _3\"></span>8<span class=\"_ _421\"> </span>Derivativ<span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>financial <span class=\"_ _4\"></span>instruments <span class=\"_ _1af\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _57\"> </span>3.8  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _57\"> </span>3.8<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _2a\"> </span>98<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8  <span class=\"_ _ec\"> </span>5,<span class=\"_ _3\"></span>66<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>6  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _7c\"> </span>6<span class=\"_ _3\"></span>,6<span class=\"_ _3\"></span>51<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4<span class=\"_ _421\"> </span>Inv<span class=\"_ _2\"></span>estment proper<span class=\"_ _2\"></span>ties<span class=\"_ _421\"> </span>The in<span class=\"_ _2\"></span>vestment properties are v<span class=\"_ _2\"></span>alued by e<span class=\"_ _2\"></span>xternal chartered surve<span class=\"_ _2\"></span>yors using industry standard techniques based <span class=\"_ _2\"></span>on guidance from the Roy<span class=\"_ _2\"></span>al Institute of Chartered Surve<span class=\"_ _2\"></span>yors. <span class=\"_ _0\"></span>T<span class=\"_ _2\"></span>he valuation methodology includes an assessment of general mark<span class=\"_ _2\"></span>et conditions and sector lev<span class=\"_ _2\"></span>el transactions and takes account of <span class=\"_ _2\"></span>expectations<span class=\"_ _2\"></span> <span class=\"_ _19\"></span><span class=\"ls2 ws2\"> </span>of occupancy rates, rental income and gro<span class=\"_ _2\"></span>wth. Properties undergo individual scrutin<span class=\"_ _2\"></span>y using cash flow analy<span class=\"_ _2\"></span>sis to factor in the timing of rental re<span class=\"_ _2\"></span>views, capital expenditure, lease incentiv<span class=\"_ _2\"></span>es, dilapidation and operating <span class=\"_ _2\"></span>expenses; these revie<span class=\"_ _2\"></span>ws utilise both observ<span class=\"_ _2\"></span>able and unobservable input<span class=\"_ _421\"> </span>s. <span class=\"ff65 ls3\"></span><span class=\"ff65 ls3\">CHES<span class=\"_ _283\"></span>NAR<span class=\"_ _277\"></span>A<span class=\"_ _278\"></span>A<span class=\"_ _283\"></span>NNUAL<span class=\"_ _27f\"></span>REPO<span class=\"_ _277\"></span>RT<span class=\"_ _287\"></span>AND<span class=\"_ _392\"></span>ACCOUN<span class=\"_ _27a\"></span>TS<span class=\"_ _27b\"></span>202<span class=\"_ _3a0\"></span>3</span><span class=\"_ _3d2\"></span>201<span class=\"_ _421\"> </span><div class=\"t m0 h4 ff67 fs2 fc1 sc0 lsc3 ws82 gs93\">IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS<span class=\"_ _421\"> </span></div><div class=\"t m0 h9 ff68 fs8 fc2 sc0 ls18f ws2 gs94\">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<span class=\"_ _421\"> </span></div><div class=\"t m0 hf ff61 fsc fc2 sc0 ls37 ws2 gs95\">SECTION E \u2013 BALANCE SHEET ASSETS</div><div class=\"t m0 h11 ff69 fsd fc2 sc0 ls2 ws2 gs96\"> <span class=\"_ _18\"> </span><span class=\"ff63\">E4 <span class=\"_ _4\"></span>Financial inv<span class=\"_ _2\"></span>estments (continued)</span></div><div class=\"t m0 h11 ff63 fsd fc1 sc0 ls2 ws2 gs19d\"> <span class=\"_ _e\"></span><span class=\"_ _e\"></span><span class=\"_ _e\"> </span>(b) <span class=\"_ _3\"></span>Financial investment f<span class=\"_ _a\"></span>air values (continued)<span class=\"_ _421\"> </span></div><div class=\"t m0 h11 ff63 fsd fc1 sc0 ls2 ws2 gs98\">Holdings in collective in<span class=\"_ _2\"></span>vestment sc<span class=\"_ _2\"></span>hemes<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls18 wsd5 gs19e\">Th<span class=\"_ _3\"></span>e fair valu<span class=\"_ _3\"></span>e of hold<span class=\"_ _3\"></span>ings in c<span class=\"_ _3\"></span>ollec<span class=\"_ _3\"></span>tive inves<span class=\"_ _3\"></span>tment sc<span class=\"_ _3\"></span>hemes c<span class=\"_ _3\"></span>lassi<span class=\"_ _3\"></span>fie<span class=\"_ _3\"></span>d as Level 2 are rel<span class=\"_ _3\"></span>ated to the UK s<span class=\"_ _3\"></span>egme<span class=\"_ _3\"></span>nt and Sc<span class=\"_ _3\"></span>ildo<span class=\"_ _3\"></span>n. Th<span class=\"_ _3\"></span>ese do not m<span class=\"_ _3\"></span>eet the c<span class=\"_ _3\"></span>lassi<span class=\"_ _3\"></span>fic<span class=\"_ _3\"></span>atio<span class=\"_ _3\"></span>n </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls19 wsc4 gs19f\">as Level 1<span class=\"_ _0\"></span>, a<span class=\"_ _3\"></span>s their fai<span class=\"_ _3\"></span>r value is d<span class=\"_ _3\"></span>etermine<span class=\"_ _3\"></span>d using va<span class=\"_ _3\"></span>luatio<span class=\"_ _3\"></span>n techniq<span class=\"_ _3\"></span>ues wi<span class=\"_ _3\"></span>th obse<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>vabl<span class=\"_ _3\"></span>e market inpu<span class=\"_ _3\"></span>ts. T<span class=\"_ _3\"></span>he hol<span class=\"_ _3\"></span>dings c<span class=\"_ _3\"></span>lass<span class=\"_ _3\"></span>ifie<span class=\"_ _3\"></span>d as Level 3 \u00a3<span class=\"_ _3\"></span>1<span class=\"_ _2\"></span>42.<span class=\"_ _3\"></span>5m (<span class=\"_ _3\"></span>Dec 2<span class=\"_ _3\"></span>022: </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws16 gs1a0\">\u00a31<span class=\"_ _2\"></span>4<span class=\"_ _3\"></span>5.<span class=\"_ _3\"></span>4m) als<span class=\"_ _3\"></span>o relate to Sc<span class=\"_ _3\"></span>ildo<span class=\"_ _3\"></span>n, and rep<span class=\"_ _3\"></span>resent investm<span class=\"_ _3\"></span>ents hel<span class=\"_ _3\"></span>d in a mor<span class=\"_ _3\"></span>tga<span class=\"_ _3\"></span>ge fun<span class=\"_ _3\"></span>d. Th<span class=\"_ _3\"></span>ese are cl<span class=\"_ _3\"></span>assi<span class=\"_ _3\"></span>fied a<span class=\"_ _3\"></span>s Level 3 as the f<span class=\"_ _3\"></span>air value is d<span class=\"_ _3\"></span>eri<span class=\"_ _3\"></span>ved from val<span class=\"_ _3\"></span>uatio<span class=\"_ _3\"></span>n </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs1a1\">techni<span class=\"_ _3\"></span>ques th<span class=\"_ _3\"></span>at inclu<span class=\"_ _3\"></span>de inp<span class=\"_ _3\"></span>uts tha<span class=\"_ _3\"></span>t are not bas<span class=\"_ _3\"></span>ed on ob<span class=\"_ _3\"></span>ser<span class=\"_ _3\"></span>vab<span class=\"_ _3\"></span>le mar<span class=\"_ _3\"></span>ket data. </div><div class=\"t m0 h11 ff63 fsd fc1 sc0 ls2 ws2 gs226\">P<span class=\"_ _2\"></span>olicyholder funds held by the gr<span class=\"_ _2\"></span>oup<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls19 wsd5 gs255\">Th<span class=\"_ _3\"></span>ere is also a sm<span class=\"_ _3\"></span>all hol<span class=\"_ _3\"></span>ding of as<span class=\"_ _3\"></span>sets cl<span class=\"_ _3\"></span>assi<span class=\"_ _3\"></span>fied a<span class=\"_ _3\"></span>s Level 3 \u00a342.<span class=\"_ _3\"></span>4m (<span class=\"_ _3\"></span>Dec 2<span class=\"_ _3\"></span>022: \u00a3<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>.<span class=\"_ _0\"></span>1m) from our M<span class=\"_ _3\"></span>ovestic o<span class=\"_ _3\"></span>perat<span class=\"_ _3\"></span>ion whi<span class=\"_ _3\"></span>ch are unlis<span class=\"_ _3\"></span>ted. T<span class=\"_ _3\"></span>he valu<span class=\"_ _3\"></span>ation of th<span class=\"_ _3\"></span>e </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs256\">vast m<span class=\"_ _3\"></span>ajori<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y of these as<span class=\"_ _3\"></span>sets is ba<span class=\"_ _3\"></span>sed on u<span class=\"_ _3\"></span>nobse<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>vable p<span class=\"_ _3\"></span>rice<span class=\"_ _3\"></span>s from tra<span class=\"_ _3\"></span>ding on t<span class=\"_ _3\"></span>he over-th<span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>unter market.<span class=\"_ _421\"> </span></div><div class=\"t m0 h11 ff63 fsd fc1 sc0 ls2 ws2 gs1a5\">Debt secur<span class=\"_ _2\"></span>ities<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls6d ws172 gsa1\">Th<span class=\"_ _3\"></span>e debt se<span class=\"_ _3\"></span>curit<span class=\"_ _3\"></span>ies cl<span class=\"_ _3\"></span>assi<span class=\"_ _3\"></span>fied as L<span class=\"_ _3\"></span>evel 2 at 2022 an<span class=\"_ _3\"></span>d 2023 are tr<span class=\"_ _3\"></span>aded i<span class=\"_ _3\"></span>n acti<span class=\"_ _3\"></span>ve markets wi<span class=\"_ _3\"></span>th less d<span class=\"_ _3\"></span>epth or w<span class=\"_ _3\"></span>ide<span class=\"_ _3\"></span>r bid<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>ask s<span class=\"_ _3\"></span>pread<span class=\"_ _3\"></span>s. Thi<span class=\"_ _3\"></span>s does n<span class=\"_ _3\"></span>ot meet the </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls42 ws75 gsa2\">cla<span class=\"_ _3\"></span>ssifi<span class=\"_ _3\"></span>ca<span class=\"_ _3\"></span>tion as L<span class=\"_ _3\"></span>evel 1 input<span class=\"_ _3\"></span>s. Th<span class=\"_ _3\"></span>e fair valu<span class=\"_ _3\"></span>es of debt s<span class=\"_ _3\"></span>ecuri<span class=\"_ _3\"></span>ties not tr<span class=\"_ _3\"></span>ade<span class=\"_ _3\"></span>d in acti<span class=\"_ _3\"></span>ve markets are d<span class=\"_ _3\"></span>etermine<span class=\"_ _3\"></span>d using b<span class=\"_ _3\"></span>roker quotes or va<span class=\"_ _3\"></span>luatio<span class=\"_ _3\"></span>n techniq<span class=\"_ _3\"></span>ues wi<span class=\"_ _3\"></span>th </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls42 ws2 gs434\">obs<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vabl<span class=\"_ _3\"></span>e market inpu<span class=\"_ _3\"></span>ts. Fin<span class=\"_ _3\"></span>anci<span class=\"_ _3\"></span>al instr<span class=\"_ _3\"></span>uments v<span class=\"_ _3\"></span>alued u<span class=\"_ _3\"></span>sing broker qu<span class=\"_ _3\"></span>otes are cla<span class=\"_ _3\"></span>ssifi<span class=\"_ _3\"></span>ed at L<span class=\"_ _3\"></span>evel 2, onl<span class=\"_ _3\"></span>y where the<span class=\"_ _3\"></span>re is a suffi<span class=\"_ _3\"></span>cient ra<span class=\"_ _3\"></span>nge of ava<span class=\"_ _3\"></span>ilabl<span class=\"_ _3\"></span>e quotes. </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gsa4\">Th<span class=\"_ _3\"></span>ese asset<span class=\"_ _3\"></span>s were value<span class=\"_ _3\"></span>d using c<span class=\"_ _3\"></span>ounter<span class=\"_ _3\"></span>par<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y or broker qu<span class=\"_ _3\"></span>otes and were pe<span class=\"_ _3\"></span>rio<span class=\"_ _3\"></span>dic<span class=\"_ _3\"></span>ally val<span class=\"_ _3\"></span>idated a<span class=\"_ _3\"></span>gains<span class=\"_ _3\"></span>t third<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>ty m<span class=\"_ _3\"></span>ode<span class=\"_ _3\"></span>ls.<span class=\"_ _421\"> </span></div><div class=\"t m0 h11 ff63 fsd fc1 sc0 ls2 ws2 gs1a9\">Der<span class=\"_ _2\"></span>iv<span class=\"_ _2\"></span>ative financial instr<span class=\"_ _2\"></span>uments<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls0 ws6c gs2f9\">Th<span class=\"_ _3\"></span>e deri<span class=\"_ _3\"></span>vatives fi<span class=\"_ _3\"></span>nan<span class=\"_ _3\"></span>cial ins<span class=\"_ _3\"></span>trume<span class=\"_ _3\"></span>nts incl<span class=\"_ _3\"></span>ude a foreig<span class=\"_ _3\"></span>n curren<span class=\"_ _3\"></span>cy he<span class=\"_ _3\"></span>dge rel<span class=\"_ _3\"></span>ated to the grou<span class=\"_ _3\"></span>p. Th<span class=\"_ _3\"></span>is was de<span class=\"_ _3\"></span>emed to ma<span class=\"_ _3\"></span>nage t<span class=\"_ _3\"></span>he expo<span class=\"_ _3\"></span>sure to foreign exchan<span class=\"_ _3\"></span>ge </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs25a\">moveme<span class=\"_ _3\"></span>nts bet<span class=\"_ _3\"></span>ween ste<span class=\"_ _3\"></span>rling an<span class=\"_ _3\"></span>d both th<span class=\"_ _3\"></span>e euro and Swe<span class=\"_ _3\"></span>dish kro<span class=\"_ _3\"></span>na. </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs27c\">An u<span class=\"_ _3\"></span>nca<span class=\"_ _3\"></span>ppe<span class=\"_ _3\"></span>d coll<span class=\"_ _3\"></span>ar whic<span class=\"_ _3\"></span>h cons<span class=\"_ _3\"></span>ists of t<span class=\"_ _3\"></span>wo hed<span class=\"_ _3\"></span>ges: </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws72 gs435\"> <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>one hedge to protect against the do<span class=\"_ _2\"></span>wnside (sterling strengthening) (starting at strike <span class=\"_ _2\"></span>A), and one to remov<span class=\"_ _2\"></span>e the upside (weak<span class=\"_ _2\"></span>ening) (strike B); with the strik<span class=\"_ _2\"></span>es of </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs1ae\">these coordinated to result in no upfront premium. </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs436\"> <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>the 2nd hedge (strike B) creates an uncapped liquidity requirement when it bites.<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls18 ws2 gs27f\">Th<span class=\"_ _3\"></span>e cap<span class=\"_ _3\"></span>ped c<span class=\"_ _3\"></span>olla<span class=\"_ _3\"></span>r come<span class=\"_ _3\"></span>s with an a<span class=\"_ _3\"></span>ddit<span class=\"_ _3\"></span>ional l<span class=\"_ _3\"></span>eg whi<span class=\"_ _3\"></span>ch creates v<span class=\"_ _3\"></span>alue and l<span class=\"_ _3\"></span>iquid<span class=\"_ _3\"></span>it<span class=\"_ _3\"></span>y when excha<span class=\"_ _3\"></span>nge rate<span class=\"_ _3\"></span>s move beyon<span class=\"_ _3\"></span>d a cer<span class=\"_ _3\"></span>tai<span class=\"_ _3\"></span>n point (st<span class=\"_ _3\"></span>rike C).<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls18 ws2 gs1b1\">W<span class=\"_ _3\"></span>ithin de<span class=\"_ _3\"></span>rivat<span class=\"_ _3\"></span>ive fina<span class=\"_ _3\"></span>ncial i<span class=\"_ _3\"></span>nstru<span class=\"_ _3\"></span>ments is a fi<span class=\"_ _3\"></span>nanc<span class=\"_ _3\"></span>ial reinsur<span class=\"_ _3\"></span>ance e<span class=\"_ _3\"></span>mbed<span class=\"_ _3\"></span>ded d<span class=\"_ _3\"></span>eriv<span class=\"_ _3\"></span>ative rel<span class=\"_ _3\"></span>ated to our M<span class=\"_ _3\"></span>ovestic o<span class=\"_ _3\"></span>perat<span class=\"_ _3\"></span>ion. T<span class=\"_ _3\"></span>he grou<span class=\"_ _3\"></span>p has entered i<span class=\"_ _3\"></span>nto a reinsuranc<span class=\"_ _3\"></span>e </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls6d ws2d gs1b2\">cont<span class=\"_ _3\"></span>ract w<span class=\"_ _3\"></span>ith a third p<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y that ha<span class=\"_ _3\"></span>s a sect<span class=\"_ _3\"></span>ion tha<span class=\"_ _3\"></span>t is deem<span class=\"_ _3\"></span>ed to trans<span class=\"_ _3\"></span>fer signi<span class=\"_ _3\"></span>fic<span class=\"_ _3\"></span>ant insur<span class=\"_ _3\"></span>ance ri<span class=\"_ _3\"></span>sk and a sec<span class=\"_ _3\"></span>tion t<span class=\"_ _3\"></span>hat is de<span class=\"_ _3\"></span>emed n<span class=\"_ _3\"></span>ot to transfer si<span class=\"_ _3\"></span>gnifi<span class=\"_ _3\"></span>ca<span class=\"_ _3\"></span>nt </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls6d ws3e gs2fc\">insura<span class=\"_ _3\"></span>nce ri<span class=\"_ _3\"></span>sk. T<span class=\"_ _3\"></span>he elem<span class=\"_ _3\"></span>ent of the co<span class=\"_ _3\"></span>ntrac<span class=\"_ _3\"></span>t that do<span class=\"_ _3\"></span>es not tr<span class=\"_ _3\"></span>ansfer sig<span class=\"_ _3\"></span>nifi<span class=\"_ _3\"></span>cant insu<span class=\"_ _3\"></span>ranc<span class=\"_ _3\"></span>e risk has t<span class=\"_ _3\"></span>wo c<span class=\"_ _3\"></span>ompo<span class=\"_ _3\"></span>nents an<span class=\"_ _3\"></span>d has be<span class=\"_ _3\"></span>en acc<span class=\"_ _3\"></span>ounted for a<span class=\"_ _3\"></span>s a finan<span class=\"_ _3\"></span>cial </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs2fd\">liab<span class=\"_ _3\"></span>ilit<span class=\"_ _3\"></span>y at amo<span class=\"_ _3\"></span>rt<span class=\"_ _3\"></span>ised c<span class=\"_ _3\"></span>ost and an e<span class=\"_ _3\"></span>mbe<span class=\"_ _3\"></span>dde<span class=\"_ _3\"></span>d deri<span class=\"_ _3\"></span>vative as<span class=\"_ _3\"></span>set at fair va<span class=\"_ _3\"></span>lue.<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws72 gs2fe\">Th<span class=\"_ _3\"></span>e embe<span class=\"_ _3\"></span>dde<span class=\"_ _3\"></span>d deri<span class=\"_ _3\"></span>vative re<span class=\"_ _3\"></span>presents a<span class=\"_ _3\"></span>n optio<span class=\"_ _3\"></span>n to repay the a<span class=\"_ _3\"></span>mounts d<span class=\"_ _3\"></span>ue und<span class=\"_ _3\"></span>er the co<span class=\"_ _3\"></span>ntrac<span class=\"_ _3\"></span>t earl<span class=\"_ _3\"></span>y at a disc<span class=\"_ _3\"></span>ount to the am<span class=\"_ _3\"></span>or<span class=\"_ _3\"></span>tise<span class=\"_ _3\"></span>d cost<span class=\"_ _3\"></span>, with i<span class=\"_ _3\"></span>ts fair va<span class=\"_ _3\"></span>lue bein<span class=\"_ _3\"></span>g </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls0 ws41 gsb0\">determ<span class=\"_ _3\"></span>ined by referenc<span class=\"_ _3\"></span>e to market interest r<span class=\"_ _3\"></span>ate at the bal<span class=\"_ _3\"></span>ance s<span class=\"_ _3\"></span>heet date. I<span class=\"_ _3\"></span>t is, acc<span class=\"_ _3\"></span>ordin<span class=\"_ _3\"></span>gly, determine<span class=\"_ _3\"></span>d at Level 2 in th<span class=\"_ _3\"></span>e three<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>level f<span class=\"_ _3\"></span>air value d<span class=\"_ _3\"></span>etermin<span class=\"_ _3\"></span>ation </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gsb1\">hiera<span class=\"_ _3\"></span>rchy set out a<span class=\"_ _3\"></span>bove. Fur<span class=\"_ _3\"></span>the<span class=\"_ _3\"></span>r detai<span class=\"_ _3\"></span>l can b<span class=\"_ _3\"></span>e found in N<span class=\"_ _3\"></span>ote E5.<span class=\"_ _421\"> </span></div><div class=\"t m0 h11 ff63 fsd fc1 sc0 ls2 ws2 gsb3\">Inv<span class=\"_ _2\"></span>estment contract liabilities<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls18 ws12 gs437\">Th<span class=\"_ _3\"></span>e investment c<span class=\"_ _3\"></span>ontra<span class=\"_ _3\"></span>ct lia<span class=\"_ _3\"></span>bilitie<span class=\"_ _3\"></span>s in Level 2 of the v<span class=\"_ _3\"></span>aluati<span class=\"_ _3\"></span>on hier<span class=\"_ _3\"></span>archy represe<span class=\"_ _3\"></span>nt the fair v<span class=\"_ _3\"></span>alue of linked an<span class=\"_ _3\"></span>d non<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>linked li<span class=\"_ _3\"></span>abilit<span class=\"_ _3\"></span>ies valu<span class=\"_ _3\"></span>ed using e<span class=\"_ _3\"></span>sta<span class=\"_ _3\"></span>blishe<span class=\"_ _3\"></span>d actu<span class=\"_ _3\"></span>arial<span class=\"_ _3\"></span> </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs2ff\">techni<span class=\"_ _3\"></span>ques ut<span class=\"_ _3\"></span>ilising m<span class=\"_ _3\"></span>arket obse<span class=\"_ _3\"></span>rv<span class=\"_ _3\"></span>able d<span class=\"_ _3\"></span>ata for a<span class=\"_ _3\"></span>ll signi<span class=\"_ _3\"></span>fic<span class=\"_ _3\"></span>ant inpu<span class=\"_ _3\"></span>ts, suc<span class=\"_ _3\"></span>h as investm<span class=\"_ _3\"></span>ent yiel<span class=\"_ _3\"></span>ds.<span class=\"_ _421\"> </span></div><div class=\"t m0 h11 ff63 fsd fc1 sc0 ls2 ws2 gsb6\">Significant unobserv<span class=\"_ _2\"></span>able inputs in Level 3 instr<span class=\"_ _a\"></span>uments valuations<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls18 ws11f gs269\">Th<span class=\"_ _3\"></span>e Level 3 inst<span class=\"_ _3\"></span>rument<span class=\"_ _3\"></span>s held in th<span class=\"_ _3\"></span>e group a<span class=\"_ _3\"></span>re in relatio<span class=\"_ _3\"></span>n to investment<span class=\"_ _3\"></span>s held in an A<span class=\"_ _3\"></span>ego<span class=\"_ _3\"></span>n mana<span class=\"_ _3\"></span>ged D<span class=\"_ _3\"></span>utch Mo<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>tgage F<span class=\"_ _3\"></span>und that c<span class=\"_ _3\"></span>onta<span class=\"_ _3\"></span>ins mor<span class=\"_ _3\"></span>tga<span class=\"_ _3\"></span>ge<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>b<span class=\"_ _3\"></span>acked as<span class=\"_ _3\"></span>sets </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls42 ws3f gs26a\">in the N<span class=\"_ _3\"></span>etherl<span class=\"_ _3\"></span>ands<span class=\"_ _3\"></span>. The f<span class=\"_ _3\"></span>air value of t<span class=\"_ _3\"></span>he mor<span class=\"_ _3\"></span>tga<span class=\"_ _3\"></span>ge fun<span class=\"_ _3\"></span>d is determin<span class=\"_ _3\"></span>ed by the f<span class=\"_ _3\"></span>und man<span class=\"_ _3\"></span>ager o<span class=\"_ _3\"></span>n a monthl<span class=\"_ _3\"></span>y basis u<span class=\"_ _3\"></span>sing an in<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>h<span class=\"_ _3\"></span>ouse valu<span class=\"_ _3\"></span>ation m<span class=\"_ _3\"></span>ode<span class=\"_ _3\"></span>l. Th<span class=\"_ _3\"></span>e valuat<span class=\"_ _3\"></span>ion </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws93 gs26b\">mod<span class=\"_ _3\"></span>el relies o<span class=\"_ _3\"></span>n a numb<span class=\"_ _3\"></span>er of unob<span class=\"_ _3\"></span>ser<span class=\"_ _3\"></span>vab<span class=\"_ _3\"></span>le inpu<span class=\"_ _3\"></span>ts, the m<span class=\"_ _3\"></span>ost sig<span class=\"_ _3\"></span>nifi<span class=\"_ _3\"></span>cant b<span class=\"_ _3\"></span>eing th<span class=\"_ _3\"></span>e assume<span class=\"_ _3\"></span>d con<span class=\"_ _3\"></span>ditio<span class=\"_ _3\"></span>nal prep<span class=\"_ _3\"></span>ayme<span class=\"_ _3\"></span>nt rate, the di<span class=\"_ _3\"></span>scount r<span class=\"_ _3\"></span>ate and the im<span class=\"_ _3\"></span>pair<span class=\"_ _3\"></span>ment </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs26c\">rate, all of w<span class=\"_ _3\"></span>hich are ap<span class=\"_ _3\"></span>plie<span class=\"_ _3\"></span>d to the antic<span class=\"_ _3\"></span>ipated m<span class=\"_ _3\"></span>ode<span class=\"_ _3\"></span>lled c<span class=\"_ _3\"></span>ash fl<span class=\"_ _3\"></span>ows to deri<span class=\"_ _3\"></span>ve the fair v<span class=\"_ _3\"></span>alue of the u<span class=\"_ _3\"></span>nder<span class=\"_ _3\"></span>lying a<span class=\"_ _3\"></span>sset.<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws1b gs26d\">Th<span class=\"_ _3\"></span>e assume<span class=\"_ _3\"></span>d Co<span class=\"_ _3\"></span>nditi<span class=\"_ _3\"></span>onal P<span class=\"_ _3\"></span>repay<span class=\"_ _3\"></span>ment Rate (<span class=\"_ _3\"></span>CPR<span class=\"_ _3\"></span>) is used to c<span class=\"_ _3\"></span>alcu<span class=\"_ _3\"></span>late the pro<span class=\"_ _3\"></span>jecte<span class=\"_ _3\"></span>d prepay<span class=\"_ _3\"></span>ment c<span class=\"_ _3\"></span>ash flow p<span class=\"_ _3\"></span>er ind<span class=\"_ _3\"></span>ivid<span class=\"_ _3\"></span>ual lo<span class=\"_ _3\"></span>an and refl<span class=\"_ _3\"></span>ec<span class=\"_ _3\"></span>ts the anti<span class=\"_ _3\"></span>cipa<span class=\"_ _3\"></span>ted earl<span class=\"_ _3\"></span>y </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs1b8\">repay<span class=\"_ _3\"></span>ment of mo<span class=\"_ _3\"></span>rtg<span class=\"_ _3\"></span>age b<span class=\"_ _3\"></span>alan<span class=\"_ _3\"></span>ces. T<span class=\"_ _3\"></span>he CP<span class=\"_ _3\"></span>R is ba<span class=\"_ _3\"></span>sed on four v<span class=\"_ _3\"></span>aria<span class=\"_ _3\"></span>bles:</div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls0 ws10a gs438\"> <span class=\"_ _13c\"> </span>\u2013 <span class=\"_ _3\"></span>Contract age \u2013 T<span class=\"_ _2\"></span>he CPR for ne<span class=\"_ _2\"></span>wly originated mortgage loans will initially be lo<span class=\"_ _2\"></span>w<span class=\"_ _a\"></span>, after which it increases for a couple of <span class=\"_ _0\"></span>years to its maximum e<span class=\"_ _2\"></span>xpected value, </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs26f\">and subsequently diminishes o<span class=\"_ _2\"></span>ver time.</div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws156 gs439\"> <span class=\"_ _13c\"> </span>\u2013 <span class=\"_ _3\"></span>Interest rate diff<span class=\"_ _2\"></span>erential \u2013 <span class=\"_ _2\"></span>The diff<span class=\"_ _2\"></span>erence between the contractual rates and cur<span class=\"_ _2\"></span>rent interest rates are positively correlated with prepa<span class=\"_ _2\"></span>yments. <span class=\"_ _0\"></span>When contractual </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs270\">rates are higher than interest rates of ne<span class=\"_ _2\"></span>wly originated mortgages, w<span class=\"_ _2\"></span>e observe more prepa<span class=\"_ _2\"></span>yments and the vice versa.</div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs43a\"> <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>Pre<span class=\"_ _2\"></span>vious partial repayments \u2013 <span class=\"_ _a\"></span>Borro<span class=\"_ _2\"></span>wers who made a partial prepayment in the past, are more lik<span class=\"_ _2\"></span>ely to do so in the future. </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 lsda ws2 gs43b\"> <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>Burnout <span class=\"_ _2\"></span>effect \u2013 <span class=\"_ _a\"></span>Borro<span class=\"_ _2\"></span>wers who ha<span class=\"_ _2\"></span>ve not made a prepayment in the past, while their <span class=\"_ _2\"></span>option to prepay w<span class=\"_ _2\"></span>as in the money<span class=\"_ _a\"></span>, are less likely to prepa<span class=\"_ _2\"></span>y in the future. </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws55 gs43c\">The projected prepa<span class=\"_ _2\"></span>yment cash flows per loan are then combined to deriv<span class=\"_ _2\"></span>e an average <span class=\"_ _2\"></span>expected lif<span class=\"_ _a\"></span>etime CPR, which is then applied to the outstanding balance </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs1bf\">of the fund. <span class=\"_ _0\"></span>The CPR used in the valuation of the fund as at 3<span class=\"_ _a\"></span>1 December 2023 was 3.2% (3<span class=\"_ _a\"></span>1 December 2022: 4.9%).<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws16 gs1c0\">The <span class=\"_ _2\"></span>expected projected cash flo<span class=\"_ _2\"></span>ws for each mortgage within the loan portf<span class=\"_ _2\"></span>olio are discounted using rates that are derived using a matrix in<span class=\"_ _2\"></span>volving the follo<span class=\"_ _2\"></span>wing </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs1c1\">three parameters:</div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs43d\"> <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>The remaining fix<span class=\"_ _2\"></span>ed rate term of the mortgage</div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs43e\"> <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>Index<span class=\"_ _2\"></span>ed Loan to <span class=\"_ _0\"></span>Value (L<span class=\"_ _0\"></span>TV) of <span class=\"_ _2\"></span>each mortgage</div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs43f\"> <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>Current (A<span class=\"_ _a\"></span>egon) mortgage rates<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls19 ws2 gs440\">At 3<span class=\"_ _2\"></span>1 December 2023 this resulted in discounting the cash flows in <span class=\"_ _2\"></span>each mortgage using a range from 4.67% to 4.68% (3<span class=\"_ _2\"></span>1 December 2022: 4.29% to 4.92%)<span class=\"_ _421\"> </span>.<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff62 fs1 fc1 sc0 ls2 ws2 gsc0\">202<span class=\"_ _74\"> </span><span class=\"ff67 ls3\">CHESN<span class=\"_ _3\"></span>AR<span class=\"_ _3\"></span>A ANNUAL R<span class=\"_ _3\"></span>EPORT A<span class=\"_ _3\"></span>ND ACCO<span class=\"_ _3\"></span>UNT<span class=\"_ _3\"></span>S 20<span class=\"_ _2\"></span>23<span class=\"_ _421\"> </span></span></div>IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS<span class=\"_ _421\"> </span>An impairment percentage is applied to those loan cash flows which are in arrears, to reflect the chance <span class=\"_ _2\"></span>of the loan actually going into default. F<span class=\"_ _a\"></span>or those loans which are 1, 2 or 3 months in arrears, an impairment percentage is applied to reflect the chance <span class=\"_ _2\"></span>of default. <span class=\"_ _7\"></span>This percentage ranges from 0.60% for 1 month in arrears to 1<span class=\"_ _a\"></span>3.70% for loans which are 3 months in arrears (3<span class=\"_ _a\"></span>1 December 2022: 0.60% for 1 month in arrears to 1<span class=\"_ _a\"></span>3.<span class=\"_ _a\"></span>70% for loans which are 3 months in arrears). Loans which are in def<span class=\"_ _2\"></span>ault receive a 1<span class=\"_ _a\"></span>0<span class=\"_ _3\"></span>0% reduction in value.<span class=\"_ _421\"> </span>The v<span class=\"_ _2\"></span>alue of the fund has the potential to decrease or increase <span class=\"_ _2\"></span>ov<span class=\"_ _2\"></span>er time. <span class=\"_ _0\"></span>This can be as a consequence <span class=\"_ _2\"></span>of a periodic reassessment of the conditional prepayment rate and/or the discount rate used in the valuation model.<span class=\"_ _421\"> </span>A 1 percent increase in the CPR would reduce the v<span class=\"_ _2\"></span>alue of the asset by \u00a31<span class=\"_ _7\"></span>.9m (31 December 2022: \u00a31<span class=\"_ _0\"></span>.7m).<span class=\"_ _421\"> </span>A 1 percent decrease in the CPR would increase the v<span class=\"_ _2\"></span>alue of the asset by \u00a32.<span class=\"_ _0\"></span>1m (31 December 2022: \u00a32.<span class=\"_ _0\"></span>1m).<span class=\"_ _421\"> </span>A 1 percent increase in the discount rate would reduce the v<span class=\"_ _2\"></span>alue of the asset by \u00a31<span class=\"_ _7\"></span>1<span class=\"_ _0\"></span>.4m (31 December 2022: \u00a3<span class=\"_ _2\"></span>9.6m).<span class=\"_ _421\"> </span>A 1 percent decrease in the discount rate would increase the v<span class=\"_ _2\"></span>alue of the asset by \u00a31<span class=\"_ _a\"></span>3.3m (3<span class=\"_ _2\"></span>1 December 2022: \u00a31<span class=\"_ _0\"></span>1<span class=\"_ _a\"></span>.<span class=\"_ _a\"></span>1m).<span class=\"_ _421\"> </span>Reconciliation of Level 3 f<span class=\"_ _a\"></span>air value measur<span class=\"_ _2\"></span>ements of financial instr<span class=\"_ _2\"></span>uments<span class=\"_ _421\"> </span>Level 3 mo<span class=\"_ _2\"></span>vement<span class=\"_ _421\"> </span>31 December <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14b\"> </span>20<span class=\"_ _2\"></span>23  <span class=\"_ _14b\"> </span>2022 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>At <span class=\"_ _4\"></span>sta<span class=\"_ _3\"></span>rt <span class=\"_ _4\"></span>of <span class=\"_ _4\"></span>pe<span class=\"_ _3\"></span>riod <span class=\"_ _1bb\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _119\"> </span>27<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>.8  <span class=\"_ _e7\"> </span>19<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>2<span class=\"_ _421\"> </span>Additions <span class=\"_ _3\"></span>\u2013 <span class=\"_ _3\"></span>acquisition <span class=\"_ _3\"></span>of <span class=\"_ _4\"></span>subsidiary <span class=\"_ _1bd\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _44\"> </span>103.0<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>otal gains and losses recognised in the income stat<span class=\"_ _2\"></span>ement <span class=\"_ _3\"></span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _20a\"> </span>(8.6 <span class=\"_ _31\"></span>) <span class=\"_ _28\"> </span>(30.0 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Purchases <span class=\"_ _22c\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _114\"> </span>22.8  <span class=\"_ _12b\"> </span>14<span class=\"_ _3\"></span>.7<span class=\"_ _421\"> </span>Settlements <span class=\"_ _22d\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _11b\"> </span>(10.8 <span class=\"_ _0\"></span>) <span class=\"_ _c2\"> </span>(1<span class=\"_ _4\"></span>1.5 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Exc<span class=\"_ _2\"></span>hange <span class=\"_ _3\"></span>rate <span class=\"_ _3\"></span>adjustment <span class=\"_ _ee\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b7\"> </span>(4.2 <span class=\"_ _0\"></span>) <span class=\"_ _10f\"> </span>7<span class=\"_ _2\"></span>.4<span class=\"_ _421\"> </span>At <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>end <span class=\"_ _4\"></span>of <span class=\"_ _4\"></span>pe<span class=\"_ _3\"></span>riod <span class=\"_ _216\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _119\"> </span>27<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>.0  <span class=\"_ _119\"> </span>27<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>.8<span class=\"_ _421\"> </span>31 D<span class=\"_ _3\"></span>ece<span class=\"_ _3\"></span>mbe<span class=\"_ _3\"></span>r <span class=\"_ _22e\"> </span>Car<span class=\"_ _3\"></span>ry<span class=\"_ _3\"></span>ing am<span class=\"_ _3\"></span>ount <span class=\"_ _188\"> </span>Fair valu<span class=\"_ _3\"></span>e <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _46\"> </span>202<span class=\"_ _3\"></span>3<span class=\"_ _2\"></span>  <span class=\"_ _14b\"> </span>2022<span class=\"_ _2\"></span>  <span class=\"_ _14b\"> </span>20<span class=\"_ _2\"></span>23  <span class=\"_ _14b\"> </span>2022 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Financial liabilities<span class=\"_ _421\"> </span>Borro<span class=\"_ _2\"></span>wings <span class=\"_ _1ae\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _46\"> </span>207<span class=\"_ _a\"></span>.9  <span class=\"_ _44\"> </span>21<span class=\"_ _3\"></span>2.0  <span class=\"_ _44\"> </span>1<span class=\"_ _3\"></span>55.4  <span class=\"_ _1e1\"> </span>157<span class=\"_ _2\"></span>.0<span class=\"_ _421\"> </span>Borro<span class=\"_ _2\"></span>wings consist of the <span class=\"_ _7\"></span>Tier 2 debt and an amount due in relation to financial reinsurance. <span class=\"_ _0\"></span>The fair v<span class=\"_ _2\"></span>alue of the <span class=\"_ _0\"></span>Tier 2 debt is calculated using quoted prices in active mark<span class=\"_ _2\"></span>ets and they are classified as L<span class=\"_ _2\"></span>evel 1 in the f<span class=\"_ _2\"></span>air value hierarch<span class=\"_ _2\"></span>y<span class=\"_ _a\"></span>. <span class=\"_ _0\"></span>The amount due in relation to financial reinsurance is fair v<span class=\"_ _2\"></span>alued with ref<span class=\"_ _2\"></span>erence to market interest rates at the balance sheet date.<span class=\"_ _421\"> </span>There w<span class=\"_ _2\"></span>ere no other transf<span class=\"_ _2\"></span>ers between L<span class=\"_ _2\"></span>ev<span class=\"_ _2\"></span>els 1<span class=\"_ _0\"></span>,<span class=\"_ _2\"></span> 2 and 3 during the <span class=\"_ _a\"></span>year<span class=\"_ _a\"></span>. <span class=\"_ _0\"></span>The group holds no L<span class=\"_ _2\"></span>ev<span class=\"_ _2\"></span>el 3 liabilities as at the balance sheet date. <span class=\"_ _18\"> </span>E5 <span class=\"_ _4\"></span>Der<span class=\"_ _2\"></span>ivativ<span class=\"_ _2\"></span>e financial instr<span class=\"_ _2\"></span>uments<span class=\"_ _421\"> </span>Chesnara entered into a f<span class=\"_ _2\"></span>oreign currency hedge which it rolled forw<span class=\"_ _2\"></span>ard and slightly e<span class=\"_ _2\"></span>xpanded in 2023. <span class=\"_ _0\"></span>There are also derivativ<span class=\"_ _2\"></span>es held within the unit-<span class=\"_ _2\"></span>link<span class=\"_ _2\"></span>ed an<span class=\"_ _2\"></span>d with-profits funds, e<span class=\"_ _2\"></span>xcept f<span class=\"_ _2\"></span>or an option to repay a financial reinsurance contract <span class=\"_ _2\"></span>early<span class=\"_ _a\"></span>, which comprises an embedded derivativ<span class=\"_ _2\"></span>e.<span class=\"_ _421\"> </span>31 December <span class=\"_ _149\"> </span>2023<span class=\"_ _2\"></span> 2022 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _2a\"> </span>A<span class=\"_ _3\"></span>sset  <span class=\"_ _1c2\"> </span>L<span class=\"_ _3\"></span>iability  <span class=\"_ _2a\"> </span>As<span class=\"_ _3\"></span>set  <span class=\"_ _1c2\"> </span>L<span class=\"_ _3\"></span>iability <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Exc<span class=\"_ _2\"></span>hange-traded <span class=\"_ _4\"></span>futures <span class=\"_ _177\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _57\"> </span>0.2  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _20b\"> </span>0.1  <span class=\"_ _10f\"> </span>(0.1 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Foreign currency <span class=\"_ _3\"></span>hedge <span class=\"_ _1ad\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _12b\"> </span>(4.4 <span class=\"_ _7\"></span>) <span class=\"_ _97\"> </span>\u2013  <span class=\"_ _12e\"> </span>(3.5 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Financial <span class=\"_ _3\"></span>reinsurance <span class=\"_ _3\"></span>embedded <span class=\"_ _3\"></span>derivativ<span class=\"_ _2\"></span>e <span class=\"_ _126\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _20b\"> </span>0.1  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _165\"> </span>(0.2 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _8f\"> </span>0<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3  <span class=\"_ _5b\"> </span>(4.<span class=\"_ _3\"></span>4 <span class=\"_ _7\"></span>) <span class=\"_ _fe\"> </span>0.1  <span class=\"_ _14e\"> </span>(3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Curr<span class=\"_ _2\"></span>ent <span class=\"_ _1f4\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _57\"> </span>0.3  <span class=\"_ _20a\"> </span>(4.4 <span class=\"_ _0\"></span>) <span class=\"_ _57\"> </span>0.1  <span class=\"_ _12e\"> </span>(3.7 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Non-current <span class=\"_ _1a9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _fe\"> </span>(0.1 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _8f\"> </span>0<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3  <span class=\"_ _5b\"> </span>(4.<span class=\"_ _3\"></span>4 <span class=\"_ _7\"></span>) <span class=\"_ _fe\"> </span>0.1  <span class=\"_ _14e\"> </span>(3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Der<span class=\"_ _2\"></span>iv<span class=\"_ _2\"></span>atives within unit-link<span class=\"_ _2\"></span>ed funds<span class=\"_ _421\"> </span>As part <span class=\"_ _2\"></span>of its investment management strategy<span class=\"_ _0\"></span>, the group purchases derivative financial instr<span class=\"_ _2\"></span>uments as part of its in<span class=\"_ _2\"></span>vestment portfolio f<span class=\"_ _2\"></span>or unit-linked in<span class=\"_ _2\"></span>vestment funds, which match the liabilities arising on its unit-link<span class=\"_ _2\"></span>ed insurance and investment business.<span class=\"_ _421\"> </span>A variety <span class=\"_ _2\"></span>of equity futures are part <span class=\"_ _2\"></span>of the portfolio matching the unit-linked in<span class=\"_ _2\"></span>vestment and insurance liabilities. Deriv<span class=\"_ _2\"></span>atives are used to facilitate more <span class=\"_ _2\"></span>efficient portfolio management allo<span class=\"_ _2\"></span>wing changes in investment strategy to be reflected b<span class=\"_ _2\"></span>y futures transactions rather than a high volume <span class=\"_ _2\"></span>of transactions in the underlying assets.<span class=\"_ _421\"> </span><span class=\"ff65 ls3 ws2\">CHE<span class=\"_ _277\"></span>SNA<span class=\"_ _277\"></span>RA<span class=\"_ _278\"></span>A<span class=\"_ _277\"></span>NNUAL<span class=\"_ _287\"></span>REP<span class=\"_ _277\"></span>ORT<span class=\"_ _27f\"></span>AN<span class=\"_ _279\"></span>D<span class=\"_ _287\"></span>ACCOUN<span class=\"_ _279\"></span>TS<span class=\"_ _287\"></span>2023</span><span class=\"_ _3d4\"></span>203<span class=\"_ _421\"> </span>IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS<span class=\"_ _421\"> </span>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<span class=\"_ _421\"> </span>SECTION E \u2013 BALANCE SHEET ASSETS <span class=\"_ _18\"></span><span class=\"_ _18\"> </span>E5 <span class=\"_ _4\"></span>Der<span class=\"_ _2\"></span>ivativ<span class=\"_ _2\"></span>e financial instr<span class=\"_ _2\"></span>uments (continued)<span class=\"_ _421\"> </span>Der<span class=\"_ _2\"></span>iv<span class=\"_ _2\"></span>atives within unit-link<span class=\"_ _2\"></span>ed funds (continued)<span class=\"_ _421\"> </span>All the contracts are e<span class=\"_ _2\"></span>xchange-traded futures, with their f<span class=\"_ _2\"></span>air value being the bid price at the balance sheet date. <span class=\"_ _0\"></span>The<span class=\"_ _2\"></span>y are, accordingly<span class=\"_ _a\"></span>, determined at Lev<span class=\"_ _2\"></span>el 1 in the three-lev<span class=\"_ _2\"></span>el fair v<span class=\"_ _2\"></span>alue determination hierarchy set out in Note E4(b).<span class=\"_ _421\"> </span>Exchange<span class=\"_ _3\"></span>-traded futures (by geographica<span class=\"_ _3\"></span>l in<span class=\"_ _2\"></span>vestme<span class=\"_ _3\"></span>nt mark<span class=\"_ _2\"></span>et)<span class=\"_ _421\"> </span>31 December <span class=\"_ _22f\"> </span>202<span class=\"_ _3\"></span>3 <span class=\"_ _109\"> </span>2<span class=\"_ _3\"></span>022 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _2a\"> </span>A<span class=\"_ _3\"></span>sset  <span class=\"_ _1c2\"> </span>L<span class=\"_ _3\"></span>iability  <span class=\"_ _2a\"> </span>As<span class=\"_ _3\"></span>set  <span class=\"_ _1c2\"> </span>L<span class=\"_ _3\"></span>iability <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Europe <span class=\"_ _144\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _fe\"> </span>(0.1 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Japan <span class=\"_ _230\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _57\"> </span>0.2  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _20b\"> </span>0.1  <span class=\"_ _e9\"> </span>\u2013<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _179\"> </span>0.<span class=\"_ _3\"></span>2  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _1b1\"> </span>0<span class=\"_ _3\"></span>.1  <span class=\"_ _165\"> </span>(0<span class=\"_ _3\"></span>.1 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Financial reinsur<span class=\"_ _2\"></span>ance embedded der<span class=\"_ _2\"></span>iv<span class=\"_ _2\"></span>ative<span class=\"_ _421\"> </span>In respect of Mo<span class=\"_ _2\"></span>vestic, the group has a reinsurance contract with a third party that has an element that is deemed to transf<span class=\"_ _a\"></span>er significant insurance risk and an element that is deemed not to transf<span class=\"_ _2\"></span>er significant insurance risk. <span class=\"_ _0\"></span>This assessment has been determined b<span class=\"_ _2\"></span>y management based on the contractual terms <span class=\"_ _2\"></span>of the reinsurance agreement. <span class=\"_ _0\"></span>The <span class=\"_ _2\"></span>element of the contract that does not transf<span class=\"_ _a\"></span>er significant insurance risk has two components and has been accounted for as a financial liability at amortised cost and an embedded deriv<span class=\"_ _2\"></span>ative at fair v<span class=\"_ _2\"></span>alue.<span class=\"_ _421\"> </span>The <span class=\"_ _2\"></span>embedded derivativ<span class=\"_ _2\"></span>e represents an option to repay the amounts due under the contract <span class=\"_ _2\"></span>early at a discount to the amortised cost, with its fair v<span class=\"_ _2\"></span>alue being determined by ref<span class=\"_ _a\"></span>erence to market interest rates at the balance sheet date. It is, accordingly<span class=\"_ _a\"></span>, determined at Lev<span class=\"_ _2\"></span>el 2 in the three-lev<span class=\"_ _2\"></span>el fair value determination<span class=\"_ _2\"></span> hierarchy set <span class=\"_ _2\"></span>out in <span class=\"ls2\">Note E4(b).<span class=\"_ _421\"> </span></span>Der<span class=\"_ _2\"></span>iv<span class=\"_ _2\"></span>atives within CA (S&amp;P with-pr<span class=\"_ _2\"></span>ofits funds)<span class=\"_ _421\"> </span>As part <span class=\"_ _2\"></span>of its investment management strategy<span class=\"_ _0\"></span>, CA enters into a limited range of deriv<span class=\"_ _2\"></span>ative instruments to manage its <span class=\"_ _2\"></span>exposure to v<span class=\"_ _2\"></span>arious risks.<span class=\"_ _421\"> </span>CA uses equity inde<span class=\"_ _2\"></span>x futures in order to <span class=\"_ _2\"></span>economically hedge equity mark<span class=\"_ _2\"></span>et risk in the with-profit funds\u2019 in<span class=\"_ _2\"></span>vestments.<span class=\"_ _421\"> </span>The change in f<span class=\"_ _2\"></span>air value <span class=\"_ _2\"></span>of the futures contracts is intended to offset the change in fair v<span class=\"_ _2\"></span>alue of the underlying <span class=\"_ _2\"></span>equities being hedged. CA settles the market v<span class=\"_ _2\"></span>alue of the futures contracts on a daily basis b<span class=\"_ _2\"></span>y paying <span class=\"_ _2\"></span>or receiving a variation margin. <span class=\"_ _0\"></span>T<span class=\"_ _2\"></span>he futures contracts are not discounted as this daily settlement is equal to the change in fair v<span class=\"_ _2\"></span>alue of the futures. <span class=\"_ _2\"></span>As a result, there is no additional fair v<span class=\"_ _2\"></span>alue to recognise in relation to these derivativ<span class=\"_ _2\"></span>es on the balance sheet at the <span class=\"_ _a\"></span>year <span class=\"_ _2\"></span>end.<span class=\"_ _421\"> </span>CA also purchases e<span class=\"_ _2\"></span>xchange rate futures to mitigate <span class=\"_ _2\"></span>ex<span class=\"_ _2\"></span>change rate risk within its with-profits funds.<span class=\"_ _421\"> </span>These contracts are <span class=\"_ _2\"></span>ex<span class=\"_ _2\"></span>change-traded contracts in active markets with their f<span class=\"_ _2\"></span>air value being the bid price at the balance sheet date. <span class=\"_ _0\"></span>T<span class=\"_ _2\"></span>hey are, accordingly<span class=\"_ _a\"></span>, determined at Le<span class=\"_ _2\"></span>vel 1 in the three-le<span class=\"_ _2\"></span>vel fair v<span class=\"_ _2\"></span>alue determination hierarchy set <span class=\"_ _2\"></span>out in Note E4(b). <span class=\"_ _18\"></span><span class=\"_ _18\"></span><span class=\"_ _18\"> </span>E6 <span class=\"_ _4\"></span>Other assets<span class=\"_ _421\"> </span>31 December <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14b\"> </span>20<span class=\"_ _2\"></span>23  <span class=\"_ _14b\"> </span>2022 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Receivab<span class=\"_ _3\"></span>les arising from investment contract<span class=\"_ _3\"></span>s<span class=\"_ _421\"> </span>Reinsurers <span class=\"_ _3\"></span>share <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>accrued <span class=\"_ _3\"></span>policyholder <span class=\"_ _3\"></span>claims <span class=\"_ _14e\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _20b\"> </span>1.9  <span class=\"_ _10e\"> </span>0.9<span class=\"_ _421\"> </span>Receivables <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>rom <span class=\"_ _3\"></span>policyholders <span class=\"_ _231\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b1\"> </span>3.5  <span class=\"_ _1b1\"> </span>3.2<span class=\"_ _421\"> </span>Commission <span class=\"_ _3\"></span>receiv<span class=\"_ _2\"></span>ables <span class=\"_ _cd\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5a\"> </span>0.1  <span class=\"_ _5a\"> </span>0.1<span class=\"_ _421\"> </span>Sub-<span class=\"_ _3\"></span>total <span class=\"_ _102\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _10f\"> </span>5<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5  <span class=\"_ _12e\"> </span>4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2<span class=\"_ _421\"> </span>Other receivable<span class=\"_ _3\"></span>s<span class=\"_ _421\"> </span>Accrued <span class=\"_ _3\"></span>interest income <span class=\"_ _205\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b7\"> </span>10.2  <span class=\"_ _57\"> </span>8.5<span class=\"_ _421\"> </span>Receivables <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>rom <span class=\"_ _3\"></span>fund <span class=\"_ _3\"></span>management <span class=\"_ _4\"></span>companies <span class=\"_ _150\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b1\"> </span>3.<span class=\"_ _3\"></span>3  <span class=\"_ _5a\"> </span>1.4<span class=\"_ _421\"> </span>Pr<span class=\"_ _2\"></span>epayments <span class=\"_ _b6\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12e\"> </span>13.7  <span class=\"_ _10e\"> </span>8<span class=\"_ _3\"></span>.5<span class=\"_ _421\"> </span>Income <span class=\"_ _3\"></span>tax <span class=\"_ _3\"></span>balances <span class=\"_ _121\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _20a\"> </span>16.4  <span class=\"_ _57\"> </span>5.8<span class=\"_ _421\"> </span>Other <span class=\"_ _8b\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _10e\"> </span>8.6  <span class=\"_ _20a\"> </span>18.0<span class=\"_ _421\"> </span>Sub-<span class=\"_ _3\"></span>total <span class=\"_ _102\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _2d\"> </span>5<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.2  <span class=\"_ _11b\"> </span>42<span class=\"_ _3\"></span>.2<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5b\"> </span>57.<span class=\"_ _2\"></span>7  <span class=\"_ _44\"> </span>4<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4<span class=\"_ _421\"> </span>Curr<span class=\"_ _2\"></span>ent <span class=\"_ _1f4\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _c2\"> </span>54<span class=\"_ _3\"></span>.9  <span class=\"_ _5b\"> </span>45.6<span class=\"_ _421\"> </span>Non-current <span class=\"_ _1a9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _57\"> </span>2.<span class=\"_ _3\"></span>8  <span class=\"_ _fe\"> </span>0.8<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5b\"> </span>57.<span class=\"_ _2\"></span>7  <span class=\"_ _44\"> </span>4<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4<span class=\"_ _421\"> </span>204<span class=\"_ _e\"> </span><span class=\"ff67 ls3 ws2\">CHE<span class=\"_ _3\"></span>SNA<span class=\"_ _3\"></span>R<span class=\"_ _3\"></span>A ANNUAL R<span class=\"_ _3\"></span>EPORT A<span class=\"_ _3\"></span>ND ACCO<span class=\"_ _3\"></span>UNTS 2023<span class=\"_ _421\"> </span></span>IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS <span class=\"_ _18\"> </span>E7 <span class=\"_ _4\"></span>Cash and cash equiv<span class=\"_ _2\"></span>alents<span class=\"_ _421\"> </span>31 December <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14b\"> </span>20<span class=\"_ _2\"></span>23  <span class=\"_ _14b\"> </span>2022 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Bank <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>cash <span class=\"_ _4\"></span>balances <span class=\"_ _d1\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _11b\"> </span>135.<span class=\"_ _2\"></span>7  <span class=\"_ _14b\"> </span>144<span class=\"_ _3\"></span>.7<span class=\"_ _421\"> </span>Call <span class=\"_ _3\"></span>deposits <span class=\"_ _3\"></span>due <span class=\"_ _3\"></span>within <span class=\"_ _4\"></span>1 <span class=\"_ _3\"></span>month <span class=\"_ _109\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _14e\"> </span>59.9<span class=\"_ _421\"> </span>Call <span class=\"_ _3\"></span>deposits <span class=\"_ _3\"></span>due <span class=\"_ _3\"></span>after <span class=\"_ _3\"></span>1 <span class=\"_ _3\"></span>m<span class=\"_ _3\"></span>onth <span class=\"_ _164\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b7\"> </span>10.3  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ash <span class=\"_ _4\"></span>an<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ash <span class=\"_ _4\"></span>eq<span class=\"_ _3\"></span>uiv<span class=\"_ _3\"></span>alen<span class=\"_ _3\"></span>ts <span class=\"_ _232\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _42\"> </span>1<span class=\"_ _3\"></span>46<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>0  <span class=\"_ _2a\"> </span>2<span class=\"_ _3\"></span>04<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>6<span class=\"_ _421\"> </span>Bank <span class=\"_ _3\"></span>overdr<span class=\"_ _2\"></span>afts <span class=\"_ _172\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b7\"> </span>(0.2 <span class=\"_ _0\"></span>) <span class=\"_ _15b\"> </span>\u2013<span class=\"_ _421\"> </span>Ca<span class=\"_ _3\"></span>sh and c<span class=\"_ _3\"></span>as<span class=\"_ _3\"></span>h equ<span class=\"_ _3\"></span>ival<span class=\"_ _3\"></span>ent<span class=\"_ _3\"></span>s in th<span class=\"_ _3\"></span>e stat<span class=\"_ _3\"></span>eme<span class=\"_ _3\"></span>nt of c<span class=\"_ _3\"></span>ash fl<span class=\"_ _3\"></span>ows <span class=\"_ _99\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _119\"> </span>14<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8 <span class=\"_ _a\"></span> <span class=\"_ _112\"> </span>20<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>.6<span class=\"_ _421\"> </span>Short-term bank deposits are subject to a combination of fix<span class=\"_ _2\"></span>ed and variable interest rates, with an a<span class=\"_ _2\"></span>verage maturity of 1 <span class=\"_ _7\"></span>day (2022: <span class=\"_ _0\"></span>1<span class=\"_ _31\"></span> <span class=\"_ _3\"></span>day). All deposits included in cash and cash equiv<span class=\"_ _2\"></span>alents were due to mature within <span class=\"_ _a\"></span>1 <span class=\"_ _a\"></span>month of their acquisition. <span class=\"_ _2\"></span>All balances are current and av<span class=\"_ _2\"></span>ailable on demand.<span class=\"_ _421\"> </span>Included in cash and cash equiv<span class=\"_ _2\"></span>alents held by the group are balances totalling \u00a352.6m (2022: \u00a38<span class=\"_ _a\"></span>1<span class=\"_ _0\"></span>.6m) held in unit-linked policyholders<span class=\"_ _a\"></span>\u2019 funds.<span class=\"_ _421\"> </span>31 December <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _123\"> </span>Foreign  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _17d\"> </span>exc<span class=\"_ _3\"></span>han<span class=\"_ _3\"></span>ge  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1f9\"> </span>1 <span class=\"_ _3\"></span>Januar<span class=\"_ _3\"></span>y  <span class=\"_ _7f\"> </span>Financing  <span class=\"_ _15d\"> </span>translation  <span class=\"_ _3e\"> </span>Other  <span class=\"_ _79\"> </span>3<span class=\"_ _3\"></span>1 <span class=\"_ _3\"></span>Dec<span class=\"_ _3\"></span>ember <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14b\"> </span>202<span class=\"_ _3\"></span>3  <span class=\"_ _ef\"> </span>c<span class=\"_ _3\"></span>ash <span class=\"_ _4\"></span>flow<span class=\"_ _3\"></span>s  <span class=\"_ _8\"> </span>dif<span class=\"_ _3\"></span>fer<span class=\"_ _3\"></span>ences  <span class=\"_ _14d\"> </span>ch<span class=\"_ _3\"></span>ange<span class=\"_ _3\"></span>s <span class=\"_ _3\"></span>(<span class=\"_ _3\"></span>ii <span class=\"_ _7\"></span>) <span class=\"_ _e7\"> </span>20<span class=\"_ _3\"></span>23 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m<span class=\"_ _421\"> </span>Tier <span class=\"_ _3\"></span>2 <span class=\"_ _3\"></span>debt <span class=\"_ _218\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _15c\"> </span>200.4  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _57\"> </span>0.2  <span class=\"_ _15c\"> </span>200.6<span class=\"_ _421\"> </span>Financial <span class=\"_ _3\"></span>reinsurance <span class=\"_ _3\"></span> <span class=\"_ _1a8\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1a1\"> </span>9.6  <span class=\"_ _165\"> </span>(3.9 <span class=\"_ _0\"></span>) <span class=\"_ _5b\"> </span>(0.4 <span class=\"_ _7\"></span>) <span class=\"_ _97\"> </span>\u2013  <span class=\"_ _1a1\"> </span>5.3<span class=\"_ _421\"> </span>Lease <span class=\"_ _3\"></span>liabilities <span class=\"_ _1b5\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _56\"> </span>1.<span class=\"_ _3\"></span>2  <span class=\"_ _12b\"> </span>(0.6 <span class=\"_ _7\"></span>) <span class=\"_ _12e\"> </span>(0.1 <span class=\"_ _7\"></span>) <span class=\"_ _179\"> </span>0.7  <span class=\"_ _5a\"> </span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _150\"> </span>2<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2  <span class=\"_ _114\"> </span>(4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5 <span class=\"_ _7\"></span>) <span class=\"_ _f0\"> </span>(0<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5 <span class=\"_ _7\"></span>) <span class=\"_ _12b\"> </span>0<span class=\"_ _3\"></span>.9  <span class=\"_ _46\"> </span>2<span class=\"_ _3\"></span>07.1<span class=\"_ _421\"> </span>31 December <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _123\"> </span>Foreign  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _17d\"> </span>exc<span class=\"_ _3\"></span>han<span class=\"_ _3\"></span>ge  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1f9\"> </span>1 <span class=\"_ _3\"></span>Januar<span class=\"_ _3\"></span>y  <span class=\"_ _7f\"> </span>Financing  <span class=\"_ _15d\"> </span>translation  <span class=\"_ _3e\"> </span>Other  <span class=\"_ _79\"> </span>3<span class=\"_ _3\"></span>1 <span class=\"_ _3\"></span>Dec<span class=\"_ _3\"></span>ember <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14b\"> </span>20<span class=\"_ _3\"></span>22  <span class=\"_ _ef\"> </span>c<span class=\"_ _3\"></span>ash <span class=\"_ _4\"></span>flow<span class=\"_ _3\"></span>s  <span class=\"_ _8\"> </span>dif<span class=\"_ _3\"></span>fe<span class=\"_ _3\"></span>rence<span class=\"_ _3\"></span>s  <span class=\"_ _15d\"> </span>cha<span class=\"_ _3\"></span>nge<span class=\"_ _3\"></span>s <span class=\"_ _3\"></span>(<span class=\"_ _3\"></span>ii <span class=\"_ _7\"></span>) <span class=\"_ _e7\"> </span>20<span class=\"_ _3\"></span>22 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m<span class=\"_ _421\"> </span>Tier <span class=\"_ _3\"></span>2 <span class=\"_ _3\"></span>debt <span class=\"_ _218\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _29\"> </span>200.0  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _fe\"> </span>0.4  <span class=\"_ _29\"> </span>200.4<span class=\"_ _421\"> </span>Bank <span class=\"_ _3\"></span>loan <span class=\"_ _3\"></span>(i) <span class=\"_ _1a9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>3<span class=\"_ _3\"></span>1.3  <span class=\"_ _5b\"> </span>(31.2 <span class=\"_ _0\"></span>) <span class=\"_ _12e\"> </span>(0.<span class=\"_ _2\"></span>1 <span class=\"_ _7\"></span>) <span class=\"_ _97\"> </span>\u2013  <span class=\"_ _e9\"> </span>\u2013<span class=\"_ _421\"> </span>Financial <span class=\"_ _3\"></span>reinsurance <span class=\"_ _1c5\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _165\"> </span>15.9  <span class=\"_ _12b\"> </span>(6<span class=\"_ _3\"></span>.0 <span class=\"_ _7\"></span>) <span class=\"_ _14e\"> </span>(0.3 <span class=\"_ _0\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _57\"> </span>9.6<span class=\"_ _421\"> </span>Lease <span class=\"_ _3\"></span>liabilities <span class=\"_ _1b5\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _57\"> </span>2.0  <span class=\"_ _1b7\"> </span>(0.3 <span class=\"_ _0\"></span>) <span class=\"_ _14e\"> </span>(0.5 <span class=\"_ _0\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _56\"> </span>1.2<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _7b\"> </span>4<span class=\"_ _3\"></span>9.<span class=\"_ _3\"></span>2  <span class=\"_ _e7\"> </span>1<span class=\"_ _3\"></span>62<span class=\"_ _4\"></span>.<span class=\"_ _3\"></span>5  <span class=\"_ _5b\"> </span>(<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>9 <span class=\"_ _7\"></span>) <span class=\"_ _20a\"> </span>0.<span class=\"_ _3\"></span>4  <span class=\"_ _150\"> </span>2<span class=\"_ _3\"></span>1<span class=\"_ _4\"></span>1.<span class=\"_ _4\"></span>2<span class=\"_ _421\"> </span>(i) <span class=\"_ _3d\"> </span> <span class=\"_ _19\"></span>The cash flows from bank loans and <span class=\"_ _2\"></span>other borrowings mak<span class=\"_ _2\"></span>e up the net amount of proceeds from borro<span class=\"_ _2\"></span>wings and repayments <span class=\"_ _2\"></span>of borrowings in the cash<span class=\"_ _2\"></span> flow statement.<span class=\"_ _421\"> </span>(ii) <span class=\"_ _10\"> </span>Other changes include interest accruals and payments.<span class=\"_ _421\"> </span><span class=\"ff65 ls3 ws2\">CHES<span class=\"_ _283\"></span>NAR<span class=\"_ _277\"></span>A<span class=\"_ _278\"></span>A<span class=\"_ _283\"></span>NNUAL<span class=\"_ _27f\"></span>REPO<span class=\"_ _277\"></span>RT<span class=\"_ _287\"></span>AND<span class=\"_ _392\"></span>ACCOUN<span class=\"_ _27a\"></span>TS<span class=\"_ _27b\"></span>202<span class=\"_ _3d6\"></span>3</span><span class=\"_ _3d7\"></span>205<span class=\"_ _421\"> </span>IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS<span class=\"_ _421\"> </span>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<span class=\"_ _421\"> </span>SECTION F \u2013 INSURANCE AND REINSURANCE CONTRA<span class=\"_ _2\"></span>CTS <span class=\"_ _74\"></span><span class=\"_ _74\"> </span>F1 <span class=\"_ _4\"></span>Insurance and r<span class=\"_ _2\"></span>einsurance contr<span class=\"_ _2\"></span>acts<span class=\"_ _421\"> </span>The f<span class=\"_ _2\"></span>ollowing notes pro<span class=\"_ _2\"></span>vide a quantitative analysis <span class=\"_ _2\"></span>of the insurance and reinsurance contract assets and liabilities and are disaggregated by the IFRS 8 <span class=\"_ _2\"></span>operating segments. <span class=\"_ _0\"></span>This disaggregation has been chosen f<span class=\"_ _2\"></span>or the following notes because it is the groups vie<span class=\"_ _2\"></span>w that together with the information in the Underwriting Risk section, it provides the most rele<span class=\"_ _2\"></span>vant information f<span class=\"_ _2\"></span>or assessing the eff<span class=\"_ _a\"></span>ect that contracts within the scope of IFRS 1<span class=\"_ _a\"></span>7 hav<span class=\"_ _2\"></span>e on the <span class=\"_ _2\"></span>entity\u2019<span class=\"_ _a\"></span>s financial performance and position.  (a) <span class=\"_ _3\"></span>Composition of the balance sheet<span class=\"_ _421\"> </span>The f<span class=\"_ _2\"></span>ollowing tables sho<span class=\"_ _2\"></span>w the breakdown of the insurance and reinsurance contract assets and liabilities f<span class=\"_ _2\"></span>or each <span class=\"_ _2\"></span>of the operating segments within Chesnara. Note A5(a)(i) pro<span class=\"_ _2\"></span>vides details regarding broad product groups and measurement models. Note B2 provides details f<span class=\"_ _2\"></span>or the values of insurance and reinsurance<span class=\"_ _2\"></span> contracts for the broad product groups within <span class=\"_ _2\"></span>each segment.<span class=\"_ _421\"> </span>31 December 2023 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14f\"> </span>Waard  <span class=\"_ _73\"> </span>   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _7d\"> </span>Moves<span class=\"_ _3\"></span>tic  <span class=\"_ _48\"> </span>Gro<span class=\"_ _3\"></span>up  <span class=\"_ _1c8\"> </span>Sc<span class=\"_ _3\"></span>ild<span class=\"_ _3\"></span>on   <span class=\"_ _166\"> </span> <span class=\"_ _5\"> </span> <span class=\"_ _126\"> </span> <span class=\"_ _5\"> </span> <span class=\"_ _165\"> </span>( UK ) <span class=\"_ _37\"> </span>(Swe d en ) <span class=\"_ _79\"> </span>(Netherlands ) <span class=\"_ _79\"> </span>(Netherlands ) <span class=\"_ _28\"> </span>T<span class=\"_ _2\"></span>ot al <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Insurance contrac<span class=\"_ _3\"></span>ts<span class=\"_ _421\"> </span>Insurance <span class=\"_ _3\"></span>contract <span class=\"_ _3\"></span>liabilities <span class=\"_ _bc\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _47\"> </span>1,383.0  <span class=\"_ _2d\"> </span>171.<span class=\"_ _3\"></span>8  <span class=\"_ _46\"> </span>785.3  <span class=\"_ _48\"> </span>1,862.9  <span class=\"_ _14f\"> </span>4<span class=\"_ _3\"></span>,203.0<span class=\"_ _421\"> </span>Insurance <span class=\"_ _3\"></span>contract <span class=\"_ _3\"></span>assets <span class=\"_ _d9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _20a\"> </span>(4.0 <span class=\"_ _0\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _20a\"> </span>(4.0 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>Net <span class=\"_ _4\"></span>insurance <span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>ntract <span class=\"_ _4\"></span>liabilities <span class=\"_ _21d\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _7c\"> </span>1<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>379.<span class=\"_ _3\"></span>0  <span class=\"_ _14b\"> </span>17<span class=\"_ _3\"></span>1.<span class=\"_ _3\"></span>8  <span class=\"_ _a3\"> </span>785<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3  <span class=\"_ _11c\"> </span>1<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>862<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9  <span class=\"_ _7e\"> </span>4<span class=\"_ _3\"></span>,19<span class=\"_ _3\"></span>9.0<span class=\"_ _421\"> </span>Reinsurance contrac<span class=\"_ _3\"></span>ts<span class=\"_ _421\"> </span>Reinsurance <span class=\"_ _3\"></span>contract <span class=\"_ _3\"></span>assets <span class=\"_ _1a6\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _150\"> </span>166.8  <span class=\"_ _12b\"> </span>14<span class=\"_ _3\"></span>.5  <span class=\"_ _10f\"> </span>4<span class=\"_ _3\"></span>.4  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _45\"> </span>185.7<span class=\"_ _421\"> </span>Reinsurance <span class=\"_ _3\"></span>contract <span class=\"_ _3\"></span>liabilities <span class=\"_ _160\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12e\"> </span>(2.2 <span class=\"_ _0\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _2d\"> </span>(14.9 <span class=\"_ _0\"></span>) <span class=\"_ _14e\"> </span>(17<span class=\"_ _2\"></span>.1 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Ne<span class=\"_ _3\"></span>t <span class=\"_ _3\"></span>re<span class=\"_ _3\"></span>ins<span class=\"_ _3\"></span>uranc<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ontr<span class=\"_ _3\"></span>ac<span class=\"_ _3\"></span>t <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>sse<span class=\"_ _3\"></span>ts <span class=\"_ _182\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _29\"> </span>1<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>.6  <span class=\"_ _5b\"> </span>14<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5  <span class=\"_ _12e\"> </span>4.<span class=\"_ _3\"></span>4  <span class=\"_ _150\"> </span>(14<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9 <span class=\"_ _7\"></span>) <span class=\"_ _a3\"> </span>1<span class=\"_ _3\"></span>68<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>6 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _89\"> </span>Current  <span class=\"_ _4a\"> </span>N<span class=\"_ _3\"></span>on-<span class=\"_ _3\"></span>current<span class=\"_ _2\"></span>  <span class=\"_ _28\"> </span>T<span class=\"_ _2\"></span>otal <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Insurance <span class=\"_ _3\"></span>contract <span class=\"_ _3\"></span>liabilities <span class=\"_ _bc\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _119\"> </span>1,<span class=\"_ _3\"></span>801.1  <span class=\"_ _129\"> </span>2,401.9  <span class=\"_ _14f\"> </span>4,203.0<span class=\"_ _421\"> </span>Insurance <span class=\"_ _3\"></span>contract <span class=\"_ _3\"></span>assets <span class=\"_ _d9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _20a\"> </span>(4.0 <span class=\"_ _0\"></span>) <span class=\"_ _5b\"> </span>(4.0 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>Reinsurance <span class=\"_ _3\"></span>contract <span class=\"_ _3\"></span>assets <span class=\"_ _1a6\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>29.1  <span class=\"_ _45\"> </span>156.6  <span class=\"_ _45\"> </span>185.7<span class=\"_ _421\"> </span>Reinsurance <span class=\"_ _3\"></span>contract <span class=\"_ _3\"></span>liabilities <span class=\"_ _160\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _96\"> </span>2.1  <span class=\"_ _c2\"> </span>(19.2 <span class=\"_ _0\"></span>) <span class=\"_ _14e\"> </span>(17<span class=\"_ _a\"></span>.1 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>31 December 2022 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14f\"> </span>Waard  <span class=\"_ _73\"> </span>   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _7d\"> </span>Moves<span class=\"_ _3\"></span>tic  <span class=\"_ _48\"> </span>Gro<span class=\"_ _3\"></span>up  <span class=\"_ _1c8\"> </span>Sc<span class=\"_ _3\"></span>ild<span class=\"_ _3\"></span>on   <span class=\"_ _166\"> </span> <span class=\"_ _5\"> </span> <span class=\"_ _126\"> </span> <span class=\"_ _5\"> </span> <span class=\"_ _165\"> </span>( UK ) <span class=\"_ _37\"> </span>(Swe d en ) <span class=\"_ _79\"> </span>(Netherlands ) <span class=\"_ _79\"> </span>(Netherlands ) <span class=\"_ _28\"> </span>T<span class=\"_ _2\"></span>ot al <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Insurance contrac<span class=\"_ _3\"></span>ts<span class=\"_ _421\"> </span>Insurance <span class=\"_ _3\"></span>contract <span class=\"_ _3\"></span>liabilities <span class=\"_ _bc\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1c0\"> </span>1,44<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>.6  <span class=\"_ _150\"> </span>158<span class=\"_ _3\"></span>.9  <span class=\"_ _e7\"> </span>463.7  <span class=\"_ _43\"> </span>1,751.4  <span class=\"_ _47\"> </span>3,<span class=\"_ _3\"></span>821.6<span class=\"_ _421\"> </span>Insurance <span class=\"_ _3\"></span>contract <span class=\"_ _3\"></span>assets <span class=\"_ _d9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span>Net <span class=\"_ _4\"></span>insurance <span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>ntract <span class=\"_ _4\"></span>liabilities <span class=\"_ _21d\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _7c\"> </span>1,<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>47<span class=\"_ _a\"></span>.6  <span class=\"_ _e7\"> </span>158<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9  <span class=\"_ _43\"> </span>4<span class=\"_ _3\"></span>63.7  <span class=\"_ _9d\"> </span>1<span class=\"_ _3\"></span>,751.<span class=\"_ _3\"></span>4  <span class=\"_ _3b\"> </span>3,<span class=\"_ _3\"></span>821<span class=\"_ _3\"></span>.6<span class=\"_ _421\"> </span>Reinsurance contrac<span class=\"_ _3\"></span>ts<span class=\"_ _421\"> </span>Reinsurance <span class=\"_ _3\"></span>contract <span class=\"_ _3\"></span>assets <span class=\"_ _1a6\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _45\"> </span>17<span class=\"_ _2\"></span>4.7  <span class=\"_ _1b7\"> </span>15.8  <span class=\"_ _1b1\"> </span>3.5  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _14b\"> </span>194<span class=\"_ _3\"></span>.0<span class=\"_ _421\"> </span>Reinsurance <span class=\"_ _3\"></span>contract <span class=\"_ _3\"></span>liabilities <span class=\"_ _160\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _10e\"> </span>(2<span class=\"_ _3\"></span>.1 <span class=\"_ _7\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _5b\"> </span>(15.2 <span class=\"_ _0\"></span>) <span class=\"_ _11b\"> </span>(<span class=\"_ _3\"></span>17<span class=\"_ _a\"></span>.<span class=\"_ _3\"></span>3 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Ne<span class=\"_ _3\"></span>t <span class=\"_ _3\"></span>re<span class=\"_ _3\"></span>ins<span class=\"_ _3\"></span>uranc<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ontr<span class=\"_ _3\"></span>ac<span class=\"_ _3\"></span>t <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>sse<span class=\"_ _3\"></span>ts <span class=\"_ _182\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _28\"> </span>17<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>6  <span class=\"_ _5b\"> </span>1<span class=\"_ _3\"></span>5.<span class=\"_ _3\"></span>8  <span class=\"_ _fe\"> </span>3.<span class=\"_ _4\"></span>5  <span class=\"_ _44\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2 <span class=\"_ _7\"></span>) <span class=\"_ _29\"> </span>176<span class=\"_ _3\"></span>.7 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _89\"> </span>Current  <span class=\"_ _4a\"> </span>N<span class=\"_ _3\"></span>on-<span class=\"_ _3\"></span>current<span class=\"_ _2\"></span>  <span class=\"_ _28\"> </span>T<span class=\"_ _2\"></span>otal <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Insurance <span class=\"_ _3\"></span>contract <span class=\"_ _3\"></span>liabilities <span class=\"_ _bc\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _44\"> </span>651.4  <span class=\"_ _3f\"> </span>3,170<span class=\"_ _2\"></span>.2  <span class=\"_ _3f\"> </span>3,821.6<span class=\"_ _421\"> </span>Insurance <span class=\"_ _3\"></span>contract <span class=\"_ _3\"></span>assets <span class=\"_ _d9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span>Reinsurance <span class=\"_ _3\"></span>contract <span class=\"_ _3\"></span>assets <span class=\"_ _1a6\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _114\"> </span>33.8  <span class=\"_ _44\"> </span>160.2  <span class=\"_ _14b\"> </span>194<span class=\"_ _3\"></span>.0<span class=\"_ _421\"> </span>Reinsurance <span class=\"_ _3\"></span>contract <span class=\"_ _3\"></span>liabilities <span class=\"_ _160\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12e\"> </span>(2.6 <span class=\"_ _7\"></span>) <span class=\"_ _1e1\"> </span>(14<span class=\"_ _3\"></span>.7 <span class=\"_ _7\"></span>) <span class=\"_ _2d\"> </span>(17<span class=\"_ _2\"></span>.3 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>206<span class=\"_ _1\"> </span><span class=\"ff67 ls3 ws2\">CH<span class=\"_ _3\"></span>ESN<span class=\"_ _3\"></span>AR<span class=\"_ _3\"></span>A ANNUA<span class=\"_ _3\"></span>L REPOR<span class=\"_ _3\"></span>T AND ACCO<span class=\"_ _3\"></span>UNT<span class=\"_ _3\"></span>S 20<span class=\"_ _2\"></span>23<span class=\"_ _421\"> </span></span>IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS <span class=\"_ _e\"> </span>(b) <span class=\"_ _3\"></span>Fair v<span class=\"_ _a\"></span>alue of underlying it<span class=\"_ _2\"></span>ems<span class=\"_ _421\"> </span>The f<span class=\"_ _2\"></span>ollowing table sho<span class=\"_ _2\"></span>ws the fair value <span class=\"_ _2\"></span>of the underlying items of the group\u2019<span class=\"_ _0\"></span>s direct participating contracts for each reporting segment. <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14f\"> </span>Waard  <span class=\"_ _73\"> </span>   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _7d\"> </span>Moves<span class=\"_ _3\"></span>tic  <span class=\"_ _48\"> </span>Gro<span class=\"_ _3\"></span>up  <span class=\"_ _1c8\"> </span>Sc<span class=\"_ _3\"></span>ild<span class=\"_ _3\"></span>on   <span class=\"_ _166\"> </span> <span class=\"_ _5\"> </span> <span class=\"_ _126\"> </span> <span class=\"_ _5\"> </span> <span class=\"_ _165\"> </span>( UK ) <span class=\"_ _37\"> </span>(Swe d en ) <span class=\"_ _79\"> </span>(Netherlands ) <span class=\"_ _79\"> </span>(Netherlands ) <span class=\"_ _28\"> </span>T<span class=\"_ _2\"></span>ot al <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Fair v<span class=\"_ _2\"></span>alue of underlying items as at 31 December 2023 <span class=\"_ _1fc\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _14b\"> </span>816.9 <span class=\"_ _2\"></span> <span class=\"_ _45\"> </span>1<span class=\"_ _3\"></span>32.3 <span class=\"_ _a\"></span> <span class=\"_ _114\"> </span>65.2 <span class=\"_ _2\"></span> <span class=\"_ _47\"> </span>1,238.7 <span class=\"_ _2\"></span> <span class=\"_ _3f\"> </span>2<span class=\"_ _3\"></span>,253.1<span class=\"_ _421\"> </span>Fair v<span class=\"_ _2\"></span>alue of underlying items as at 31 December 2022 <span class=\"_ _1fc\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _e7\"> </span>953.0 <span class=\"_ _2\"></span> <span class=\"_ _7b\"> </span>1<span class=\"_ _3\"></span>18<span class=\"_ _3\"></span>.5 <span class=\"_ _a\"></span> <span class=\"_ _c2\"> </span>7<span class=\"_ _a\"></span>4<span class=\"_ _3\"></span>.4 <span class=\"_ _a\"></span> <span class=\"_ _112\"> </span>1,126.0 <span class=\"_ _2\"></span> <span class=\"_ _47\"> </span>2,27<span class=\"_ _3\"></span>1.9<span class=\"_ _421\"> </span>Composition of under<span class=\"_ _2\"></span>lying items<span class=\"_ _421\"> </span>The majority <span class=\"_ _2\"></span>of the fair v<span class=\"_ _2\"></span>alue of underlying items across the group are held in collective in<span class=\"_ _2\"></span>vestment schemes. <span class=\"_ _2\"></span>A small proportion is held in equities, debt securities and in cash and deposits. <span class=\"_ _74\"> </span>F2 <span class=\"_ _4\"></span>Insurance and r<span class=\"_ _2\"></span>einsurance contr<span class=\"_ _2\"></span>acts \u2013 quantitative analysis of r<span class=\"_ _2\"></span>ecognised amounts \u2013 UK  (a) <span class=\"_ _3\"></span>Insurance contract balances \u2013 analysis b<span class=\"_ _2\"></span>y remaining co<span class=\"_ _2\"></span>ver<span class=\"_ _2\"></span>age and incur<span class=\"_ _2\"></span>red claims <span class=\"_ _233\"> </span>Liabilities for <span class=\"ls2 ws2\"> </span> <span class=\"_ _234\"> </span>remaining coverage <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _39\"> </span>Excluding  <span class=\"_ _9f\"> </span>  <span class=\"_ _1c7\"> </span>Liabilities   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5b\"> </span>loss  <span class=\"_ _45\"> </span>L<span class=\"_ _3\"></span>oss  <span class=\"_ _6d\"> </span>for <span class=\"_ _4\"></span>incu<span class=\"_ _3\"></span>rred   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _146\"> </span>component  <span class=\"_ _128\"> </span>component  <span class=\"_ _76\"> </span>claims  <span class=\"_ _28\"> </span>T<span class=\"_ _a\"></span>otal <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Insurance contrac<span class=\"_ _3\"></span>t liabilities as at 1<span class=\"_ _2\"></span> Januar<span class=\"_ _3\"></span>y 202<span class=\"_ _3\"></span>3 <span class=\"_ _1c6\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _11c\"> </span>1<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>38<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3 <span class=\"_ _a\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _7b\"> </span>65<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3 <span class=\"_ _2\"></span> <span class=\"_ _7e\"> </span>1<span class=\"_ _3\"></span>,4<span class=\"_ _3\"></span>47<span class=\"_ _2\"></span>.6<span class=\"_ _421\"> </span>Chan<span class=\"_ _3\"></span>ges i<span class=\"_ _3\"></span>n the s<span class=\"_ _3\"></span>tatem<span class=\"_ _3\"></span>ent o<span class=\"_ _3\"></span>f pro<span class=\"_ _3\"></span>fit and l<span class=\"_ _3\"></span>os<span class=\"_ _3\"></span>s<span class=\"_ _421\"> </span>Insurance revenue<span class=\"_ _421\"> </span>Contracts me<span class=\"_ _2\"></span>asured under the fair value approac<span class=\"_ _2\"></span>h <span class=\"_ _210\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _11b\"> </span>(57<span class=\"_ _a\"></span>.5 <span class=\"_ _7\"></span>) <span class=\"_ _ae\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _7b\"> </span>(57<span class=\"_ _2\"></span>.5 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Contracts me<span class=\"_ _2\"></span>asured under the full retrospective appr<span class=\"_ _2\"></span>oach <span class=\"_ _1\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _12b\"> </span>(8.3 <span class=\"_ _7\"></span>) <span class=\"_ _ae\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _12b\"> </span>(8.3 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>revenu<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>to<span class=\"_ _3\"></span>tal <span class=\"_ _1ed\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _28\"> </span>(6<span class=\"_ _3\"></span>5.<span class=\"_ _3\"></span>8 <span class=\"_ _7\"></span>) <span class=\"_ _97\"> </span>\u2013  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _28\"> </span>(6<span class=\"_ _3\"></span>5.<span class=\"_ _3\"></span>8 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Insura<span class=\"_ _2\"></span>nce service e<span class=\"_ _a\"></span>xpenses<span class=\"_ _421\"> </span>Incurred claims and other dir<span class=\"_ _2\"></span>ectly attributable expenses <span class=\"_ _f9\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _165\"> </span>(2.5 <span class=\"_ _31\"></span>) <span class=\"_ _f0\"> </span>53.<span class=\"_ _3\"></span>2 <span class=\"_ _a\"></span> <span class=\"_ _5b\"> </span>50.7<span class=\"_ _421\"> </span>Losses and rev<span class=\"_ _2\"></span>ersals of losses on onerous contracts <span class=\"_ _7c\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _14e\"> </span>14<span class=\"_ _3\"></span>.9 <span class=\"_ _a\"></span> <span class=\"_ _e9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _14e\"> </span>14<span class=\"_ _3\"></span>.9<span class=\"_ _421\"> </span>Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>ser<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>expen<span class=\"_ _3\"></span>se <span class=\"_ _4\"></span>tot<span class=\"_ _3\"></span>al <span class=\"_ _235\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _5b\"> </span>12<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4  <span class=\"_ _f0\"> </span>53<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2  <span class=\"_ _11b\"> </span>6<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>.6<span class=\"_ _421\"> </span>Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>ser<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>resu<span class=\"_ _3\"></span>lt <span class=\"_ _d9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _28\"> </span>(65<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8 <span class=\"_ _7\"></span>) <span class=\"_ _11b\"> </span>1<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4  <span class=\"_ _2d\"> </span>5<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2  <span class=\"_ _114\"> </span>(<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>2 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Net <span class=\"_ _3\"></span>finance <span class=\"_ _3\"></span>expenses <span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>rom <span class=\"_ _3\"></span>insurance <span class=\"_ _3\"></span>contracts <span class=\"_ _152\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _114\"> </span>86.5  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _5b\"> </span>86<span class=\"_ _3\"></span>.5<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>mount<span class=\"_ _3\"></span>s <span class=\"_ _4\"></span>rec<span class=\"_ _3\"></span>ogni<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>in <span class=\"_ _4\"></span>co<span class=\"_ _3\"></span>mpre<span class=\"_ _3\"></span>hen<span class=\"_ _3\"></span>sive <span class=\"_ _4\"></span>in<span class=\"_ _3\"></span>come <span class=\"_ _146\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _f0\"> </span>20<span class=\"_ _3\"></span>.7  <span class=\"_ _c2\"> </span>1<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4  <span class=\"_ _f0\"> </span>53<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2  <span class=\"_ _7b\"> </span>8<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3<span class=\"_ _421\"> </span>Investment <span class=\"_ _3\"></span>components <span class=\"_ _d8\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14b\"> </span>(131.0 <span class=\"_ _7\"></span>) <span class=\"_ _97\"> </span>\u2013  <span class=\"_ _2d\"> </span>13<span class=\"_ _3\"></span>1.0  <span class=\"_ _e9\"> </span>\u2013<span class=\"_ _421\"> </span>Cash flows<span class=\"_ _421\"> </span>Pr<span class=\"_ _2\"></span>emiums <span class=\"_ _3\"></span>received <span class=\"_ _236\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _152\"> </span>37<span class=\"_ _2\"></span>.5  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _20a\"> </span>37<span class=\"_ _2\"></span>.5<span class=\"_ _421\"> </span>Claims and other directly attributable e<span class=\"_ _2\"></span>xpenses paid <span class=\"_ _2e\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013  <span class=\"_ _a3\"> </span>(<span class=\"_ _3\"></span>183.8 <span class=\"_ _31\"></span>) <span class=\"_ _2a\"> </span>(183.8 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Acquisitions <span class=\"_ _22d\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b7\"> </span>(8.6 <span class=\"_ _0\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _1b7\"> </span>(8.6 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ash <span class=\"_ _4\"></span>flo<span class=\"_ _3\"></span>ws <span class=\"_ _1a4\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _11b\"> </span>28<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _3e\"> </span>(<span class=\"_ _3\"></span>18<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8 <span class=\"_ _7\"></span>) <span class=\"_ _129\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>54<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Insurance contrac<span class=\"_ _3\"></span>t liabilities as at 31 December 202<span class=\"_ _3\"></span>3 <span class=\"_ _14\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _82\"> </span>1<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>30<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>9 <span class=\"_ _a\"></span> <span class=\"_ _f0\"> </span>12<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4 <span class=\"_ _a\"></span> <span class=\"_ _11b\"> </span>65<span class=\"_ _3\"></span>.7 <span class=\"_ _a\"></span> <span class=\"_ _11c\"> </span>1<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>379<span class=\"_ _3\"></span>.0<span class=\"_ _421\"> </span><span class=\"ff65 ls3\"></span><span class=\"ff65 ls3\">CHES<span class=\"_ _277\"></span>NAR<span class=\"_ _277\"></span>A<span class=\"_ _278\"></span>A<span class=\"_ _277\"></span>NNUAL<span class=\"_ _278\"></span>REPO<span class=\"_ _284\"></span>RT<span class=\"_ _27f\"></span>AND<span class=\"_ _392\"></span>ACCOUN<span class=\"_ _279\"></span>TS<span class=\"_ _287\"></span>202<span class=\"_ _3d9\"></span>3</span><span class=\"_ _3da\"></span>207<span class=\"_ _421\"> </span>IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS<span class=\"_ _421\"> </span>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<span class=\"_ _421\"> </span>SECTION F \u2013 INSURANCE AND REINSURANCE CONTRA<span class=\"_ _2\"></span>CTS <span class=\"_ _74\"> </span>F2 <span class=\"_ _4\"></span>Insurance and r<span class=\"_ _2\"></span>einsurance contr<span class=\"_ _2\"></span>acts \u2013 quantitative analysis of r<span class=\"_ _2\"></span>ecognised amounts \u2013 UK (continued)  (a) <span class=\"_ _3\"></span>Insurance contract balances \u2013 analysis b<span class=\"_ _2\"></span>y remaining co<span class=\"_ _2\"></span>ver<span class=\"_ _2\"></span>age and incur<span class=\"_ _2\"></span>red claims (continued) <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _69\"> </span>L<span class=\"_ _3\"></span>iabilities <span class=\"_ _3\"></span>fo<span class=\"_ _3\"></span>r  <span class=\"_ _69\"> </span>Liabilities <span class=\"_ _4\"></span>for   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _6c\"> </span>remaining  <span class=\"_ _1e2\"> </span>incurre<span class=\"_ _3\"></span>d   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1f9\"> </span>cover<span class=\"_ _3\"></span>age  <span class=\"_ _210\"> </span>cl<span class=\"_ _3\"></span>aims  <span class=\"_ _46\"> </span>T<span class=\"_ _a\"></span>o<span class=\"_ _3\"></span>tal <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Insurance contrac<span class=\"_ _3\"></span>t liabilities as at 1<span class=\"_ _2\"></span> Januar<span class=\"_ _3\"></span>y 2022 <span class=\"_ _123\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _210\"> </span>1<span class=\"_ _3\"></span>,47<span class=\"_ _3\"></span>1.7 <span class=\"_ _a\"></span> <span class=\"_ _150\"> </span>64<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4 <span class=\"_ _a\"></span> <span class=\"_ _153\"> </span>1<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>536<span class=\"_ _3\"></span>.1<span class=\"_ _421\"> </span>Chan<span class=\"_ _3\"></span>ges i<span class=\"_ _3\"></span>n the s<span class=\"_ _3\"></span>tatem<span class=\"_ _3\"></span>ent o<span class=\"_ _3\"></span>f pro<span class=\"_ _3\"></span>fit and l<span class=\"_ _3\"></span>os<span class=\"_ _3\"></span>s<span class=\"_ _421\"> </span>Insurance revenue<span class=\"_ _421\"> </span>Contracts me<span class=\"_ _2\"></span>asured under the fair value approac<span class=\"_ _2\"></span>h <span class=\"_ _210\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _f0\"> </span>(59.1 <span class=\"_ _31\"></span>) <span class=\"_ _15b\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _c2\"> </span>(59.1 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Contracts me<span class=\"_ _2\"></span>asured under the full retrospective appr<span class=\"_ _2\"></span>oach <span class=\"_ _1\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _20a\"> </span>(6.0 <span class=\"_ _31\"></span>) <span class=\"_ _15b\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _20a\"> </span>(6.0 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>revenu<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>to<span class=\"_ _3\"></span>tal <span class=\"_ _1ed\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1e1\"> </span>(6<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>.1 <span class=\"_ _7\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _1e1\"> </span>(6<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>.1 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Insura<span class=\"_ _2\"></span>nce service e<span class=\"_ _a\"></span>xpenses<span class=\"_ _421\"> </span>Incurred <span class=\"_ _3\"></span>claims <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>other <span class=\"_ _3\"></span>directly <span class=\"_ _3\"></span>attributable <span class=\"_ _3\"></span>expenses <span class=\"_ _128\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _114\"> </span>58.2  <span class=\"_ _14e\"> </span>58.2<span class=\"_ _421\"> </span>Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>ser<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>expen<span class=\"_ _3\"></span>se <span class=\"_ _4\"></span>tot<span class=\"_ _3\"></span>al <span class=\"_ _235\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _11b\"> </span>58<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2  <span class=\"_ _11b\"> </span>5<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2<span class=\"_ _421\"> </span>Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>ser<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>resu<span class=\"_ _3\"></span>lt <span class=\"_ _d9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1e1\"> </span>(6<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>.1 <span class=\"_ _7\"></span>) <span class=\"_ _44\"> </span>5<span class=\"_ _3\"></span>8.<span class=\"_ _3\"></span>2  <span class=\"_ _14e\"> </span>(6<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Net <span class=\"_ _3\"></span>finance <span class=\"_ _3\"></span>expenses <span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>rom <span class=\"_ _3\"></span>insurance <span class=\"_ _3\"></span>contracts <span class=\"_ _152\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _150\"> </span>(161.6 <span class=\"_ _7\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _150\"> </span>(161.6 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>mount<span class=\"_ _3\"></span>s <span class=\"_ _4\"></span>rec<span class=\"_ _3\"></span>ogni<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>in <span class=\"_ _4\"></span>co<span class=\"_ _3\"></span>mpre<span class=\"_ _3\"></span>hen<span class=\"_ _3\"></span>sive <span class=\"_ _4\"></span>in<span class=\"_ _3\"></span>come <span class=\"_ _146\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _1c0\"> </span>(2<span class=\"_ _3\"></span>26<span class=\"_ _3\"></span>.7 <span class=\"_ _7\"></span>) <span class=\"_ _44\"> </span>5<span class=\"_ _3\"></span>8.<span class=\"_ _4\"></span>2  <span class=\"_ _3f\"> </span>(<span class=\"_ _3\"></span>16<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Investment <span class=\"_ _3\"></span>components <span class=\"_ _d8\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _15c\"> </span>(128.<span class=\"_ _3\"></span>2 <span class=\"_ _7\"></span>) <span class=\"_ _14b\"> </span>128.2  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span>Cash flows<span class=\"_ _421\"> </span>Pr<span class=\"_ _2\"></span>emiums <span class=\"_ _3\"></span>received <span class=\"_ _236\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _152\"> </span>33.3  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _152\"> </span>33.3<span class=\"_ _421\"> </span>Claims and other directly attributable e<span class=\"_ _2\"></span>xpenses paid <span class=\"_ _2e\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _97\"> </span>\u2013  <span class=\"_ _42\"> </span>(185.5 <span class=\"_ _31\"></span>) <span class=\"_ _a3\"> </span>(185.5 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Acquisitions <span class=\"_ _22d\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14b\"> </span>232.2  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _150\"> </span>232.2<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ash <span class=\"_ _4\"></span>flo<span class=\"_ _3\"></span>ws <span class=\"_ _1a4\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _119\"> </span>26<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5  <span class=\"_ _112\"> </span>(<span class=\"_ _3\"></span>18<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5 <span class=\"_ _7\"></span>) <span class=\"_ _14b\"> </span>80.<span class=\"_ _3\"></span>0<span class=\"_ _421\"> </span>Insurance contrac<span class=\"_ _3\"></span>t liabilities as at 31 December 202<span class=\"_ _3\"></span>2 <span class=\"_ _14\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _11c\"> </span>1<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>38<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3 <span class=\"_ _a\"></span> <span class=\"_ _7b\"> </span>65<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3 <span class=\"_ _2\"></span> <span class=\"_ _7e\"> </span>1<span class=\"_ _3\"></span>,4<span class=\"_ _3\"></span>47<span class=\"_ _2\"></span>.6<span class=\"_ _421\"> </span>There is no P<span class=\"_ _0\"></span>AA business in the UK segment. Note A6(a) sets out the f<span class=\"_ _2\"></span>air value methodology applied at transition that has been applied for the CA contracts<span class=\"_ _2\"></span> in the UK.<span class=\"_ _421\"> </span>208<span class=\"_ _1\"> </span><span class=\"ff67 ls3 ws2\">CHES<span class=\"_ _3\"></span>NAR<span class=\"_ _3\"></span>A A<span class=\"_ _3\"></span>NNUAL REP<span class=\"_ _3\"></span>ORT AN<span class=\"_ _3\"></span>D ACCOUN<span class=\"_ _3\"></span>TS 2023<span class=\"_ _421\"> </span></span>IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS <span class=\"_ _e\"> </span>(b) <span class=\"_ _3\"></span>Insurance contract balances \u2013 analysis b<span class=\"_ _2\"></span>y measurement component \u2013 contr<span class=\"_ _2\"></span>acts not measur<span class=\"_ _2\"></span>ed under P<span class=\"_ _a\"></span>AA <span class=\"_ _19e\"> </span>  <span class=\"_ _3\"></span> <span class=\"_ _83\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _7f\"> </span>C<span class=\"_ _3\"></span>SM <span class=\"_ _4\"></span>(new  <span class=\"_ _9f\"> </span>   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>   con<span class=\"_ _3\"></span>trac<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>s <span class=\"_ _3\"></span>an<span class=\"_ _3\"></span>d  <span class=\"_ _44\"> </span>C<span class=\"_ _3\"></span>SM   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _e\"> </span>Pr<span class=\"_ _3\"></span>ese<span class=\"_ _3\"></span>nt <span class=\"_ _4\"></span>valu<span class=\"_ _3\"></span>e  <span class=\"_ _9f\"> </span>  <span class=\"_ _1c7\"> </span>con<span class=\"_ _3\"></span>trac<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>s  <span class=\"_ _6c\"> </span>(con<span class=\"_ _3\"></span>trac<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>s   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _127\"> </span>o<span class=\"_ _3\"></span>f <span class=\"_ _3\"></span>fu<span class=\"_ _3\"></span>ture  <span class=\"_ _11b\"> </span>Risk  <span class=\"_ _39\"> </span>mea<span class=\"_ _3\"></span>sur<span class=\"_ _3\"></span>ed  <span class=\"_ _1c1\"> </span>m<span class=\"_ _3\"></span>eas<span class=\"_ _3\"></span>ured   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _185\"> </span>ca<span class=\"_ _3\"></span>sh <span class=\"_ _4\"></span>flows  <span class=\"_ _146\"> </span>ad<span class=\"_ _3\"></span>jus<span class=\"_ _3\"></span>tme<span class=\"_ _3\"></span>nt  <span class=\"_ _80\"> </span>unde<span class=\"_ _3\"></span>r <span class=\"_ _3\"></span>F<span class=\"_ _3\"></span>RA <span class=\"_ _0\"></span>) <span class=\"_ _237\"> </span>und<span class=\"_ _3\"></span>er <span class=\"_ _4\"></span>F<span class=\"_ _3\"></span>V<span class=\"_ _2\"></span>A <span class=\"_ _7\"></span>) <span class=\"_ _42\"> </span>Total <span class=\"_ _19e\"> </span> <span class=\"_ _3\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _12e\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce con<span class=\"_ _3\"></span>trac<span class=\"_ _3\"></span>t li<span class=\"_ _3\"></span>abili<span class=\"_ _3\"></span>tie<span class=\"_ _3\"></span>s as at 1 Ja<span class=\"_ _3\"></span>nuar<span class=\"_ _3\"></span>y 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>3 <span class=\"_ _2e\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _9d\"> </span>1<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>97.1 <span class=\"_ _0\"></span> <span class=\"_ _5b\"> </span>1<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2 <span class=\"_ _a\"></span> <span class=\"_ _20b\"> </span>1<span class=\"_ _3\"></span>.1 <span class=\"_ _2\"></span> <span class=\"_ _7b\"> </span>36<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2 <span class=\"_ _a\"></span> <span class=\"_ _11c\"> </span>1<span class=\"_ _3\"></span>,4<span class=\"_ _3\"></span>47.6<span class=\"_ _421\"> </span>Changes that relate to cur<span class=\"_ _2\"></span>rent ser<span class=\"_ _3\"></span>vice<span class=\"_ _421\"> </span>CSM <span class=\"_ _3\"></span>recognised <span class=\"_ _3\"></span>for <span class=\"_ _3\"></span>services <span class=\"_ _3\"></span>provided <span class=\"_ _238\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _10f\"> </span>(1.4 <span class=\"_ _7\"></span>) <span class=\"_ _179\"> </span>(3.1 <span class=\"_ _7\"></span>) <span class=\"_ _152\"> </span>(4.5 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Change in risk adjustment for non-financial risk for risk e<span class=\"_ _2\"></span>xpired <span class=\"_ _165\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013  <span class=\"_ _12b\"> </span>(2<span class=\"_ _3\"></span>.2 <span class=\"_ _31\"></span>) <span class=\"_ _ae\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013  <span class=\"_ _12b\"> </span>(2<span class=\"_ _3\"></span>.2 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Experience a<span class=\"_ _3\"></span>djustments <span class=\"_ _22\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b7\"> </span>(8.<span class=\"_ _3\"></span>2 <span class=\"_ _7\"></span>) <span class=\"_ _97\"> </span>\u2013  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _165\"> </span>(8.2 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>Revenue r<span class=\"_ _2\"></span>ecognised for incurred policyholder tax e<span class=\"_ _2\"></span>xpenses <span class=\"_ _0\"></span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _179\"> </span>(0.1 <span class=\"_ _31\"></span>) <span class=\"_ _ae\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013  <span class=\"_ _97\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _179\"> </span>(0.1 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l chan<span class=\"_ _3\"></span>ges t<span class=\"_ _3\"></span>hat re<span class=\"_ _3\"></span>late to cu<span class=\"_ _3\"></span>rrent s<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _94\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _5b\"> </span>(8.<span class=\"_ _4\"></span>3 <span class=\"_ _31\"></span>) <span class=\"_ _11b\"> </span>(2<span class=\"_ _3\"></span>.<span class=\"_ _4\"></span>2 <span class=\"_ _f\"></span>) <span class=\"_ _5b\"> </span>(1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4 <span class=\"_ _31\"></span>) <span class=\"_ _14e\"> </span>(3<span class=\"_ _3\"></span>.1 <span class=\"_ _31\"></span>) <span class=\"_ _15c\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>.0 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Changes that relate to future<span class=\"_ _2\"></span> ser<span class=\"_ _3\"></span>vice<span class=\"_ _421\"> </span>Contracts <span class=\"_ _3\"></span>initially <span class=\"_ _3\"></span>recognised <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>period <span class=\"_ _a4\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _f0\"> </span>(12.0 <span class=\"_ _0\"></span>) <span class=\"_ _96\"> </span>1.1  <span class=\"_ _12b\"> </span>10.9  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span>Changes in estimates that adjust the CSM <span class=\"_ _1cb\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _10e\"> </span>9.2 <span class=\"_ _a\"></span> <span class=\"_ _10e\"> </span>0.5 <span class=\"_ _a\"></span> <span class=\"_ _5a\"> </span>1.6 <span class=\"_ _2\"></span> <span class=\"_ _14e\"> </span>(1<span class=\"_ _3\"></span>1.3 <span class=\"_ _31\"></span>) <span class=\"_ _15b\"> </span>\u2013<span class=\"_ _421\"> </span>Changes in estimates that result in losses or r<span class=\"_ _2\"></span>eversals of losses <span class=\"ls2\"> </span>on <span class=\"_ _3\"></span>onerous <span class=\"_ _3\"></span>underlying <span class=\"_ _3\"></span>contracts <span class=\"_ _1fd\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _152\"> </span>14<span class=\"_ _3\"></span>.8  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _152\"> </span>14.<span class=\"_ _3\"></span>8<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l chan<span class=\"_ _3\"></span>ges t<span class=\"_ _3\"></span>hat re<span class=\"_ _3\"></span>late to f<span class=\"_ _3\"></span>uture s<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _97\"> </span> <span class=\"_ _0\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _c2\"> </span>12<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>0 <span class=\"_ _a\"></span> <span class=\"_ _57\"> </span>1.<span class=\"_ _3\"></span>6 <span class=\"_ _a\"></span> <span class=\"_ _5b\"> </span>12<span class=\"_ _3\"></span>.<span class=\"_ _4\"></span>5 <span class=\"_ _a\"></span> <span class=\"_ _1e1\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _4\"></span>1.<span class=\"_ _4\"></span>3 <span class=\"_ _f\"></span>) <span class=\"_ _1e1\"> </span>14<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8<span class=\"_ _421\"> </span>Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>ser<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>resu<span class=\"_ _3\"></span>lt <span class=\"_ _d9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _fe\"> </span>3<span class=\"_ _3\"></span>.7  <span class=\"_ _114\"> </span>(0<span class=\"_ _3\"></span>.6 <span class=\"_ _0\"></span>) <span class=\"_ _165\"> </span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.1  <span class=\"_ _14b\"> </span>(14<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4 <span class=\"_ _7\"></span>) <span class=\"_ _f0\"> </span>(0<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Net <span class=\"_ _3\"></span>finance <span class=\"_ _3\"></span>expenses <span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>rom <span class=\"_ _3\"></span>insurance <span class=\"_ _3\"></span>contracts <span class=\"_ _152\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _f0\"> </span>84.4  <span class=\"_ _57\"> </span>0.7  <span class=\"_ _10e\"> </span>0.7  <span class=\"_ _10e\"> </span>0.7  <span class=\"_ _5b\"> </span>86.5<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>mount<span class=\"_ _3\"></span>s <span class=\"_ _4\"></span>rec<span class=\"_ _3\"></span>ogni<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>in <span class=\"_ _4\"></span>co<span class=\"_ _3\"></span>mpre<span class=\"_ _3\"></span>hen<span class=\"_ _3\"></span>sive <span class=\"_ _4\"></span>in<span class=\"_ _3\"></span>come <span class=\"_ _146\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5b\"> </span>8<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>.1  <span class=\"_ _1a1\"> </span>0<span class=\"_ _3\"></span>.1  <span class=\"_ _20a\"> </span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8  <span class=\"_ _1e1\"> </span>(<span class=\"_ _3\"></span>13<span class=\"_ _3\"></span>.7 <span class=\"_ _7\"></span>) <span class=\"_ _150\"> </span>86<span class=\"_ _3\"></span>.<span class=\"_ _4\"></span>3<span class=\"_ _421\"> </span>Cash flows<span class=\"_ _421\"> </span>Pr<span class=\"_ _2\"></span>emiums <span class=\"_ _3\"></span>received <span class=\"_ _236\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _20a\"> </span>37<span class=\"_ _a\"></span>.5  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _12b\"> </span>37<span class=\"_ _a\"></span>.5<span class=\"_ _421\"> </span>Claims and other directly attributable e<span class=\"_ _2\"></span>xpenses paid <span class=\"_ _2e\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _119\"> </span>(183.8 <span class=\"_ _31\"></span>) <span class=\"_ _15b\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _b9\"> </span>\u2013  <span class=\"_ _97\"> </span>\u2013  <span class=\"_ _a3\"> </span>(<span class=\"_ _3\"></span>183.8 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Acquisitions <span class=\"_ _22d\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b7\"> </span>(8.6 <span class=\"_ _0\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _1b7\"> </span>(8.6 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ash <span class=\"_ _4\"></span>flo<span class=\"_ _3\"></span>ws <span class=\"_ _1a4\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _3f\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>54<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9 <span class=\"_ _7\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _3e\"> </span>(1<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>.9 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce con<span class=\"_ _3\"></span>trac<span class=\"_ _3\"></span>t li<span class=\"_ _3\"></span>abili<span class=\"_ _3\"></span>tie<span class=\"_ _3\"></span>s as at 3<span class=\"_ _3\"></span>1 Dec<span class=\"_ _3\"></span>emb<span class=\"_ _3\"></span>er 20<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>3 <span class=\"_ _6d\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _11c\"> </span>1<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>30<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3 <span class=\"_ _a\"></span> <span class=\"_ _5b\"> </span>1<span class=\"_ _3\"></span>3.<span class=\"_ _4\"></span>3 <span class=\"_ _a\"></span> <span class=\"_ _c2\"> </span>1<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9 <span class=\"_ _a\"></span> <span class=\"_ _7b\"> </span>2<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5 <span class=\"_ _a\"></span> <span class=\"_ _11c\"> </span>1<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>79.<span class=\"_ _3\"></span>0<span class=\"_ _421\"> </span>The contracts initially recognised in the period relate to the acquisition <span class=\"_ _2\"></span>of the term assurance portfolio from Canada Lif<span class=\"_ _2\"></span>e.<span class=\"_ _421\"> </span><span class=\"ff65 ls3 ws2\"></span><span class=\"ff65 ls3 ws2\">CHES<span class=\"_ _277\"></span>NAR<span class=\"_ _277\"></span>A<span class=\"_ _278\"></span>A<span class=\"_ _277\"></span>NNUAL<span class=\"_ _278\"></span>REPO<span class=\"_ _284\"></span>RT<span class=\"_ _27f\"></span>AND<span class=\"_ _392\"></span>ACCOUN<span class=\"_ _279\"></span>TS<span class=\"_ _287\"></span>202<span class=\"_ _3d9\"></span>3</span><span class=\"_ _3dc\"></span>209<span class=\"_ _421\"> </span>IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS<span class=\"_ _421\"> </span>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<span class=\"_ _421\"> </span>SECTION F \u2013 INSURANCE AND REINSURANCE CONTRA<span class=\"_ _2\"></span>CTS <span class=\"_ _74\"> </span>F2 <span class=\"_ _4\"></span>Insurance and r<span class=\"_ _2\"></span>einsurance contr<span class=\"_ _2\"></span>acts \u2013 quantitative analysis of r<span class=\"_ _2\"></span>ecognised amounts \u2013 UK (continued) <span class=\"_ _e\"> </span>(b) <span class=\"_ _3\"></span>Insurance contract balances \u2013 analysis b<span class=\"_ _2\"></span>y measurement component \u2013 contr<span class=\"_ _2\"></span>acts not measur<span class=\"_ _2\"></span>ed under P<span class=\"_ _a\"></span>AA (continued) <span class=\"_ _19e\"> </span>  <span class=\"_ _3\"></span> <span class=\"_ _83\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _7f\"> </span>C<span class=\"_ _3\"></span>SM <span class=\"_ _4\"></span>(new  <span class=\"_ _9f\"> </span>   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>   con<span class=\"_ _3\"></span>trac<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>s <span class=\"_ _3\"></span>an<span class=\"_ _3\"></span>d  <span class=\"_ _44\"> </span>C<span class=\"_ _3\"></span>SM   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _e\"> </span>Pr<span class=\"_ _3\"></span>ese<span class=\"_ _3\"></span>nt <span class=\"_ _4\"></span>valu<span class=\"_ _3\"></span>e  <span class=\"_ _9f\"> </span>  <span class=\"_ _1c7\"> </span>con<span class=\"_ _3\"></span>trac<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>s  <span class=\"_ _6c\"> </span>(con<span class=\"_ _3\"></span>trac<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>s   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _127\"> </span>o<span class=\"_ _3\"></span>f <span class=\"_ _3\"></span>fu<span class=\"_ _3\"></span>ture  <span class=\"_ _11b\"> </span>Risk  <span class=\"_ _39\"> </span>mea<span class=\"_ _3\"></span>sur<span class=\"_ _3\"></span>ed  <span class=\"_ _1c1\"> </span>m<span class=\"_ _3\"></span>eas<span class=\"_ _3\"></span>ured   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _185\"> </span>ca<span class=\"_ _3\"></span>sh <span class=\"_ _4\"></span>flows  <span class=\"_ _146\"> </span>ad<span class=\"_ _3\"></span>jus<span class=\"_ _3\"></span>tme<span class=\"_ _3\"></span>nt  <span class=\"_ _80\"> </span>unde<span class=\"_ _3\"></span>r <span class=\"_ _3\"></span>F<span class=\"_ _3\"></span>RA <span class=\"_ _0\"></span>) <span class=\"_ _237\"> </span>und<span class=\"_ _3\"></span>er <span class=\"_ _4\"></span>F<span class=\"_ _3\"></span>V<span class=\"_ _2\"></span>A <span class=\"_ _7\"></span>) <span class=\"_ _42\"> </span>Total <span class=\"_ _19e\"> </span> <span class=\"_ _3\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _12e\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce con<span class=\"_ _3\"></span>trac<span class=\"_ _3\"></span>t li<span class=\"_ _3\"></span>abili<span class=\"_ _3\"></span>tie<span class=\"_ _3\"></span>s as at 1 Ja<span class=\"_ _3\"></span>nuar<span class=\"_ _3\"></span>y 2<span class=\"_ _3\"></span>022 <span class=\"_ _f1\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _7c\"> </span>1<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>84<span class=\"_ _3\"></span>.1 <span class=\"_ _2\"></span> <span class=\"_ _c2\"> </span>16<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>6 <span class=\"_ _a\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _1e1\"> </span>3<span class=\"_ _3\"></span>5.<span class=\"_ _3\"></span>4 <span class=\"_ _a\"></span> <span class=\"_ _153\"> </span>1<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>36<span class=\"_ _3\"></span>.1<span class=\"_ _421\"> </span>Changes that relate to cur<span class=\"_ _2\"></span>rent ser<span class=\"_ _3\"></span>vice<span class=\"_ _421\"> </span>CSM <span class=\"_ _3\"></span>recognised <span class=\"_ _3\"></span>for <span class=\"_ _3\"></span>services <span class=\"_ _3\"></span>provided <span class=\"_ _238\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _10f\"> </span>(0.1 <span class=\"_ _7\"></span>) <span class=\"_ _152\"> </span>(5.4 <span class=\"_ _7\"></span>) <span class=\"_ _12b\"> </span>(5.5 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>Change in risk adjustment for non-financial risk for risk e<span class=\"_ _2\"></span>xpired <span class=\"_ _165\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013  <span class=\"_ _20a\"> </span>(2.4 <span class=\"_ _31\"></span>) <span class=\"_ _ae\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013  <span class=\"_ _20a\"> </span>(2.4 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Experience a<span class=\"_ _3\"></span>djustments <span class=\"_ _22\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5a\"> </span>1.0  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _5a\"> </span>1.0<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l chan<span class=\"_ _3\"></span>ges t<span class=\"_ _3\"></span>hat re<span class=\"_ _3\"></span>late to cu<span class=\"_ _3\"></span>rrent s<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _94\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _10e\"> </span>1<span class=\"_ _3\"></span>.0 <span class=\"_ _a\"></span> <span class=\"_ _c2\"> </span>(<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4 <span class=\"_ _31\"></span>) <span class=\"_ _5b\"> </span>(<span class=\"_ _3\"></span>0.1 <span class=\"_ _31\"></span>) <span class=\"_ _7b\"> </span>(5<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4 <span class=\"_ _31\"></span>) <span class=\"_ _7b\"> </span>(<span class=\"_ _3\"></span>6.<span class=\"_ _3\"></span>9 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Changes that relate to future<span class=\"_ _2\"></span> ser<span class=\"_ _3\"></span>vice<span class=\"_ _421\"> </span>Contracts <span class=\"_ _3\"></span>initially <span class=\"_ _3\"></span>recognised <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>period <span class=\"_ _a4\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _57\"> </span>(7<span class=\"_ _2\"></span>.1 <span class=\"_ _7\"></span>) <span class=\"_ _fe\"> </span>3.5  <span class=\"_ _1b1\"> </span>3.6  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span>Changes in estimates that adjust the CSM <span class=\"_ _1cb\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _179\"> </span>(1.<span class=\"_ _3\"></span>2 <span class=\"_ _31\"></span>) <span class=\"_ _14e\"> </span>(2<span class=\"_ _3\"></span>.2 <span class=\"_ _31\"></span>) <span class=\"_ _152\"> </span>(2.5 <span class=\"_ _31\"></span>) <span class=\"_ _179\"> </span>5.9 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l chan<span class=\"_ _3\"></span>ges t<span class=\"_ _3\"></span>hat re<span class=\"_ _3\"></span>late to f<span class=\"_ _3\"></span>uture s<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _97\"> </span> <span class=\"_ _0\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _c2\"> </span>(<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3 <span class=\"_ _31\"></span>) <span class=\"_ _8f\"> </span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3 <span class=\"_ _a\"></span> <span class=\"_ _56\"> </span>1<span class=\"_ _3\"></span>.1 <span class=\"_ _a\"></span> <span class=\"_ _12e\"> </span>5<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9 <span class=\"_ _a\"></span> <span class=\"_ _b9\"> </span>\u2013<span class=\"_ _421\"> </span>Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>ser<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>resu<span class=\"_ _3\"></span>lt <span class=\"_ _d9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _152\"> </span>(<span class=\"_ _3\"></span>7.3 <span class=\"_ _0\"></span>) <span class=\"_ _12e\"> </span>(<span class=\"_ _3\"></span>1.1 <span class=\"_ _0\"></span>) <span class=\"_ _179\"> </span>1<span class=\"_ _3\"></span>.0  <span class=\"_ _179\"> </span>0<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5  <span class=\"_ _114\"> </span>(<span class=\"_ _3\"></span>6.<span class=\"_ _3\"></span>9 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Net finance expenses f<span class=\"_ _3\"></span>rom insurance contr<span class=\"_ _2\"></span>acts <span class=\"_ _152\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _15c\"> </span>(159.7 <span class=\"_ _31\"></span>) <span class=\"_ _152\"> </span>(2.3 <span class=\"_ _31\"></span>) <span class=\"_ _57\"> </span>0.1 <span class=\"_ _a\"></span> <span class=\"_ _fe\"> </span>0.3  <span class=\"_ _28\"> </span>(<span class=\"_ _3\"></span>161.6 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l amou<span class=\"_ _3\"></span>nts r<span class=\"_ _3\"></span>eco<span class=\"_ _3\"></span>gnis<span class=\"_ _3\"></span>ed in c<span class=\"_ _3\"></span>omp<span class=\"_ _3\"></span>rehe<span class=\"_ _3\"></span>nsi<span class=\"_ _3\"></span>ve inc<span class=\"_ _3\"></span>ome <span class=\"_ _6d\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _3e\"> </span>(1<span class=\"_ _3\"></span>67.0 <span class=\"_ _31\"></span>) <span class=\"_ _7b\"> </span>(3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4 <span class=\"_ _31\"></span>) <span class=\"_ _1a1\"> </span>1<span class=\"_ _3\"></span>.1 <span class=\"_ _a\"></span> <span class=\"_ _165\"> </span>0<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8 <span class=\"_ _a\"></span> <span class=\"_ _47\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>68<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Cash flows<span class=\"_ _421\"> </span>Pr<span class=\"_ _2\"></span>emiums <span class=\"_ _3\"></span>received <span class=\"_ _236\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _152\"> </span>33.3  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _152\"> </span>33.3<span class=\"_ _421\"> </span>Claims and other directly attributable e<span class=\"_ _2\"></span>xpenses paid <span class=\"_ _2e\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _29\"> </span>(185.5 <span class=\"_ _31\"></span>) <span class=\"_ _15b\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013  <span class=\"_ _42\"> </span>(185.5 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Acquisitions <span class=\"_ _22d\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14b\"> </span>232.2  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _150\"> </span>232.2<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ash <span class=\"_ _4\"></span>flo<span class=\"_ _3\"></span>ws <span class=\"_ _1a4\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _45\"> </span>8<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>0  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _45\"> </span>8<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>0<span class=\"_ _421\"> </span>Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce con<span class=\"_ _3\"></span>trac<span class=\"_ _3\"></span>t li<span class=\"_ _3\"></span>abili<span class=\"_ _3\"></span>tie<span class=\"_ _3\"></span>s as at 3<span class=\"_ _3\"></span>1 Dec<span class=\"_ _3\"></span>emb<span class=\"_ _3\"></span>er 20<span class=\"_ _3\"></span>22 <span class=\"_ _128\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _9d\"> </span>1<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>97.1 <span class=\"_ _a\"></span> <span class=\"_ _5b\"> </span>1<span class=\"_ _3\"></span>3.<span class=\"_ _3\"></span>2 <span class=\"_ _2\"></span> <span class=\"_ _20b\"> </span>1<span class=\"_ _3\"></span>.1 <span class=\"_ _a\"></span> <span class=\"_ _7b\"> </span>3<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2 <span class=\"_ _a\"></span> <span class=\"_ _7e\"> </span>1<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>47<span class=\"_ _2\"></span>.6<span class=\"_ _421\"> </span>The contracts initially recognised in the period relates to the acquisition <span class=\"_ _2\"></span>of CASLP<span class=\"_ _31\"></span>.<span class=\"_ _421\"> </span>210<span class=\"_ _10\"> </span><span class=\"ff67 ls3 ws2\">CHE<span class=\"_ _3\"></span>SNA<span class=\"_ _3\"></span>R<span class=\"_ _3\"></span>A ANNUAL R<span class=\"_ _3\"></span>EPORT A<span class=\"_ _3\"></span>ND ACCO<span class=\"_ _3\"></span>UNTS 2023<span class=\"_ _421\"> </span></span>IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS <span class=\"_ _18\"> </span>(c) <span class=\"_ _4\"></span>Reinsurance contract balances \u2013 analysis b<span class=\"_ _2\"></span>y r<span class=\"_ _2\"></span>emaining cover<span class=\"_ _2\"></span>age and incur<span class=\"_ _a\"></span>red claims <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _39\"> </span>As<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>ts <span class=\"_ _4\"></span>fo<span class=\"_ _3\"></span>r  <span class=\"_ _1c1\"> </span>A<span class=\"_ _3\"></span>ss<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>s <span class=\"_ _4\"></span>for   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _6c\"> </span>remaining  <span class=\"_ _1e2\"> </span>incurre<span class=\"_ _3\"></span>d   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1f9\"> </span>cover<span class=\"_ _3\"></span>age  <span class=\"_ _210\"> </span>cl<span class=\"_ _3\"></span>aims  <span class=\"_ _46\"> </span>T<span class=\"_ _a\"></span>o<span class=\"_ _3\"></span>tal <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Rei<span class=\"_ _3\"></span>nsur<span class=\"_ _3\"></span>ance c<span class=\"_ _3\"></span>ontr<span class=\"_ _3\"></span>ac<span class=\"_ _3\"></span>t ass<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>s as at 1 J<span class=\"_ _3\"></span>anua<span class=\"_ _3\"></span>ry 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>3 <span class=\"_ _be\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _29\"> </span>1<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>.6 <span class=\"_ _2\"></span> <span class=\"_ _f0\"> </span>1<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>.0 <span class=\"_ _a\"></span> <span class=\"_ _15c\"> </span>1<span class=\"_ _3\"></span>7<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>6<span class=\"_ _421\"> </span>Reinsurance expenses \u2013 allocation of r<span class=\"_ _2\"></span>einsurance premiums paid <span class=\"_ _e7\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _150\"> </span>(25.0 <span class=\"_ _31\"></span>) <span class=\"_ _ae\"> </span>\u2013  <span class=\"_ _150\"> </span>(25.0 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Amount<span class=\"_ _3\"></span>s recoverable from reinsurers<span class=\"_ _421\"> </span>Recov<span class=\"_ _2\"></span>eries of incurred claims and other directly at<span class=\"_ _2\"></span>tributable expenses <span class=\"_ _123\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _12b\"> </span>19.<span class=\"_ _3\"></span>5 <span class=\"_ _2\"></span> <span class=\"_ _1b7\"> </span>19<span class=\"_ _3\"></span>.5<span class=\"_ _421\"> </span>Ne<span class=\"_ _3\"></span>t <span class=\"_ _3\"></span>(expe<span class=\"_ _3\"></span>nse<span class=\"_ _3\"></span>s)/inc<span class=\"_ _3\"></span>ome <span class=\"_ _4\"></span>from <span class=\"_ _4\"></span>re<span class=\"_ _3\"></span>insu<span class=\"_ _3\"></span>ranc<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ontra<span class=\"_ _3\"></span>ct<span class=\"_ _3\"></span>s <span class=\"_ _4\"></span>hel<span class=\"_ _3\"></span>d <span class=\"_ _0\"></span> <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _28\"> </span>(2<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>.0 <span class=\"_ _7\"></span>) <span class=\"_ _f0\"> </span>1<span class=\"_ _3\"></span>9.<span class=\"_ _3\"></span>5  <span class=\"_ _152\"> </span>(5<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Net <span class=\"_ _3\"></span>finance <span class=\"_ _3\"></span>expenses <span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>rom <span class=\"_ _3\"></span>reinsuranc<span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>contracts <span class=\"_ _119\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1a1\"> </span>9.3  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _1a1\"> </span>9.3<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>mount<span class=\"_ _3\"></span>s <span class=\"_ _4\"></span>rec<span class=\"_ _3\"></span>ogni<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>in <span class=\"_ _4\"></span>co<span class=\"_ _3\"></span>mpre<span class=\"_ _3\"></span>hen<span class=\"_ _3\"></span>sive <span class=\"_ _4\"></span>in<span class=\"_ _3\"></span>come <span class=\"_ _146\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _45\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>.7 <span class=\"_ _31\"></span>) <span class=\"_ _f0\"> </span>1<span class=\"_ _3\"></span>9.<span class=\"_ _3\"></span>5  <span class=\"_ _10f\"> </span>3.<span class=\"_ _3\"></span>8<span class=\"_ _421\"> </span>Investment <span class=\"_ _3\"></span>components <span class=\"_ _d8\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12e\"> </span>(2.6 <span class=\"_ _7\"></span>) <span class=\"_ _10f\"> </span>2.6  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span>Cash flows<span class=\"_ _421\"> </span>Pr<span class=\"_ _2\"></span>emiums <span class=\"_ _3\"></span>paid <span class=\"_ _1eb\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12e\"> </span>12.5  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _12e\"> </span>12.5<span class=\"_ _421\"> </span>Recov<span class=\"_ _2\"></span>eries <span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>rom <span class=\"_ _3\"></span>reinsurance contracts <span class=\"_ _3\"></span>held <span class=\"_ _1d0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _1e1\"> </span>(24.3 <span class=\"_ _0\"></span>) <span class=\"_ _14b\"> </span>(2<span class=\"_ _2\"></span>4.<span class=\"_ _3\"></span>3 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ash <span class=\"_ _4\"></span>flo<span class=\"_ _3\"></span>ws <span class=\"_ _1a4\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14e\"> </span>12<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5  <span class=\"_ _e7\"> </span>(<span class=\"_ _3\"></span>24<span class=\"_ _3\"></span>.<span class=\"_ _4\"></span>3 <span class=\"_ _7\"></span>) <span class=\"_ _150\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Rei<span class=\"_ _3\"></span>nsur<span class=\"_ _3\"></span>ance c<span class=\"_ _3\"></span>ontr<span class=\"_ _3\"></span>ac<span class=\"_ _3\"></span>t ass<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>s as at 3<span class=\"_ _3\"></span>1 De<span class=\"_ _3\"></span>cemb<span class=\"_ _3\"></span>er 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>3 <span class=\"_ _92\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _42\"> </span>1<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>8 <span class=\"_ _2\"></span> <span class=\"_ _c2\"> </span>1<span class=\"_ _3\"></span>3.<span class=\"_ _3\"></span>8 <span class=\"_ _2\"></span> <span class=\"_ _119\"> </span>1<span class=\"_ _3\"></span>64<span class=\"_ _4\"></span>.6 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _39\"> </span>As<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>ts <span class=\"_ _4\"></span>fo<span class=\"_ _3\"></span>r  <span class=\"_ _1c1\"> </span>A<span class=\"_ _3\"></span>ss<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>s <span class=\"_ _4\"></span>for   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _6c\"> </span>remaining  <span class=\"_ _1e2\"> </span>incurre<span class=\"_ _3\"></span>d   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1f9\"> </span>cover<span class=\"_ _3\"></span>age  <span class=\"_ _210\"> </span>cl<span class=\"_ _3\"></span>aims  <span class=\"_ _46\"> </span>T<span class=\"_ _a\"></span>o<span class=\"_ _3\"></span>tal <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Rei<span class=\"_ _3\"></span>nsur<span class=\"_ _3\"></span>ance c<span class=\"_ _3\"></span>ontr<span class=\"_ _3\"></span>ac<span class=\"_ _3\"></span>t ass<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>s as at 1 J<span class=\"_ _3\"></span>anua<span class=\"_ _3\"></span>ry 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2 <span class=\"_ _be\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _29\"> </span>19<span class=\"_ _3\"></span>9<span class=\"_ _3\"></span>.9<span class=\"_ _3\"></span> <span class=\"_ _a\"></span> <span class=\"_ _5b\"> </span>1<span class=\"_ _3\"></span>7<span class=\"_ _2\"></span>.<span class=\"_ _3\"></span>8 <span class=\"_ _a\"></span> <span class=\"_ _46\"> </span>2<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>7<span class=\"_ _2\"></span>.7<span class=\"_ _421\"> </span>Reinsurance expenses \u2013 allocation of r<span class=\"_ _2\"></span>einsurance premiums paid <span class=\"_ _e7\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _14b\"> </span>(26.4 <span class=\"_ _31\"></span>) <span class=\"_ _15b\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _150\"> </span>(26.4 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Amount<span class=\"_ _3\"></span>s recoverable from reinsurers<span class=\"_ _421\"> </span>Recov<span class=\"_ _2\"></span>eries of incurred claims and other directly at<span class=\"_ _2\"></span>tributable expenses <span class=\"_ _123\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _c2\"> </span>24<span class=\"_ _3\"></span>.7 <span class=\"_ _2\"></span> <span class=\"_ _5b\"> </span>24.7<span class=\"_ _421\"> </span>Ne<span class=\"_ _3\"></span>t <span class=\"_ _3\"></span>(expe<span class=\"_ _3\"></span>nse<span class=\"_ _3\"></span>s)/inc<span class=\"_ _3\"></span>ome <span class=\"_ _4\"></span>from <span class=\"_ _4\"></span>re<span class=\"_ _3\"></span>insu<span class=\"_ _3\"></span>ranc<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ontra<span class=\"_ _3\"></span>ct<span class=\"_ _3\"></span>s <span class=\"_ _4\"></span>hel<span class=\"_ _3\"></span>d <span class=\"_ _0\"></span> <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _e7\"> </span>(26<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4 <span class=\"_ _7\"></span>) <span class=\"_ _44\"> </span>2<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>.7  <span class=\"_ _12e\"> </span>(1<span class=\"_ _3\"></span>.7 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Net <span class=\"_ _3\"></span>finance <span class=\"_ _3\"></span>expenses <span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>rom <span class=\"_ _3\"></span>reinsuranc<span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>contracts <span class=\"_ _119\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _c2\"> </span>(24.1 <span class=\"_ _7\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _c2\"> </span>(24.1 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>mount<span class=\"_ _3\"></span>s <span class=\"_ _4\"></span>rec<span class=\"_ _3\"></span>ogni<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>in <span class=\"_ _4\"></span>co<span class=\"_ _3\"></span>mpre<span class=\"_ _3\"></span>hen<span class=\"_ _3\"></span>sive <span class=\"_ _4\"></span>in<span class=\"_ _3\"></span>come <span class=\"_ _146\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _e7\"> </span>(<span class=\"_ _3\"></span>50<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5 <span class=\"_ _7\"></span>) <span class=\"_ _44\"> </span>2<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>.7  <span class=\"_ _28\"> </span>(2<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>.8 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>Investment <span class=\"_ _3\"></span>components <span class=\"_ _d8\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _20a\"> </span>(4.0 <span class=\"_ _7\"></span>) <span class=\"_ _12e\"> </span>4.0  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span>Cash flows<span class=\"_ _421\"> </span>Pr<span class=\"_ _2\"></span>emiums <span class=\"_ _3\"></span>paid <span class=\"_ _1eb\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12e\"> </span>13.7  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _12e\"> </span>13.7<span class=\"_ _421\"> </span>Recov<span class=\"_ _2\"></span>eries <span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>rom <span class=\"_ _3\"></span>reinsurance contracts <span class=\"_ _3\"></span>held <span class=\"_ _1d0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _1e1\"> </span>(30.5 <span class=\"_ _0\"></span>) <span class=\"_ _14b\"> </span>(30.5 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Acquisitions <span class=\"_ _22d\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12e\"> </span>(2.5 <span class=\"_ _0\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _12e\"> </span>(2.5 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ash <span class=\"_ _4\"></span>flo<span class=\"_ _3\"></span>ws <span class=\"_ _1a4\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b7\"> </span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2  <span class=\"_ _28\"> </span>(<span class=\"_ _3\"></span>30.<span class=\"_ _4\"></span>5 <span class=\"_ _7\"></span>) <span class=\"_ _46\"> </span>(1<span class=\"_ _3\"></span>9.<span class=\"_ _4\"></span>3 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Rei<span class=\"_ _3\"></span>nsur<span class=\"_ _3\"></span>ance c<span class=\"_ _3\"></span>ontr<span class=\"_ _3\"></span>ac<span class=\"_ _3\"></span>t ass<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>s as at 3<span class=\"_ _3\"></span>1 De<span class=\"_ _3\"></span>cemb<span class=\"_ _3\"></span>er 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2 <span class=\"_ _92\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _15c\"> </span>1<span class=\"_ _3\"></span>56<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>6 <span class=\"_ _a\"></span> <span class=\"_ _f0\"> </span>1<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>0 <span class=\"_ _a\"></span> <span class=\"_ _15c\"> </span>17<span class=\"_ _3\"></span>2<span class=\"_ _4\"></span>.6<span class=\"_ _421\"> </span><span class=\"ff65 ls3 ws2\"></span><span class=\"ff65 ls3 ws2\">CHES<span class=\"_ _277\"></span>NAR<span class=\"_ _277\"></span>A<span class=\"_ _278\"></span>AN<span class=\"_ _283\"></span>NUAL<span class=\"_ _379\"></span>REPO<span class=\"_ _279\"></span>RT<span class=\"_ _278\"></span>AND<span class=\"_ _3b0\"></span>ACCOUNT<span class=\"_ _279\"></span>S<span class=\"_ _27b\"></span>20<span class=\"_ _2b5\"></span>23</span><span class=\"_ _3de\"></span><span class=\"_ _421\"> </span>211<span class=\"_ _421\"> </span>IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS<span class=\"_ _421\"> </span>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<span class=\"_ _421\"> </span>SECTION F \u2013 INSURANCE AND REINSURANCE CONTRA<span class=\"_ _2\"></span>CTS <span class=\"_ _74\"> </span>F2 <span class=\"_ _4\"></span>Insurance and r<span class=\"_ _2\"></span>einsurance contr<span class=\"_ _2\"></span>acts \u2013 quantitative analysis of r<span class=\"_ _2\"></span>ecognised amounts \u2013 UK (continued) <span class=\"_ _e\"> </span>(d) <span class=\"_ _3\"></span>Reinsurance contract balances \u2013 analysis b<span class=\"_ _2\"></span>y measurement component \u2013 contr<span class=\"_ _2\"></span>acts not measur<span class=\"_ _2\"></span>ed under P<span class=\"_ _a\"></span>AA <span class=\"_ _19e\"> </span>  <span class=\"_ _3\"></span> <span class=\"_ _83\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _7f\"> </span>C<span class=\"_ _3\"></span>SM <span class=\"_ _4\"></span>(new  <span class=\"_ _9f\"> </span>   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>   con<span class=\"_ _3\"></span>trac<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>s <span class=\"_ _3\"></span>an<span class=\"_ _3\"></span>d  <span class=\"_ _44\"> </span>C<span class=\"_ _3\"></span>SM   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _e\"> </span>Pr<span class=\"_ _3\"></span>ese<span class=\"_ _3\"></span>nt <span class=\"_ _4\"></span>valu<span class=\"_ _3\"></span>e  <span class=\"_ _9f\"> </span>  <span class=\"_ _1c7\"> </span>con<span class=\"_ _3\"></span>trac<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>s  <span class=\"_ _6c\"> </span>(con<span class=\"_ _3\"></span>trac<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>s   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _127\"> </span>o<span class=\"_ _3\"></span>f <span class=\"_ _3\"></span>fu<span class=\"_ _3\"></span>ture  <span class=\"_ _11b\"> </span>Risk  <span class=\"_ _39\"> </span>mea<span class=\"_ _3\"></span>sur<span class=\"_ _3\"></span>ed  <span class=\"_ _1c1\"> </span>m<span class=\"_ _3\"></span>eas<span class=\"_ _3\"></span>ured   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _185\"> </span>ca<span class=\"_ _3\"></span>sh <span class=\"_ _4\"></span>flows  <span class=\"_ _146\"> </span>ad<span class=\"_ _3\"></span>jus<span class=\"_ _3\"></span>tme<span class=\"_ _3\"></span>nt  <span class=\"_ _80\"> </span>unde<span class=\"_ _3\"></span>r <span class=\"_ _3\"></span>F<span class=\"_ _3\"></span>RA <span class=\"_ _0\"></span>) <span class=\"_ _237\"> </span>und<span class=\"_ _3\"></span>er <span class=\"_ _4\"></span>F<span class=\"_ _3\"></span>V<span class=\"_ _2\"></span>A <span class=\"_ _7\"></span>) <span class=\"_ _42\"> </span>Total <span class=\"_ _19e\"> </span> <span class=\"_ _3\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _12e\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Rei<span class=\"_ _3\"></span>nsur<span class=\"_ _3\"></span>ance c<span class=\"_ _3\"></span>ontr<span class=\"_ _3\"></span>ac<span class=\"_ _3\"></span>t ass<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>s as at 1 J<span class=\"_ _3\"></span>anua<span class=\"_ _3\"></span>ry 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>3 <span class=\"_ _5d\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _11b\"> </span>16<span class=\"_ _3\"></span>1.<span class=\"_ _3\"></span>1 <span class=\"_ _a\"></span> <span class=\"_ _1a1\"> </span>3<span class=\"_ _3\"></span>.1 <span class=\"_ _a\"></span> <span class=\"_ _12e\"> </span>0.<span class=\"_ _3\"></span>5 <span class=\"_ _2\"></span> <span class=\"_ _179\"> </span>7.9 <span class=\"_ _a\"></span> <span class=\"_ _15c\"> </span>17<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>6<span class=\"_ _421\"> </span>Changes that relate to cur<span class=\"_ _2\"></span>rent ser<span class=\"_ _3\"></span>vice<span class=\"_ _421\"> </span>CSM <span class=\"_ _3\"></span>recognised <span class=\"_ _3\"></span>for <span class=\"_ _3\"></span>services <span class=\"_ _3\"></span>received <span class=\"_ _8e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _165\"> </span>(0.5 <span class=\"_ _7\"></span>) <span class=\"_ _152\"> </span>(0.5 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Change in risk adjustment for non-financial risk for risk e<span class=\"_ _2\"></span>xpired <span class=\"_ _165\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013  <span class=\"_ _20a\"> </span>(0.7 <span class=\"_ _31\"></span>) <span class=\"_ _ae\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _e9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _20a\"> </span>(0.7 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Experience a<span class=\"_ _3\"></span>djustments <span class=\"_ _22\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b7\"> </span>(4.3 <span class=\"_ _0\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _1b7\"> </span>(4.3 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l chan<span class=\"_ _3\"></span>ges t<span class=\"_ _3\"></span>hat re<span class=\"_ _3\"></span>late to cu<span class=\"_ _3\"></span>rrent s<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _94\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _c2\"> </span>(4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3 <span class=\"_ _31\"></span>) <span class=\"_ _11b\"> </span>(<span class=\"_ _3\"></span>0.7 <span class=\"_ _31\"></span>) <span class=\"_ _e6\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _5b\"> </span>(0.<span class=\"_ _4\"></span>5 <span class=\"_ _f\"></span>) <span class=\"_ _2d\"> </span>(<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Changes that relate to future<span class=\"_ _2\"></span> ser<span class=\"_ _3\"></span>vice<span class=\"_ _421\"> </span>Changes in estimates that adjust the CSM <span class=\"_ _1cb\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _5a\"> </span>1.5 <span class=\"_ _a\"></span> <span class=\"_ _10e\"> </span>0.5 <span class=\"_ _2\"></span> <span class=\"_ _179\"> </span>(0.1 <span class=\"_ _31\"></span>) <span class=\"_ _1b7\"> </span>(<span class=\"_ _3\"></span>1.9 <span class=\"_ _31\"></span>) <span class=\"_ _ae\"> </span>\u2013<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l chan<span class=\"_ _3\"></span>ges t<span class=\"_ _3\"></span>hat re<span class=\"_ _3\"></span>late to f<span class=\"_ _3\"></span>uture s<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _97\"> </span> <span class=\"_ _0\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _57\"> </span>1.<span class=\"_ _4\"></span>5 <span class=\"_ _a\"></span> <span class=\"_ _12e\"> </span>0.<span class=\"_ _3\"></span>5 <span class=\"_ _a\"></span> <span class=\"_ _12b\"> </span>(<span class=\"_ _3\"></span>0.1 <span class=\"_ _31\"></span>) <span class=\"_ _5b\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.9 <span class=\"_ _31\"></span>) <span class=\"_ _ae\"> </span>\u2013<span class=\"_ _421\"> </span>Ne<span class=\"_ _3\"></span>t (expen<span class=\"_ _3\"></span>se)/<span class=\"_ _3\"></span>inco<span class=\"_ _3\"></span>me fro<span class=\"_ _3\"></span>m rein<span class=\"_ _3\"></span>sur<span class=\"_ _3\"></span>ance c<span class=\"_ _3\"></span>ontra<span class=\"_ _3\"></span>ct<span class=\"_ _3\"></span>s he<span class=\"_ _3\"></span>ld <span class=\"_ _4\"></span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _5b\"> </span>(2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8 <span class=\"_ _31\"></span>) <span class=\"_ _7b\"> </span>(<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>2 <span class=\"_ _31\"></span>) <span class=\"_ _114\"> </span>(0.<span class=\"_ _3\"></span>1 <span class=\"_ _f\"></span>) <span class=\"_ _11b\"> </span>(2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4 <span class=\"_ _31\"></span>) <span class=\"_ _11b\"> </span>(5<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Net <span class=\"_ _3\"></span>finance <span class=\"_ _3\"></span>income <span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>rom <span class=\"_ _3\"></span>reinsurance <span class=\"_ _3\"></span>contracts <span class=\"_ _3\"></span>held <span class=\"_ _1c3\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _56\"> </span>9.1  <span class=\"_ _5a\"> </span>0.1  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _20b\"> </span>0.1  <span class=\"_ _57\"> </span>9.3<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l amou<span class=\"_ _3\"></span>nts r<span class=\"_ _3\"></span>eco<span class=\"_ _3\"></span>gnis<span class=\"_ _3\"></span>ed in c<span class=\"_ _3\"></span>omp<span class=\"_ _3\"></span>rehe<span class=\"_ _3\"></span>nsi<span class=\"_ _3\"></span>ve inc<span class=\"_ _3\"></span>ome <span class=\"_ _6d\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _12e\"> </span>6<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3 <span class=\"_ _a\"></span> <span class=\"_ _1b7\"> </span>(0.<span class=\"_ _3\"></span>1 <span class=\"_ _f\"></span>) <span class=\"_ _14e\"> </span>(0.1 <span class=\"_ _31\"></span>) <span class=\"_ _11b\"> </span>(<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3 <span class=\"_ _31\"></span>) <span class=\"_ _20a\"> </span>3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8<span class=\"_ _421\"> </span>Cash flows<span class=\"_ _421\"> </span>Pr<span class=\"_ _2\"></span>emiums <span class=\"_ _3\"></span>paid <span class=\"_ _1eb\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12e\"> </span>12.5  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _12e\"> </span>12.5<span class=\"_ _421\"> </span>Recov<span class=\"_ _2\"></span>eries <span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>rom <span class=\"_ _3\"></span>reinsurance contracts <span class=\"_ _3\"></span>held <span class=\"_ _1d0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1e1\"> </span>(24.3 <span class=\"_ _0\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _45\"> </span>(24.<span class=\"_ _3\"></span>3 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ash <span class=\"_ _4\"></span>flo<span class=\"_ _3\"></span>ws <span class=\"_ _1a4\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _11b\"> </span>(1<span class=\"_ _4\"></span>1.<span class=\"_ _3\"></span>8 <span class=\"_ _7\"></span>) <span class=\"_ _97\"> </span>\u2013  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _11b\"> </span>(1<span class=\"_ _4\"></span>1<span class=\"_ _3\"></span>.8 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>Rei<span class=\"_ _3\"></span>nsur<span class=\"_ _3\"></span>ance c<span class=\"_ _3\"></span>ontr<span class=\"_ _3\"></span>ac<span class=\"_ _3\"></span>t ass<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>s as at 3<span class=\"_ _3\"></span>1 De<span class=\"_ _3\"></span>cemb<span class=\"_ _3\"></span>er 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>3 <span class=\"_ _146\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _e7\"> </span>15<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>.6 <span class=\"_ _a\"></span> <span class=\"_ _8f\"> </span>3<span class=\"_ _3\"></span>.0 <span class=\"_ _a\"></span> <span class=\"_ _165\"> </span>0.<span class=\"_ _3\"></span>4 <span class=\"_ _a\"></span> <span class=\"_ _8f\"> </span>5<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>6 <span class=\"_ _a\"></span> <span class=\"_ _119\"> </span>16<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>.6<span class=\"_ _421\"> </span>212<span class=\"_ _69\"> </span><span class=\"ff67 ls3 ws2\">CHE<span class=\"_ _3\"></span>SNA<span class=\"_ _3\"></span>R<span class=\"_ _3\"></span>A ANNUAL R<span class=\"_ _3\"></span>EPORT A<span class=\"_ _3\"></span>ND ACCOU<span class=\"_ _3\"></span>NTS 2023<span class=\"_ _421\"> </span></span>IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS <span class=\"_ _19e\"> </span>  <span class=\"_ _3\"></span> <span class=\"_ _83\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _7f\"> </span>C<span class=\"_ _3\"></span>SM <span class=\"_ _4\"></span>(new  <span class=\"_ _9f\"> </span>   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>   con<span class=\"_ _3\"></span>trac<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>s <span class=\"_ _3\"></span>an<span class=\"_ _3\"></span>d  <span class=\"_ _44\"> </span>C<span class=\"_ _3\"></span>SM   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _e\"> </span>Pr<span class=\"_ _3\"></span>ese<span class=\"_ _3\"></span>nt <span class=\"_ _4\"></span>valu<span class=\"_ _3\"></span>e  <span class=\"_ _9f\"> </span>  <span class=\"_ _1c7\"> </span>con<span class=\"_ _3\"></span>trac<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>s  <span class=\"_ _6c\"> </span>(con<span class=\"_ _3\"></span>trac<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>s   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _127\"> </span>o<span class=\"_ _3\"></span>f <span class=\"_ _3\"></span>fu<span class=\"_ _3\"></span>ture  <span class=\"_ _11b\"> </span>Risk  <span class=\"_ _39\"> </span>mea<span class=\"_ _3\"></span>sur<span class=\"_ _3\"></span>ed  <span class=\"_ _1c1\"> </span>m<span class=\"_ _3\"></span>eas<span class=\"_ _3\"></span>ured   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _185\"> </span>ca<span class=\"_ _3\"></span>sh <span class=\"_ _4\"></span>flows  <span class=\"_ _146\"> </span>ad<span class=\"_ _3\"></span>jus<span class=\"_ _3\"></span>tme<span class=\"_ _3\"></span>nt  <span class=\"_ _80\"> </span>unde<span class=\"_ _3\"></span>r <span class=\"_ _3\"></span>F<span class=\"_ _3\"></span>RA <span class=\"_ _0\"></span>) <span class=\"_ _237\"> </span>und<span class=\"_ _3\"></span>er <span class=\"_ _4\"></span>F<span class=\"_ _3\"></span>V<span class=\"_ _2\"></span>A <span class=\"_ _7\"></span>) <span class=\"_ _42\"> </span>Total <span class=\"_ _19e\"> </span> <span class=\"_ _3\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _12e\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Rei<span class=\"_ _3\"></span>nsur<span class=\"_ _3\"></span>ance c<span class=\"_ _3\"></span>ontr<span class=\"_ _3\"></span>ac<span class=\"_ _3\"></span>t ass<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>s as at 1 J<span class=\"_ _3\"></span>anua<span class=\"_ _3\"></span>ry 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2 <span class=\"_ _5d\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _112\"> </span>2<span class=\"_ _3\"></span>06<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>0 <span class=\"_ _a\"></span> <span class=\"_ _165\"> </span>4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3 <span class=\"_ _a\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _12e\"> </span>7.4 <span class=\"_ _2\"></span> <span class=\"_ _46\"> </span>21<span class=\"_ _3\"></span>7<span class=\"_ _2\"></span>.7<span class=\"_ _421\"> </span>Changes that relate to cur<span class=\"_ _2\"></span>rent ser<span class=\"_ _3\"></span>vice<span class=\"_ _421\"> </span>CSM <span class=\"_ _3\"></span>recognised <span class=\"_ _3\"></span>for <span class=\"_ _3\"></span>services <span class=\"_ _3\"></span>received <span class=\"_ _8e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _10f\"> </span>(1.0 <span class=\"_ _0\"></span>) <span class=\"_ _165\"> </span>(1.0 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Change in risk adjustment for non-financial risk for risk e<span class=\"_ _2\"></span>xpired <span class=\"_ _165\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013  <span class=\"_ _14e\"> </span>(0.8 <span class=\"_ _31\"></span>) <span class=\"_ _15b\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _b9\"> </span>\u2013  <span class=\"_ _14e\"> </span>(0.8 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Experience a<span class=\"_ _3\"></span>djustments <span class=\"_ _22\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5a\"> </span>0.1  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _5a\"> </span>0.1<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l chan<span class=\"_ _3\"></span>ges t<span class=\"_ _3\"></span>hat re<span class=\"_ _3\"></span>late to cu<span class=\"_ _3\"></span>rrent s<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _94\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _57\"> </span>0.1 <span class=\"_ _a\"></span> <span class=\"_ _c2\"> </span>(0<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8 <span class=\"_ _f\"></span>) <span class=\"_ _ae\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _20a\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.0 <span class=\"_ _31\"></span>) <span class=\"_ _114\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.7 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Changes that relate to future<span class=\"_ _2\"></span> ser<span class=\"_ _3\"></span>vice<span class=\"_ _421\"> </span>Contracts <span class=\"_ _3\"></span>initially <span class=\"_ _3\"></span>recognised <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>period <span class=\"_ _a4\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _20a\"> </span>(0.4 <span class=\"_ _7\"></span>) <span class=\"_ _10f\"> </span>0.2  <span class=\"_ _10e\"> </span>0.2  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _b4\"> </span>\u2013<span class=\"_ _421\"> </span>Changes in estimates that adjust the CSM <span class=\"_ _1cb\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _179\"> </span>(<span class=\"_ _3\"></span>1.5 <span class=\"_ _31\"></span>) <span class=\"_ _114\"> </span>(0.2 <span class=\"_ _31\"></span>) <span class=\"_ _8f\"> </span>0.3 <span class=\"_ _2\"></span> <span class=\"_ _94\"> </span>1.4 <span class=\"_ _a\"></span> <span class=\"_ _e9\"> </span>\u2013<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l chan<span class=\"_ _3\"></span>ges t<span class=\"_ _3\"></span>hat re<span class=\"_ _3\"></span>late to f<span class=\"_ _3\"></span>uture s<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _97\"> </span> <span class=\"_ _0\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _20a\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.9 <span class=\"_ _31\"></span>) <span class=\"_ _ae\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _12e\"> </span>0.<span class=\"_ _3\"></span>5 <span class=\"_ _a\"></span> <span class=\"_ _10e\"> </span>1.<span class=\"_ _3\"></span>4 <span class=\"_ _a\"></span> <span class=\"_ _b9\"> </span>\u2013<span class=\"_ _421\"> </span>Ne<span class=\"_ _3\"></span>t (expen<span class=\"_ _3\"></span>se)/<span class=\"_ _3\"></span>inco<span class=\"_ _3\"></span>me fro<span class=\"_ _3\"></span>m rein<span class=\"_ _3\"></span>sur<span class=\"_ _3\"></span>ance c<span class=\"_ _3\"></span>ontra<span class=\"_ _3\"></span>ct<span class=\"_ _3\"></span>s he<span class=\"_ _3\"></span>ld <span class=\"_ _4\"></span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _20a\"> </span>(<span class=\"_ _3\"></span>1.<span class=\"_ _3\"></span>8 <span class=\"_ _31\"></span>) <span class=\"_ _1e1\"> </span>(<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>8 <span class=\"_ _31\"></span>) <span class=\"_ _152\"> </span>0.<span class=\"_ _3\"></span>5 <span class=\"_ _2\"></span> <span class=\"_ _1b7\"> </span>0<span class=\"_ _3\"></span>.4 <span class=\"_ _2\"></span> <span class=\"_ _1b7\"> </span>(<span class=\"_ _3\"></span>1.7 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Net finance income f<span class=\"_ _3\"></span>rom reinsurance contr<span class=\"_ _2\"></span>acts held <span class=\"_ _33\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _44\"> </span>(23.<span class=\"_ _3\"></span>8 <span class=\"_ _31\"></span>) <span class=\"_ _5b\"> </span>(0.<span class=\"_ _2\"></span>4 <span class=\"_ _31\"></span>) <span class=\"_ _ae\"> </span>\u2013  <span class=\"_ _94\"> </span>0.1 <span class=\"_ _a\"></span> <span class=\"_ _2d\"> </span>(24.1 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l amou<span class=\"_ _3\"></span>nts r<span class=\"_ _3\"></span>eco<span class=\"_ _3\"></span>gnis<span class=\"_ _3\"></span>ed in c<span class=\"_ _3\"></span>omp<span class=\"_ _3\"></span>rehe<span class=\"_ _3\"></span>nsi<span class=\"_ _3\"></span>ve inc<span class=\"_ _3\"></span>ome <span class=\"_ _6d\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _e7\"> </span>(<span class=\"_ _3\"></span>25<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>6 <span class=\"_ _31\"></span>) <span class=\"_ _5b\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2 <span class=\"_ _31\"></span>) <span class=\"_ _152\"> </span>0.<span class=\"_ _3\"></span>5 <span class=\"_ _2\"></span> <span class=\"_ _12e\"> </span>0.<span class=\"_ _3\"></span>5 <span class=\"_ _a\"></span> <span class=\"_ _e7\"> </span>(2<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>.8 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Cash flows<span class=\"_ _421\"> </span>Pr<span class=\"_ _2\"></span>emiums <span class=\"_ _3\"></span>paid <span class=\"_ _1eb\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12e\"> </span>13.7 <span class=\"_ _2\"></span> <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _12e\"> </span>13.7<span class=\"_ _421\"> </span>Recov<span class=\"_ _2\"></span>eries <span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>rom <span class=\"_ _3\"></span>reinsurance contracts <span class=\"_ _3\"></span>held <span class=\"_ _1d0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1e1\"> </span>(30.5 <span class=\"_ _0\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _1e1\"> </span>(30.5 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Acquisitions <span class=\"_ _22d\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12e\"> </span>(2.5 <span class=\"_ _0\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _12e\"> </span>(2.5 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ash <span class=\"_ _4\"></span>flo<span class=\"_ _3\"></span>ws <span class=\"_ _1a4\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _44\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>9.<span class=\"_ _3\"></span>3 <span class=\"_ _7\"></span>) <span class=\"_ _97\"> </span>\u2013  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _44\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>9.<span class=\"_ _3\"></span>3 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>Rei<span class=\"_ _3\"></span>nsur<span class=\"_ _3\"></span>ance c<span class=\"_ _3\"></span>ontr<span class=\"_ _3\"></span>ac<span class=\"_ _3\"></span>t ass<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>s as at 3<span class=\"_ _3\"></span>1 De<span class=\"_ _3\"></span>cemb<span class=\"_ _3\"></span>er 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2 <span class=\"_ _146\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _11b\"> </span>16<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.1 <span class=\"_ _a\"></span> <span class=\"_ _1a1\"> </span>3<span class=\"_ _3\"></span>.1 <span class=\"_ _a\"></span> <span class=\"_ _12e\"> </span>0.<span class=\"_ _3\"></span>5 <span class=\"_ _2\"></span> <span class=\"_ _179\"> </span>7.9 <span class=\"_ _a\"></span> <span class=\"_ _15c\"> </span>17<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>6<span class=\"_ _421\"> </span>The contracts initially recognised in the period relates to the acquisition <span class=\"_ _2\"></span>of CASLP<span class=\"_ _31\"></span>.  (e) <span class=\"_ _3\"></span>Insurance contracts r<span class=\"_ _2\"></span>ecognised in the per<span class=\"_ _2\"></span>iod <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14b\"> </span>20<span class=\"_ _2\"></span>23  <span class=\"_ _14b\"> </span>2022 <span class=\"_ _19e\"> </span> <span class=\"_ _3\"></span> <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Es<span class=\"_ _3\"></span>tima<span class=\"_ _3\"></span>tes o<span class=\"_ _3\"></span>f the pr<span class=\"_ _3\"></span>ese<span class=\"_ _3\"></span>nt va<span class=\"_ _3\"></span>lue of f<span class=\"_ _3\"></span>utur<span class=\"_ _3\"></span>e cas<span class=\"_ _3\"></span>h infl<span class=\"_ _3\"></span>ows <span class=\"_ _32\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _150\"> </span>(<span class=\"_ _3\"></span>31<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5 <span class=\"_ _31\"></span>) <span class=\"_ _48\"> </span>(<span class=\"_ _3\"></span>25<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Es<span class=\"_ _3\"></span>tima<span class=\"_ _3\"></span>tes o<span class=\"_ _3\"></span>f the pr<span class=\"_ _3\"></span>ese<span class=\"_ _3\"></span>nt va<span class=\"_ _3\"></span>lue of f<span class=\"_ _3\"></span>utur<span class=\"_ _3\"></span>e cas<span class=\"_ _3\"></span>h out<span class=\"_ _3\"></span>flow<span class=\"_ _3\"></span>s<span class=\"_ _421\"> </span>Claims <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>other <span class=\"_ _4\"></span>insurance <span class=\"_ _3\"></span>service <span class=\"_ _3\"></span>expenses <span class=\"_ _3\"></span>payable <span class=\"_ _13b\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>19.5  <span class=\"_ _15c\"> </span>244.4<span class=\"_ _421\"> </span>Insurance <span class=\"_ _3\"></span>acquisition <span class=\"_ _3\"></span>cash <span class=\"_ _3\"></span>flows <span class=\"_ _239\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l es<span class=\"_ _3\"></span>timat<span class=\"_ _3\"></span>es of t<span class=\"_ _3\"></span>he pre<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>nt valu<span class=\"_ _3\"></span>e of ne<span class=\"_ _3\"></span>t fut<span class=\"_ _3\"></span>ure ca<span class=\"_ _3\"></span>sh in<span class=\"_ _3\"></span>flows<span class=\"_ _3\"></span>/(outfl<span class=\"_ _3\"></span>ows) <span class=\"_ _a6\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _14b\"> </span>(<span class=\"_ _3\"></span>12<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>0 <span class=\"_ _31\"></span>) <span class=\"_ _14e\"> </span>(<span class=\"_ _3\"></span>7.1 <span class=\"_ _f\"></span>)<span class=\"_ _421\"> </span>Risk <span class=\"_ _3\"></span>adjustment <span class=\"_ _3\"></span>for <span class=\"_ _3\"></span>non-<span class=\"_ _3\"></span>financial <span class=\"_ _3\"></span>risk <span class=\"_ _15a\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _17c\"> </span>1<span class=\"_ _3\"></span>.1  <span class=\"_ _1b1\"> </span>3.5<span class=\"_ _421\"> </span>CSM <span class=\"_ _1db\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _20a\"> </span>1<span class=\"_ _3\"></span>0.9  <span class=\"_ _57\"> </span>3.6<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l valu<span class=\"_ _3\"></span>e of in<span class=\"_ _3\"></span>sura<span class=\"_ _3\"></span>nce co<span class=\"_ _3\"></span>ntra<span class=\"_ _3\"></span>ct<span class=\"_ _3\"></span>s re<span class=\"_ _3\"></span>cogn<span class=\"_ _3\"></span>ise<span class=\"_ _3\"></span>d in the p<span class=\"_ _3\"></span>erio<span class=\"_ _3\"></span>d <span class=\"_ _12e\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _b9\"> </span>\u2013<span class=\"_ _421\"> </span>Insurance contracts recognised in the period relate to the acquisition of the term assurance portf<span class=\"_ _2\"></span>olio from Canada Life in the cur<span class=\"_ _2\"></span>rent <span class=\"_ _a\"></span>year and CASLP in the prior year<span class=\"_ _0\"></span>. None of the acquired portfolios w<span class=\"_ _2\"></span>ere onerous at initial recognition.<span class=\"_ _421\"> </span><span class=\"ff65 ls3 ws2\"></span><span class=\"ff65 ls3 ws2\">CHES<span class=\"_ _277\"></span>NAR<span class=\"_ _277\"></span>A<span class=\"_ _278\"></span>AN<span class=\"_ _283\"></span>NUAL<span class=\"_ _379\"></span>REPO<span class=\"_ _279\"></span>RT<span class=\"_ _278\"></span>AND<span class=\"_ _3b0\"></span>ACCOUNT<span class=\"_ _279\"></span>S<span class=\"_ _27b\"></span>20<span class=\"_ _2b5\"></span>23</span><span class=\"_ _3e0\"></span><span class=\"_ _421\"> </span>213<span class=\"_ _421\"> </span>IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS<span class=\"_ _421\"> </span>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<span class=\"_ _421\"> </span>SECTION F \u2013 INSURANCE AND REINSURANCE CONTRA<span class=\"_ _2\"></span>CTS <span class=\"_ _74\"> </span>F2 <span class=\"_ _4\"></span>Insurance and r<span class=\"_ _2\"></span>einsurance contr<span class=\"_ _2\"></span>acts \u2013 quantitative analysis of r<span class=\"_ _2\"></span>ecognised amounts \u2013 UK (continued) <span class=\"_ _10\"> </span>(f) <span class=\"_ _4\"></span>Reinsurance contr<span class=\"_ _2\"></span>acts recognised in the per<span class=\"_ _a\"></span>iod <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14b\"> </span>20<span class=\"_ _2\"></span>23  <span class=\"_ _14b\"> </span>2022 <span class=\"_ _19e\"> </span> <span class=\"_ _3\"></span> <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Estimates of the pr<span class=\"_ _2\"></span>esent value of future cash inflows <span class=\"_ _2e\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _57\"> </span>3.2<span class=\"_ _421\"> </span>Estimates of the pr<span class=\"_ _2\"></span>esent value of future cash outflo<span class=\"_ _2\"></span>ws <span class=\"_ _1fc\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _e9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _1b7\"> </span>(3.6 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Risk <span class=\"_ _3\"></span>adjustment <span class=\"_ _3\"></span>for <span class=\"_ _3\"></span>non-<span class=\"_ _3\"></span>financial <span class=\"_ _3\"></span>risk <span class=\"_ _15a\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _57\"> </span>0.2<span class=\"_ _421\"> </span>CSM <span class=\"_ _1db\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _57\"> </span>0.2<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l valu<span class=\"_ _3\"></span>e of re<span class=\"_ _3\"></span>insu<span class=\"_ _3\"></span>ranc<span class=\"_ _3\"></span>e cont<span class=\"_ _3\"></span>rac<span class=\"_ _3\"></span>ts r<span class=\"_ _3\"></span>eco<span class=\"_ _3\"></span>gnis<span class=\"_ _3\"></span>ed in t<span class=\"_ _3\"></span>he pe<span class=\"_ _3\"></span>riod <span class=\"_ _29\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _b9\"> </span>\u2013<span class=\"_ _421\"> </span>Reinsurance contracts recognised in the prior <span class=\"_ _0\"></span>year relate to the acquisition of CA<span class=\"_ _2\"></span>SLP<span class=\"_ _f\"></span>. All of the portf<span class=\"_ _2\"></span>olios acquired were originally in a net cost position.  <span class=\"_ _e\"> </span>(g) <span class=\"_ _3\"></span>Expected r<span class=\"_ _2\"></span>ecognition of CSM<span class=\"_ _421\"> </span>In the tables that follo<span class=\"_ _2\"></span>w the CSM accrues interest at the locked-in rate f<span class=\"_ _2\"></span>or GMM portfolios and at current rates f<span class=\"_ _2\"></span>or <span class=\"_ _a\"></span>VF<span class=\"_ _a\"></span>A portfolios from the balance sheet date and is then amortised based on the co<span class=\"_ _2\"></span>verage units of the contract groups to giv<span class=\"_ _2\"></span>e the timeline of the <span class=\"_ _2\"></span>expected recognition.<span class=\"_ _421\"> </span>31 December 2023 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _23a\"> </span>Insurance  <span class=\"_ _4a\"> </span>Reinsurance <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1c7\"> </span>contrac<span class=\"_ _3\"></span>ts  <span class=\"_ _1c7\"> </span>contrac<span class=\"_ _3\"></span>ts <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Not <span class=\"_ _3\"></span>later <span class=\"_ _3\"></span>than <span class=\"_ _3\"></span>one <span class=\"_ _3\"></span>year <span class=\"_ _dd\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b1\"> </span>2.5  <span class=\"_ _165\"> </span>(0.5 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Later than one ye<span class=\"_ _2\"></span>ar and not later than two y<span class=\"_ _2\"></span>ears <span class=\"_ _7b\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _10f\"> </span>2<span class=\"_ _3\"></span>.4 <span class=\"_ _a\"></span> <span class=\"_ _12b\"> </span>(0.5 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Later than tw<span class=\"_ _2\"></span>o years and not lat<span class=\"_ _2\"></span>er than three years <span class=\"_ _14f\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _10e\"> </span>2.4 <span class=\"_ _a\"></span> <span class=\"_ _1b7\"> </span>(0.5 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Later than three y<span class=\"_ _2\"></span>ears and not later than four y<span class=\"_ _2\"></span>ears <span class=\"_ _7c\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _57\"> </span>2.<span class=\"_ _3\"></span>2 <span class=\"_ _a\"></span> <span class=\"_ _152\"> </span>(0.4 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Later than four y<span class=\"_ _2\"></span>ears and not later than fiv<span class=\"_ _2\"></span>e years <span class=\"_ _119\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _20b\"> </span>2.1 <span class=\"_ _2\"></span> <span class=\"_ _152\"> </span>(0.4 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Later than five y<span class=\"_ _2\"></span>ears and not later than t<span class=\"_ _2\"></span>en years <span class=\"_ _150\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _57\"> </span>7<span class=\"_ _a\"></span>.4 <span class=\"_ _2\"></span> <span class=\"_ _10f\"> </span>(1.6 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Later <span class=\"_ _3\"></span>than <span class=\"_ _3\"></span>ten <span class=\"_ _3\"></span>years <span class=\"_ _b2\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12b\"> </span>16.4  <span class=\"_ _10e\"> </span>(2.1 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _11b\"> </span>35<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4  <span class=\"_ _5b\"> </span>(<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>.0 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>31 December 2022 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _23a\"> </span>Insurance  <span class=\"_ _4a\"> </span>Reinsurance <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1c7\"> </span>contrac<span class=\"_ _3\"></span>ts  <span class=\"_ _1c7\"> </span>contrac<span class=\"_ _3\"></span>ts <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Not <span class=\"_ _3\"></span>later <span class=\"_ _3\"></span>than <span class=\"_ _3\"></span>one <span class=\"_ _3\"></span>year <span class=\"_ _dd\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b1\"> </span>3.7  <span class=\"_ _12b\"> </span>(0.9 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>Later than one ye<span class=\"_ _2\"></span>ar and not later than two y<span class=\"_ _2\"></span>ears <span class=\"_ _7b\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _10f\"> </span>2<span class=\"_ _3\"></span>.8 <span class=\"_ _a\"></span> <span class=\"_ _152\"> </span>(0.8 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Later than tw<span class=\"_ _2\"></span>o years and not lat<span class=\"_ _2\"></span>er than three years <span class=\"_ _14f\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _57\"> </span>2.7 <span class=\"_ _2\"></span> <span class=\"_ _152\"> </span>(0.8 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Later than three y<span class=\"_ _2\"></span>ears and not later than four y<span class=\"_ _2\"></span>ears <span class=\"_ _7c\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _10e\"> </span>2.4 <span class=\"_ _2\"></span> <span class=\"_ _20a\"> </span>(0.7 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Later than four y<span class=\"_ _2\"></span>ears and not later than fiv<span class=\"_ _2\"></span>e years <span class=\"_ _119\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _57\"> </span>2.<span class=\"_ _3\"></span>2 <span class=\"_ _a\"></span> <span class=\"_ _12b\"> </span>(0.7 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Later than five y<span class=\"_ _2\"></span>ears and not later than t<span class=\"_ _2\"></span>en years <span class=\"_ _150\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _10e\"> </span>8.2 <span class=\"_ _2\"></span> <span class=\"_ _165\"> </span>(2.3 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Later <span class=\"_ _3\"></span>than <span class=\"_ _3\"></span>ten <span class=\"_ _3\"></span>years <span class=\"_ _b2\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12e\"> </span>15.3  <span class=\"_ _12e\"> </span>(2.2 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _c2\"> </span>37.<span class=\"_ _3\"></span>3  <span class=\"_ _5b\"> </span>(8<span class=\"_ _3\"></span>.4 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>214<span class=\"_ _10\"> </span><span class=\"ff67 ls3 ws2\">CHE<span class=\"_ _3\"></span>SNA<span class=\"_ _3\"></span>R<span class=\"_ _3\"></span>A ANNUAL R<span class=\"_ _3\"></span>EPORT A<span class=\"_ _3\"></span>ND ACCOU<span class=\"_ _3\"></span>NTS 2023<span class=\"_ _421\"> </span></span>IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS <span class=\"_ _74\"> </span>F3 <span class=\"_ _4\"></span>Insurance and r<span class=\"_ _2\"></span>einsurance contr<span class=\"_ _2\"></span>acts \u2013 quantitative analysis of r<span class=\"_ _2\"></span>ecognised amounts \u2013 Mov<span class=\"_ _2\"></span>estic  (a) <span class=\"_ _3\"></span>Insurance contract balances \u2013 analysis b<span class=\"_ _2\"></span>y remaining co<span class=\"_ _2\"></span>ver<span class=\"_ _2\"></span>age and incur<span class=\"_ _2\"></span>red claims <span class=\"_ _23b\"> </span> <span class=\"_ _52\"> </span>Liabilities for incurred claims <span class=\"_ _23c\"> </span>Contracts under P<span class=\"_ _a\"></span>A<span class=\"_ _3\"></span>A <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _69\"> </span>Liab<span class=\"_ _3\"></span>ilities <span class=\"_ _3\"></span>for  <span class=\"_ _3d\"> </span>F<span class=\"_ _2\"></span>or <span class=\"_ _3\"></span>con<span class=\"_ _2\"></span>tracts<span class=\"_ _2\"></span>  <span class=\"_ _119\"> </span>PV <span class=\"_ _4\"></span>of  <span class=\"_ _73\"> </span>   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _6c\"> </span>rema<span class=\"_ _3\"></span>ining  <span class=\"_ _7f\"> </span>no<span class=\"_ _3\"></span>t <span class=\"_ _3\"></span>u<span class=\"_ _3\"></span>nder  <span class=\"_ _48\"> </span>future  <span class=\"_ _11b\"> </span>Ris<span class=\"_ _3\"></span>k   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _93\"> </span>c<span class=\"_ _3\"></span>overa<span class=\"_ _3\"></span>ge  <span class=\"_ _7b\"> </span>PA<span class=\"_ _3\"></span>A  <span class=\"_ _80\"> </span>c<span class=\"_ _3\"></span>as<span class=\"_ _3\"></span>h <span class=\"_ _3\"></span>fl<span class=\"_ _3\"></span>ows  <span class=\"_ _146\"> </span>adju<span class=\"_ _3\"></span>stm<span class=\"_ _3\"></span>ent  <span class=\"_ _28\"> </span>Total <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Insurance contrac<span class=\"_ _3\"></span>t liabilities as at 1<span class=\"_ _2\"></span> Januar<span class=\"_ _3\"></span>y 202<span class=\"_ _3\"></span>3 <span class=\"_ _1c6\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _7b\"> </span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>9.<span class=\"_ _3\"></span>1 <span class=\"_ _0\"></span> <span class=\"_ _e9\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _1e1\"> </span>3<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>.2 <span class=\"_ _2\"></span> <span class=\"_ _57\"> </span>1.<span class=\"_ _3\"></span>6 <span class=\"_ _a\"></span> <span class=\"_ _42\"> </span>1<span class=\"_ _3\"></span>58<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9<span class=\"_ _421\"> </span>Chan<span class=\"_ _3\"></span>ges i<span class=\"_ _3\"></span>n the s<span class=\"_ _3\"></span>tatem<span class=\"_ _3\"></span>ent o<span class=\"_ _3\"></span>f pro<span class=\"_ _3\"></span>fit and l<span class=\"_ _3\"></span>os<span class=\"_ _3\"></span>s<span class=\"_ _421\"> </span>Insurance revenue<span class=\"_ _421\"> </span>Contracts me<span class=\"_ _2\"></span>asured under the fair value approac<span class=\"_ _2\"></span>h <span class=\"_ _210\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _12b\"> </span>(0.7 <span class=\"_ _31\"></span>) <span class=\"_ _ae\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _12b\"> </span>(0.7 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Contracts me<span class=\"_ _2\"></span>asured under the full retrospective appr<span class=\"_ _2\"></span>oach <span class=\"_ _1\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _7b\"> </span>(10.4 <span class=\"_ _31\"></span>) <span class=\"_ _ae\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013  <span class=\"_ _97\"> </span>\u2013  <span class=\"_ _1e1\"> </span>(10.4 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>revenu<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>to<span class=\"_ _3\"></span>tal <span class=\"_ _1ed\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _14e\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.1 <span class=\"_ _7\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _14e\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.1 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>Insura<span class=\"_ _2\"></span>nce service e<span class=\"_ _a\"></span>xpenses<span class=\"_ _421\"> </span>Incurred <span class=\"_ _3\"></span>claims <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>other <span class=\"_ _3\"></span>directly <span class=\"_ _3\"></span>attributable <span class=\"_ _3\"></span>expenses <span class=\"_ _128\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _10e\"> </span>0.6  <span class=\"_ _12b\"> </span>10.3  <span class=\"_ _20b\"> </span>0.1  <span class=\"_ _8f\"> </span>1<span class=\"_ _3\"></span>1.0<span class=\"_ _421\"> </span>Adjustments to liabilities for incur<span class=\"_ _2\"></span>red claims <span class=\"_ _83\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _12b\"> </span>(3.4 <span class=\"_ _31\"></span>) <span class=\"_ _114\"> </span>(0.2 <span class=\"_ _7\"></span>) <span class=\"_ _14e\"> </span>(3.6 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>ser<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>expen<span class=\"_ _3\"></span>se <span class=\"_ _4\"></span>tot<span class=\"_ _3\"></span>al <span class=\"_ _235\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _8f\"> </span>0<span class=\"_ _3\"></span>.6  <span class=\"_ _179\"> </span>6<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9  <span class=\"_ _165\"> </span>(0<span class=\"_ _3\"></span>.1 <span class=\"_ _7\"></span>) <span class=\"_ _165\"> </span>7.4<span class=\"_ _421\"> </span>Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>ser<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>resu<span class=\"_ _3\"></span>lt <span class=\"_ _d9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14e\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.1 <span class=\"_ _7\"></span>) <span class=\"_ _1b7\"> </span>0.<span class=\"_ _3\"></span>6  <span class=\"_ _8f\"> </span>6<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9  <span class=\"_ _165\"> </span>(<span class=\"_ _3\"></span>0.1 <span class=\"_ _7\"></span>) <span class=\"_ _5b\"> </span>(<span class=\"_ _3\"></span>3.7 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Net <span class=\"_ _3\"></span>finance <span class=\"_ _3\"></span>expenses <span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>rom <span class=\"_ _3\"></span>insurance <span class=\"_ _3\"></span>contracts <span class=\"_ _152\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12b\"> </span>14<span class=\"_ _3\"></span>.2  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _57\"> </span>2.0  <span class=\"_ _1b7\"> </span>(0.2 <span class=\"_ _7\"></span>) <span class=\"_ _114\"> </span>16<span class=\"_ _3\"></span>.0<span class=\"_ _421\"> </span>Effect of movements in e<span class=\"_ _2\"></span>xchange rat<span class=\"_ _2\"></span>es <span class=\"_ _a0\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _20a\"> </span>(2.8 <span class=\"_ _31\"></span>) <span class=\"_ _15b\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _1b1\"> </span>(<span class=\"_ _3\"></span>1.1 <span class=\"_ _31\"></span>) <span class=\"_ _1b7\"> </span>(0.1 <span class=\"_ _31\"></span>) <span class=\"_ _c2\"> </span>(4.0 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>mount<span class=\"_ _3\"></span>s <span class=\"_ _4\"></span>rec<span class=\"_ _3\"></span>ogni<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>in <span class=\"_ _4\"></span>co<span class=\"_ _3\"></span>mpre<span class=\"_ _3\"></span>hen<span class=\"_ _3\"></span>sive <span class=\"_ _4\"></span>in<span class=\"_ _3\"></span>come <span class=\"_ _146\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _179\"> </span>0<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3  <span class=\"_ _179\"> </span>0.<span class=\"_ _3\"></span>6  <span class=\"_ _10f\"> </span>7.8  <span class=\"_ _5b\"> </span>(0<span class=\"_ _3\"></span>.4 <span class=\"_ _0\"></span>) <span class=\"_ _12b\"> </span>8<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3<span class=\"_ _421\"> </span>Investment <span class=\"_ _3\"></span>components <span class=\"_ _d8\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _fe\"> </span>(6.1 <span class=\"_ _7\"></span>) <span class=\"_ _1b1\"> </span>6<span class=\"_ _3\"></span>.1  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span>Cash flows<span class=\"_ _421\"> </span>Pr<span class=\"_ _2\"></span>emiums <span class=\"_ _3\"></span>received <span class=\"_ _236\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _114\"> </span>20.2  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _114\"> </span>20.2<span class=\"_ _421\"> </span>Claims and other directly attributable e<span class=\"_ _2\"></span>xpenses paid <span class=\"_ _2e\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _12b\"> </span>(6<span class=\"_ _3\"></span>.7 <span class=\"_ _31\"></span>) <span class=\"_ _5b\"> </span>(8.9 <span class=\"_ _31\"></span>) <span class=\"_ _15b\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _f0\"> </span>(15.6 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ash <span class=\"_ _4\"></span>flo<span class=\"_ _3\"></span>ws <span class=\"_ _1a4\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _11b\"> </span>2<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>2  <span class=\"_ _152\"> </span>(6<span class=\"_ _3\"></span>.7 <span class=\"_ _7\"></span>) <span class=\"_ _2d\"> </span>(8<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9 <span class=\"_ _7\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _8f\"> </span>4<span class=\"_ _3\"></span>.6<span class=\"_ _421\"> </span>Insurance contrac<span class=\"_ _3\"></span>t liabilities as at 31 December 202<span class=\"_ _3\"></span>3 <span class=\"_ _14\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _e7\"> </span>1<span class=\"_ _3\"></span>33<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5 <span class=\"_ _a\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _152\"> </span>37<span class=\"_ _2\"></span>.1 <span class=\"_ _a\"></span> <span class=\"_ _57\"> </span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2 <span class=\"_ _a\"></span> <span class=\"_ _46\"> </span>1<span class=\"_ _3\"></span>71<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8<span class=\"_ _421\"> </span><span class=\"ff65 ls3 ws2\"></span><span class=\"ff65 ls3 ws2\">CHES<span class=\"_ _277\"></span>NAR<span class=\"_ _277\"></span>A<span class=\"_ _278\"></span>AN<span class=\"_ _277\"></span>NUAL<span class=\"_ _379\"></span>REPO<span class=\"_ _277\"></span>RT<span class=\"_ _27f\"></span>AND<span class=\"_ _3b0\"></span>ACCOUNT<span class=\"_ _27a\"></span>S<span class=\"_ _27b\"></span>20<span class=\"_ _2b5\"></span>23</span><span class=\"_ _3e1\"></span><span class=\"_ _421\"> </span>215<span class=\"_ _421\"> </span>IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS<span class=\"_ _421\"> </span>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<span class=\"_ _421\"> </span>SECTION F \u2013 INSURANCE AND REINSURANCE CONTRA<span class=\"_ _2\"></span>CTS <span class=\"_ _74\"> </span>F3 <span class=\"_ _4\"></span>Insurance and r<span class=\"_ _2\"></span>einsurance contr<span class=\"_ _2\"></span>acts \u2013 quantitative analysis of r<span class=\"_ _2\"></span>ecognised amounts \u2013 Mov<span class=\"_ _2\"></span>estic (continued)  (a) <span class=\"_ _3\"></span>Insurance contract balances \u2013 analysis b<span class=\"_ _2\"></span>y remaining co<span class=\"_ _2\"></span>ver<span class=\"_ _2\"></span>age and incur<span class=\"_ _2\"></span>red claims (continued) <span class=\"_ _23b\"> </span> <span class=\"_ _52\"> </span>Liabilities for incurred claims <span class=\"_ _23c\"> </span>Contracts under P<span class=\"_ _a\"></span>A<span class=\"_ _3\"></span>A <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _69\"> </span>Liab<span class=\"_ _3\"></span>ilities <span class=\"_ _3\"></span>for  <span class=\"_ _3d\"> </span>F<span class=\"_ _2\"></span>or <span class=\"_ _3\"></span>con<span class=\"_ _2\"></span>tracts<span class=\"_ _2\"></span>  <span class=\"_ _119\"> </span>PV <span class=\"_ _4\"></span>of  <span class=\"_ _73\"> </span>   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _6c\"> </span>rema<span class=\"_ _3\"></span>ining  <span class=\"_ _7f\"> </span>no<span class=\"_ _3\"></span>t <span class=\"_ _3\"></span>u<span class=\"_ _3\"></span>nder  <span class=\"_ _48\"> </span>future  <span class=\"_ _11b\"> </span>Ris<span class=\"_ _3\"></span>k   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _93\"> </span>c<span class=\"_ _3\"></span>overa<span class=\"_ _3\"></span>ge  <span class=\"_ _7b\"> </span>PA<span class=\"_ _3\"></span>A  <span class=\"_ _80\"> </span>c<span class=\"_ _3\"></span>as<span class=\"_ _3\"></span>h <span class=\"_ _3\"></span>fl<span class=\"_ _3\"></span>ows  <span class=\"_ _146\"> </span>adju<span class=\"_ _3\"></span>stm<span class=\"_ _3\"></span>ent  <span class=\"_ _28\"> </span>Total <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Insurance contrac<span class=\"_ _3\"></span>t liabilities as at 1<span class=\"_ _2\"></span> Januar<span class=\"_ _3\"></span>y 2022 <span class=\"_ _123\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _29\"> </span>1<span class=\"_ _3\"></span>38<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2 <span class=\"_ _a\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _1e1\"> </span>4<span class=\"_ _3\"></span>6.7 <span class=\"_ _a\"></span> <span class=\"_ _8f\"> </span>2<span class=\"_ _4\"></span>.2 <span class=\"_ _2\"></span> <span class=\"_ _150\"> </span>1<span class=\"_ _3\"></span>87.1<span class=\"_ _421\"> </span>Chan<span class=\"_ _3\"></span>ges i<span class=\"_ _3\"></span>n the s<span class=\"_ _3\"></span>tatem<span class=\"_ _3\"></span>ent o<span class=\"_ _3\"></span>f pro<span class=\"_ _3\"></span>fit and l<span class=\"_ _3\"></span>os<span class=\"_ _3\"></span>s<span class=\"_ _421\"> </span>Insurance revenue<span class=\"_ _421\"> </span>Contracts me<span class=\"_ _2\"></span>asured under the fair value approac<span class=\"_ _2\"></span>h <span class=\"_ _210\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _12b\"> </span>(0.7 <span class=\"_ _31\"></span>) <span class=\"_ _ae\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _12b\"> </span>(0.7 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Contracts me<span class=\"_ _2\"></span>asured under the full retrospective appr<span class=\"_ _2\"></span>oach <span class=\"_ _1\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _5b\"> </span>(1<span class=\"_ _4\"></span>1.9 <span class=\"_ _31\"></span>) <span class=\"_ _ae\"> </span>\u2013  <span class=\"_ _97\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _e9\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _114\"> </span>(1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.9 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>revenu<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>to<span class=\"_ _3\"></span>tal <span class=\"_ _1ed\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _45\"> </span>(<span class=\"_ _3\"></span>12<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>6 <span class=\"_ _7\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _44\"> </span>(<span class=\"_ _3\"></span>12<span class=\"_ _4\"></span>.6 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Insura<span class=\"_ _2\"></span>nce service e<span class=\"_ _a\"></span>xpenses<span class=\"_ _421\"> </span>Incurred <span class=\"_ _3\"></span>claims <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>other <span class=\"_ _3\"></span>directly <span class=\"_ _3\"></span>attributable <span class=\"_ _3\"></span>expenses <span class=\"_ _128\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _10e\"> </span>0.6  <span class=\"_ _152\"> </span>10.8  <span class=\"_ _20b\"> </span>0.1  <span class=\"_ _10f\"> </span>1<span class=\"_ _3\"></span>1.5<span class=\"_ _421\"> </span>Adjustments to liabilities for incur<span class=\"_ _2\"></span>red claims <span class=\"_ _83\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _12b\"> </span>(6.6 <span class=\"_ _31\"></span>) <span class=\"_ _5b\"> </span>(0.4 <span class=\"_ _31\"></span>) <span class=\"_ _14e\"> </span>(7<span class=\"_ _a\"></span>.0 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>ser<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>expen<span class=\"_ _3\"></span>se <span class=\"_ _4\"></span>tot<span class=\"_ _3\"></span>al <span class=\"_ _235\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _8f\"> </span>0<span class=\"_ _3\"></span>.6  <span class=\"_ _8f\"> </span>4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2  <span class=\"_ _14e\"> </span>(0.<span class=\"_ _4\"></span>3 <span class=\"_ _7\"></span>) <span class=\"_ _12b\"> </span>4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5<span class=\"_ _421\"> </span>Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>ser<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>resu<span class=\"_ _3\"></span>lt <span class=\"_ _d9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _44\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.6 <span class=\"_ _7\"></span>) <span class=\"_ _1b7\"> </span>0<span class=\"_ _3\"></span>.6  <span class=\"_ _8f\"> </span>4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2  <span class=\"_ _14e\"> </span>(0.<span class=\"_ _3\"></span>3 <span class=\"_ _0\"></span>) <span class=\"_ _14e\"> </span>(<span class=\"_ _3\"></span>8.<span class=\"_ _3\"></span>1 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Net finance expenses f<span class=\"_ _3\"></span>rom insurance contr<span class=\"_ _2\"></span>acts <span class=\"_ _152\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _2d\"> </span>(18.5 <span class=\"_ _7\"></span>) <span class=\"_ _ae\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _10f\"> </span>(1.7 <span class=\"_ _31\"></span>) <span class=\"_ _114\"> </span>(0.3 <span class=\"_ _7\"></span>) <span class=\"_ _46\"> </span>(20.5 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Effect of movements in e<span class=\"_ _2\"></span>xchange rat<span class=\"_ _2\"></span>es <span class=\"_ _a0\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _10f\"> </span>(3.1 <span class=\"_ _31\"></span>) <span class=\"_ _ae\"> </span>\u2013  <span class=\"_ _12e\"> </span>(1.0 <span class=\"_ _31\"></span>) <span class=\"_ _15b\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _179\"> </span>(4.1 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l amou<span class=\"_ _3\"></span>nts r<span class=\"_ _3\"></span>eco<span class=\"_ _3\"></span>gnis<span class=\"_ _3\"></span>ed in c<span class=\"_ _3\"></span>omp<span class=\"_ _3\"></span>rehe<span class=\"_ _3\"></span>nsi<span class=\"_ _3\"></span>ve inc<span class=\"_ _3\"></span>ome <span class=\"_ _6d\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _29\"> </span>(<span class=\"_ _3\"></span>34<span class=\"_ _3\"></span>.<span class=\"_ _4\"></span>2 <span class=\"_ _f\"></span>) <span class=\"_ _20a\"> </span>0.<span class=\"_ _3\"></span>6 <span class=\"_ _a\"></span> <span class=\"_ _57\"> </span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5 <span class=\"_ _a\"></span> <span class=\"_ _5b\"> </span>(0.<span class=\"_ _3\"></span>6 <span class=\"_ _f\"></span>) <span class=\"_ _29\"> </span>(3<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.7 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Investment <span class=\"_ _3\"></span>components <span class=\"_ _d8\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>(6.7 <span class=\"_ _0\"></span>) <span class=\"_ _179\"> </span>6.7  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span>Cash flows<span class=\"_ _421\"> </span>Pr<span class=\"_ _2\"></span>emiums <span class=\"_ _3\"></span>received <span class=\"_ _236\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>21.7  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _12e\"> </span>21.7<span class=\"_ _421\"> </span>Claims and other directly attributable e<span class=\"_ _2\"></span>xpenses paid <span class=\"_ _2e\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _165\"> </span>(7.3 <span class=\"_ _31\"></span>) <span class=\"_ _114\"> </span>(9.9 <span class=\"_ _31\"></span>) <span class=\"_ _15b\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _5b\"> </span>(17<span class=\"_ _a\"></span>.<span class=\"_ _3\"></span>2 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ash <span class=\"_ _4\"></span>flo<span class=\"_ _3\"></span>ws <span class=\"_ _1a4\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _152\"> </span>21<span class=\"_ _3\"></span>.7  <span class=\"_ _152\"> </span>(<span class=\"_ _3\"></span>7<span class=\"_ _2\"></span>.<span class=\"_ _3\"></span>3 <span class=\"_ _7\"></span>) <span class=\"_ _c2\"> </span>(9.<span class=\"_ _3\"></span>9 <span class=\"_ _7\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _8f\"> </span>4<span class=\"_ _3\"></span>.<span class=\"_ _4\"></span>5<span class=\"_ _421\"> </span>Insurance contrac<span class=\"_ _3\"></span>t liabilities as at 31 December 202<span class=\"_ _3\"></span>2 <span class=\"_ _14\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _46\"> </span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>9.0 <span class=\"_ _a\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _1e1\"> </span>38<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3 <span class=\"_ _a\"></span> <span class=\"_ _57\"> </span>1<span class=\"_ _3\"></span>.6 <span class=\"_ _a\"></span> <span class=\"_ _29\"> </span>1<span class=\"_ _3\"></span>58<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9<span class=\"_ _421\"> </span>The f<span class=\"_ _2\"></span>air value approach w<span class=\"_ _2\"></span>as applied to all insurance contracts not measured under P<span class=\"_ _a\"></span>AA in Movestic at transition. Note <span class=\"_ _2\"></span>A6(a) provides further details relating to fair v<span class=\"_ _2\"></span>alue methodology applied for contracts in Mo<span class=\"_ _2\"></span>vestic.<span class=\"_ _421\"> </span>216<span class=\"_ _d\"> </span><span class=\"ff67 ls3 ws2\">CHE<span class=\"_ _3\"></span>SNA<span class=\"_ _3\"></span>R<span class=\"_ _3\"></span>A ANNUAL R<span class=\"_ _3\"></span>EPORT A<span class=\"_ _3\"></span>ND ACCOU<span class=\"_ _3\"></span>NTS 2023<span class=\"_ _421\"> </span></span>IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS <span class=\"_ _e\"> </span>(b) <span class=\"_ _3\"></span>Insurance contract balances \u2013 analysis b<span class=\"_ _2\"></span>y measurement component \u2013 contr<span class=\"_ _2\"></span>acts not measur<span class=\"_ _2\"></span>ed under P<span class=\"_ _a\"></span>AA <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _e\"> </span>Pr<span class=\"_ _3\"></span>ese<span class=\"_ _3\"></span>nt <span class=\"_ _4\"></span>valu<span class=\"_ _3\"></span>e  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _127\"> </span>o<span class=\"_ _3\"></span>f <span class=\"_ _3\"></span>fu<span class=\"_ _3\"></span>ture  <span class=\"_ _11b\"> </span>Risk  <span class=\"_ _156\"> </span>   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _185\"> </span>ca<span class=\"_ _3\"></span>sh <span class=\"_ _4\"></span>flows  <span class=\"_ _146\"> </span>ad<span class=\"_ _3\"></span>jus<span class=\"_ _3\"></span>tme<span class=\"_ _3\"></span>nt  <span class=\"_ _44\"> </span>C<span class=\"_ _3\"></span>SM  <span class=\"_ _46\"> </span>T<span class=\"_ _a\"></span>o<span class=\"_ _3\"></span>tal <span class=\"_ _19e\"> </span> <span class=\"_ _3\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce con<span class=\"_ _3\"></span>trac<span class=\"_ _3\"></span>t li<span class=\"_ _3\"></span>abili<span class=\"_ _3\"></span>tie<span class=\"_ _3\"></span>s as at 1 Ja<span class=\"_ _3\"></span>nuar<span class=\"_ _3\"></span>y 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>3 <span class=\"_ _2e\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _150\"> </span>1<span class=\"_ _4\"></span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4 <span class=\"_ _0\"></span> <span class=\"_ _56\"> </span>1<span class=\"_ _3\"></span>.1 <span class=\"_ _a\"></span> <span class=\"_ _165\"> </span>4<span class=\"_ _3\"></span>.<span class=\"_ _4\"></span>5 <span class=\"_ _a\"></span> <span class=\"_ _14b\"> </span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>7<span class=\"_ _2\"></span>.0<span class=\"_ _421\"> </span>Changes that relate to cur<span class=\"_ _2\"></span>rent ser<span class=\"_ _3\"></span>vice<span class=\"_ _421\"> </span>CSM <span class=\"_ _3\"></span>recognised <span class=\"_ _3\"></span>for <span class=\"_ _3\"></span>services <span class=\"_ _3\"></span>provided <span class=\"_ _238\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _1b7\"> </span>(0.3 <span class=\"_ _0\"></span>) <span class=\"_ _14e\"> </span>(0.3 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>Change in risk adjustment for non-financial risk for risk e<span class=\"_ _2\"></span>xpired <span class=\"_ _165\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _e9\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _10f\"> </span>(0.1 <span class=\"_ _31\"></span>) <span class=\"_ _ae\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _179\"> </span>(0.1 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Experience a<span class=\"_ _3\"></span>djustments <span class=\"_ _22\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _57\"> </span>0.3  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _57\"> </span>0.3<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l chan<span class=\"_ _3\"></span>ges t<span class=\"_ _3\"></span>hat re<span class=\"_ _3\"></span>late to cu<span class=\"_ _3\"></span>rrent s<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _94\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _12e\"> </span>0.<span class=\"_ _4\"></span>3 <span class=\"_ _a\"></span> <span class=\"_ _12b\"> </span>(0<span class=\"_ _3\"></span>.1 <span class=\"_ _31\"></span>) <span class=\"_ _7b\"> </span>(0<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3 <span class=\"_ _31\"></span>) <span class=\"_ _5b\"> </span>(<span class=\"_ _3\"></span>0.1 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Changes that relate to future<span class=\"_ _2\"></span> ser<span class=\"_ _3\"></span>vice<span class=\"_ _421\"> </span>Changes in estimates that adjust the CSM <span class=\"_ _1cb\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _152\"> </span>(0.8 <span class=\"_ _31\"></span>) <span class=\"_ _57\"> </span>0.1 <span class=\"_ _a\"></span> <span class=\"_ _10e\"> </span>0.7 <span class=\"_ _a\"></span> <span class=\"_ _b9\"> </span>\u2013<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l chan<span class=\"_ _3\"></span>ges t<span class=\"_ _3\"></span>hat re<span class=\"_ _3\"></span>late to f<span class=\"_ _3\"></span>uture s<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _97\"> </span> <span class=\"_ _0\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _c2\"> </span>(0<span class=\"_ _3\"></span>.8 <span class=\"_ _31\"></span>) <span class=\"_ _8f\"> </span>0<span class=\"_ _3\"></span>.1 <span class=\"_ _a\"></span> <span class=\"_ _8f\"> </span>0.7 <span class=\"_ _a\"></span> <span class=\"_ _b9\"> </span>\u2013<span class=\"_ _421\"> </span>Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>ser<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>resu<span class=\"_ _3\"></span>lt <span class=\"_ _d9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _114\"> </span>(<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>5 <span class=\"_ _0\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _12e\"> </span>0.<span class=\"_ _3\"></span>4  <span class=\"_ _165\"> </span>(0<span class=\"_ _3\"></span>.1 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Net <span class=\"_ _3\"></span>finance <span class=\"_ _3\"></span>expenses <span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>rom <span class=\"_ _3\"></span>insurance <span class=\"_ _3\"></span>contracts <span class=\"_ _152\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _152\"> </span>14<span class=\"_ _3\"></span>.0  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _57\"> </span>0.2  <span class=\"_ _12b\"> </span>14.2<span class=\"_ _421\"> </span>Effect of movements in e<span class=\"_ _2\"></span>xchange rat<span class=\"_ _2\"></span>es <span class=\"_ _a0\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _1b7\"> </span>(2<span class=\"_ _3\"></span>.6 <span class=\"_ _31\"></span>) <span class=\"_ _ae\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _8f\"> </span>(0.1 <span class=\"_ _31\"></span>) <span class=\"_ _152\"> </span>(2.7 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>mount<span class=\"_ _3\"></span>s <span class=\"_ _4\"></span>rec<span class=\"_ _3\"></span>ogni<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>in <span class=\"_ _4\"></span>co<span class=\"_ _3\"></span>mpre<span class=\"_ _3\"></span>hen<span class=\"_ _3\"></span>sive <span class=\"_ _4\"></span>in<span class=\"_ _3\"></span>come <span class=\"_ _146\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5b\"> </span>1<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>9  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _179\"> </span>0.<span class=\"_ _3\"></span>5  <span class=\"_ _20a\"> </span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4 Cash flows<span class=\"_ _421\"> </span>Pr<span class=\"_ _2\"></span>emiums <span class=\"_ _3\"></span>received <span class=\"_ _236\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _10e\"> </span>9.8  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _57\"> </span>9.8<span class=\"_ _421\"> </span>Claims and other directly attributable e<span class=\"_ _2\"></span>xpenses paid <span class=\"_ _2e\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _12b\"> </span>(6<span class=\"_ _3\"></span>.7 <span class=\"_ _31\"></span>) <span class=\"_ _ae\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _12b\"> </span>(6<span class=\"_ _3\"></span>.7 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ash <span class=\"_ _4\"></span>flo<span class=\"_ _3\"></span>ws <span class=\"_ _1a4\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _94\"> </span>3<span class=\"_ _3\"></span>.1  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _94\"> </span>3<span class=\"_ _3\"></span>.1<span class=\"_ _421\"> </span>Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce con<span class=\"_ _3\"></span>trac<span class=\"_ _3\"></span>t li<span class=\"_ _3\"></span>abili<span class=\"_ _3\"></span>tie<span class=\"_ _3\"></span>s as at 3<span class=\"_ _3\"></span>1 Dec<span class=\"_ _3\"></span>emb<span class=\"_ _3\"></span>er 20<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>3 <span class=\"_ _6d\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _29\"> </span>1<span class=\"_ _3\"></span>25<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4 <span class=\"_ _a\"></span> <span class=\"_ _56\"> </span>1<span class=\"_ _3\"></span>.1 <span class=\"_ _a\"></span> <span class=\"_ _12e\"> </span>5<span class=\"_ _3\"></span>.0 <span class=\"_ _2\"></span> <span class=\"_ _14b\"> </span>1<span class=\"_ _3\"></span>31<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _e\"> </span>Pr<span class=\"_ _3\"></span>ese<span class=\"_ _3\"></span>nt <span class=\"_ _4\"></span>valu<span class=\"_ _3\"></span>e  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _127\"> </span>o<span class=\"_ _3\"></span>f <span class=\"_ _3\"></span>fu<span class=\"_ _3\"></span>ture  <span class=\"_ _11b\"> </span>Risk  <span class=\"_ _156\"> </span>   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _185\"> </span>ca<span class=\"_ _3\"></span>sh <span class=\"_ _4\"></span>flows  <span class=\"_ _146\"> </span>ad<span class=\"_ _3\"></span>jus<span class=\"_ _3\"></span>tme<span class=\"_ _3\"></span>nt  <span class=\"_ _44\"> </span>C<span class=\"_ _3\"></span>SM  <span class=\"_ _46\"> </span>T<span class=\"_ _a\"></span>o<span class=\"_ _3\"></span>tal <span class=\"_ _19e\"> </span> <span class=\"_ _3\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce con<span class=\"_ _3\"></span>trac<span class=\"_ _3\"></span>t li<span class=\"_ _3\"></span>abili<span class=\"_ _3\"></span>tie<span class=\"_ _3\"></span>s as at 1 Ja<span class=\"_ _3\"></span>nuar<span class=\"_ _3\"></span>y 2<span class=\"_ _3\"></span>022 <span class=\"_ _f1\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _29\"> </span>12<span class=\"_ _3\"></span>9<span class=\"_ _3\"></span>.4 <span class=\"_ _a\"></span> <span class=\"_ _10e\"> </span>1<span class=\"_ _3\"></span>.4 <span class=\"_ _2\"></span> <span class=\"_ _179\"> </span>5<span class=\"_ _3\"></span>.7 <span class=\"_ _a\"></span> <span class=\"_ _15c\"> </span>1<span class=\"_ _3\"></span>36<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5<span class=\"_ _421\"> </span>Changes that relate to cur<span class=\"_ _2\"></span>rent ser<span class=\"_ _3\"></span>vice<span class=\"_ _421\"> </span>CSM <span class=\"_ _3\"></span>recognised <span class=\"_ _3\"></span>for <span class=\"_ _3\"></span>services <span class=\"_ _3\"></span>provided <span class=\"_ _238\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _1b7\"> </span>(0.2 <span class=\"_ _0\"></span>) <span class=\"_ _14e\"> </span>(0.2 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Change in risk adjustment for non-financial risk for risk e<span class=\"_ _2\"></span>xpired <span class=\"_ _165\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _e9\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _10f\"> </span>(0.1 <span class=\"_ _31\"></span>) <span class=\"_ _ae\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _179\"> </span>(0.1 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Experience a<span class=\"_ _3\"></span>djustments <span class=\"_ _22\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _57\"> </span>0.2  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _57\"> </span>0.2<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l chan<span class=\"_ _3\"></span>ges t<span class=\"_ _3\"></span>hat re<span class=\"_ _3\"></span>late to cu<span class=\"_ _3\"></span>rrent s<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _94\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _12e\"> </span>0<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2 <span class=\"_ _a\"></span> <span class=\"_ _12b\"> </span>(0<span class=\"_ _3\"></span>.1 <span class=\"_ _31\"></span>) <span class=\"_ _7b\"> </span>(<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>2 <span class=\"_ _31\"></span>) <span class=\"_ _114\"> </span>(0.<span class=\"_ _3\"></span>1 <span class=\"_ _f\"></span>)<span class=\"_ _421\"> </span>Changes that relate to future<span class=\"_ _2\"></span> ser<span class=\"_ _3\"></span>vice<span class=\"_ _421\"> </span>Changes in estimates that adjust the CSM <span class=\"_ _1cb\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _17c\"> </span>1.1 <span class=\"_ _a\"></span> <span class=\"_ _12b\"> </span>(0.2 <span class=\"_ _31\"></span>) <span class=\"_ _114\"> </span>(0.9 <span class=\"_ _31\"></span>) <span class=\"_ _ae\"> </span>\u2013<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l chan<span class=\"_ _3\"></span>ges t<span class=\"_ _3\"></span>hat re<span class=\"_ _3\"></span>late to f<span class=\"_ _3\"></span>uture s<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _97\"> </span> <span class=\"_ _0\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _20b\"> </span>1<span class=\"_ _3\"></span>.1 <span class=\"_ _2\"></span> <span class=\"_ _5b\"> </span>(0.<span class=\"_ _3\"></span>2 <span class=\"_ _31\"></span>) <span class=\"_ _7b\"> </span>(0<span class=\"_ _3\"></span>.9 <span class=\"_ _31\"></span>) <span class=\"_ _ae\"> </span>\u2013<span class=\"_ _421\"> </span>Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>ser<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>resu<span class=\"_ _3\"></span>lt <span class=\"_ _d9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b1\"> </span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3  <span class=\"_ _114\"> </span>(<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>3 <span class=\"_ _7\"></span>) <span class=\"_ _8f\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.1 <span class=\"_ _7\"></span>) <span class=\"_ _152\"> </span>(0.<span class=\"_ _3\"></span>1 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Net <span class=\"_ _3\"></span>finance <span class=\"_ _3\"></span>expenses <span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>rom <span class=\"_ _3\"></span>insurance <span class=\"_ _3\"></span>contracts <span class=\"_ _152\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _c2\"> </span>(18.5 <span class=\"_ _0\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _c2\"> </span>(18.5 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>Effect of movements in e<span class=\"_ _2\"></span>xchange rat<span class=\"_ _2\"></span>es <span class=\"_ _a0\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _1b7\"> </span>(2.9 <span class=\"_ _7\"></span>) <span class=\"_ _ae\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _179\"> </span>(0.1 <span class=\"_ _31\"></span>) <span class=\"_ _114\"> </span>(3.0 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l amou<span class=\"_ _3\"></span>nts r<span class=\"_ _3\"></span>eco<span class=\"_ _3\"></span>gnis<span class=\"_ _3\"></span>ed in c<span class=\"_ _3\"></span>omp<span class=\"_ _3\"></span>rehe<span class=\"_ _3\"></span>nsi<span class=\"_ _3\"></span>ve inc<span class=\"_ _3\"></span>ome <span class=\"_ _6d\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _150\"> </span>(<span class=\"_ _3\"></span>20<span class=\"_ _3\"></span>.1 <span class=\"_ _31\"></span>) <span class=\"_ _7b\"> </span>(0<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3 <span class=\"_ _31\"></span>) <span class=\"_ _5b\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2 <span class=\"_ _31\"></span>) <span class=\"_ _28\"> </span>(2<span class=\"_ _3\"></span>1.<span class=\"_ _3\"></span>6 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Cash flows<span class=\"_ _421\"> </span>Pr<span class=\"_ _2\"></span>emiums <span class=\"_ _3\"></span>received <span class=\"_ _236\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _57\"> </span>9.<span class=\"_ _3\"></span>3  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _1a1\"> </span>9.3<span class=\"_ _421\"> </span>Claims and other directly attributable e<span class=\"_ _2\"></span>xpenses paid <span class=\"_ _2e\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _12e\"> </span>(7<span class=\"_ _a\"></span>.2 <span class=\"_ _31\"></span>) <span class=\"_ _15b\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _e9\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _12e\"> </span>(7<span class=\"_ _a\"></span>.<span class=\"_ _3\"></span>2 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ash <span class=\"_ _4\"></span>flo<span class=\"_ _3\"></span>ws <span class=\"_ _1a4\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _94\"> </span>2<span class=\"_ _3\"></span>.1  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _94\"> </span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>1<span class=\"_ _421\"> </span>Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce con<span class=\"_ _3\"></span>trac<span class=\"_ _3\"></span>t li<span class=\"_ _3\"></span>abili<span class=\"_ _3\"></span>tie<span class=\"_ _3\"></span>s as at 3<span class=\"_ _3\"></span>1 Dec<span class=\"_ _3\"></span>emb<span class=\"_ _3\"></span>er 20<span class=\"_ _3\"></span>22 <span class=\"_ _128\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _150\"> </span>1<span class=\"_ _4\"></span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4 <span class=\"_ _a\"></span> <span class=\"_ _20b\"> </span>1<span class=\"_ _3\"></span>.1 <span class=\"_ _2\"></span> <span class=\"_ _165\"> </span>4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5 <span class=\"_ _a\"></span> <span class=\"_ _14b\"> </span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>7.0<span class=\"_ _421\"> </span><span class=\"ff65 ls3 ws2\"></span><span class=\"ff65 ls3 ws2\">CHES<span class=\"_ _277\"></span>NAR<span class=\"_ _283\"></span>A<span class=\"_ _27e\"></span>AN<span class=\"_ _277\"></span>NUAL<span class=\"_ _370\"></span>REPO<span class=\"_ _284\"></span>RT<span class=\"_ _278\"></span>AND<span class=\"_ _3ad\"></span>ACCOUNT<span class=\"_ _27a\"></span>S<span class=\"_ _27b\"></span>20<span class=\"_ _2b5\"></span>23</span><span class=\"_ _3e3\"></span>217<span class=\"_ _421\"> </span>IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS<span class=\"_ _421\"> </span>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<span class=\"_ _421\"> </span>SECTION F \u2013 INSURANCE AND REINSURANCE CONTRA<span class=\"_ _2\"></span>CTS <span class=\"_ _74\"> </span>F3 <span class=\"_ _4\"></span>Insurance and r<span class=\"_ _2\"></span>einsurance contr<span class=\"_ _2\"></span>acts \u2013 quantitative analysis of r<span class=\"_ _2\"></span>ecognised amounts \u2013 Mov<span class=\"_ _2\"></span>estic (continued) <span class=\"_ _18\"> </span>(c) <span class=\"_ _4\"></span>Reinsurance contract balances \u2013 analysis b<span class=\"_ _2\"></span>y r<span class=\"_ _2\"></span>emaining cover<span class=\"_ _2\"></span>age and incur<span class=\"_ _a\"></span>red claims <span class=\"_ _23d\"> </span>Contracts under P<span class=\"_ _a\"></span>A<span class=\"_ _3\"></span>A <span class=\"_ _23e\"> </span>A<span class=\"_ _3\"></span>sse<span class=\"_ _3\"></span>ts f<span class=\"_ _3\"></span>or in<span class=\"_ _3\"></span>curre<span class=\"_ _3\"></span>d cla<span class=\"_ _3\"></span>ims <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _39\"> </span>As<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>ts <span class=\"_ _4\"></span>for  <span class=\"_ _42\"> </span>PV <span class=\"_ _4\"></span>of  <span class=\"_ _9f\"> </span>   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _6c\"> </span>remaining  <span class=\"_ _129\"> </span>future  <span class=\"_ _7b\"> </span>Risk   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _93\"> </span>c<span class=\"_ _3\"></span>overa<span class=\"_ _3\"></span>ge  <span class=\"_ _185\"> </span>ca<span class=\"_ _3\"></span>sh <span class=\"_ _4\"></span>flows  <span class=\"_ _146\"> </span>ad<span class=\"_ _3\"></span>jus<span class=\"_ _3\"></span>tme<span class=\"_ _3\"></span>nt  <span class=\"_ _28\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Rei<span class=\"_ _3\"></span>nsur<span class=\"_ _3\"></span>ance c<span class=\"_ _3\"></span>ontr<span class=\"_ _3\"></span>ac<span class=\"_ _3\"></span>t ass<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>s as at 1 J<span class=\"_ _3\"></span>anua<span class=\"_ _3\"></span>ry 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>3 <span class=\"_ _be\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _8f\"> </span>0.<span class=\"_ _3\"></span>3 <span class=\"_ _2\"></span> <span class=\"_ _114\"> </span>1<span class=\"_ _3\"></span>5.<span class=\"_ _3\"></span>2 <span class=\"_ _a\"></span> <span class=\"_ _8f\"> </span>0.<span class=\"_ _3\"></span>3 <span class=\"_ _a\"></span> <span class=\"_ _5b\"> </span>1<span class=\"_ _3\"></span>5.<span class=\"_ _3\"></span>8<span class=\"_ _421\"> </span>Reinsurance <span class=\"_ _3\"></span>expenses <span class=\"_ _3\"></span>\u2013 <span class=\"_ _3\"></span>allocation <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>reinsurance <span class=\"_ _e7\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12e\"> </span>(2.5 <span class=\"_ _0\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _12e\"> </span>(2.5 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>Amount<span class=\"_ _3\"></span>s recoverable from reinsurers<span class=\"_ _421\"> </span>Recov<span class=\"_ _2\"></span>eries of incurred claims and other directly at<span class=\"_ _2\"></span>tributable expenses <span class=\"_ _123\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _e9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _56\"> </span>3.1<span class=\"_ _3\"></span> <span class=\"_ _a\"></span> <span class=\"_ _5a\"> </span>0.1  <span class=\"_ _57\"> </span>3.<span class=\"_ _3\"></span>2<span class=\"_ _421\"> </span>Changes in the expected r<span class=\"_ _2\"></span>ecoveries f<span class=\"_ _2\"></span>or past claims <span class=\"_ _14f\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _e9\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _fe\"> </span>(1.2 <span class=\"_ _31\"></span>) <span class=\"_ _165\"> </span>(0.1 <span class=\"_ _31\"></span>) <span class=\"_ _165\"> </span>(1.<span class=\"_ _3\"></span>3 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Ne<span class=\"_ _3\"></span>t <span class=\"_ _3\"></span>(expe<span class=\"_ _3\"></span>nse<span class=\"_ _3\"></span>s)/inc<span class=\"_ _3\"></span>ome <span class=\"_ _4\"></span>from <span class=\"_ _4\"></span>re<span class=\"_ _3\"></span>insu<span class=\"_ _3\"></span>ranc<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ontra<span class=\"_ _3\"></span>ct<span class=\"_ _3\"></span>s <span class=\"_ _4\"></span>hel<span class=\"_ _3\"></span>d <span class=\"_ _0\"></span> <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14e\"> </span>(2<span class=\"_ _3\"></span>.<span class=\"_ _4\"></span>5 <span class=\"_ _7\"></span>) <span class=\"_ _10f\"> </span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _14e\"> </span>(0.<span class=\"_ _3\"></span>6 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Net <span class=\"_ _3\"></span>finance <span class=\"_ _3\"></span>expenses <span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>rom <span class=\"_ _3\"></span>reinsuranc<span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>contracts <span class=\"_ _119\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _fe\"> </span>0.8  <span class=\"_ _fe\"> </span>(0.1 <span class=\"_ _7\"></span>) <span class=\"_ _179\"> </span>0.7<span class=\"_ _421\"> </span>Effect <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>movements <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>exchange <span class=\"_ _3\"></span>rat<span class=\"_ _2\"></span>es <span class=\"_ _151\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _12b\"> </span>(0.4 <span class=\"_ _7\"></span>) <span class=\"_ _97\"> </span>\u2013  <span class=\"_ _20a\"> </span>(0.4 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l amou<span class=\"_ _3\"></span>nts r<span class=\"_ _3\"></span>eco<span class=\"_ _3\"></span>gnis<span class=\"_ _3\"></span>ed in c<span class=\"_ _3\"></span>omp<span class=\"_ _3\"></span>rehe<span class=\"_ _3\"></span>nsi<span class=\"_ _3\"></span>ve inc<span class=\"_ _3\"></span>ome <span class=\"_ _6d\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _114\"> </span>(2<span class=\"_ _3\"></span>.<span class=\"_ _4\"></span>5 <span class=\"_ _f\"></span>) <span class=\"_ _12b\"> </span>2<span class=\"_ _3\"></span>.<span class=\"_ _4\"></span>3 <span class=\"_ _a\"></span> <span class=\"_ _12b\"> </span>(0<span class=\"_ _3\"></span>.1 <span class=\"_ _31\"></span>) <span class=\"_ _7b\"> </span>(0<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Cash flows<span class=\"_ _421\"> </span>Pr<span class=\"_ _2\"></span>emiums <span class=\"_ _3\"></span>paid <span class=\"_ _4\"></span>net <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>ceding <span class=\"_ _3\"></span>commission <span class=\"_ _e5\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _56\"> </span>1.6  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _56\"> </span>1.6<span class=\"_ _421\"> </span>Recov<span class=\"_ _2\"></span>eries <span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>rom <span class=\"_ _3\"></span>reinsurance contacts <span class=\"_ _4\"></span>held <span class=\"_ _eb\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _12e\"> </span>(2.6 <span class=\"_ _7\"></span>) <span class=\"_ _97\"> </span>\u2013  <span class=\"_ _165\"> </span>(2.6 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ash <span class=\"_ _4\"></span>flo<span class=\"_ _3\"></span>ws <span class=\"_ _1a4\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b1\"> </span>1<span class=\"_ _3\"></span>.6  <span class=\"_ _14e\"> </span>(<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.6 <span class=\"_ _7\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _1b7\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.0 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>Rei<span class=\"_ _3\"></span>nsur<span class=\"_ _3\"></span>ance c<span class=\"_ _3\"></span>ontr<span class=\"_ _3\"></span>ac<span class=\"_ _3\"></span>t ass<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>s as at 3<span class=\"_ _3\"></span>1 De<span class=\"_ _3\"></span>cemb<span class=\"_ _3\"></span>er 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>3 <span class=\"_ _92\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _c2\"> </span>(<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>6 <span class=\"_ _31\"></span>) <span class=\"_ _45\"> </span>1<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9 <span class=\"_ _a\"></span> <span class=\"_ _12e\"> </span>0<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2 <span class=\"_ _a\"></span> <span class=\"_ _f0\"> </span>1<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5 <span class=\"_ _23d\"> </span>Contracts under P<span class=\"_ _a\"></span>A<span class=\"_ _3\"></span>A <span class=\"_ _23e\"> </span>A<span class=\"_ _3\"></span>sse<span class=\"_ _3\"></span>ts f<span class=\"_ _3\"></span>or in<span class=\"_ _3\"></span>curre<span class=\"_ _3\"></span>d cla<span class=\"_ _3\"></span>ims <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _39\"> </span>As<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>ts <span class=\"_ _4\"></span>for  <span class=\"_ _42\"> </span>PV <span class=\"_ _4\"></span>of  <span class=\"_ _9f\"> </span>   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _6c\"> </span>remaining  <span class=\"_ _129\"> </span>future  <span class=\"_ _7b\"> </span>Risk   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _93\"> </span>c<span class=\"_ _3\"></span>overa<span class=\"_ _3\"></span>ge  <span class=\"_ _185\"> </span>ca<span class=\"_ _3\"></span>sh <span class=\"_ _4\"></span>flows  <span class=\"_ _146\"> </span>ad<span class=\"_ _3\"></span>jus<span class=\"_ _3\"></span>tme<span class=\"_ _3\"></span>nt  <span class=\"_ _28\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Rei<span class=\"_ _3\"></span>nsur<span class=\"_ _3\"></span>ance c<span class=\"_ _3\"></span>ontr<span class=\"_ _3\"></span>ac<span class=\"_ _3\"></span>t ass<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>s as at 1 J<span class=\"_ _3\"></span>anua<span class=\"_ _3\"></span>ry 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2 <span class=\"_ _be\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _14e\"> </span>(0.<span class=\"_ _3\"></span>2 <span class=\"_ _f\"></span>) <span class=\"_ _11b\"> </span>18<span class=\"_ _3\"></span>.6 <span class=\"_ _a\"></span> <span class=\"_ _8f\"> </span>0<span class=\"_ _3\"></span>.6 <span class=\"_ _a\"></span> <span class=\"_ _5b\"> </span>19.0<span class=\"_ _421\"> </span>Reinsurance <span class=\"_ _3\"></span>expenses <span class=\"_ _3\"></span>\u2013 <span class=\"_ _3\"></span>allocation <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>reinsurance <span class=\"_ _e7\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12e\"> </span>(2.3 <span class=\"_ _0\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _12e\"> </span>(2.3 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>Amount<span class=\"_ _3\"></span>s recoverable from reinsurers<span class=\"_ _421\"> </span>Recov<span class=\"_ _2\"></span>eries of incurred claims and other directly at<span class=\"_ _2\"></span>tributable expenses <span class=\"_ _123\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _e9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _57\"> </span>2<span class=\"_ _3\"></span>.7  <span class=\"_ _b9\"> </span>\u2013  <span class=\"_ _10e\"> </span>2<span class=\"_ _3\"></span>.7<span class=\"_ _421\"> </span>Changes in the expected r<span class=\"_ _2\"></span>ecoveries f<span class=\"_ _2\"></span>or past claims <span class=\"_ _14f\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _e9\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _fe\"> </span>(3.1 <span class=\"_ _31\"></span>) <span class=\"_ _114\"> </span>(0.2 <span class=\"_ _7\"></span>) <span class=\"_ _152\"> </span>(3.3 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Ne<span class=\"_ _3\"></span>t (e<span class=\"_ _2\"></span>xp<span class=\"_ _3\"></span>ens<span class=\"_ _3\"></span>es)/i<span class=\"_ _3\"></span>ncom<span class=\"_ _3\"></span>e from re<span class=\"_ _3\"></span>ins<span class=\"_ _3\"></span>uranc<span class=\"_ _3\"></span>e cont<span class=\"_ _3\"></span>rac<span class=\"_ _3\"></span>ts h<span class=\"_ _3\"></span>eld <span class=\"_ _7\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _114\"> </span>(2<span class=\"_ _3\"></span>.<span class=\"_ _4\"></span>3 <span class=\"_ _31\"></span>) <span class=\"_ _45\"> </span>(0<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4 <span class=\"_ _f\"></span>) <span class=\"_ _11b\"> </span>(<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>2 <span class=\"_ _31\"></span>) <span class=\"_ _11b\"> </span>(2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Net finance expenses f<span class=\"_ _3\"></span>rom reinsuranc<span class=\"_ _2\"></span>e contracts <span class=\"_ _43\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _e9\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _152\"> </span>(0.4 <span class=\"_ _31\"></span>) <span class=\"_ _165\"> </span>(0.1 <span class=\"_ _31\"></span>) <span class=\"_ _114\"> </span>(0.5 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Effect <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>movements <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>exchange <span class=\"_ _3\"></span>rat<span class=\"_ _2\"></span>es <span class=\"_ _151\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _12b\"> </span>(0.4 <span class=\"_ _7\"></span>) <span class=\"_ _97\"> </span>\u2013  <span class=\"_ _20a\"> </span>(0.4 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l amou<span class=\"_ _3\"></span>nts r<span class=\"_ _3\"></span>eco<span class=\"_ _3\"></span>gnis<span class=\"_ _3\"></span>ed in c<span class=\"_ _3\"></span>omp<span class=\"_ _3\"></span>rehe<span class=\"_ _3\"></span>nsi<span class=\"_ _3\"></span>ve inc<span class=\"_ _3\"></span>ome <span class=\"_ _6d\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _114\"> </span>(2<span class=\"_ _3\"></span>.<span class=\"_ _4\"></span>3 <span class=\"_ _f\"></span>) <span class=\"_ _14e\"> </span>(1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2 <span class=\"_ _31\"></span>) <span class=\"_ _7b\"> </span>(<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>3 <span class=\"_ _31\"></span>) <span class=\"_ _11b\"> </span>(3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Cash flows<span class=\"_ _421\"> </span>Pr<span class=\"_ _2\"></span>emiums <span class=\"_ _3\"></span>paid <span class=\"_ _4\"></span>net <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>ceding <span class=\"_ _3\"></span>commission <span class=\"_ _e5\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _57\"> </span>2.8  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _57\"> </span>2.8<span class=\"_ _421\"> </span>Recov<span class=\"_ _2\"></span>eries <span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>rom <span class=\"_ _3\"></span>reinsurance contracts <span class=\"_ _3\"></span>held <span class=\"_ _1d0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _12e\"> </span>(2.2 <span class=\"_ _0\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _12e\"> </span>(2.2 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ash <span class=\"_ _4\"></span>flo<span class=\"_ _3\"></span>ws <span class=\"_ _1a4\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _179\"> </span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8  <span class=\"_ _14e\"> </span>(<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2 <span class=\"_ _7\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _179\"> </span>0<span class=\"_ _3\"></span>.6<span class=\"_ _421\"> </span>Rei<span class=\"_ _3\"></span>nsur<span class=\"_ _3\"></span>ance c<span class=\"_ _3\"></span>ontr<span class=\"_ _3\"></span>ac<span class=\"_ _3\"></span>t ass<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>s as at 3<span class=\"_ _3\"></span>1 De<span class=\"_ _3\"></span>cemb<span class=\"_ _3\"></span>er 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2 <span class=\"_ _92\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _12e\"> </span>0.<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span> <span class=\"_ _a\"></span> <span class=\"_ _5b\"> </span>1<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2 <span class=\"_ _a\"></span> <span class=\"_ _12e\"> </span>0.<span class=\"_ _4\"></span>3 <span class=\"_ _a\"></span> <span class=\"_ _c2\"> </span>1<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8<span class=\"_ _421\"> </span>218<span class=\"_ _d\"> </span><span class=\"ff67 ls3 ws2\">CHES<span class=\"_ _3\"></span>NAR<span class=\"_ _3\"></span>A AN<span class=\"_ _3\"></span>NUAL REPO<span class=\"_ _3\"></span>RT AND <span class=\"_ _3\"></span>ACCOUNT<span class=\"_ _3\"></span>S 20<span class=\"_ _2\"></span>23<span class=\"_ _421\"> </span></span>IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS <span class=\"_ _e\"> </span>(d) <span class=\"_ _3\"></span>Reinsurance contract balances \u2013 analysis b<span class=\"_ _2\"></span>y measurement component \u2013 contr<span class=\"_ _2\"></span>acts not measur<span class=\"_ _2\"></span>ed under P<span class=\"_ _a\"></span>AA All Mov<span class=\"_ _2\"></span>estic reinsurance is measured as P<span class=\"_ _a\"></span>AA, therefore no table is presented for analy<span class=\"_ _2\"></span>sis of reinsurance contracts b<span class=\"_ _2\"></span>y measurement component.  (e) <span class=\"_ _3\"></span>Insurance contracts r<span class=\"_ _2\"></span>ecognised in the per<span class=\"_ _2\"></span>iod<span class=\"_ _421\"> </span>There are no material ne<span class=\"_ _2\"></span>w insurance contracts recognised in the period for Mo<span class=\"_ _2\"></span>vestic. <span class=\"_ _10\"> </span>(f) <span class=\"_ _4\"></span>Reinsurance contr<span class=\"_ _2\"></span>acts recognised in the per<span class=\"_ _a\"></span>iod<span class=\"_ _421\"> </span>There are no material ne<span class=\"_ _2\"></span>w reinsurance contracts recognised in the period for Mo<span class=\"_ _2\"></span>vestic. <span class=\"_ _e\"> </span>(g) <span class=\"_ _3\"></span>Expected r<span class=\"_ _2\"></span>ecognition of CSM<span class=\"_ _421\"> </span>In the tables that follo<span class=\"_ _2\"></span>w the CSM accrues interest at the locked-in rate f<span class=\"_ _2\"></span>or GMM portfolios and at current rates f<span class=\"_ _2\"></span>or <span class=\"_ _a\"></span>VF<span class=\"_ _a\"></span>A portfolios from the balance sheet date and is then amortised based on the co<span class=\"_ _2\"></span>verage units of the contract groups to giv<span class=\"_ _2\"></span>e the timeline of the <span class=\"_ _2\"></span>expected recognition.<span class=\"_ _421\"> </span>31 December 2023 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _23a\"> </span>Insurance  <span class=\"_ _4a\"> </span>Reinsurance <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1c7\"> </span>contrac<span class=\"_ _3\"></span>ts  <span class=\"_ _1c7\"> </span>contrac<span class=\"_ _3\"></span>ts <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Not <span class=\"_ _3\"></span>later <span class=\"_ _3\"></span>than <span class=\"_ _3\"></span>one <span class=\"_ _3\"></span>year <span class=\"_ _dd\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _20b\"> </span>0.1  <span class=\"_ _e9\"> </span>\u2013<span class=\"_ _421\"> </span>Later than one ye<span class=\"_ _2\"></span>ar and not later than two y<span class=\"_ _2\"></span>ears <span class=\"_ _7b\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _10f\"> </span>0.2  <span class=\"_ _97\"> </span>\u2013<span class=\"_ _421\"> </span>Later than tw<span class=\"_ _2\"></span>o years and not lat<span class=\"_ _2\"></span>er than three years <span class=\"_ _14f\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _10e\"> </span>0.2 <span class=\"_ _a\"></span> <span class=\"_ _e9\"> </span>\u2013<span class=\"_ _421\"> </span>Later than three y<span class=\"_ _2\"></span>ears and not later than four y<span class=\"_ _2\"></span>ears <span class=\"_ _7c\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _10e\"> </span>0.2 <span class=\"_ _a\"></span> <span class=\"_ _e9\"> </span>\u2013<span class=\"_ _421\"> </span>Later than four y<span class=\"_ _2\"></span>ears and not later than fiv<span class=\"_ _2\"></span>e years <span class=\"_ _119\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _10e\"> </span>0.2 <span class=\"_ _a\"></span> <span class=\"_ _e9\"> </span>\u2013<span class=\"_ _421\"> </span>Later than five y<span class=\"_ _2\"></span>ears and not later than t<span class=\"_ _2\"></span>en years <span class=\"_ _150\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _fe\"> </span>0.9 <span class=\"_ _a\"></span> <span class=\"_ _e9\"> </span>\u2013<span class=\"_ _421\"> </span>Later <span class=\"_ _3\"></span>than <span class=\"_ _3\"></span>ten <span class=\"_ _3\"></span>years <span class=\"_ _b2\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b1\"> </span>3.2  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _179\"> </span>5<span class=\"_ _3\"></span>.0  <span class=\"_ _b4\"> </span>\u2013<span class=\"_ _421\"> </span>31 December 2022 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _23a\"> </span>Insurance  <span class=\"_ _4a\"> </span>Reinsurance <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1c7\"> </span>contrac<span class=\"_ _3\"></span>ts  <span class=\"_ _1c7\"> </span>contrac<span class=\"_ _3\"></span>ts <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Not <span class=\"_ _3\"></span>later <span class=\"_ _3\"></span>than <span class=\"_ _3\"></span>one <span class=\"_ _3\"></span>year <span class=\"_ _dd\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _20b\"> </span>0.1  <span class=\"_ _e9\"> </span>\u2013<span class=\"_ _421\"> </span>Later than one ye<span class=\"_ _2\"></span>ar and not later than two y<span class=\"_ _2\"></span>ears <span class=\"_ _7b\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _1b1\"> </span>0.1 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013<span class=\"_ _421\"> </span>Later than tw<span class=\"_ _2\"></span>o years and not lat<span class=\"_ _2\"></span>er than three years <span class=\"_ _14f\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _5a\"> </span>0.<span class=\"_ _2\"></span>1 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013<span class=\"_ _421\"> </span>Later than three y<span class=\"_ _2\"></span>ears and not later than four y<span class=\"_ _2\"></span>ears <span class=\"_ _7c\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _5a\"> </span>0.1 <span class=\"_ _a\"></span> <span class=\"_ _b9\"> </span>\u2013<span class=\"_ _421\"> </span>Later than four y<span class=\"_ _2\"></span>ears and not later than fiv<span class=\"_ _2\"></span>e years <span class=\"_ _119\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _5a\"> </span>0.<span class=\"_ _2\"></span>1 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013<span class=\"_ _421\"> </span>Later than five y<span class=\"_ _2\"></span>ears and not later than t<span class=\"_ _2\"></span>en years <span class=\"_ _150\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _10e\"> </span>0.7 <span class=\"_ _a\"></span> <span class=\"_ _b9\"> </span>\u2013<span class=\"_ _421\"> </span>Later <span class=\"_ _3\"></span>than <span class=\"_ _3\"></span>ten <span class=\"_ _3\"></span>years <span class=\"_ _b2\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b1\"> </span>3.3  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _8f\"> </span>4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5  <span class=\"_ _158\"> </span>\u2013 <span class=\"_ _e\"> </span>(h) <span class=\"_ _3\"></span>Analysis of claims development<span class=\"_ _421\"> </span>Gross of reinsurance <span class=\"_ _19e\"> </span>  <span class=\"_ _44\"> </span>2018  <span class=\"_ _44\"> </span>2019  <span class=\"_ _e7\"> </span>2020  <span class=\"_ _1e1\"> </span>2021  <span class=\"_ _46\"> </span>2022  <span class=\"_ _46\"> </span>2023 <span class=\"_ _19e\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Estimate of ultimat<span class=\"_ _2\"></span>es<span class=\"_ _421\"> </span>End <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>accident <span class=\"_ _3\"></span>year <span class=\"_ _1a8\"> </span>  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _1b7\"> </span>10.2  <span class=\"_ _57\"> </span>8.3  <span class=\"_ _1a1\"> </span>9.2<span class=\"_ _421\"> </span>One <span class=\"_ _3\"></span>year <span class=\"_ _3\"></span>later <span class=\"_ _1f6\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _20a\"> </span>10.0  <span class=\"_ _57\"> </span>8.5  <span class=\"_ _1b1\"> </span>7.5  Tw<span class=\"_ _2\"></span>o <span class=\"_ _3\"></span>years <span class=\"_ _3\"></span>later <span class=\"_ _1ac\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _14e\"> </span>1<span class=\"_ _3\"></span>0.0  <span class=\"_ _10e\"> </span>8.6<span class=\"_ _3\"></span>  <span class=\"_ _fe\"> </span>9.0  <span class=\"_ _9f\"> </span>  Three <span class=\"_ _3\"></span>years later <span class=\"_ _8d\"> </span>  <span class=\"_ _152\"> </span>14<span class=\"_ _3\"></span>.9  <span class=\"_ _1a1\"> </span>9.7  <span class=\"_ _1b1\"> </span>7<span class=\"_ _2\"></span>.2  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  Four <span class=\"_ _3\"></span>ye<span class=\"_ _2\"></span>ars <span class=\"_ _3\"></span>later <span class=\"_ _1a4\"> </span>  <span class=\"_ _20a\"> </span>14<span class=\"_ _3\"></span>.2  <span class=\"_ _1a1\"> </span>9.7  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  Five <span class=\"_ _3\"></span>ye<span class=\"_ _2\"></span>ars <span class=\"_ _3\"></span>later <span class=\"_ _58\"> </span>  <span class=\"_ _12e\"> </span>13.<span class=\"_ _2\"></span>7  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  Curr<span class=\"_ _2\"></span>ent <span class=\"_ _3\"></span>estimate <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>ultimate <span class=\"_ _3\"></span>claims <span class=\"_ _51\"> </span>  <span class=\"_ _12e\"> </span>13.7  <span class=\"_ _57\"> </span>9.7  <span class=\"_ _1b1\"> </span>7<span class=\"_ _2\"></span>.2  <span class=\"_ _57\"> </span>9.0  <span class=\"_ _1b1\"> </span>7<span class=\"_ _2\"></span>.5  <span class=\"_ _1a1\"> </span>9.2<span class=\"_ _421\"> </span>Cumulative <span class=\"_ _5\"> </span>payments <span class=\"_ _1b0\"> </span> <span class=\"_ _5\"> </span> <span class=\"_ _10f\"> </span>(9.7 ) <span class=\"_ _12e\"> </span>(7<span class=\"_ _2\"></span>.6 ) <span class=\"_ _10e\"> </span>(5.1 ) <span class=\"_ _10f\"> </span>(4.1 ) <span class=\"_ _20a\"> </span>(4.0 ) <span class=\"_ _12e\"> </span>(2.6 )<span class=\"_ _421\"> </span>In <span class=\"_ _3\"></span>balance <span class=\"_ _3\"></span>sheet <span class=\"_ _1ac\"> </span>  <span class=\"_ _fe\"> </span>4.0  <span class=\"_ _56\"> </span>2.1  <span class=\"_ _96\"> </span>2.1  <span class=\"_ _fe\"> </span>4<span class=\"_ _3\"></span>.9  <span class=\"_ _1a1\"> </span>3.5  <span class=\"_ _57\"> </span>6<span class=\"_ _3\"></span>.6<span class=\"_ _421\"> </span>Pr<span class=\"_ _2\"></span>ovision for accident ye<span class=\"_ _2\"></span>ars f<span class=\"_ _3\"></span>rom 2018 to 2023 <span class=\"_ _a7\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _14e\"> </span>23.2<span class=\"_ _421\"> </span>Pr<span class=\"_ _2\"></span>ovision <span class=\"_ _3\"></span>for <span class=\"_ _3\"></span>prior <span class=\"_ _3\"></span>years <span class=\"_ _192\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _1b7\"> </span>19.6<span class=\"_ _421\"> </span>Effect <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>discounting <span class=\"_ _23f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>(5.8 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>Gross <span class=\"_ _4\"></span>liability <span class=\"_ _4\"></span>in <span class=\"_ _3\"></span>balance <span class=\"_ _4\"></span>sheet <span class=\"_ _109\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _c2\"> </span>37<span class=\"_ _2\"></span>.0<span class=\"_ _421\"> </span><span class=\"ff65 ls3 ws2\"></span><span class=\"ff65 ls3 ws2\">CHES<span class=\"_ _283\"></span>NAR<span class=\"_ _277\"></span>A<span class=\"_ _278\"></span>AN<span class=\"_ _277\"></span>NUAL<span class=\"_ _35e\"></span>REPO<span class=\"_ _277\"></span>RT<span class=\"_ _287\"></span>AND<span class=\"_ _392\"></span>ACCOUNT<span class=\"_ _27a\"></span>S<span class=\"_ _27b\"></span>20<span class=\"_ _2b5\"></span>23</span><span class=\"_ _39a\"></span>219<span class=\"_ _421\"> </span>IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS<span class=\"_ _421\"> </span>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<span class=\"_ _421\"> </span>SECTION F \u2013 INSURANCE AND REINSURANCE CONTRA<span class=\"_ _2\"></span>CTS <span class=\"_ _74\"> </span>F3 <span class=\"_ _4\"></span>Insurance and r<span class=\"_ _2\"></span>einsurance contr<span class=\"_ _2\"></span>acts \u2013 quantitative analysis of r<span class=\"_ _2\"></span>ecognised amounts \u2013 Mov<span class=\"_ _2\"></span>estic (continued) <span class=\"_ _e\"> </span>(h) <span class=\"_ _3\"></span>Analysis of claims development (continued)<span class=\"_ _421\"> </span>Net of reinsurance <span class=\"_ _19e\"> </span>  <span class=\"_ _44\"> </span>2018  <span class=\"_ _44\"> </span>2019  <span class=\"_ _e7\"> </span>2020  <span class=\"_ _1e1\"> </span>2021  <span class=\"_ _46\"> </span>2022  <span class=\"_ _46\"> </span>2023 <span class=\"_ _19e\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Estimate of ultimat<span class=\"_ _2\"></span>es<span class=\"_ _421\"> </span>End <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>accident <span class=\"_ _3\"></span>year <span class=\"_ _1a8\"> </span>  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _1b1\"> </span>5.3  <span class=\"_ _1b1\"> </span>5.2<span class=\"_ _421\"> </span>One <span class=\"_ _3\"></span>year <span class=\"_ _3\"></span>later <span class=\"_ _1f6\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _57\"> </span>5.4  <span class=\"_ _fe\"> </span>4<span class=\"_ _3\"></span>.9  Tw<span class=\"_ _2\"></span>o <span class=\"_ _3\"></span>years <span class=\"_ _3\"></span>later <span class=\"_ _1ac\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _1a1\"> </span>5.<span class=\"_ _3\"></span>5  <span class=\"_ _57\"> </span>5.6<span class=\"_ _3\"></span>  <span class=\"_ _9f\"> </span>  Three <span class=\"_ _3\"></span>years later <span class=\"_ _8d\"> </span>  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _57\"> </span>3.<span class=\"_ _3\"></span>8  <span class=\"_ _10f\"> </span>4<span class=\"_ _3\"></span>.8  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  Four <span class=\"_ _3\"></span>ye<span class=\"_ _2\"></span>ars <span class=\"_ _3\"></span>later <span class=\"_ _1a4\"> </span>  <span class=\"_ _1b1\"> </span>7<span class=\"_ _2\"></span>.3  <span class=\"_ _1b1\"> </span>3.7  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  Five <span class=\"_ _3\"></span>ye<span class=\"_ _2\"></span>ars <span class=\"_ _3\"></span>later <span class=\"_ _58\"> </span>  <span class=\"_ _96\"> </span>7.<span class=\"_ _2\"></span>1  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  Curr<span class=\"_ _2\"></span>ent <span class=\"_ _3\"></span>estimate <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>ultimate <span class=\"_ _3\"></span>claims <span class=\"_ _51\"> </span>  <span class=\"_ _a6\"> </span>7<span class=\"_ _2\"></span>.1  <span class=\"_ _1a1\"> </span>3.7  <span class=\"_ _fe\"> </span>4.8  <span class=\"_ _1b1\"> </span>5.6  <span class=\"_ _fe\"> </span>4.9  <span class=\"_ _1b1\"> </span>5.2<span class=\"_ _421\"> </span>Cumulative <span class=\"_ _5\"> </span>payments <span class=\"_ _1b0\"> </span> <span class=\"_ _5\"> </span> <span class=\"_ _179\"> </span>(4.3 ) <span class=\"_ _12e\"> </span>(2.9 ) <span class=\"_ _12e\"> </span>(3.5 ) <span class=\"_ _1b7\"> </span>(3.0 ) <span class=\"_ _165\"> </span>(3.0 ) <span class=\"_ _10f\"> </span>(1.8 )<span class=\"_ _421\"> </span>In <span class=\"_ _3\"></span>balance <span class=\"_ _3\"></span>sheet <span class=\"_ _1ac\"> </span>  <span class=\"_ _57\"> </span>2.8  <span class=\"_ _fe\"> </span>0.8  <span class=\"_ _96\"> </span>1.3  <span class=\"_ _1a1\"> </span>2.6  <span class=\"_ _20b\"> </span>1.9  <span class=\"_ _57\"> </span>3.4<span class=\"_ _421\"> </span>Pr<span class=\"_ _2\"></span>ovision for accident ye<span class=\"_ _2\"></span>ars f<span class=\"_ _3\"></span>rom 2018 to 2023 <span class=\"_ _a7\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _12b\"> </span>12.8<span class=\"_ _421\"> </span>Pr<span class=\"_ _2\"></span>ovision <span class=\"_ _3\"></span>for <span class=\"_ _3\"></span>prior <span class=\"_ _3\"></span>years <span class=\"_ _192\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _12b\"> </span>13.4<span class=\"_ _421\"> </span>Effect <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>discounting <span class=\"_ _23f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12e\"> </span>(3.5 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>Net <span class=\"_ _4\"></span>liability <span class=\"_ _4\"></span>in <span class=\"_ _3\"></span>balance <span class=\"_ _4\"></span>sheet <span class=\"_ _163\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _c2\"> </span>22<span class=\"_ _3\"></span>.7<span class=\"_ _421\"> </span>The inf<span class=\"_ _2\"></span>ormation in the tables abov<span class=\"_ _2\"></span>e is presented on an undiscounted basis. <span class=\"_ _74\"> </span>F4 <span class=\"_ _4\"></span>Insurance and r<span class=\"_ _2\"></span>einsurance contr<span class=\"_ _2\"></span>acts \u2013 quantitative analysis of r<span class=\"_ _2\"></span>ecognised amounts \u2013 <span class=\"_ _0\"></span>W<span class=\"_ _a\"></span>aard Group  (a) <span class=\"_ _3\"></span>Insurance contract balances \u2013 analysis b<span class=\"_ _2\"></span>y remaining co<span class=\"_ _2\"></span>ver<span class=\"_ _2\"></span>age and incur<span class=\"_ _2\"></span>red claims <span class=\"_ _233\"> </span>Liabilities for <span class=\"ls2 ws2\"> </span> <span class=\"_ _234\"> </span>remaining coverage <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _39\"> </span>Excluding  <span class=\"_ _9f\"> </span>  <span class=\"_ _1c7\"> </span>Liabilities   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5b\"> </span>loss  <span class=\"_ _45\"> </span>L<span class=\"_ _3\"></span>oss  <span class=\"_ _6d\"> </span>for <span class=\"_ _4\"></span>incu<span class=\"_ _3\"></span>rred   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _146\"> </span>component  <span class=\"_ _128\"> </span>component  <span class=\"_ _76\"> </span>claims  <span class=\"_ _28\"> </span>T<span class=\"_ _a\"></span>otal <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Insurance contrac<span class=\"_ _3\"></span>t liabilities as at 1<span class=\"_ _2\"></span> Januar<span class=\"_ _3\"></span>y 202<span class=\"_ _3\"></span>3 <span class=\"_ _1c6\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _43\"> </span>447.<span class=\"_ _2\"></span>7 <span class=\"_ _a\"></span> <span class=\"_ _10f\"> </span>7.3 <span class=\"_ _a\"></span> <span class=\"_ _8f\"> </span>8<span class=\"_ _3\"></span>.7 <span class=\"_ _a\"></span> <span class=\"_ _43\"> </span>463<span class=\"_ _3\"></span>.7<span class=\"_ _421\"> </span>Chan<span class=\"_ _3\"></span>ges i<span class=\"_ _3\"></span>n the s<span class=\"_ _3\"></span>tatem<span class=\"_ _3\"></span>ent o<span class=\"_ _3\"></span>f pro<span class=\"_ _3\"></span>fit and l<span class=\"_ _3\"></span>os<span class=\"_ _3\"></span>s<span class=\"_ _421\"> </span>Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>revenu<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>to<span class=\"_ _3\"></span>tal <span class=\"_ _1ed\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1e1\"> </span>(3<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>.1 <span class=\"_ _7\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _1e1\"> </span>(<span class=\"_ _3\"></span>36<span class=\"_ _3\"></span>.1 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Insura<span class=\"_ _2\"></span>nce service e<span class=\"_ _a\"></span>xpenses<span class=\"_ _421\"> </span>Incurred claims and other dir<span class=\"_ _2\"></span>ectly attributable expenses <span class=\"_ _f9\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _fe\"> </span>(2.1 <span class=\"_ _31\"></span>) <span class=\"_ _f0\"> </span>32.5 <span class=\"_ _2\"></span> <span class=\"_ _f0\"> </span>30.4<span class=\"_ _421\"> </span>Losses and rev<span class=\"_ _2\"></span>ersals of losses on onerous contracts <span class=\"_ _7c\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _10e\"> </span>7.<span class=\"_ _2\"></span>4 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _10e\"> </span>7.4<span class=\"_ _421\"> </span>Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>ser<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>expen<span class=\"_ _3\"></span>se <span class=\"_ _4\"></span>tot<span class=\"_ _3\"></span>al <span class=\"_ _235\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _10f\"> </span>5<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3  <span class=\"_ _2d\"> </span>3<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5  <span class=\"_ _f0\"> </span>3<span class=\"_ _3\"></span>7<span class=\"_ _2\"></span>.<span class=\"_ _3\"></span>8<span class=\"_ _421\"> </span>Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>ser<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>resu<span class=\"_ _3\"></span>lt <span class=\"_ _d9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1e1\"> </span>(3<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>.1 <span class=\"_ _7\"></span>) <span class=\"_ _165\"> </span>5<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3  <span class=\"_ _f0\"> </span>32<span class=\"_ _3\"></span>.<span class=\"_ _4\"></span>5  <span class=\"_ _94\"> </span>1<span class=\"_ _3\"></span>.7<span class=\"_ _421\"> </span>Net <span class=\"_ _3\"></span>finance <span class=\"_ _3\"></span>expenses <span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>rom <span class=\"_ _3\"></span>insurance <span class=\"_ _3\"></span>contracts <span class=\"_ _152\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _c2\"> </span>49.4  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _5b\"> </span>49<span class=\"_ _2\"></span>.4<span class=\"_ _421\"> </span>Effect of movements in e<span class=\"_ _2\"></span>xchange rat<span class=\"_ _2\"></span>es <span class=\"_ _a0\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _14e\"> </span>(1<span class=\"_ _3\"></span>1.3 <span class=\"_ _7\"></span>) <span class=\"_ _114\"> </span>(0.2 <span class=\"_ _31\"></span>) <span class=\"_ _114\"> </span>(0.2 <span class=\"_ _31\"></span>) <span class=\"_ _c2\"> </span>(1<span class=\"_ _3\"></span>1.7 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>mount<span class=\"_ _3\"></span>s <span class=\"_ _4\"></span>rec<span class=\"_ _3\"></span>ogni<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>in <span class=\"_ _4\"></span>co<span class=\"_ _3\"></span>mpre<span class=\"_ _3\"></span>hen<span class=\"_ _3\"></span>sive <span class=\"_ _4\"></span>in<span class=\"_ _3\"></span>come <span class=\"_ _146\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _179\"> </span>2<span class=\"_ _4\"></span>.0  <span class=\"_ _94\"> </span>5<span class=\"_ _3\"></span>.1  <span class=\"_ _2d\"> </span>3<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3  <span class=\"_ _11b\"> </span>39<span class=\"_ _3\"></span>.4<span class=\"_ _421\"> </span>Investment <span class=\"_ _3\"></span>components <span class=\"_ _d8\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _c2\"> </span>(62<span class=\"_ _3\"></span>.1 <span class=\"_ _7\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _165\"> </span>62.1  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span>Cash flows<span class=\"_ _421\"> </span>Pr<span class=\"_ _2\"></span>emiums <span class=\"_ _3\"></span>received <span class=\"_ _236\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _152\"> </span>37<span class=\"_ _2\"></span>.6  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _20a\"> </span>37<span class=\"_ _a\"></span>.6<span class=\"_ _421\"> </span>Claims and other directly attributable e<span class=\"_ _2\"></span>xpenses paid <span class=\"_ _2e\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013  <span class=\"_ _14b\"> </span>(92.0 <span class=\"_ _7\"></span>) <span class=\"_ _28\"> </span>(92.0 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Acquisitions <span class=\"_ _22d\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _46\"> </span>336.6  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _14b\"> </span>336.6<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ash <span class=\"_ _4\"></span>flo<span class=\"_ _3\"></span>ws <span class=\"_ _1a4\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _119\"> </span>374<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _28\"> </span>(9<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.0 <span class=\"_ _7\"></span>) <span class=\"_ _2a\"> </span>28<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2<span class=\"_ _421\"> </span>Insurance contrac<span class=\"_ _3\"></span>t liabilities as at 31 December 202<span class=\"_ _3\"></span>3 <span class=\"_ _14\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _42\"> </span>76<span class=\"_ _3\"></span>1.<span class=\"_ _3\"></span>8 <span class=\"_ _a\"></span> <span class=\"_ _c2\"> </span>12<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4 <span class=\"_ _a\"></span> <span class=\"_ _8f\"> </span>1<span class=\"_ _4\"></span>1.1 <span class=\"_ _a\"></span> <span class=\"_ _43\"> </span>785<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3<span class=\"_ _421\"> </span>220<span class=\"_ _18\"> </span><span class=\"ff67 ls3 ws2\">C<span class=\"_ _3\"></span>HESN<span class=\"_ _3\"></span>AR<span class=\"_ _3\"></span>A AN<span class=\"_ _3\"></span>NUAL REPOR<span class=\"_ _3\"></span>T AND <span class=\"_ _3\"></span>ACCOUNT<span class=\"_ _3\"></span>S 20<span class=\"_ _2\"></span>23<span class=\"_ _421\"> </span></span>IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS <span class=\"_ _233\"> </span>Liabilities for <span class=\"ls2 ws2\"> </span> <span class=\"_ _234\"> </span>remaining coverage <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _39\"> </span>Excluding  <span class=\"_ _9f\"> </span>  <span class=\"_ _1c7\"> </span>Liabilities   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5b\"> </span>loss  <span class=\"_ _45\"> </span>L<span class=\"_ _3\"></span>oss  <span class=\"_ _6d\"> </span>for <span class=\"_ _4\"></span>incu<span class=\"_ _3\"></span>rred   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _146\"> </span>component  <span class=\"_ _128\"> </span>component  <span class=\"_ _76\"> </span>claims  <span class=\"_ _28\"> </span>T<span class=\"_ _a\"></span>otal <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Insurance contrac<span class=\"_ _3\"></span>t liabilities as at 1<span class=\"_ _2\"></span> Januar<span class=\"_ _3\"></span>y 2022 <span class=\"_ _123\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _46\"> </span>375.1 <span class=\"_ _2\"></span> <span class=\"_ _1b7\"> </span>4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8 <span class=\"_ _0\"></span> <span class=\"_ _165\"> </span>6<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4 <span class=\"_ _a\"></span> <span class=\"_ _2a\"> </span>3<span class=\"_ _3\"></span>86<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3<span class=\"_ _421\"> </span>Chan<span class=\"_ _3\"></span>ges i<span class=\"_ _3\"></span>n the s<span class=\"_ _3\"></span>tatem<span class=\"_ _3\"></span>ent o<span class=\"_ _3\"></span>f pro<span class=\"_ _3\"></span>fit and l<span class=\"_ _3\"></span>os<span class=\"_ _3\"></span>s <span class=\"_ _57\"> </span> <span class=\"_ _0\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>revenu<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>to<span class=\"_ _3\"></span>tal <span class=\"_ _1ed\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _150\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>.9 <span class=\"_ _7\"></span>) <span class=\"_ _97\"> </span>\u2013  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _150\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>6.<span class=\"_ _3\"></span>9 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Insura<span class=\"_ _2\"></span>nce service e<span class=\"_ _a\"></span>xpenses<span class=\"_ _421\"> </span>Incurred claims and other dir<span class=\"_ _2\"></span>ectly attributable expenses <span class=\"_ _f9\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _1b1\"> </span>(1.1 <span class=\"_ _31\"></span>) <span class=\"_ _14e\"> </span>15.7 <span class=\"_ _2\"></span> <span class=\"_ _152\"> </span>14.6<span class=\"_ _421\"> </span>Losses and rev<span class=\"_ _2\"></span>ersals of losses on onerous contracts <span class=\"_ _7c\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _57\"> </span>3.2 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013  <span class=\"_ _10e\"> </span>3.<span class=\"_ _3\"></span>2<span class=\"_ _421\"> </span>Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>ser<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>expen<span class=\"_ _3\"></span>se <span class=\"_ _4\"></span>tot<span class=\"_ _3\"></span>al <span class=\"_ _235\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _1b1\"> </span>2<span class=\"_ _4\"></span>.1  <span class=\"_ _14e\"> </span>1<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>.7  <span class=\"_ _114\"> </span>1<span class=\"_ _3\"></span>7.8<span class=\"_ _421\"> </span>Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>ser<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>resu<span class=\"_ _3\"></span>lt <span class=\"_ _d9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _150\"> </span>(<span class=\"_ _3\"></span>16<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9 <span class=\"_ _7\"></span>) <span class=\"_ _10e\"> </span>2<span class=\"_ _3\"></span>.1  <span class=\"_ _152\"> </span>15<span class=\"_ _3\"></span>.7  <span class=\"_ _8f\"> </span>0<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9<span class=\"_ _421\"> </span>Net <span class=\"_ _3\"></span>finance <span class=\"_ _3\"></span>expenses <span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>rom <span class=\"_ _3\"></span>insurance <span class=\"_ _3\"></span>contracts <span class=\"_ _152\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _f0\"> </span>(91.0 <span class=\"_ _7\"></span>) <span class=\"_ _97\"> </span>\u2013  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _f0\"> </span>(91.0 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Effect <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>movements <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>exchange <span class=\"_ _3\"></span>rat<span class=\"_ _2\"></span>es <span class=\"_ _151\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14e\"> </span>23.0  <span class=\"_ _fe\"> </span>0.4  <span class=\"_ _10f\"> </span>0.4  <span class=\"_ _114\"> </span>23.8<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>mount<span class=\"_ _3\"></span>s <span class=\"_ _4\"></span>rec<span class=\"_ _3\"></span>ogni<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>in <span class=\"_ _4\"></span>co<span class=\"_ _3\"></span>mpre<span class=\"_ _3\"></span>hen<span class=\"_ _3\"></span>sive <span class=\"_ _4\"></span>in<span class=\"_ _3\"></span>come <span class=\"_ _146\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _15c\"> </span>(8<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9 <span class=\"_ _7\"></span>) <span class=\"_ _165\"> </span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5  <span class=\"_ _165\"> </span>1<span class=\"_ _3\"></span>6.<span class=\"_ _3\"></span>1  <span class=\"_ _e7\"> </span>(6<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Investment <span class=\"_ _3\"></span>components <span class=\"_ _d8\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _c2\"> </span>(56<span class=\"_ _3\"></span>.1 <span class=\"_ _7\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _165\"> </span>56.1  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span>Cash flows<span class=\"_ _421\"> </span>Pr<span class=\"_ _2\"></span>emiums <span class=\"_ _3\"></span>received <span class=\"_ _236\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _152\"> </span>32.5  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _152\"> </span>32.5<span class=\"_ _421\"> </span>Claims and other directly attributable e<span class=\"_ _2\"></span>xpenses paid <span class=\"_ _2e\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013  <span class=\"_ _150\"> </span>(69.9 <span class=\"_ _31\"></span>) <span class=\"_ _28\"> </span>(69.9 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Acquisitions <span class=\"_ _22d\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _152\"> </span>181.1  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _152\"> </span>181.1<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ash <span class=\"_ _4\"></span>flo<span class=\"_ _3\"></span>ws <span class=\"_ _1a4\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _28\"> </span>2<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>3.<span class=\"_ _3\"></span>6  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _28\"> </span>(69<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9 <span class=\"_ _7\"></span>) <span class=\"_ _119\"> </span>14<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>.7<span class=\"_ _421\"> </span>Insurance contrac<span class=\"_ _3\"></span>t liabilities as at 31 December 202<span class=\"_ _3\"></span>2 <span class=\"_ _14\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _43\"> </span>447<span class=\"_ _2\"></span>.7 <span class=\"_ _a\"></span> <span class=\"_ _10f\"> </span>7<span class=\"_ _2\"></span>.<span class=\"_ _3\"></span>3 <span class=\"_ _a\"></span> <span class=\"_ _8f\"> </span>8<span class=\"_ _3\"></span>.7 <span class=\"_ _a\"></span> <span class=\"_ _2a\"> </span>4<span class=\"_ _3\"></span>63<span class=\"_ _3\"></span>.7<span class=\"_ _421\"> </span>F<span class=\"_ _2\"></span>or the <span class=\"_ _0\"></span>Waard Group, the full retrospectiv<span class=\"_ _2\"></span>e approach at transition has been applied to all insurance contracts.<span class=\"_ _421\"> </span><span class=\"ff65 ls3 ws2\"></span><span class=\"ff65 ls3 ws2\">CHES<span class=\"_ _277\"></span>NAR<span class=\"_ _277\"></span>A<span class=\"_ _278\"></span>AN<span class=\"_ _283\"></span>NUAL<span class=\"_ _379\"></span>REPO<span class=\"_ _279\"></span>RT<span class=\"_ _278\"></span>AND<span class=\"_ _3b0\"></span>ACCOUNT<span class=\"_ _279\"></span>S<span class=\"_ _27b\"></span>20<span class=\"_ _2b5\"></span>23</span><span class=\"_ _3e0\"></span><span class=\"_ _421\"> </span>221<span class=\"_ _421\"> </span>IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS<span class=\"_ _421\"> </span>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<span class=\"_ _421\"> </span>SECTION F \u2013 INSURANCE AND REINSURANCE CONTRA<span class=\"_ _2\"></span>CTS <span class=\"_ _74\"> </span>F4 <span class=\"_ _4\"></span>Insurance and r<span class=\"_ _2\"></span>einsurance contr<span class=\"_ _2\"></span>acts \u2013 quantitative analysis of r<span class=\"_ _2\"></span>ecognised amounts \u2013 <span class=\"_ _0\"></span>W<span class=\"_ _a\"></span>aard Group (continued) <span class=\"_ _e\"> </span>(b) <span class=\"_ _3\"></span>Insurance contract balances \u2013 analysis b<span class=\"_ _2\"></span>y measurement component \u2013 contr<span class=\"_ _2\"></span>acts not measur<span class=\"_ _2\"></span>ed under P<span class=\"_ _a\"></span>AA (continued) <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _e\"> </span>Pr<span class=\"_ _3\"></span>ese<span class=\"_ _3\"></span>nt <span class=\"_ _4\"></span>valu<span class=\"_ _3\"></span>e  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _127\"> </span>o<span class=\"_ _3\"></span>f <span class=\"_ _3\"></span>fu<span class=\"_ _3\"></span>ture  <span class=\"_ _11b\"> </span>Risk  <span class=\"_ _156\"> </span>   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _185\"> </span>ca<span class=\"_ _3\"></span>sh <span class=\"_ _4\"></span>flows  <span class=\"_ _146\"> </span>ad<span class=\"_ _3\"></span>jus<span class=\"_ _3\"></span>tme<span class=\"_ _3\"></span>nt  <span class=\"_ _44\"> </span>C<span class=\"_ _3\"></span>SM  <span class=\"_ _46\"> </span>T<span class=\"_ _a\"></span>o<span class=\"_ _3\"></span>tal <span class=\"_ _19e\"> </span> <span class=\"_ _3\"></span> <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce con<span class=\"_ _3\"></span>trac<span class=\"_ _3\"></span>t li<span class=\"_ _3\"></span>abili<span class=\"_ _3\"></span>tie<span class=\"_ _3\"></span>s as at 1 Ja<span class=\"_ _3\"></span>nuar<span class=\"_ _3\"></span>y 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>3 <span class=\"_ _2e\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _2a\"> </span>4<span class=\"_ _3\"></span>39<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3 <span class=\"_ _a\"></span> <span class=\"_ _179\"> </span>3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2 <span class=\"_ _a\"></span> <span class=\"_ _5b\"> </span>2<span class=\"_ _3\"></span>1.<span class=\"_ _3\"></span>2 <span class=\"_ _2\"></span> <span class=\"_ _2a\"> </span>4<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>3.7<span class=\"_ _421\"> </span>Changes that relate to cur<span class=\"_ _2\"></span>rent ser<span class=\"_ _3\"></span>vice<span class=\"_ _421\"> </span>CSM <span class=\"_ _3\"></span>recognised <span class=\"_ _3\"></span>for <span class=\"_ _3\"></span>services <span class=\"_ _3\"></span>provided <span class=\"_ _238\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _165\"> </span>(7.<span class=\"_ _2\"></span>0 <span class=\"_ _0\"></span>) <span class=\"_ _152\"> </span>(7<span class=\"_ _a\"></span>.0 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>Change in risk adjustment for non-financial risk for risk e<span class=\"_ _2\"></span>xpired <span class=\"_ _165\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _e9\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _20a\"> </span>(0.9 <span class=\"_ _31\"></span>) <span class=\"_ _15b\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _20a\"> </span>(0.9 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Experience a<span class=\"_ _3\"></span>djustments <span class=\"_ _22\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1a1\"> </span>2.<span class=\"_ _3\"></span>3  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _1b1\"> </span>2.<span class=\"_ _3\"></span>3<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l chan<span class=\"_ _3\"></span>ges t<span class=\"_ _3\"></span>hat re<span class=\"_ _3\"></span>late to cu<span class=\"_ _3\"></span>rrent s<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _94\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _8f\"> </span>2<span class=\"_ _3\"></span>.<span class=\"_ _4\"></span>3 <span class=\"_ _a\"></span> <span class=\"_ _c2\"> </span>(0<span class=\"_ _3\"></span>.9 <span class=\"_ _31\"></span>) <span class=\"_ _2d\"> </span>(<span class=\"_ _3\"></span>7<span class=\"_ _2\"></span>.0 <span class=\"_ _31\"></span>) <span class=\"_ _11b\"> </span>(<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>.6 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Changes that relate to future<span class=\"_ _2\"></span> ser<span class=\"_ _3\"></span>vice<span class=\"_ _421\"> </span>Contracts <span class=\"_ _3\"></span>initially <span class=\"_ _3\"></span>recognised <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>period <span class=\"_ _a4\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _7b\"> </span>(52.6 <span class=\"_ _0\"></span>) <span class=\"_ _12e\"> </span>6.4  <span class=\"_ _5b\"> </span>46.2  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span>Changes in estimates that adjust the CSM <span class=\"_ _1cb\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _2d\"> </span>(15.4 <span class=\"_ _31\"></span>) <span class=\"_ _152\"> </span>(2.2 <span class=\"_ _7\"></span>) <span class=\"_ _14e\"> </span>17<span class=\"_ _2\"></span>.6 <span class=\"_ _a\"></span> <span class=\"_ _e9\"> </span>\u2013<span class=\"_ _421\"> </span>Changes in estimates that result in losses or r<span class=\"_ _2\"></span>eversals of losses <span class=\"ls2\"> </span>on <span class=\"_ _3\"></span>onerous <span class=\"_ _3\"></span>underlying <span class=\"_ _3\"></span>contracts <span class=\"_ _1fd\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1a1\"> </span>6.7  <span class=\"_ _10e\"> </span>0.6  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _94\"> </span>7.3<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l chan<span class=\"_ _3\"></span>ges t<span class=\"_ _3\"></span>hat re<span class=\"_ _3\"></span>late to f<span class=\"_ _3\"></span>uture s<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _97\"> </span> <span class=\"_ _0\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _150\"> </span>(61<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3 <span class=\"_ _31\"></span>) <span class=\"_ _14e\"> </span>4<span class=\"_ _3\"></span>.8 <span class=\"_ _2\"></span> <span class=\"_ _45\"> </span>6<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8 <span class=\"_ _0\"></span> <span class=\"_ _10f\"> </span>7.<span class=\"_ _3\"></span>3<span class=\"_ _421\"> </span>Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>ser<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>resu<span class=\"_ _3\"></span>lt <span class=\"_ _d9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _28\"> </span>(5<span class=\"_ _3\"></span>9.<span class=\"_ _3\"></span>0 <span class=\"_ _7\"></span>) <span class=\"_ _165\"> </span>3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9  <span class=\"_ _7b\"> </span>5<span class=\"_ _3\"></span>6.<span class=\"_ _3\"></span>8  <span class=\"_ _94\"> </span>1<span class=\"_ _3\"></span>.7<span class=\"_ _421\"> </span>Net <span class=\"_ _3\"></span>finance <span class=\"_ _3\"></span>expenses <span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>rom <span class=\"_ _3\"></span>insurance <span class=\"_ _3\"></span>contracts <span class=\"_ _152\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5b\"> </span>46.6  <span class=\"_ _5a\"> </span>1.0  <span class=\"_ _5a\"> </span>1.8  <span class=\"_ _c2\"> </span>49.4<span class=\"_ _421\"> </span>Effect of movements in e<span class=\"_ _2\"></span>xchange rat<span class=\"_ _2\"></span>es <span class=\"_ _a0\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _1b7\"> </span>(9.9 <span class=\"_ _31\"></span>) <span class=\"_ _114\"> </span>(0.2 <span class=\"_ _31\"></span>) <span class=\"_ _165\"> </span>(<span class=\"_ _3\"></span>1.6 <span class=\"_ _31\"></span>) <span class=\"_ _2d\"> </span>(1<span class=\"_ _4\"></span>1.7 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>mount<span class=\"_ _3\"></span>s <span class=\"_ _4\"></span>rec<span class=\"_ _3\"></span>ogni<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>in <span class=\"_ _4\"></span>co<span class=\"_ _3\"></span>mpre<span class=\"_ _3\"></span>hen<span class=\"_ _3\"></span>sive <span class=\"_ _4\"></span>in<span class=\"_ _3\"></span>come <span class=\"_ _146\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _46\"> </span>(<span class=\"_ _3\"></span>22<span class=\"_ _4\"></span>.<span class=\"_ _3\"></span>3 <span class=\"_ _7\"></span>) <span class=\"_ _1b7\"> </span>4<span class=\"_ _3\"></span>.7  <span class=\"_ _f0\"> </span>57.0  <span class=\"_ _11b\"> </span>39.<span class=\"_ _3\"></span>4<span class=\"_ _421\"> </span>Cash flows<span class=\"_ _421\"> </span>Pr<span class=\"_ _2\"></span>emiums <span class=\"_ _3\"></span>received <span class=\"_ _236\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _152\"> </span>37<span class=\"_ _2\"></span>.6  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _20a\"> </span>37<span class=\"_ _a\"></span>.6<span class=\"_ _421\"> </span>Claims and other directly attributable e<span class=\"_ _2\"></span>xpenses paid <span class=\"_ _2e\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _150\"> </span>(92.0 <span class=\"_ _31\"></span>) <span class=\"_ _ae\"> </span>\u2013  <span class=\"_ _97\"> </span>\u2013  <span class=\"_ _14b\"> </span>(92.0 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Acquisitions <span class=\"_ _22d\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _46\"> </span>336.6  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _14b\"> </span>336.6<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ash <span class=\"_ _4\"></span>flo<span class=\"_ _3\"></span>ws <span class=\"_ _1a4\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _119\"> </span>28<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _a3\"> </span>2<span class=\"_ _3\"></span>82<span class=\"_ _4\"></span>.<span class=\"_ _3\"></span>2<span class=\"_ _421\"> </span>Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce con<span class=\"_ _3\"></span>trac<span class=\"_ _3\"></span>t li<span class=\"_ _3\"></span>abili<span class=\"_ _3\"></span>tie<span class=\"_ _3\"></span>s as at 3<span class=\"_ _3\"></span>1 Dec<span class=\"_ _3\"></span>emb<span class=\"_ _3\"></span>er 20<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>3 <span class=\"_ _6d\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _43\"> </span>699<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2 <span class=\"_ _a\"></span> <span class=\"_ _179\"> </span>7.9 <span class=\"_ _a\"></span> <span class=\"_ _7b\"> </span>78<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2 <span class=\"_ _a\"></span> <span class=\"_ _43\"> </span>785<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3<span class=\"_ _421\"> </span>The contracts initially recognised in the period relates to the acquisition <span class=\"_ _2\"></span>of Conservatrix.<span class=\"_ _421\"> </span>222<span class=\"_ _14c\"> </span><span class=\"ff67 ls3 ws2\">CHES<span class=\"_ _3\"></span>NAR<span class=\"_ _3\"></span>A A<span class=\"_ _3\"></span>NNUAL REPO<span class=\"_ _3\"></span>RT AND <span class=\"_ _3\"></span>ACCOUN<span class=\"_ _3\"></span>TS 20<span class=\"_ _2\"></span>23<span class=\"_ _421\"> </span></span>IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _e\"> </span>Pr<span class=\"_ _3\"></span>ese<span class=\"_ _3\"></span>nt <span class=\"_ _4\"></span>valu<span class=\"_ _3\"></span>e  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _127\"> </span>o<span class=\"_ _3\"></span>f <span class=\"_ _3\"></span>fu<span class=\"_ _3\"></span>ture  <span class=\"_ _11b\"> </span>Risk  <span class=\"_ _156\"> </span>   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _185\"> </span>ca<span class=\"_ _3\"></span>sh <span class=\"_ _4\"></span>flows  <span class=\"_ _146\"> </span>ad<span class=\"_ _3\"></span>jus<span class=\"_ _3\"></span>tme<span class=\"_ _3\"></span>nt  <span class=\"_ _44\"> </span>C<span class=\"_ _3\"></span>SM  <span class=\"_ _46\"> </span>T<span class=\"_ _a\"></span>o<span class=\"_ _3\"></span>tal <span class=\"_ _19e\"> </span> <span class=\"_ _3\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce con<span class=\"_ _3\"></span>trac<span class=\"_ _3\"></span>t li<span class=\"_ _3\"></span>abili<span class=\"_ _3\"></span>tie<span class=\"_ _3\"></span>s as at 1 Ja<span class=\"_ _3\"></span>nuar<span class=\"_ _3\"></span>y 2<span class=\"_ _3\"></span>022 <span class=\"_ _f1\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _43\"> </span>3<span class=\"_ _3\"></span>70.<span class=\"_ _3\"></span>5 <span class=\"_ _a\"></span> <span class=\"_ _12e\"> </span>3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8 <span class=\"_ _a\"></span> <span class=\"_ _c2\"> </span>1<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.0 <span class=\"_ _a\"></span> <span class=\"_ _240\"> </span>38<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3<span class=\"_ _421\"> </span>Changes that relate to cur<span class=\"_ _2\"></span>rent ser<span class=\"_ _3\"></span>vice<span class=\"_ _421\"> </span>CSM <span class=\"_ _3\"></span>recognised <span class=\"_ _3\"></span>for <span class=\"_ _3\"></span>services <span class=\"_ _3\"></span>provided <span class=\"_ _238\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _12e\"> </span>(3.7 <span class=\"_ _7\"></span>) <span class=\"_ _20a\"> </span>(3.7 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>Change in risk adjustment for non-financial risk for risk e<span class=\"_ _2\"></span>xpired <span class=\"_ _165\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _e9\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _12b\"> </span>(0.6 <span class=\"_ _31\"></span>) <span class=\"_ _ae\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _20a\"> </span>(0.6 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Experience a<span class=\"_ _3\"></span>djustments <span class=\"_ _22\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _56\"> </span>2.1  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _96\"> </span>2.1<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l chan<span class=\"_ _3\"></span>ges t<span class=\"_ _3\"></span>hat re<span class=\"_ _3\"></span>late to cu<span class=\"_ _3\"></span>rrent s<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _94\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _1a1\"> </span>2<span class=\"_ _3\"></span>.1 <span class=\"_ _a\"></span> <span class=\"_ _5b\"> </span>(0<span class=\"_ _3\"></span>.6 <span class=\"_ _31\"></span>) <span class=\"_ _2d\"> </span>(<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>.7 <span class=\"_ _f\"></span>) <span class=\"_ _2d\"> </span>(<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Changes that relate to future<span class=\"_ _2\"></span> ser<span class=\"_ _3\"></span>vice<span class=\"_ _421\"> </span>Contracts <span class=\"_ _3\"></span>initially <span class=\"_ _3\"></span>recognised <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>period <span class=\"_ _a4\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b7\"> </span>(2<span class=\"_ _3\"></span>.4 <span class=\"_ _7\"></span>) <span class=\"_ _12e\"> </span>0.4  <span class=\"_ _56\"> </span>2.1  <span class=\"_ _5a\"> </span>0.1<span class=\"_ _421\"> </span>Changes in estimates that adjust the CSM <span class=\"_ _1cb\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _7b\"> </span>(14<span class=\"_ _3\"></span>.8 <span class=\"_ _31\"></span>) <span class=\"_ _1a1\"> </span>5.1 <span class=\"_ _2\"></span> <span class=\"_ _57\"> </span>9.<span class=\"_ _2\"></span>7 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 Changes in estimates that result in losses or r<span class=\"_ _2\"></span>eversals of losses <span class=\"ls2\"> </span>on <span class=\"_ _3\"></span>onerous <span class=\"_ _3\"></span>underlying <span class=\"_ _3\"></span>contracts <span class=\"_ _1fd\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b1\"> </span>7<span class=\"_ _2\"></span>.9  <span class=\"_ _12b\"> </span>(4.9 <span class=\"_ _0\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _57\"> </span>3.0<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l chan<span class=\"_ _3\"></span>ges t<span class=\"_ _3\"></span>hat re<span class=\"_ _3\"></span>late to f<span class=\"_ _3\"></span>uture s<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _97\"> </span> <span class=\"_ _0\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _5b\"> </span>(<span class=\"_ _3\"></span>9.<span class=\"_ _3\"></span>3 <span class=\"_ _31\"></span>) <span class=\"_ _152\"> </span>0<span class=\"_ _3\"></span>.6 <span class=\"_ _a\"></span> <span class=\"_ _152\"> </span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.8 <span class=\"_ _2\"></span> <span class=\"_ _1a1\"> </span>3<span class=\"_ _3\"></span>.1<span class=\"_ _421\"> </span>Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>ser<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>resu<span class=\"_ _3\"></span>lt <span class=\"_ _d9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _20a\"> </span>(7.<span class=\"_ _3\"></span>2 <span class=\"_ _7\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _1a1\"> </span>8<span class=\"_ _3\"></span>.1  <span class=\"_ _179\"> </span>0.<span class=\"_ _3\"></span>9<span class=\"_ _421\"> </span>Net finance expenses f<span class=\"_ _3\"></span>rom insurance contr<span class=\"_ _2\"></span>acts <span class=\"_ _152\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _14b\"> </span>(90.3 <span class=\"_ _7\"></span>) <span class=\"_ _c2\"> </span>(0.8 <span class=\"_ _7\"></span>) <span class=\"_ _10e\"> </span>0.1 <span class=\"_ _a\"></span> <span class=\"_ _2d\"> </span>(91.0 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Effect <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>movements <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>exchange <span class=\"_ _3\"></span>rat<span class=\"_ _2\"></span>es <span class=\"_ _151\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14e\"> </span>22<span class=\"_ _3\"></span>.6  <span class=\"_ _10e\"> </span>0.2  <span class=\"_ _5a\"> </span>1.0  <span class=\"_ _114\"> </span>23.<span class=\"_ _3\"></span>8<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l amou<span class=\"_ _3\"></span>nts r<span class=\"_ _3\"></span>eco<span class=\"_ _3\"></span>gnis<span class=\"_ _3\"></span>ed in c<span class=\"_ _3\"></span>omp<span class=\"_ _3\"></span>rehe<span class=\"_ _3\"></span>nsi<span class=\"_ _3\"></span>ve inc<span class=\"_ _3\"></span>ome <span class=\"_ _6d\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _15c\"> </span>(74<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9 <span class=\"_ _f\"></span>) <span class=\"_ _11b\"> </span>(0<span class=\"_ _3\"></span>.6 <span class=\"_ _31\"></span>) <span class=\"_ _20a\"> </span>9<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2 <span class=\"_ _a\"></span> <span class=\"_ _15c\"> </span>(6<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Cash flows<span class=\"_ _421\"> </span>Pr<span class=\"_ _2\"></span>emiums <span class=\"_ _3\"></span>received <span class=\"_ _236\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _152\"> </span>32.5  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _152\"> </span>32.5<span class=\"_ _421\"> </span>Claims and other directly attributable e<span class=\"_ _2\"></span>xpenses paid <span class=\"_ _2e\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _150\"> </span>(69.9 <span class=\"_ _31\"></span>) <span class=\"_ _15b\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _b9\"> </span>\u2013  <span class=\"_ _150\"> </span>(69.9 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Acquisitions <span class=\"_ _22d\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14e\"> </span>1<span class=\"_ _3\"></span>81.1  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _152\"> </span>181.1<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ash <span class=\"_ _4\"></span>flo<span class=\"_ _3\"></span>ws <span class=\"_ _1a4\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _28\"> </span>14<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>.7  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _28\"> </span>14<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>.7<span class=\"_ _421\"> </span>Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce con<span class=\"_ _3\"></span>trac<span class=\"_ _3\"></span>t li<span class=\"_ _3\"></span>abili<span class=\"_ _3\"></span>tie<span class=\"_ _3\"></span>s as at 3<span class=\"_ _3\"></span>1 Dec<span class=\"_ _3\"></span>emb<span class=\"_ _3\"></span>er 20<span class=\"_ _3\"></span>22 <span class=\"_ _128\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _2a\"> </span>4<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>9.<span class=\"_ _3\"></span>3 <span class=\"_ _a\"></span> <span class=\"_ _179\"> </span>3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2 <span class=\"_ _a\"></span> <span class=\"_ _5b\"> </span>2<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2 <span class=\"_ _a\"></span> <span class=\"_ _240\"> </span>46<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>.7<span class=\"_ _421\"> </span>The contracts initially recognised in the period relates to the acquisition <span class=\"_ _2\"></span>of Robein in 2022. <span class=\"_ _18\"> </span>(c) <span class=\"_ _4\"></span>Reinsurance contract balances \u2013 analysis b<span class=\"_ _2\"></span>y r<span class=\"_ _2\"></span>emaining cover<span class=\"_ _2\"></span>age and incur<span class=\"_ _a\"></span>red claims <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _39\"> </span>Assets <span class=\"_ _4\"></span>for<span class=\"_ _2\"></span>  <span class=\"_ _39\"> </span>Asset<span class=\"_ _3\"></span>s<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>for <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _6c\"> </span>remaining  <span class=\"_ _33\"> </span>incurred <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1f9\"> </span>cover<span class=\"_ _3\"></span>age  <span class=\"_ _210\"> </span>cl<span class=\"_ _3\"></span>aims  <span class=\"_ _46\"> </span>T<span class=\"_ _a\"></span>o<span class=\"_ _3\"></span>tal <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Rei<span class=\"_ _3\"></span>nsur<span class=\"_ _3\"></span>ance c<span class=\"_ _3\"></span>ontr<span class=\"_ _3\"></span>ac<span class=\"_ _3\"></span>t ass<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>s as at 1 J<span class=\"_ _3\"></span>anua<span class=\"_ _3\"></span>ry 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>3 <span class=\"_ _be\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _57\"> </span>1.<span class=\"_ _3\"></span>6 <span class=\"_ _a\"></span> <span class=\"_ _57\"> </span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9 <span class=\"_ _a\"></span> <span class=\"_ _179\"> </span>3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5<span class=\"_ _421\"> </span>Reinsurance expenses \u2013 allocation of r<span class=\"_ _2\"></span>einsurance premiums paid <span class=\"_ _e7\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _20a\"> </span>(3.0 <span class=\"_ _31\"></span>) <span class=\"_ _ae\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _12b\"> </span>(3.0 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Amount<span class=\"_ _3\"></span>s recoverable from reinsurers<span class=\"_ _421\"> </span>Recov<span class=\"_ _2\"></span>eries of incurred claims and other directly at<span class=\"_ _2\"></span>tributable expenses <span class=\"_ _123\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _fe\"> </span>3.4<span class=\"_ _3\"></span> <span class=\"_ _2\"></span> <span class=\"_ _10e\"> </span>3.4<span class=\"_ _421\"> </span>Ne<span class=\"_ _3\"></span>t <span class=\"_ _3\"></span>(expe<span class=\"_ _3\"></span>nse<span class=\"_ _3\"></span>s)/inc<span class=\"_ _3\"></span>ome <span class=\"_ _4\"></span>from <span class=\"_ _4\"></span>re<span class=\"_ _3\"></span>insu<span class=\"_ _3\"></span>ranc<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ontra<span class=\"_ _3\"></span>ct<span class=\"_ _3\"></span>s <span class=\"_ _4\"></span>hel<span class=\"_ _3\"></span>d <span class=\"_ _0\"></span> <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _114\"> </span>(<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>.0 <span class=\"_ _7\"></span>) <span class=\"_ _1b7\"> </span>3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4  <span class=\"_ _12e\"> </span>0.<span class=\"_ _3\"></span>4<span class=\"_ _421\"> </span>Net <span class=\"_ _3\"></span>finance <span class=\"_ _3\"></span>expenses <span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>rom <span class=\"_ _3\"></span>reinsuranc<span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>contracts <span class=\"_ _119\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5a\"> </span>0.1  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _5a\"> </span>0.1<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>mount<span class=\"_ _3\"></span>s <span class=\"_ _4\"></span>rec<span class=\"_ _3\"></span>ogni<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>in <span class=\"_ _4\"></span>co<span class=\"_ _3\"></span>mpre<span class=\"_ _3\"></span>hen<span class=\"_ _3\"></span>sive <span class=\"_ _4\"></span>in<span class=\"_ _3\"></span>come <span class=\"_ _146\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _114\"> </span>(<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9 <span class=\"_ _7\"></span>) <span class=\"_ _12b\"> </span>3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4  <span class=\"_ _179\"> </span>0.<span class=\"_ _4\"></span>5<span class=\"_ _421\"> </span>Cash flows<span class=\"_ _421\"> </span>Pr<span class=\"_ _2\"></span>emiums <span class=\"_ _3\"></span>paid <span class=\"_ _1eb\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5a\"> </span>4.1  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _5a\"> </span>4.1<span class=\"_ _421\"> </span>Recov<span class=\"_ _2\"></span>eries <span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>rom <span class=\"_ _3\"></span>reinsurance contracts <span class=\"_ _3\"></span>held <span class=\"_ _1d0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _12e\"> </span>(3.7 <span class=\"_ _0\"></span>) <span class=\"_ _20a\"> </span>(3.7 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ash <span class=\"_ _4\"></span>flo<span class=\"_ _3\"></span>ws <span class=\"_ _1a4\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1a1\"> </span>4<span class=\"_ _3\"></span>.1  <span class=\"_ _152\"> </span>(<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>.7 <span class=\"_ _7\"></span>) <span class=\"_ _152\"> </span>0<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4<span class=\"_ _421\"> </span>Rei<span class=\"_ _3\"></span>nsur<span class=\"_ _3\"></span>ance c<span class=\"_ _3\"></span>ontr<span class=\"_ _3\"></span>ac<span class=\"_ _3\"></span>t ass<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>s as at 3<span class=\"_ _3\"></span>1 De<span class=\"_ _3\"></span>cemb<span class=\"_ _3\"></span>er 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>3 <span class=\"_ _92\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _12e\"> </span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8 <span class=\"_ _2\"></span> <span class=\"_ _57\"> </span>1<span class=\"_ _3\"></span>.6 <span class=\"_ _a\"></span> <span class=\"_ _1b7\"> </span>4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4<span class=\"_ _421\"> </span><span class=\"ff65 ls3 ws2\"></span><span class=\"ff65 ls3 ws2\">CHES<span class=\"_ _277\"></span>NAR<span class=\"_ _277\"></span>A<span class=\"_ _278\"></span>AN<span class=\"_ _283\"></span>NUAL<span class=\"_ _379\"></span>REPO<span class=\"_ _279\"></span>RT<span class=\"_ _278\"></span>AND<span class=\"_ _3b0\"></span>ACCOUNT<span class=\"_ _279\"></span>S<span class=\"_ _27b\"></span>20<span class=\"_ _2b5\"></span>23</span><span class=\"_ _3e5\"></span>223<span class=\"_ _421\"> </span>IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS<span class=\"_ _421\"> </span>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<span class=\"_ _421\"> </span>SECTION F \u2013 INSURANCE AND REINSURANCE CONTRA<span class=\"_ _2\"></span>CTS <span class=\"_ _74\"> </span>F4 <span class=\"_ _4\"></span>Insurance and r<span class=\"_ _2\"></span>einsurance contr<span class=\"_ _2\"></span>acts \u2013 quantitative analysis of r<span class=\"_ _2\"></span>ecognised amounts \u2013 <span class=\"_ _0\"></span>W<span class=\"_ _a\"></span>aard Group (continued) <span class=\"_ _18\"> </span>(c) <span class=\"_ _4\"></span>Reinsurance contract balances \u2013 analysis b<span class=\"_ _2\"></span>y r<span class=\"_ _2\"></span>emaining cover<span class=\"_ _2\"></span>age and incur<span class=\"_ _a\"></span>red claims (continued) <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _39\"> </span>Assets <span class=\"_ _4\"></span>for<span class=\"_ _2\"></span>  <span class=\"_ _39\"> </span>Asset<span class=\"_ _3\"></span>s <span class=\"_ _3\"></span>for <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _6c\"> </span>remaining  <span class=\"_ _33\"> </span>incurred <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1f9\"> </span>cover<span class=\"_ _3\"></span>age  <span class=\"_ _210\"> </span>cl<span class=\"_ _3\"></span>aims  <span class=\"_ _46\"> </span>T<span class=\"_ _a\"></span>o<span class=\"_ _3\"></span>tal <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Rei<span class=\"_ _3\"></span>nsur<span class=\"_ _3\"></span>ance c<span class=\"_ _3\"></span>ontr<span class=\"_ _3\"></span>ac<span class=\"_ _3\"></span>t ass<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>s as at 1 J<span class=\"_ _3\"></span>anua<span class=\"_ _3\"></span>ry 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2 <span class=\"_ _be\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _8f\"> </span>3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span> <span class=\"_ _a\"></span> <span class=\"_ _8f\"> </span>2<span class=\"_ _3\"></span>.<span class=\"_ _4\"></span>2 <span class=\"_ _a\"></span> <span class=\"_ _10f\"> </span>5<span class=\"_ _3\"></span>.7<span class=\"_ _421\"> </span>Reinsurance expenses \u2013 allocation of r<span class=\"_ _2\"></span>einsurance premiums paid <span class=\"_ _e7\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _1b7\"> </span>(5.5 <span class=\"_ _31\"></span>) <span class=\"_ _15b\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _165\"> </span>(5.5 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Amount<span class=\"_ _3\"></span>s recoverable from reinsurers<span class=\"_ _421\"> </span>Recov<span class=\"_ _2\"></span>eries of incurred claims and other directly at<span class=\"_ _2\"></span>tributable expenses <span class=\"_ _123\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _10e\"> </span>3.<span class=\"_ _3\"></span>9 <span class=\"_ _2\"></span> <span class=\"_ _57\"> </span>3.9<span class=\"_ _421\"> </span>Ne<span class=\"_ _3\"></span>t <span class=\"_ _3\"></span>(expe<span class=\"_ _3\"></span>nse<span class=\"_ _3\"></span>s)/inc<span class=\"_ _3\"></span>ome <span class=\"_ _4\"></span>from <span class=\"_ _4\"></span>re<span class=\"_ _3\"></span>insu<span class=\"_ _3\"></span>ranc<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ontra<span class=\"_ _3\"></span>ct<span class=\"_ _3\"></span>s <span class=\"_ _4\"></span>hel<span class=\"_ _3\"></span>d <span class=\"_ _0\"></span> <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14e\"> </span>(5<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5 <span class=\"_ _0\"></span>) <span class=\"_ _1b7\"> </span>3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9  <span class=\"_ _165\"> </span>(<span class=\"_ _3\"></span>1.<span class=\"_ _3\"></span>6 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Net <span class=\"_ _3\"></span>finance <span class=\"_ _3\"></span>expenses <span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>rom <span class=\"_ _3\"></span>reinsuranc<span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>contracts <span class=\"_ _119\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b7\"> </span>(0.3 <span class=\"_ _0\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _165\"> </span>(0.3 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Effect <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>movements <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>exchange <span class=\"_ _3\"></span>rat<span class=\"_ _2\"></span>es <span class=\"_ _151\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _20b\"> </span>0.1  <span class=\"_ _5a\"> </span>0.1  <span class=\"_ _10e\"> </span>0.2<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>mount<span class=\"_ _3\"></span>s <span class=\"_ _4\"></span>rec<span class=\"_ _3\"></span>ogni<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>in <span class=\"_ _4\"></span>co<span class=\"_ _3\"></span>mpre<span class=\"_ _3\"></span>hen<span class=\"_ _3\"></span>sive <span class=\"_ _4\"></span>in<span class=\"_ _3\"></span>come <span class=\"_ _146\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _152\"> </span>(5<span class=\"_ _3\"></span>.7 <span class=\"_ _7\"></span>) <span class=\"_ _20a\"> </span>4<span class=\"_ _3\"></span>.0  <span class=\"_ _12e\"> </span>(<span class=\"_ _3\"></span>1.7 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>Cash flows<span class=\"_ _421\"> </span>Pr<span class=\"_ _2\"></span>emiums <span class=\"_ _3\"></span>paid <span class=\"_ _1eb\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _57\"> </span>3.8  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _57\"> </span>3.8<span class=\"_ _421\"> </span>Recov<span class=\"_ _2\"></span>eries <span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>rom <span class=\"_ _3\"></span>reinsurance contracts <span class=\"_ _3\"></span>held <span class=\"_ _1d0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _165\"> </span>(4.3 <span class=\"_ _7\"></span>) <span class=\"_ _152\"> </span>(4.3 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ash <span class=\"_ _4\"></span>flo<span class=\"_ _3\"></span>ws <span class=\"_ _1a4\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _179\"> </span>3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8  <span class=\"_ _114\"> </span>(4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3 <span class=\"_ _7\"></span>) <span class=\"_ _f0\"> </span>(0<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Rei<span class=\"_ _3\"></span>nsur<span class=\"_ _3\"></span>ance c<span class=\"_ _3\"></span>ontr<span class=\"_ _3\"></span>ac<span class=\"_ _3\"></span>t ass<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>s as at 3<span class=\"_ _3\"></span>1 De<span class=\"_ _3\"></span>cemb<span class=\"_ _3\"></span>er 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2 <span class=\"_ _92\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _57\"> </span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>6 <span class=\"_ _a\"></span> <span class=\"_ _57\"> </span>1.<span class=\"_ _3\"></span>9 <span class=\"_ _2\"></span> <span class=\"_ _8f\"> </span>3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5<span class=\"_ _421\"> </span>F<span class=\"_ _2\"></span>or the <span class=\"_ _0\"></span>Waard Group, the full retrospectiv<span class=\"_ _2\"></span>e approach at transition has been applied to all reinsurance contracts. <span class=\"_ _e\"> </span>(d) <span class=\"_ _3\"></span>Reinsurance contract balances \u2013 analysis b<span class=\"_ _2\"></span>y measurement component \u2013 contr<span class=\"_ _2\"></span>acts not measur<span class=\"_ _2\"></span>ed under P<span class=\"_ _a\"></span>AA <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _e\"> </span>Pr<span class=\"_ _3\"></span>ese<span class=\"_ _3\"></span>nt <span class=\"_ _4\"></span>valu<span class=\"_ _3\"></span>e  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _127\"> </span>o<span class=\"_ _3\"></span>f <span class=\"_ _3\"></span>fu<span class=\"_ _3\"></span>ture  <span class=\"_ _11b\"> </span>Risk  <span class=\"_ _156\"> </span>   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _185\"> </span>ca<span class=\"_ _3\"></span>sh <span class=\"_ _4\"></span>flows  <span class=\"_ _146\"> </span>ad<span class=\"_ _3\"></span>jus<span class=\"_ _3\"></span>tme<span class=\"_ _3\"></span>nt  <span class=\"_ _44\"> </span>C<span class=\"_ _3\"></span>SM  <span class=\"_ _46\"> </span>T<span class=\"_ _a\"></span>o<span class=\"_ _3\"></span>tal <span class=\"_ _19e\"> </span> <span class=\"_ _3\"></span> <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Rei<span class=\"_ _3\"></span>nsur<span class=\"_ _3\"></span>ance c<span class=\"_ _3\"></span>ontr<span class=\"_ _3\"></span>ac<span class=\"_ _3\"></span>t ass<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>s as at 1 J<span class=\"_ _3\"></span>anua<span class=\"_ _3\"></span>ry 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>3 <span class=\"_ _5d\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _8f\"> </span>3<span class=\"_ _3\"></span>.6 <span class=\"_ _a\"></span> <span class=\"_ _12e\"> </span>0.<span class=\"_ _4\"></span>5 <span class=\"_ _a\"></span> <span class=\"_ _c2\"> </span>(<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>6 <span class=\"_ _f\"></span>) <span class=\"_ _1b7\"> </span>3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5<span class=\"_ _421\"> </span>Changes that relate to cur<span class=\"_ _2\"></span>rent ser<span class=\"_ _3\"></span>vice<span class=\"_ _421\"> </span>CSM <span class=\"_ _3\"></span>recognised <span class=\"_ _3\"></span>for <span class=\"_ _3\"></span>services <span class=\"_ _3\"></span>received <span class=\"_ _8e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _1a1\"> </span>2<span class=\"_ _3\"></span>.2  <span class=\"_ _1a1\"> </span>2.<span class=\"_ _3\"></span>2<span class=\"_ _421\"> </span>Change in risk adjustment for non-financial risk for risk e<span class=\"_ _2\"></span>xpired <span class=\"_ _165\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _e9\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _12b\"> </span>(0.2 <span class=\"_ _7\"></span>) <span class=\"_ _ae\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _12b\"> </span>(0.2 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Experience a<span class=\"_ _3\"></span>djustments <span class=\"_ _22\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _20a\"> </span>(0.8 <span class=\"_ _0\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _12b\"> </span>(0.8 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l chan<span class=\"_ _3\"></span>ges t<span class=\"_ _3\"></span>hat re<span class=\"_ _3\"></span>late to cu<span class=\"_ _3\"></span>rrent s<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _94\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _c2\"> </span>(0<span class=\"_ _3\"></span>.8 <span class=\"_ _31\"></span>) <span class=\"_ _11b\"> </span>(0<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2 <span class=\"_ _f\"></span>) <span class=\"_ _1b7\"> </span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2 <span class=\"_ _a\"></span> <span class=\"_ _57\"> </span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2<span class=\"_ _421\"> </span>Changes that relate to future<span class=\"_ _2\"></span> ser<span class=\"_ _3\"></span>vice<span class=\"_ _421\"> </span>Changes in estimates that adjust the CSM <span class=\"_ _1cb\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _12b\"> </span>(0.2 <span class=\"_ _31\"></span>) <span class=\"_ _165\"> </span>(0.1 <span class=\"_ _31\"></span>) <span class=\"_ _12e\"> </span>0.3 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013<span class=\"_ _421\"> </span>CSM adjustment for income on initial rec<span class=\"_ _2\"></span>ognition of onerous underlying contracts <span class=\"_ _1c0\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _152\"> </span>(0.8 <span class=\"_ _31\"></span>) <span class=\"_ _5b\"> </span>(0.8 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l chan<span class=\"_ _3\"></span>ges t<span class=\"_ _3\"></span>hat re<span class=\"_ _3\"></span>late to f<span class=\"_ _3\"></span>uture s<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _97\"> </span> <span class=\"_ _0\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _5b\"> </span>(0.<span class=\"_ _4\"></span>2 <span class=\"_ _f\"></span>) <span class=\"_ _14e\"> </span>(0.1 <span class=\"_ _31\"></span>) <span class=\"_ _11b\"> </span>(0.<span class=\"_ _3\"></span>5 <span class=\"_ _31\"></span>) <span class=\"_ _7b\"> </span>(0.<span class=\"_ _3\"></span>8 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Ne<span class=\"_ _3\"></span>t (expen<span class=\"_ _3\"></span>se)/<span class=\"_ _3\"></span>inco<span class=\"_ _3\"></span>me fro<span class=\"_ _3\"></span>m rein<span class=\"_ _3\"></span>sur<span class=\"_ _3\"></span>ance c<span class=\"_ _3\"></span>ontra<span class=\"_ _3\"></span>ct<span class=\"_ _3\"></span>s he<span class=\"_ _3\"></span>ld <span class=\"_ _4\"></span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _20a\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.0 <span class=\"_ _31\"></span>) <span class=\"_ _7b\"> </span>(<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>3 <span class=\"_ _31\"></span>) <span class=\"_ _10f\"> </span>1<span class=\"_ _3\"></span>.7 <span class=\"_ _0\"></span> <span class=\"_ _165\"> </span>0.<span class=\"_ _3\"></span>4<span class=\"_ _421\"> </span>Net <span class=\"_ _3\"></span>finance <span class=\"_ _3\"></span>income <span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>rom <span class=\"_ _3\"></span>reinsurance <span class=\"_ _3\"></span>contracts <span class=\"_ _3\"></span>held <span class=\"_ _1c3\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5a\"> </span>0.1  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _5a\"> </span>0.1<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l amou<span class=\"_ _3\"></span>nts r<span class=\"_ _3\"></span>eco<span class=\"_ _3\"></span>gnis<span class=\"_ _3\"></span>ed in c<span class=\"_ _3\"></span>omp<span class=\"_ _3\"></span>rehe<span class=\"_ _3\"></span>nsi<span class=\"_ _3\"></span>ve inc<span class=\"_ _3\"></span>ome <span class=\"_ _6d\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _5b\"> </span>(0.<span class=\"_ _3\"></span>9 <span class=\"_ _31\"></span>) <span class=\"_ _7b\"> </span>(0<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3 <span class=\"_ _31\"></span>) <span class=\"_ _179\"> </span>1<span class=\"_ _3\"></span>.7 <span class=\"_ _a\"></span> <span class=\"_ _12e\"> </span>0.<span class=\"_ _4\"></span>5<span class=\"_ _421\"> </span>Cash flows<span class=\"_ _421\"> </span>Pr<span class=\"_ _2\"></span>emiums <span class=\"_ _3\"></span>paid <span class=\"_ _1eb\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5a\"> </span>4.1  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _5a\"> </span>4.1<span class=\"_ _421\"> </span>Recov<span class=\"_ _2\"></span>eries <span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>rom <span class=\"_ _3\"></span>reinsurance contracts <span class=\"_ _3\"></span>held <span class=\"_ _1d0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12e\"> </span>(3.7 <span class=\"_ _0\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _12e\"> </span>(3.7 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ash <span class=\"_ _4\"></span>flo<span class=\"_ _3\"></span>ws <span class=\"_ _1a4\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12e\"> </span>0.<span class=\"_ _3\"></span>4  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _12e\"> </span>0<span class=\"_ _3\"></span>.4<span class=\"_ _421\"> </span>Rei<span class=\"_ _3\"></span>nsur<span class=\"_ _3\"></span>ance c<span class=\"_ _3\"></span>ontr<span class=\"_ _3\"></span>ac<span class=\"_ _3\"></span>t ass<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>s as at 3<span class=\"_ _3\"></span>1 De<span class=\"_ _3\"></span>cemb<span class=\"_ _3\"></span>er 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>3 <span class=\"_ _146\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _1a1\"> </span>3<span class=\"_ _3\"></span>.1 <span class=\"_ _a\"></span> <span class=\"_ _12e\"> </span>0.<span class=\"_ _3\"></span>2 <span class=\"_ _2\"></span> <span class=\"_ _20b\"> </span>1<span class=\"_ _3\"></span>.1 <span class=\"_ _a\"></span> <span class=\"_ _1b7\"> </span>4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4<span class=\"_ _421\"> </span>224<span class=\"_ _74\"> </span><span class=\"ff67 ls3 ws2\">CHES<span class=\"_ _3\"></span>NAR<span class=\"_ _3\"></span>A A<span class=\"_ _3\"></span>NNUAL REPO<span class=\"_ _3\"></span>RT AND <span class=\"_ _3\"></span>ACCOUN<span class=\"_ _3\"></span>TS 202<span class=\"_ _2\"></span>3<span class=\"_ _421\"> </span></span>IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _e\"> </span>Pr<span class=\"_ _3\"></span>ese<span class=\"_ _3\"></span>nt <span class=\"_ _4\"></span>valu<span class=\"_ _3\"></span>e  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _127\"> </span>o<span class=\"_ _3\"></span>f <span class=\"_ _3\"></span>fu<span class=\"_ _3\"></span>ture  <span class=\"_ _11b\"> </span>Risk  <span class=\"_ _156\"> </span>   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _185\"> </span>ca<span class=\"_ _3\"></span>sh <span class=\"_ _4\"></span>flows  <span class=\"_ _146\"> </span>ad<span class=\"_ _3\"></span>jus<span class=\"_ _3\"></span>tme<span class=\"_ _3\"></span>nt  <span class=\"_ _44\"> </span>C<span class=\"_ _3\"></span>SM  <span class=\"_ _46\"> </span>T<span class=\"_ _a\"></span>o<span class=\"_ _3\"></span>tal <span class=\"_ _19e\"> </span> <span class=\"_ _3\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Rei<span class=\"_ _3\"></span>nsur<span class=\"_ _3\"></span>ance c<span class=\"_ _3\"></span>ontr<span class=\"_ _3\"></span>ac<span class=\"_ _3\"></span>t ass<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>s as at 1 J<span class=\"_ _3\"></span>anua<span class=\"_ _3\"></span>ry 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2 <span class=\"_ _5d\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _165\"> </span>4<span class=\"_ _3\"></span>.6 <span class=\"_ _a\"></span> <span class=\"_ _12e\"> </span>0.<span class=\"_ _3\"></span>8 <span class=\"_ _a\"></span> <span class=\"_ _12e\"> </span>0.<span class=\"_ _3\"></span>3 <span class=\"_ _a\"></span> <span class=\"_ _10f\"> </span>5<span class=\"_ _3\"></span>.7<span class=\"_ _421\"> </span>Changes that relate to cur<span class=\"_ _2\"></span>rent ser<span class=\"_ _3\"></span>vice<span class=\"_ _421\"> </span>CSM <span class=\"_ _3\"></span>recognised <span class=\"_ _3\"></span>for <span class=\"_ _3\"></span>services <span class=\"_ _3\"></span>received <span class=\"_ _8e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _1b7\"> </span>(0.9 <span class=\"_ _7\"></span>) <span class=\"_ _14e\"> </span>(0.9 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Change in risk adjustment for non-financial risk for risk e<span class=\"_ _2\"></span>xpired <span class=\"_ _165\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _e9\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _12b\"> </span>(0.2 <span class=\"_ _7\"></span>) <span class=\"_ _ae\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _12b\"> </span>(0.2 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Experience a<span class=\"_ _3\"></span>djustments <span class=\"_ _22\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b7\"> </span>(0.5 <span class=\"_ _0\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _165\"> </span>(0.5 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l chan<span class=\"_ _3\"></span>ges t<span class=\"_ _3\"></span>hat re<span class=\"_ _3\"></span>late to cu<span class=\"_ _3\"></span>rrent s<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _94\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _5b\"> </span>(0.<span class=\"_ _4\"></span>5 <span class=\"_ _f\"></span>) <span class=\"_ _11b\"> </span>(0<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2 <span class=\"_ _31\"></span>) <span class=\"_ _7b\"> </span>(0<span class=\"_ _3\"></span>.9 <span class=\"_ _31\"></span>) <span class=\"_ _5b\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.6 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Ne<span class=\"_ _3\"></span>t (expen<span class=\"_ _3\"></span>se)/<span class=\"_ _3\"></span>inco<span class=\"_ _3\"></span>me fro<span class=\"_ _3\"></span>m rein<span class=\"_ _3\"></span>sur<span class=\"_ _3\"></span>ance c<span class=\"_ _3\"></span>ontra<span class=\"_ _3\"></span>ct<span class=\"_ _3\"></span>s he<span class=\"_ _3\"></span>ld <span class=\"_ _4\"></span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _5b\"> </span>(0.<span class=\"_ _4\"></span>5 <span class=\"_ _f\"></span>) <span class=\"_ _11b\"> </span>(<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>2 <span class=\"_ _31\"></span>) <span class=\"_ _7b\"> </span>(0<span class=\"_ _3\"></span>.9 <span class=\"_ _31\"></span>) <span class=\"_ _5b\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.6 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Net finance income f<span class=\"_ _3\"></span>rom reinsurance contr<span class=\"_ _2\"></span>acts held <span class=\"_ _33\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _12b\"> </span>(0.2 <span class=\"_ _31\"></span>) <span class=\"_ _165\"> </span>(0.1 <span class=\"_ _31\"></span>) <span class=\"_ _ae\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _20a\"> </span>(0.3 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Effect <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>movements <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>exchange <span class=\"_ _3\"></span>rat<span class=\"_ _2\"></span>es <span class=\"_ _151\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _57\"> </span>0.2  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _57\"> </span>0.2<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l amou<span class=\"_ _3\"></span>nts r<span class=\"_ _3\"></span>eco<span class=\"_ _3\"></span>gnis<span class=\"_ _3\"></span>ed in c<span class=\"_ _3\"></span>omp<span class=\"_ _3\"></span>rehe<span class=\"_ _3\"></span>nsi<span class=\"_ _3\"></span>ve inc<span class=\"_ _3\"></span>ome <span class=\"_ _6d\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _5b\"> </span>(0.<span class=\"_ _4\"></span>5 <span class=\"_ _f\"></span>) <span class=\"_ _11b\"> </span>(0<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3 <span class=\"_ _31\"></span>) <span class=\"_ _7b\"> </span>(0<span class=\"_ _3\"></span>.9 <span class=\"_ _31\"></span>) <span class=\"_ _14e\"> </span>(1<span class=\"_ _3\"></span>.7 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Cash flows<span class=\"_ _421\"> </span>Pr<span class=\"_ _2\"></span>emiums <span class=\"_ _3\"></span>paid <span class=\"_ _1eb\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _57\"> </span>3.8  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _57\"> </span>3.8<span class=\"_ _421\"> </span>Recov<span class=\"_ _2\"></span>eries <span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>rom <span class=\"_ _3\"></span>reinsurance contracts <span class=\"_ _3\"></span>held <span class=\"_ _1d0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>(4.3 <span class=\"_ _7\"></span>) <span class=\"_ _97\"> </span>\u2013  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _165\"> </span>(4.3 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ash <span class=\"_ _4\"></span>flo<span class=\"_ _3\"></span>ws <span class=\"_ _1a4\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _114\"> </span>(<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>5 <span class=\"_ _0\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _14e\"> </span>(0.<span class=\"_ _3\"></span>5 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>Rei<span class=\"_ _3\"></span>nsur<span class=\"_ _3\"></span>ance c<span class=\"_ _3\"></span>ontr<span class=\"_ _3\"></span>ac<span class=\"_ _3\"></span>t ass<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>s as at 3<span class=\"_ _3\"></span>1 De<span class=\"_ _3\"></span>cemb<span class=\"_ _3\"></span>er 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2 <span class=\"_ _146\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _8f\"> </span>3<span class=\"_ _3\"></span>.6 <span class=\"_ _a\"></span> <span class=\"_ _12e\"> </span>0<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5 <span class=\"_ _a\"></span> <span class=\"_ _5b\"> </span>(0.6 <span class=\"_ _31\"></span>) <span class=\"_ _12b\"> </span>3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5  (e) <span class=\"_ _3\"></span>Insurance contracts r<span class=\"_ _2\"></span>ecognised in the per<span class=\"_ _2\"></span>iod<span class=\"_ _421\"> </span>In the tables that follo<span class=\"_ _2\"></span>w<span class=\"_ _a\"></span>, all insurance and reinsurance contracts recognised in 2023 are in respect of the Conservatrix acquisition. <span class=\"_ _a\"></span>See Note I8 for further details. F<span class=\"_ _2\"></span>or 2022, all insurance and reinsurance contracts recognised are from the Robein acquisition.<span class=\"_ _421\"> </span>Y<span class=\"_ _2\"></span>ea<span class=\"_ _3\"></span>r Ende<span class=\"_ _3\"></span>d 31 D<span class=\"_ _3\"></span>ece<span class=\"_ _3\"></span>mbe<span class=\"_ _3\"></span>r 20<span class=\"_ _3\"></span>23 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _d\"> </span>Non<span class=\"_ _3\"></span>-onerous  <span class=\"_ _1e2\"> </span>O<span class=\"_ _3\"></span>nerous   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1c7\"> </span>contrac<span class=\"_ _3\"></span>ts  <span class=\"_ _1c7\"> </span>contract<span class=\"_ _3\"></span>s  <span class=\"_ _28\"> </span>T<span class=\"_ _a\"></span>otal <span class=\"_ _19e\"> </span> <span class=\"_ _3\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _12e\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m<span class=\"_ _421\"> </span>Es<span class=\"_ _3\"></span>tima<span class=\"_ _3\"></span>tes o<span class=\"_ _3\"></span>f the pr<span class=\"_ _3\"></span>ese<span class=\"_ _3\"></span>nt va<span class=\"_ _3\"></span>lue of f<span class=\"_ _3\"></span>utur<span class=\"_ _3\"></span>e cas<span class=\"_ _3\"></span>h infl<span class=\"_ _3\"></span>ows <span class=\"_ _32\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _153\"> </span>(<span class=\"_ _3\"></span>34<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>.6 <span class=\"_ _31\"></span>) <span class=\"_ _e6\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _9d\"> </span>(3<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>6.<span class=\"_ _3\"></span>6 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Es<span class=\"_ _3\"></span>tima<span class=\"_ _3\"></span>tes o<span class=\"_ _3\"></span>f the pr<span class=\"_ _3\"></span>ese<span class=\"_ _3\"></span>nt va<span class=\"_ _3\"></span>lue of f<span class=\"_ _3\"></span>utur<span class=\"_ _3\"></span>e cas<span class=\"_ _3\"></span>h out<span class=\"_ _3\"></span>flow<span class=\"_ _3\"></span>s<span class=\"_ _421\"> </span>Claims <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>other <span class=\"_ _4\"></span>insurance <span class=\"_ _3\"></span>service <span class=\"_ _3\"></span>expenses <span class=\"_ _3\"></span>payable <span class=\"_ _13b\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _44\"> </span>294<span class=\"_ _3\"></span>.1  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _44\"> </span>294.1<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l es<span class=\"_ _3\"></span>timat<span class=\"_ _3\"></span>es of t<span class=\"_ _3\"></span>he pre<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>nt valu<span class=\"_ _3\"></span>e of fu<span class=\"_ _3\"></span>ture n<span class=\"_ _3\"></span>et ou<span class=\"_ _3\"></span>tflo<span class=\"_ _3\"></span>ws <span class=\"_ _1a1\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _28\"> </span>(52<span class=\"_ _4\"></span>.<span class=\"_ _3\"></span>5 <span class=\"_ _31\"></span>) <span class=\"_ _e6\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _e7\"> </span>(<span class=\"_ _3\"></span>52<span class=\"_ _3\"></span>.<span class=\"_ _4\"></span>5 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Risk <span class=\"_ _3\"></span>adjustment <span class=\"_ _3\"></span>for <span class=\"_ _3\"></span>non-<span class=\"_ _3\"></span>financial <span class=\"_ _3\"></span>risk <span class=\"_ _15a\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _10e\"> </span>6<span class=\"_ _3\"></span>.3  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _57\"> </span>6<span class=\"_ _3\"></span>.3<span class=\"_ _421\"> </span>CSM <span class=\"_ _1db\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _c2\"> </span>46.<span class=\"_ _3\"></span>2  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _c2\"> </span>46<span class=\"_ _3\"></span>.2<span class=\"_ _421\"> </span>Lo<span class=\"_ _3\"></span>sse<span class=\"_ _3\"></span>s <span class=\"_ _4\"></span>reco<span class=\"_ _3\"></span>gni<span class=\"_ _3\"></span>sed <span class=\"_ _4\"></span>on <span class=\"_ _4\"></span>ini<span class=\"_ _3\"></span>tial <span class=\"_ _4\"></span>re<span class=\"_ _3\"></span>cogn<span class=\"_ _3\"></span>itio<span class=\"_ _3\"></span>n <span class=\"_ _ad\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span><span class=\"ff65 ls3 ws2\"></span><span class=\"ff65 ls3 ws2\">CHES<span class=\"_ _277\"></span>NAR<span class=\"_ _277\"></span>A<span class=\"_ _278\"></span>AN<span class=\"_ _277\"></span>NUAL<span class=\"_ _379\"></span>REPO<span class=\"_ _277\"></span>RT<span class=\"_ _27f\"></span>AND<span class=\"_ _3b0\"></span>ACCOUNT<span class=\"_ _27a\"></span>S<span class=\"_ _27b\"></span>20<span class=\"_ _2b5\"></span>23</span><span class=\"_ _3e7\"></span>225<span class=\"_ _421\"> </span>IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS<span class=\"_ _421\"> </span>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<span class=\"_ _421\"> </span>SECTION F \u2013 INSURANCE AND REINSURANCE CONTRA<span class=\"_ _2\"></span>CTS <span class=\"_ _74\"> </span>F4 <span class=\"_ _4\"></span>Insurance and r<span class=\"_ _2\"></span>einsurance contr<span class=\"_ _2\"></span>acts \u2013 quantitative analysis of r<span class=\"_ _2\"></span>ecognised amounts \u2013 <span class=\"_ _0\"></span>W<span class=\"_ _a\"></span>aard Group (continued)  (e) <span class=\"_ _3\"></span>Insurance contracts r<span class=\"_ _2\"></span>ecognised in the per<span class=\"_ _2\"></span>iod (continued)<span class=\"_ _421\"> </span>Y<span class=\"_ _2\"></span>ea<span class=\"_ _3\"></span>r Ende<span class=\"_ _3\"></span>d 31 D<span class=\"_ _3\"></span>ece<span class=\"_ _3\"></span>mbe<span class=\"_ _3\"></span>r 20<span class=\"_ _3\"></span>22 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _d\"> </span>Non<span class=\"_ _3\"></span>-onerous  <span class=\"_ _1e2\"> </span>O<span class=\"_ _3\"></span>nerous   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1c7\"> </span>contrac<span class=\"_ _3\"></span>ts  <span class=\"_ _1c7\"> </span>contract<span class=\"_ _3\"></span>s  <span class=\"_ _28\"> </span>T<span class=\"_ _a\"></span>otal <span class=\"_ _19e\"> </span> <span class=\"_ _3\"></span> <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Es<span class=\"_ _3\"></span>tima<span class=\"_ _3\"></span>tes o<span class=\"_ _3\"></span>f the pr<span class=\"_ _3\"></span>ese<span class=\"_ _3\"></span>nt va<span class=\"_ _3\"></span>lue of f<span class=\"_ _3\"></span>utur<span class=\"_ _3\"></span>e cas<span class=\"_ _3\"></span>h infl<span class=\"_ _3\"></span>ows <span class=\"_ _32\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _47\"> </span>(<span class=\"_ _3\"></span>18<span class=\"_ _3\"></span>0.<span class=\"_ _4\"></span>5 <span class=\"_ _f\"></span>) <span class=\"_ _7b\"> </span>(0.<span class=\"_ _3\"></span>4 <span class=\"_ _31\"></span>) <span class=\"_ _153\"> </span>(<span class=\"_ _3\"></span>18<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>9 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Es<span class=\"_ _3\"></span>tima<span class=\"_ _3\"></span>tes o<span class=\"_ _3\"></span>f the pr<span class=\"_ _3\"></span>ese<span class=\"_ _3\"></span>nt va<span class=\"_ _3\"></span>lue of f<span class=\"_ _3\"></span>utur<span class=\"_ _3\"></span>e cas<span class=\"_ _3\"></span>h out<span class=\"_ _3\"></span>flow<span class=\"_ _3\"></span>s<span class=\"_ _421\"> </span>Claims <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>other <span class=\"_ _4\"></span>insurance <span class=\"_ _3\"></span>service <span class=\"_ _3\"></span>expenses <span class=\"_ _3\"></span>payable <span class=\"_ _13b\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _150\"> </span>178.0  <span class=\"_ _57\"> </span>0.5  <span class=\"_ _45\"> </span>178.5<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l es<span class=\"_ _3\"></span>timat<span class=\"_ _3\"></span>es of t<span class=\"_ _3\"></span>he pre<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>nt valu<span class=\"_ _3\"></span>e of fu<span class=\"_ _3\"></span>ture n<span class=\"_ _3\"></span>et ca<span class=\"_ _3\"></span>sh ou<span class=\"_ _3\"></span>tfl<span class=\"_ _3\"></span>ows <span class=\"_ _1c6\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _114\"> </span>(2<span class=\"_ _3\"></span>.<span class=\"_ _4\"></span>5 <span class=\"_ _f\"></span>) <span class=\"_ _179\"> </span>0<span class=\"_ _3\"></span>.1 <span class=\"_ _a\"></span> <span class=\"_ _c2\"> </span>(2<span class=\"_ _4\"></span>.4 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Risk <span class=\"_ _3\"></span>adjustment <span class=\"_ _3\"></span>for <span class=\"_ _3\"></span>non-<span class=\"_ _3\"></span>financial <span class=\"_ _3\"></span>risk <span class=\"_ _15a\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _fe\"> </span>0.4  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _fe\"> </span>0.4<span class=\"_ _421\"> </span>CSM <span class=\"_ _1db\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _56\"> </span>2<span class=\"_ _3\"></span>.1  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _96\"> </span>2.1<span class=\"_ _421\"> </span>Lo<span class=\"_ _3\"></span>sse<span class=\"_ _3\"></span>s <span class=\"_ _4\"></span>reco<span class=\"_ _3\"></span>gni<span class=\"_ _3\"></span>sed <span class=\"_ _4\"></span>on <span class=\"_ _4\"></span>ini<span class=\"_ _3\"></span>tial <span class=\"_ _4\"></span>re<span class=\"_ _3\"></span>cogn<span class=\"_ _3\"></span>itio<span class=\"_ _3\"></span>n <span class=\"_ _ad\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _1b1\"> </span>0.1  <span class=\"_ _1b1\"> </span>0<span class=\"_ _3\"></span>.1 <span class=\"_ _10\"> </span>(f) <span class=\"_ _4\"></span>Reinsurance contr<span class=\"_ _2\"></span>acts recognised in the per<span class=\"_ _a\"></span>iod<span class=\"_ _421\"> </span>There are no material ne<span class=\"_ _2\"></span>w reinsurance contracts recognised in the period for <span class=\"_ _0\"></span>W<span class=\"_ _2\"></span>aard. <span class=\"_ _e\"> </span>(g) <span class=\"_ _3\"></span>Expected r<span class=\"_ _2\"></span>ecognition of CSM<span class=\"_ _421\"> </span>In the tables that follo<span class=\"_ _2\"></span>w the CSM accrues interest at the locked-in rate f<span class=\"_ _2\"></span>or GMM portfolios and at current rates f<span class=\"_ _2\"></span>or <span class=\"_ _a\"></span>VF<span class=\"_ _a\"></span>A portfolios from the balance sheet date and is then amortised based on the co<span class=\"_ _2\"></span>verage units of the contract groups to giv<span class=\"_ _2\"></span>e the timeline of the <span class=\"_ _2\"></span>expected recognition.<span class=\"_ _421\"> </span>31 December 2023 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _23a\"> </span>Insurance  <span class=\"_ _4a\"> </span>Reinsurance <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1c7\"> </span>contrac<span class=\"_ _3\"></span>ts  <span class=\"_ _1c7\"> </span>contrac<span class=\"_ _3\"></span>ts <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Not <span class=\"_ _3\"></span>later <span class=\"_ _3\"></span>than <span class=\"_ _3\"></span>one <span class=\"_ _3\"></span>year <span class=\"_ _dd\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _10e\"> </span>4.9  <span class=\"_ _10f\"> </span>(1.0 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>Later than one ye<span class=\"_ _2\"></span>ar and not later than two y<span class=\"_ _2\"></span>ears <span class=\"_ _7b\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _8f\"> </span>4.4 <span class=\"_ _2\"></span> <span class=\"_ _fe\"> </span>0.6<span class=\"_ _421\"> </span>Later than tw<span class=\"_ _2\"></span>o years and not lat<span class=\"_ _2\"></span>er than three years <span class=\"_ _14f\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _179\"> </span>4<span class=\"_ _3\"></span>.0 <span class=\"_ _a\"></span> <span class=\"_ _12b\"> </span>(0.2 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Later than three y<span class=\"_ _2\"></span>ears and not later than four y<span class=\"_ _2\"></span>ears <span class=\"_ _7c\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _1a1\"> </span>3.7 <span class=\"_ _a\"></span> <span class=\"_ _179\"> </span>(0.1 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Later than four y<span class=\"_ _2\"></span>ears and not later than fiv<span class=\"_ _2\"></span>e years <span class=\"_ _119\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _10e\"> </span>3.4 <span class=\"_ _2\"></span> <span class=\"_ _179\"> </span>(0.1 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Later than five y<span class=\"_ _2\"></span>ears and not later than t<span class=\"_ _2\"></span>en years <span class=\"_ _150\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _12b\"> </span>13.0 <span class=\"_ _a\"></span> <span class=\"_ _12b\"> </span>(0.3 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Later <span class=\"_ _3\"></span>than <span class=\"_ _3\"></span>ten <span class=\"_ _3\"></span>years <span class=\"_ _b2\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _2d\"> </span>44.<span class=\"_ _3\"></span>8  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _11b\"> </span>78<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2  <span class=\"_ _fe\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.1 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>31 December 2022 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _23a\"> </span>Insurance  <span class=\"_ _4a\"> </span>Reinsurance <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1c7\"> </span>contrac<span class=\"_ _3\"></span>ts  <span class=\"_ _1c7\"> </span>contrac<span class=\"_ _3\"></span>ts <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Not <span class=\"_ _3\"></span>later <span class=\"_ _3\"></span>than <span class=\"_ _3\"></span>one <span class=\"_ _3\"></span>year <span class=\"_ _dd\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b1\"> </span>3.5  <span class=\"_ _20b\"> </span>0.1<span class=\"_ _421\"> </span>Later than one ye<span class=\"_ _2\"></span>ar and not later than two y<span class=\"_ _2\"></span>ears <span class=\"_ _7b\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _10e\"> </span>3.<span class=\"_ _3\"></span>2 <span class=\"_ _a\"></span> <span class=\"_ _5a\"> </span>0.<span class=\"_ _2\"></span>1<span class=\"_ _421\"> </span>Later than tw<span class=\"_ _2\"></span>o years and not lat<span class=\"_ _2\"></span>er than three years <span class=\"_ _14f\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _57\"> </span>2.6 <span class=\"_ _a\"></span> <span class=\"_ _5a\"> </span>0.1<span class=\"_ _421\"> </span>Later than three y<span class=\"_ _2\"></span>ears and not later than four y<span class=\"_ _2\"></span>ears <span class=\"_ _7c\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _57\"> </span>2.<span class=\"_ _3\"></span>2 <span class=\"_ _a\"></span> <span class=\"_ _5a\"> </span>0.<span class=\"_ _2\"></span>1<span class=\"_ _421\"> </span>Later than four y<span class=\"_ _2\"></span>ears and not later than fiv<span class=\"_ _2\"></span>e years <span class=\"_ _119\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _5a\"> </span>1.9 <span class=\"_ _2\"></span> <span class=\"_ _5a\"> </span>0<span class=\"_ _2\"></span>.1<span class=\"_ _421\"> </span>Later than five y<span class=\"_ _2\"></span>ears and not later than t<span class=\"_ _2\"></span>en years <span class=\"_ _150\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _57\"> </span>5.6 <span class=\"_ _a\"></span> <span class=\"_ _5a\"> </span>0.1<span class=\"_ _421\"> </span>Later <span class=\"_ _3\"></span>than <span class=\"_ _3\"></span>ten <span class=\"_ _3\"></span>years <span class=\"_ _b2\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b1\"> </span>2.2  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14e\"> </span>21<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2  <span class=\"_ _179\"> </span>0<span class=\"_ _3\"></span>.6<span class=\"_ _421\"> </span>226<span class=\"_ _74\"> </span><span class=\"ff67 ls3 ws2\">CHE<span class=\"_ _3\"></span>SNA<span class=\"_ _3\"></span>R<span class=\"_ _3\"></span>A ANNUAL R<span class=\"_ _3\"></span>EPORT A<span class=\"_ _3\"></span>ND ACCOU<span class=\"_ _3\"></span>NTS 2023<span class=\"_ _421\"> </span></span>IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS <span class=\"_ _74\"> </span>F5 <span class=\"_ _4\"></span>Insurance and r<span class=\"_ _2\"></span>einsurance contr<span class=\"_ _2\"></span>acts \u2013 quantitative analysis of r<span class=\"_ _2\"></span>ecognised amounts \u2013 Scildon  (a) <span class=\"_ _3\"></span>Insurance contract balances \u2013 analysis b<span class=\"_ _2\"></span>y remaining co<span class=\"_ _2\"></span>ver<span class=\"_ _2\"></span>age and incur<span class=\"_ _2\"></span>red claims <span class=\"_ _c\"> </span> <span class=\"_ _241\"> </span>Liabilities for <span class=\"ls2 ws2\"> </span> <span class=\"_ _c\"> </span> <span class=\"_ _242\"> </span>remaining coverage <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _39\"> </span>Excluding  <span class=\"_ _9f\"> </span>  <span class=\"_ _1c7\"> </span>Liabilities   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5b\"> </span>loss  <span class=\"_ _45\"> </span>L<span class=\"_ _3\"></span>oss  <span class=\"_ _6d\"> </span>for <span class=\"_ _4\"></span>incu<span class=\"_ _3\"></span>rred   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _146\"> </span>component  <span class=\"_ _128\"> </span>component  <span class=\"_ _76\"> </span>claims  <span class=\"_ _28\"> </span>T<span class=\"_ _a\"></span>otal <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Insurance contrac<span class=\"_ _3\"></span>t liabilities as at 1<span class=\"_ _2\"></span> Januar<span class=\"_ _3\"></span>y 202<span class=\"_ _3\"></span>3 <span class=\"_ _1c6\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _9d\"> </span>1<span class=\"_ _3\"></span>,6<span class=\"_ _3\"></span>33<span class=\"_ _3\"></span>.1 <span class=\"_ _a\"></span> <span class=\"_ _7b\"> </span>76.<span class=\"_ _4\"></span>3 <span class=\"_ _0\"></span> <span class=\"_ _44\"> </span>4<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.0 <span class=\"_ _a\"></span> <span class=\"_ _153\"> </span>1<span class=\"_ _3\"></span>,751<span class=\"_ _3\"></span>.4<span class=\"_ _421\"> </span>Chan<span class=\"_ _3\"></span>ges i<span class=\"_ _3\"></span>n the s<span class=\"_ _3\"></span>tatem<span class=\"_ _3\"></span>ent o<span class=\"_ _3\"></span>f pro<span class=\"_ _3\"></span>fit and l<span class=\"_ _3\"></span>os<span class=\"_ _3\"></span>s <span class=\"_ _57\"> </span> <span class=\"_ _0\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>revenu<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>to<span class=\"_ _3\"></span>tal <span class=\"_ _1ed\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _43\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _4\"></span>1<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>.0 <span class=\"_ _7\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _a3\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>.0 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>Insura<span class=\"_ _2\"></span>nce service e<span class=\"_ _a\"></span>xpenses<span class=\"_ _421\"> </span>Incurred claims and other dir<span class=\"_ _2\"></span>ectly attributable expenses <span class=\"_ _f9\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _150\"> </span>(45.8 <span class=\"_ _31\"></span>) <span class=\"_ _e7\"> </span>120.9 <span class=\"_ _2\"></span> <span class=\"_ _1b7\"> </span>75.1<span class=\"_ _421\"> </span>Losses and rev<span class=\"_ _2\"></span>ersals of losses on onerous contracts <span class=\"_ _7c\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _5b\"> </span>35.4 <span class=\"_ _a\"></span> <span class=\"_ _e9\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _5b\"> </span>35.4<span class=\"_ _421\"> </span>Amortisation <span class=\"_ _3\"></span>of <span class=\"_ _4\"></span>insurance <span class=\"_ _3\"></span>acquisition <span class=\"_ _3\"></span>cash <span class=\"_ _3\"></span>flows <span class=\"_ _1e1\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _57\"> </span>3.4  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _57\"> </span>3.4<span class=\"_ _421\"> </span>Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>ser<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>expen<span class=\"_ _3\"></span>se <span class=\"_ _4\"></span>tot<span class=\"_ _3\"></span>al <span class=\"_ _235\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _8f\"> </span>3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4  <span class=\"_ _14b\"> </span>(<span class=\"_ _3\"></span>10<span class=\"_ _3\"></span>.4 <span class=\"_ _0\"></span>) <span class=\"_ _a3\"> </span>1<span class=\"_ _3\"></span>20<span class=\"_ _3\"></span>.9  <span class=\"_ _150\"> </span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9<span class=\"_ _421\"> </span>Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>ser<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>resu<span class=\"_ _3\"></span>lt <span class=\"_ _d9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _e7\"> </span>(1<span class=\"_ _4\"></span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.6 <span class=\"_ _0\"></span>) <span class=\"_ _15c\"> </span>(<span class=\"_ _3\"></span>10<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4 <span class=\"_ _7\"></span>) <span class=\"_ _119\"> </span>120<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9  <span class=\"_ _fe\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.1 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Net <span class=\"_ _3\"></span>finance <span class=\"_ _3\"></span>expenses <span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>rom <span class=\"_ _3\"></span>insurance <span class=\"_ _3\"></span>contracts <span class=\"_ _152\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1e1\"> </span>162.6  <span class=\"_ _fe\"> </span>0.4  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _45\"> </span>163.0<span class=\"_ _421\"> </span>Effect of movements in e<span class=\"_ _2\"></span>xchange rat<span class=\"_ _2\"></span>es <span class=\"_ _a0\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _11b\"> </span>(37<span class=\"_ _a\"></span>.5 <span class=\"_ _31\"></span>) <span class=\"_ _12e\"> </span>(1.7 <span class=\"_ _31\"></span>) <span class=\"_ _5b\"> </span>(0.9 <span class=\"_ _31\"></span>) <span class=\"_ _44\"> </span>(40.1 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>mount<span class=\"_ _3\"></span>s <span class=\"_ _4\"></span>rec<span class=\"_ _3\"></span>ogni<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>in <span class=\"_ _4\"></span>co<span class=\"_ _3\"></span>mpre<span class=\"_ _3\"></span>hen<span class=\"_ _3\"></span>sive <span class=\"_ _4\"></span>in<span class=\"_ _3\"></span>come <span class=\"_ _146\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14e\"> </span>1<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5  <span class=\"_ _2d\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.7 <span class=\"_ _7\"></span>) <span class=\"_ _a3\"> </span>1<span class=\"_ _3\"></span>20<span class=\"_ _3\"></span>.0  <span class=\"_ _44\"> </span>12<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.8<span class=\"_ _421\"> </span>Investment <span class=\"_ _3\"></span>components <span class=\"_ _d8\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _28\"> </span>(1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>0.6 <span class=\"_ _7\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _11b\"> </span>1<span class=\"_ _3\"></span>10.6  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span>Cash flows<span class=\"_ _421\"> </span>Pr<span class=\"_ _2\"></span>emiums <span class=\"_ _3\"></span>received <span class=\"_ _236\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _7b\"> </span>231.3  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _11b\"> </span>231.3<span class=\"_ _421\"> </span>Claims and other directly attributable e<span class=\"_ _2\"></span>xpenses paid <span class=\"_ _2e\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013  <span class=\"_ _112\"> </span>(236.0 <span class=\"_ _31\"></span>) <span class=\"_ _1c0\"> </span>(236<span class=\"_ _3\"></span>.0 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Insurance <span class=\"_ _3\"></span>acquisition <span class=\"_ _3\"></span>cash <span class=\"_ _3\"></span>flows <span class=\"_ _239\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12e\"> </span>(5.6 <span class=\"_ _7\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _12e\"> </span>(5.6 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ash <span class=\"_ _4\"></span>flo<span class=\"_ _3\"></span>ws <span class=\"_ _1a4\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _29\"> </span>2<span class=\"_ _3\"></span>25<span class=\"_ _3\"></span>.7  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _48\"> </span>(2<span class=\"_ _3\"></span>36<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>0 <span class=\"_ _7\"></span>) <span class=\"_ _28\"> </span>(<span class=\"_ _3\"></span>10<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Insurance contrac<span class=\"_ _3\"></span>t liabilities as at 31 December 202<span class=\"_ _3\"></span>3 <span class=\"_ _14\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _9d\"> </span>1<span class=\"_ _3\"></span>,761<span class=\"_ _3\"></span>.7 <span class=\"_ _0\"></span> <span class=\"_ _44\"> </span>6<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>.6 <span class=\"_ _a\"></span> <span class=\"_ _7b\"> </span>36<span class=\"_ _3\"></span>.6 <span class=\"_ _2\"></span> <span class=\"_ _7e\"> </span>1,<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>62<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9<span class=\"_ _421\"> </span><span class=\"ff65 ls3 ws2\"></span><span class=\"ff65 ls3 ws2\">CHES<span class=\"_ _283\"></span>NAR<span class=\"_ _277\"></span>A<span class=\"_ _278\"></span>A<span class=\"_ _283\"></span>NNUAL<span class=\"_ _27f\"></span>REPO<span class=\"_ _277\"></span>RT<span class=\"_ _287\"></span>AND<span class=\"_ _392\"></span>ACCOUN<span class=\"_ _27a\"></span>TS<span class=\"_ _27b\"></span>202<span class=\"_ _3d6\"></span>3</span><span class=\"_ _3e9\"></span>227<span class=\"_ _421\"> </span>IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS<span class=\"_ _421\"> </span>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<span class=\"_ _421\"> </span>SECTION F \u2013 INSURANCE AND REINSURANCE CONTRA<span class=\"_ _2\"></span>CTS <span class=\"_ _74\"> </span>F5 <span class=\"_ _4\"></span>Insurance and r<span class=\"_ _2\"></span>einsurance contr<span class=\"_ _2\"></span>acts \u2013 quantitative analysis of r<span class=\"_ _2\"></span>ecognised amounts \u2013 Scildon (continued)  (a) <span class=\"_ _3\"></span>Insurance contract balances \u2013 analysis b<span class=\"_ _2\"></span>y remaining co<span class=\"_ _2\"></span>ver<span class=\"_ _2\"></span>age and incur<span class=\"_ _2\"></span>red claims (continued) <span class=\"_ _c\"> </span> <span class=\"_ _241\"> </span>Liabilities for <span class=\"ls2 ws2\"> </span> <span class=\"_ _c\"> </span> <span class=\"_ _242\"> </span>remaining coverage <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _39\"> </span>Excluding  <span class=\"_ _9f\"> </span>  <span class=\"_ _1c7\"> </span>Liabilities   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5b\"> </span>loss  <span class=\"_ _45\"> </span>L<span class=\"_ _3\"></span>oss  <span class=\"_ _6d\"> </span>for <span class=\"_ _4\"></span>incu<span class=\"_ _3\"></span>rred   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _146\"> </span>component  <span class=\"_ _128\"> </span>component  <span class=\"_ _76\"> </span>claims  <span class=\"_ _28\"> </span>T<span class=\"_ _a\"></span>otal <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Insurance contrac<span class=\"_ _3\"></span>t liabilities as at 1<span class=\"_ _2\"></span> Januar<span class=\"_ _3\"></span>y 2022 <span class=\"_ _123\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _82\"> </span>1<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>82<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>4 <span class=\"_ _0\"></span> <span class=\"_ _45\"> </span>6<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>9 <span class=\"_ _a\"></span> <span class=\"_ _c2\"> </span>41.<span class=\"_ _3\"></span>2 <span class=\"_ _2\"></span> <span class=\"_ _7c\"> </span>1,<span class=\"_ _3\"></span>92<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5<span class=\"_ _421\"> </span>Chan<span class=\"_ _3\"></span>ges i<span class=\"_ _3\"></span>n the s<span class=\"_ _3\"></span>tatem<span class=\"_ _3\"></span>ent o<span class=\"_ _3\"></span>f pro<span class=\"_ _3\"></span>fit and l<span class=\"_ _3\"></span>os<span class=\"_ _3\"></span>s <span class=\"_ _57\"> </span> <span class=\"_ _0\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>revenu<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>to<span class=\"_ _3\"></span>tal <span class=\"_ _1ed\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _112\"> </span>(<span class=\"_ _3\"></span>13<span class=\"_ _3\"></span>0.<span class=\"_ _4\"></span>5 <span class=\"_ _7\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _112\"> </span>(<span class=\"_ _3\"></span>130<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Insura<span class=\"_ _2\"></span>nce service e<span class=\"_ _a\"></span>xpenses<span class=\"_ _421\"> </span>Incurred claims and other dir<span class=\"_ _2\"></span>ectly attributable expenses <span class=\"_ _f9\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _11b\"> </span>(<span class=\"_ _3\"></span>18.2 <span class=\"_ _31\"></span>) <span class=\"_ _14b\"> </span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>0.9 <span class=\"_ _a\"></span> <span class=\"_ _5b\"> </span>92<span class=\"_ _3\"></span>.7<span class=\"_ _421\"> </span>Losses and rev<span class=\"_ _2\"></span>ersals of losses on onerous contracts <span class=\"_ _7c\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _c2\"> </span>29.4 <span class=\"_ _a\"></span> <span class=\"_ _e9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _c2\"> </span>29.4<span class=\"_ _421\"> </span>Amortisation <span class=\"_ _3\"></span>of <span class=\"_ _4\"></span>insurance <span class=\"_ _3\"></span>acquisition <span class=\"_ _3\"></span>cash <span class=\"_ _3\"></span>flows <span class=\"_ _1e1\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b1\"> </span>3.5  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _1b1\"> </span>3.5<span class=\"_ _421\"> </span>Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>ser<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>expen<span class=\"_ _3\"></span>se <span class=\"_ _4\"></span>tot<span class=\"_ _3\"></span>al <span class=\"_ _235\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _10f\"> </span>3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5  <span class=\"_ _1b7\"> </span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2  <span class=\"_ _14b\"> </span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>9  <span class=\"_ _28\"> </span>1<span class=\"_ _3\"></span>25<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>6<span class=\"_ _421\"> </span>Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>ser<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>resu<span class=\"_ _3\"></span>lt <span class=\"_ _d9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _240\"> </span>(<span class=\"_ _3\"></span>12<span class=\"_ _3\"></span>7<span class=\"_ _2\"></span>.0 <span class=\"_ _7\"></span>) <span class=\"_ _14e\"> </span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2  <span class=\"_ _14b\"> </span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>9  <span class=\"_ _5b\"> </span>(4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Net <span class=\"_ _3\"></span>finance <span class=\"_ _3\"></span>expenses <span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>rom <span class=\"_ _3\"></span>insurance <span class=\"_ _3\"></span>contracts <span class=\"_ _152\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _43\"> </span>(276.0 <span class=\"_ _7\"></span>) <span class=\"_ _179\"> </span>0.3  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _119\"> </span>(275.7 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Effect <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>movements <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>exchange <span class=\"_ _3\"></span>rat<span class=\"_ _2\"></span>es <span class=\"_ _151\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12b\"> </span>90.1  <span class=\"_ _1a1\"> </span>3.9  <span class=\"_ _1a1\"> </span>2<span class=\"_ _3\"></span>.2  <span class=\"_ _5b\"> </span>96<span class=\"_ _3\"></span>.2<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>mount<span class=\"_ _3\"></span>s <span class=\"_ _4\"></span>rec<span class=\"_ _3\"></span>ogni<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>in <span class=\"_ _4\"></span>co<span class=\"_ _3\"></span>mpre<span class=\"_ _3\"></span>hen<span class=\"_ _3\"></span>sive <span class=\"_ _4\"></span>in<span class=\"_ _3\"></span>come <span class=\"_ _146\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _2a\"> </span>(<span class=\"_ _3\"></span>31<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9 <span class=\"_ _7\"></span>) <span class=\"_ _11b\"> </span>1<span class=\"_ _3\"></span>5.<span class=\"_ _3\"></span>4  <span class=\"_ _2d\"> </span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>.1  <span class=\"_ _47\"> </span>(<span class=\"_ _3\"></span>18<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Investment <span class=\"_ _3\"></span>components <span class=\"_ _d8\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _a3\"> </span>(108.0 <span class=\"_ _0\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _14b\"> </span>108.0  <span class=\"_ _e9\"> </span>\u2013<span class=\"_ _421\"> </span>Cash flows<span class=\"_ _421\"> </span>Pr<span class=\"_ _2\"></span>emiums <span class=\"_ _3\"></span>received <span class=\"_ _236\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _e7\"> </span>240.3  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _e7\"> </span>240.3<span class=\"_ _421\"> </span>Claims and other directly attributable e<span class=\"_ _2\"></span>xpenses paid <span class=\"_ _2e\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013  <span class=\"_ _2a\"> </span>(220.3 <span class=\"_ _31\"></span>) <span class=\"_ _3f\"> </span>(220.3 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Insurance <span class=\"_ _3\"></span>acquisition <span class=\"_ _3\"></span>cash <span class=\"_ _3\"></span>flows <span class=\"_ _239\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>(6.7 <span class=\"_ _0\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _165\"> </span>(6.7 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ash <span class=\"_ _4\"></span>flo<span class=\"_ _3\"></span>ws <span class=\"_ _1a4\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _42\"> </span>2<span class=\"_ _3\"></span>33<span class=\"_ _3\"></span>.6  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _47\"> </span>(<span class=\"_ _3\"></span>22<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>3 <span class=\"_ _0\"></span>) <span class=\"_ _2d\"> </span>1<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3<span class=\"_ _421\"> </span>Insurance contrac<span class=\"_ _3\"></span>t liabilities as at 31 December 202<span class=\"_ _3\"></span>2 <span class=\"_ _14\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _9d\"> </span>1<span class=\"_ _3\"></span>,63<span class=\"_ _3\"></span>3.1 <span class=\"_ _2\"></span> <span class=\"_ _7b\"> </span>76.<span class=\"_ _3\"></span>3 <span class=\"_ _2\"></span> <span class=\"_ _44\"> </span>42<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>0 <span class=\"_ _a\"></span> <span class=\"_ _210\"> </span>1<span class=\"_ _3\"></span>,751<span class=\"_ _3\"></span>.4<span class=\"_ _421\"> </span>F<span class=\"_ _2\"></span>or <span class=\"_ _2\"></span>Scildon, the full retrospective approach at transition has been applied to all insurance contracts.<span class=\"_ _421\"> </span>228<span class=\"_ _74\"> </span><span class=\"ff67 ls3 ws2\">CHESN<span class=\"_ _3\"></span>AR<span class=\"_ _3\"></span>A ANN<span class=\"_ _3\"></span>UAL REPOR<span class=\"_ _3\"></span>T AND <span class=\"_ _3\"></span>ACCOUNT<span class=\"_ _3\"></span>S 20<span class=\"_ _2\"></span>23<span class=\"_ _421\"> </span></span>IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS <span class=\"_ _e\"> </span>(b) <span class=\"_ _3\"></span>Insurance contract balances \u2013 analysis b<span class=\"_ _2\"></span>y measurement component \u2013 contr<span class=\"_ _2\"></span>acts not measur<span class=\"_ _2\"></span>ed under P<span class=\"_ _a\"></span>AA <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _e\"> </span>Pr<span class=\"_ _3\"></span>ese<span class=\"_ _3\"></span>nt <span class=\"_ _4\"></span>valu<span class=\"_ _3\"></span>e  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _127\"> </span>o<span class=\"_ _3\"></span>f <span class=\"_ _3\"></span>fu<span class=\"_ _3\"></span>ture  <span class=\"_ _11b\"> </span>Risk  <span class=\"_ _156\"> </span>   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _185\"> </span>ca<span class=\"_ _3\"></span>sh <span class=\"_ _4\"></span>flows  <span class=\"_ _146\"> </span>ad<span class=\"_ _3\"></span>jus<span class=\"_ _3\"></span>tme<span class=\"_ _3\"></span>nt  <span class=\"_ _44\"> </span>C<span class=\"_ _3\"></span>SM  <span class=\"_ _46\"> </span>T<span class=\"_ _a\"></span>o<span class=\"_ _3\"></span>tal <span class=\"_ _19e\"> </span> <span class=\"_ _3\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce con<span class=\"_ _3\"></span>trac<span class=\"_ _3\"></span>t li<span class=\"_ _3\"></span>abili<span class=\"_ _3\"></span>tie<span class=\"_ _3\"></span>s as at 1 Ja<span class=\"_ _3\"></span>nuar<span class=\"_ _3\"></span>y 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>3 <span class=\"_ _2e\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _7c\"> </span>1<span class=\"_ _3\"></span>,6<span class=\"_ _3\"></span>39<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5 <span class=\"_ _a\"></span> <span class=\"_ _1e1\"> </span>2<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5 <span class=\"_ _a\"></span> <span class=\"_ _44\"> </span>8<span class=\"_ _3\"></span>3.<span class=\"_ _3\"></span>4 <span class=\"_ _a\"></span> <span class=\"_ _153\"> </span>1<span class=\"_ _3\"></span>,751<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4<span class=\"_ _421\"> </span>Changes that relate to cur<span class=\"_ _2\"></span>rent ser<span class=\"_ _3\"></span>vice<span class=\"_ _421\"> </span>CSM <span class=\"_ _3\"></span>recognised <span class=\"_ _3\"></span>for <span class=\"_ _3\"></span>services <span class=\"_ _3\"></span>provided <span class=\"_ _238\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _1b7\"> </span>(9.0 <span class=\"_ _7\"></span>) <span class=\"_ _14e\"> </span>(9.0 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Change in risk adjustment for non-financial risk for risk e<span class=\"_ _2\"></span>xpired <span class=\"_ _165\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _e9\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _12e\"> </span>(3.5 <span class=\"_ _31\"></span>) <span class=\"_ _ae\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _165\"> </span>(3.5 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Experience a<span class=\"_ _3\"></span>djustments <span class=\"_ _22\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _150\"> </span>(24.0 <span class=\"_ _0\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _150\"> </span>(24.0 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l chan<span class=\"_ _3\"></span>ges t<span class=\"_ _3\"></span>hat re<span class=\"_ _3\"></span>late to cu<span class=\"_ _3\"></span>rrent s<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _94\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _42\"> </span>(<span class=\"_ _3\"></span>24<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>0 <span class=\"_ _31\"></span>) <span class=\"_ _11b\"> </span>(<span class=\"_ _3\"></span>3.<span class=\"_ _3\"></span>5 <span class=\"_ _31\"></span>) <span class=\"_ _11b\"> </span>(9.<span class=\"_ _3\"></span>0 <span class=\"_ _31\"></span>) <span class=\"_ _43\"> </span>(<span class=\"_ _3\"></span>36<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Changes that relate to future<span class=\"_ _2\"></span> ser<span class=\"_ _3\"></span>vice<span class=\"_ _421\"> </span>Contracts <span class=\"_ _3\"></span>initially <span class=\"_ _3\"></span>recognised <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>period <span class=\"_ _a4\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _152\"> </span>(1<span class=\"_ _3\"></span>1.2 <span class=\"_ _0\"></span>) <span class=\"_ _10f\"> </span>2.6  <span class=\"_ _10f\"> </span>1<span class=\"_ _3\"></span>1.5  <span class=\"_ _1a1\"> </span>2.9<span class=\"_ _421\"> </span>Changes in estimates that adjust the CSM <span class=\"_ _1cb\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _57\"> </span>3.6 <span class=\"_ _a\"></span> <span class=\"_ _20b\"> </span>1.7 <span class=\"_ _a\"></span> <span class=\"_ _165\"> </span>(5.<span class=\"_ _3\"></span>3 <span class=\"_ _31\"></span>) <span class=\"_ _ae\"> </span>\u2013<span class=\"_ _421\"> </span>Changes in estimates that result in losses or r<span class=\"_ _2\"></span>eversals of losses <span class=\"ls2\"> </span>on <span class=\"_ _3\"></span>onerous <span class=\"_ _3\"></span>underlying <span class=\"_ _3\"></span>contracts <span class=\"_ _1fd\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12e\"> </span>33.1  <span class=\"_ _1b7\"> </span>(0.6 <span class=\"_ _7\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _152\"> </span>32.5<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>hang<span class=\"_ _3\"></span>es <span class=\"_ _4\"></span>that <span class=\"_ _4\"></span>rel<span class=\"_ _3\"></span>ate <span class=\"_ _4\"></span>to <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>utur<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vic<span class=\"_ _3\"></span>e <span class=\"_ _b9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _2d\"> </span>2<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5  <span class=\"_ _fe\"> </span>3<span class=\"_ _3\"></span>.7  <span class=\"_ _10f\"> </span>6<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2  <span class=\"_ _11b\"> </span>35<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4<span class=\"_ _421\"> </span>Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>ser<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>resu<span class=\"_ _3\"></span>lt <span class=\"_ _d9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b1\"> </span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5  <span class=\"_ _179\"> </span>0.<span class=\"_ _3\"></span>2  <span class=\"_ _14e\"> </span>(2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8 <span class=\"_ _7\"></span>) <span class=\"_ _8f\"> </span>(<span class=\"_ _3\"></span>1.<span class=\"_ _3\"></span>1 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Net <span class=\"_ _3\"></span>finance <span class=\"_ _3\"></span>expenses <span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>rom <span class=\"_ _3\"></span>insurance <span class=\"_ _3\"></span>contracts <span class=\"_ _152\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1e1\"> </span>159.9  <span class=\"_ _1a1\"> </span>2.<span class=\"_ _3\"></span>2  <span class=\"_ _10e\"> </span>0.9  <span class=\"_ _44\"> </span>163.0<span class=\"_ _421\"> </span>Effect of movements in e<span class=\"_ _2\"></span>xchange rat<span class=\"_ _2\"></span>es <span class=\"_ _a0\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _11b\"> </span>(37<span class=\"_ _a\"></span>.5 <span class=\"_ _31\"></span>) <span class=\"_ _14e\"> </span>(0.7 <span class=\"_ _31\"></span>) <span class=\"_ _1b7\"> </span>(1.9 <span class=\"_ _7\"></span>) <span class=\"_ _150\"> </span>(40.1 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>mount<span class=\"_ _3\"></span>s <span class=\"_ _4\"></span>rec<span class=\"_ _3\"></span>ogni<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>in <span class=\"_ _4\"></span>co<span class=\"_ _3\"></span>mpre<span class=\"_ _3\"></span>hen<span class=\"_ _3\"></span>sive <span class=\"_ _4\"></span>in<span class=\"_ _3\"></span>come <span class=\"_ _146\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _28\"> </span>1<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>.9  <span class=\"_ _94\"> </span>1<span class=\"_ _3\"></span>.7  <span class=\"_ _114\"> </span>(<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8 <span class=\"_ _7\"></span>) <span class=\"_ _28\"> </span>12<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8<span class=\"_ _421\"> </span>Cash flows<span class=\"_ _421\"> </span>Pr<span class=\"_ _2\"></span>emiums <span class=\"_ _3\"></span>received <span class=\"_ _236\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _7b\"> </span>231.3  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _11b\"> </span>231.3<span class=\"_ _421\"> </span>Claims and other directly attributable e<span class=\"_ _2\"></span>xpenses paid <span class=\"_ _2e\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _2a\"> </span>(236.0 <span class=\"_ _31\"></span>) <span class=\"_ _ae\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013  <span class=\"_ _112\"> </span>(236.0 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Insurance <span class=\"_ _3\"></span>acquisition <span class=\"_ _3\"></span>cash <span class=\"_ _3\"></span>flows <span class=\"_ _239\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12e\"> </span>(5.6 <span class=\"_ _7\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _12e\"> </span>(5.6 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ash <span class=\"_ _4\"></span>flo<span class=\"_ _3\"></span>ws <span class=\"_ _1a4\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _150\"> </span>(<span class=\"_ _3\"></span>10<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3 <span class=\"_ _7\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _44\"> </span>(<span class=\"_ _3\"></span>10<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce con<span class=\"_ _3\"></span>trac<span class=\"_ _3\"></span>t li<span class=\"_ _3\"></span>abili<span class=\"_ _3\"></span>tie<span class=\"_ _3\"></span>s as at 3<span class=\"_ _3\"></span>1 Dec<span class=\"_ _3\"></span>emb<span class=\"_ _3\"></span>er 20<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>3 <span class=\"_ _6d\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _129\"> </span>1<span class=\"_ _3\"></span>,75<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>.1 <span class=\"_ _a\"></span> <span class=\"_ _1e1\"> </span>3<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>2 <span class=\"_ _2\"></span> <span class=\"_ _1e1\"> </span>7<span class=\"_ _3\"></span>9.<span class=\"_ _3\"></span>6 <span class=\"_ _a\"></span> <span class=\"_ _7e\"> </span>1,<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>62<span class=\"_ _4\"></span>.9<span class=\"_ _421\"> </span><span class=\"ff65 ls3 ws2\"></span><span class=\"ff65 ls3 ws2\">CHES<span class=\"_ _283\"></span>NAR<span class=\"_ _277\"></span>A<span class=\"_ _278\"></span>AN<span class=\"_ _277\"></span>NUAL<span class=\"_ _35e\"></span>REPO<span class=\"_ _277\"></span>RT<span class=\"_ _287\"></span>AND<span class=\"_ _392\"></span>ACCOUNT<span class=\"_ _27a\"></span>S<span class=\"_ _27b\"></span>20<span class=\"_ _2b5\"></span>23</span><span class=\"_ _3eb\"></span>229<span class=\"_ _421\"> </span>IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS<span class=\"_ _421\"> </span>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<span class=\"_ _421\"> </span>SECTION F \u2013 INSURANCE AND REINSURANCE CONTRA<span class=\"_ _2\"></span>CTS <span class=\"_ _74\"> </span>F5 <span class=\"_ _4\"></span>Insurance and r<span class=\"_ _2\"></span>einsurance contr<span class=\"_ _2\"></span>acts \u2013 quantitative analysis of r<span class=\"_ _2\"></span>ecognised amounts \u2013 Scildon (continued) <span class=\"_ _e\"> </span>(b) <span class=\"_ _3\"></span>Insurance contract balances \u2013 analysis b<span class=\"_ _2\"></span>y measurement component \u2013 contr<span class=\"_ _2\"></span>acts not measur<span class=\"_ _2\"></span>ed under P<span class=\"_ _a\"></span>AA (continued) <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _e\"> </span>Pr<span class=\"_ _3\"></span>ese<span class=\"_ _3\"></span>nt <span class=\"_ _4\"></span>valu<span class=\"_ _3\"></span>e  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _127\"> </span>o<span class=\"_ _3\"></span>f <span class=\"_ _3\"></span>fu<span class=\"_ _3\"></span>ture  <span class=\"_ _11b\"> </span>Risk  <span class=\"_ _156\"> </span>   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _185\"> </span>ca<span class=\"_ _3\"></span>sh <span class=\"_ _4\"></span>flows  <span class=\"_ _146\"> </span>ad<span class=\"_ _3\"></span>jus<span class=\"_ _3\"></span>tme<span class=\"_ _3\"></span>nt  <span class=\"_ _44\"> </span>C<span class=\"_ _3\"></span>SM  <span class=\"_ _46\"> </span>T<span class=\"_ _a\"></span>o<span class=\"_ _3\"></span>tal <span class=\"_ _19e\"> </span> <span class=\"_ _3\"></span> <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce con<span class=\"_ _3\"></span>trac<span class=\"_ _3\"></span>t li<span class=\"_ _3\"></span>abili<span class=\"_ _3\"></span>tie<span class=\"_ _3\"></span>s as at 1 Ja<span class=\"_ _3\"></span>nuar<span class=\"_ _3\"></span>y 2<span class=\"_ _3\"></span>022 <span class=\"_ _f1\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _11c\"> </span>1<span class=\"_ _3\"></span>,78<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2 <span class=\"_ _a\"></span> <span class=\"_ _7b\"> </span>33<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>0 <span class=\"_ _a\"></span> <span class=\"_ _46\"> </span>1<span class=\"_ _3\"></span>01<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3 <span class=\"_ _a\"></span> <span class=\"_ _7c\"> </span>1<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>92<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5<span class=\"_ _421\"> </span>Changes that relate to cur<span class=\"_ _2\"></span>rent ser<span class=\"_ _3\"></span>vice<span class=\"_ _421\"> </span>CSM <span class=\"_ _3\"></span>recognised <span class=\"_ _3\"></span>for <span class=\"_ _3\"></span>services <span class=\"_ _3\"></span>provided <span class=\"_ _238\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _f0\"> </span>(10.3 <span class=\"_ _0\"></span>) <span class=\"_ _1e1\"> </span>(10.3 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>Change in risk adjustment for non-financial risk for risk e<span class=\"_ _2\"></span>xpired <span class=\"_ _165\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _e9\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _1b7\"> </span>(3.8 <span class=\"_ _31\"></span>) <span class=\"_ _15b\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _12b\"> </span>(3.8 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Experience a<span class=\"_ _3\"></span>djustments <span class=\"_ _22\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1e1\"> </span>(20.2 <span class=\"_ _7\"></span>) <span class=\"_ _97\"> </span>\u2013  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _1e1\"> </span>(20.2 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l chan<span class=\"_ _3\"></span>ges t<span class=\"_ _3\"></span>hat re<span class=\"_ _3\"></span>late to cu<span class=\"_ _3\"></span>rrent s<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _94\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _e7\"> </span>(2<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>2 <span class=\"_ _31\"></span>) <span class=\"_ _11b\"> </span>(3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8 <span class=\"_ _f\"></span>) <span class=\"_ _e7\"> </span>(1<span class=\"_ _3\"></span>0.<span class=\"_ _4\"></span>3 <span class=\"_ _31\"></span>) <span class=\"_ _240\"> </span>(3<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Changes that relate to future<span class=\"_ _2\"></span> ser<span class=\"_ _3\"></span>vice<span class=\"_ _421\"> </span>Contracts <span class=\"_ _3\"></span>initially <span class=\"_ _3\"></span>recognised <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>period <span class=\"_ _a4\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14e\"> </span>(1<span class=\"_ _4\"></span>1.6 <span class=\"_ _7\"></span>) <span class=\"_ _fe\"> </span>5.2  <span class=\"_ _12b\"> </span>1<span class=\"_ _3\"></span>3.4  <span class=\"_ _57\"> </span>7.<span class=\"_ _2\"></span>0<span class=\"_ _421\"> </span>Changes in estimates that adjust the CSM <span class=\"_ _1cb\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _114\"> </span>22<span class=\"_ _3\"></span>.7 <span class=\"_ _a\"></span> <span class=\"_ _57\"> </span>3.2 <span class=\"_ _2\"></span> <span class=\"_ _45\"> </span>(25.9 <span class=\"_ _7\"></span>) <span class=\"_ _ae\"> </span>\u2013<span class=\"_ _421\"> </span>Changes in estimates that result in losses or r<span class=\"_ _2\"></span>eversals of losses <span class=\"ls2\"> </span>on <span class=\"_ _3\"></span>onerous <span class=\"_ _3\"></span>underlying <span class=\"_ _3\"></span>contracts <span class=\"_ _1fd\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _152\"> </span>22.5  <span class=\"_ _fe\"> </span>(0.1 <span class=\"_ _7\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _114\"> </span>22.4<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l chan<span class=\"_ _3\"></span>ges t<span class=\"_ _3\"></span>hat re<span class=\"_ _3\"></span>late to f<span class=\"_ _3\"></span>uture s<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _97\"> </span> <span class=\"_ _0\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _11b\"> </span>33<span class=\"_ _3\"></span>.6 <span class=\"_ _2\"></span> <span class=\"_ _12e\"> </span>8.<span class=\"_ _3\"></span>3 <span class=\"_ _2\"></span> <span class=\"_ _150\"> </span>(1<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5 <span class=\"_ _31\"></span>) <span class=\"_ _46\"> </span>2<span class=\"_ _3\"></span>9.<span class=\"_ _3\"></span>4<span class=\"_ _421\"> </span>Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>ser<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>resu<span class=\"_ _3\"></span>lt <span class=\"_ _d9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5b\"> </span>1<span class=\"_ _3\"></span>3.<span class=\"_ _3\"></span>4  <span class=\"_ _8f\"> </span>4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5  <span class=\"_ _28\"> </span>(<span class=\"_ _3\"></span>22<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8 <span class=\"_ _0\"></span>) <span class=\"_ _11b\"> </span>(4<span class=\"_ _3\"></span>.9 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>Net finance expenses f<span class=\"_ _3\"></span>rom insurance contr<span class=\"_ _2\"></span>acts <span class=\"_ _152\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _240\"> </span>(265.3 <span class=\"_ _31\"></span>) <span class=\"_ _45\"> </span>(10.6 <span class=\"_ _31\"></span>) <span class=\"_ _12e\"> </span>0.2 <span class=\"_ _2\"></span> <span class=\"_ _a3\"> </span>(275.7 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Effect <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>movements <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>exchange <span class=\"_ _3\"></span>rat<span class=\"_ _2\"></span>es <span class=\"_ _151\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5b\"> </span>89.9  <span class=\"_ _20b\"> </span>1.6  <span class=\"_ _10e\"> </span>4<span class=\"_ _3\"></span>.7  <span class=\"_ _5b\"> </span>96.<span class=\"_ _3\"></span>2<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l amou<span class=\"_ _3\"></span>nts r<span class=\"_ _3\"></span>eco<span class=\"_ _3\"></span>gnis<span class=\"_ _3\"></span>ed in c<span class=\"_ _3\"></span>omp<span class=\"_ _3\"></span>rehe<span class=\"_ _3\"></span>nsi<span class=\"_ _3\"></span>ve inc<span class=\"_ _3\"></span>ome <span class=\"_ _6d\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _1c0\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>62<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>0 <span class=\"_ _31\"></span>) <span class=\"_ _7b\"> </span>(4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5 <span class=\"_ _31\"></span>) <span class=\"_ _28\"> </span>(1<span class=\"_ _3\"></span>7<span class=\"_ _2\"></span>.<span class=\"_ _3\"></span>9 <span class=\"_ _31\"></span>) <span class=\"_ _14f\"> </span>(<span class=\"_ _3\"></span>18<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Cash flows<span class=\"_ _421\"> </span>Pr<span class=\"_ _2\"></span>emiums <span class=\"_ _3\"></span>received <span class=\"_ _236\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _e7\"> </span>240.3  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _e7\"> </span>240.3<span class=\"_ _421\"> </span>Claims and other directly attributable e<span class=\"_ _2\"></span>xpenses paid <span class=\"_ _2e\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _2a\"> </span>(220.<span class=\"_ _3\"></span>3 <span class=\"_ _31\"></span>) <span class=\"_ _ae\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _2a\"> </span>(220.<span class=\"_ _3\"></span>3 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Insurance <span class=\"_ _3\"></span>acquisition <span class=\"_ _3\"></span>cash <span class=\"_ _3\"></span>flows <span class=\"_ _239\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>(6.7 <span class=\"_ _0\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _165\"> </span>(6.7 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ash <span class=\"_ _4\"></span>flo<span class=\"_ _3\"></span>ws <span class=\"_ _1a4\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14e\"> </span>13<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _14e\"> </span>1<span class=\"_ _3\"></span>3.<span class=\"_ _4\"></span>3<span class=\"_ _421\"> </span>Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce con<span class=\"_ _3\"></span>trac<span class=\"_ _3\"></span>t li<span class=\"_ _3\"></span>abili<span class=\"_ _3\"></span>tie<span class=\"_ _3\"></span>s as at 3<span class=\"_ _3\"></span>1 Dec<span class=\"_ _3\"></span>emb<span class=\"_ _3\"></span>er 20<span class=\"_ _3\"></span>22 <span class=\"_ _128\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _7c\"> </span>1<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>63<span class=\"_ _3\"></span>9.<span class=\"_ _3\"></span>5 <span class=\"_ _a\"></span> <span class=\"_ _7b\"> </span>28<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5 <span class=\"_ _a\"></span> <span class=\"_ _45\"> </span>8<span class=\"_ _3\"></span>3.<span class=\"_ _3\"></span>4 <span class=\"_ _a\"></span> <span class=\"_ _153\"> </span>1<span class=\"_ _3\"></span>,751<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4<span class=\"_ _421\"> </span>230<span class=\"_ _18\"> </span><span class=\"ff67 ls3 ws2\">CH<span class=\"_ _3\"></span>ESN<span class=\"_ _3\"></span>AR<span class=\"_ _3\"></span>A ANNUA<span class=\"_ _3\"></span>L REPOR<span class=\"_ _3\"></span>T AND ACCO<span class=\"_ _3\"></span>UNT<span class=\"_ _3\"></span>S 20<span class=\"_ _2\"></span>23<span class=\"_ _421\"> </span></span>IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS <span class=\"_ _18\"> </span>(c) <span class=\"_ _4\"></span>Reinsurance contract balances \u2013 analysis b<span class=\"_ _2\"></span>y r<span class=\"_ _2\"></span>emaining cover<span class=\"_ _2\"></span>age and incur<span class=\"_ _a\"></span>red claims <span class=\"_ _c\"> </span> <span class=\"_ _243\"> </span>Asset<span class=\"_ _3\"></span>s fo<span class=\"_ _2\"></span>r <span class=\"ls2 ws2\"> </span> <span class=\"_ _c\"> </span> <span class=\"_ _242\"> </span>remaining coverage <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _39\"> </span>E<span class=\"_ _3\"></span>xclud<span class=\"_ _3\"></span>ing  <span class=\"_ _42\"> </span>Lo<span class=\"_ _3\"></span>ss<span class=\"_ _3\"></span>-  <span class=\"_ _1c1\"> </span>A<span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>ts <span class=\"_ _4\"></span>for   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _74\"> </span>l<span class=\"_ _3\"></span>oss<span class=\"_ _3\"></span>-re<span class=\"_ _3\"></span>cover<span class=\"_ _3\"></span>y  <span class=\"_ _127\"> </span>re<span class=\"_ _3\"></span>cover<span class=\"_ _3\"></span>y  <span class=\"_ _33\"> </span>incu<span class=\"_ _3\"></span>rred   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _146\"> </span>component  <span class=\"_ _128\"> </span>component  <span class=\"_ _76\"> </span>claims  <span class=\"_ _28\"> </span>T<span class=\"_ _a\"></span>otal <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Rei<span class=\"_ _3\"></span>nsur<span class=\"_ _3\"></span>ance c<span class=\"_ _3\"></span>ontr<span class=\"_ _3\"></span>ac<span class=\"_ _3\"></span>t ass<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>s as at 1 J<span class=\"_ _3\"></span>anua<span class=\"_ _3\"></span>ry 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>3 <span class=\"_ _be\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _29\"> </span>(2<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4 <span class=\"_ _31\"></span>) <span class=\"_ _152\"> </span>4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5 <span class=\"_ _a\"></span> <span class=\"_ _8f\"> </span>8<span class=\"_ _3\"></span>.7 <span class=\"_ _a\"></span> <span class=\"_ _150\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Reinsurance expenses \u2013 allocation of r<span class=\"_ _2\"></span>einsurance premiums paid <span class=\"_ _e7\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _2d\"> </span>(21.8 <span class=\"_ _7\"></span>) <span class=\"_ _ae\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _e9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _2d\"> </span>(21.8 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Amount<span class=\"_ _3\"></span>s recoverable from reinsurers<span class=\"_ _421\"> </span>Recov<span class=\"_ _2\"></span>eries of incurred claims and other directly at<span class=\"_ _2\"></span>tributable expenses <span class=\"_ _1c7\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013  <span class=\"_ _1b7\"> </span>17<span class=\"_ _2\"></span>.3 <span class=\"_ _2\"></span> <span class=\"_ _165\"> </span>17.3<span class=\"_ _421\"> </span>Changes <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>the <span class=\"_ _4\"></span>loss-reco<span class=\"_ _2\"></span>very <span class=\"_ _3\"></span>component <span class=\"_ _154\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _20b\"> </span>1.8  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _5a\"> </span>1.<span class=\"_ _3\"></span>8<span class=\"_ _421\"> </span>Ne<span class=\"_ _3\"></span>t <span class=\"_ _3\"></span>(expe<span class=\"_ _3\"></span>nse<span class=\"_ _3\"></span>s)/inc<span class=\"_ _3\"></span>ome <span class=\"_ _4\"></span>from <span class=\"_ _4\"></span>re<span class=\"_ _3\"></span>insu<span class=\"_ _3\"></span>ranc<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ontra<span class=\"_ _3\"></span>ct<span class=\"_ _3\"></span>s <span class=\"_ _4\"></span>hel<span class=\"_ _3\"></span>d <span class=\"_ _0\"></span> <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _44\"> </span>(2<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.8 <span class=\"_ _0\"></span>) <span class=\"_ _179\"> </span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8  <span class=\"_ _152\"> </span>17.<span class=\"_ _3\"></span>3  <span class=\"_ _152\"> </span>(2<span class=\"_ _3\"></span>.7 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Net <span class=\"_ _3\"></span>finance <span class=\"_ _3\"></span>expenses <span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>rom <span class=\"_ _3\"></span>reinsuranc<span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>contracts <span class=\"_ _119\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>(3.4 <span class=\"_ _7\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _165\"> </span>(3.4 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>Effect of movements in e<span class=\"_ _2\"></span>xchange rat<span class=\"_ _2\"></span>es <span class=\"_ _a0\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _fe\"> </span>0.6 <span class=\"_ _a\"></span> <span class=\"_ _179\"> </span>(0.1 <span class=\"_ _31\"></span>) <span class=\"_ _114\"> </span>(0.2 <span class=\"_ _7\"></span>) <span class=\"_ _12e\"> </span>0.3<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>mount<span class=\"_ _3\"></span>s <span class=\"_ _4\"></span>rec<span class=\"_ _3\"></span>ogni<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>in <span class=\"_ _4\"></span>co<span class=\"_ _3\"></span>mpre<span class=\"_ _3\"></span>hen<span class=\"_ _3\"></span>sive <span class=\"_ _4\"></span>in<span class=\"_ _3\"></span>come <span class=\"_ _146\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _28\"> </span>(2<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>.6 <span class=\"_ _7\"></span>) <span class=\"_ _10e\"> </span>1<span class=\"_ _3\"></span>.7  <span class=\"_ _12e\"> </span>1<span class=\"_ _3\"></span>7<span class=\"_ _2\"></span>.1  <span class=\"_ _14e\"> </span>(5<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Cash flows<span class=\"_ _421\"> </span>Pr<span class=\"_ _2\"></span>emiums <span class=\"_ _3\"></span>paid <span class=\"_ _1eb\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _c2\"> </span>24.0  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _5b\"> </span>2<span class=\"_ _2\"></span>4.0<span class=\"_ _421\"> </span>Recov<span class=\"_ _2\"></span>eries <span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>rom <span class=\"_ _3\"></span>reinsurance contracts <span class=\"_ _3\"></span>held <span class=\"_ _1d0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _5b\"> </span>(17.9 <span class=\"_ _7\"></span>) <span class=\"_ _11b\"> </span>(17<span class=\"_ _2\"></span>.9 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ash <span class=\"_ _4\"></span>flo<span class=\"_ _3\"></span>ws <span class=\"_ _1a4\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1e1\"> </span>2<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>.0  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _1e1\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>7<span class=\"_ _2\"></span>.<span class=\"_ _3\"></span>9 <span class=\"_ _7\"></span>) <span class=\"_ _fe\"> </span>6<span class=\"_ _3\"></span>.1<span class=\"_ _421\"> </span>Rei<span class=\"_ _3\"></span>nsur<span class=\"_ _3\"></span>ance c<span class=\"_ _3\"></span>ontr<span class=\"_ _3\"></span>ac<span class=\"_ _3\"></span>t ass<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>s as at 3<span class=\"_ _3\"></span>1 De<span class=\"_ _3\"></span>cemb<span class=\"_ _3\"></span>er 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>3 <span class=\"_ _92\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _15c\"> </span>(<span class=\"_ _3\"></span>29<span class=\"_ _3\"></span>.0<span class=\"_ _3\"></span> <span class=\"_ _f\"></span>)<span class=\"_ _3\"></span> <span class=\"_ _20a\"> </span>6<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2 <span class=\"_ _a\"></span> <span class=\"_ _10f\"> </span>7.9 <span class=\"_ _2\"></span> <span class=\"_ _46\"> </span>(<span class=\"_ _3\"></span>14<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9 <span class=\"_ _31\"></span>) <span class=\"_ _c\"> </span> <span class=\"_ _243\"> </span>Asset<span class=\"_ _3\"></span>s fo<span class=\"_ _2\"></span>r <span class=\"ls2 ws2\"> </span> <span class=\"_ _c\"> </span> <span class=\"_ _242\"> </span>remaining coverage <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _39\"> </span>E<span class=\"_ _3\"></span>xclud<span class=\"_ _3\"></span>ing  <span class=\"_ _42\"> </span>Lo<span class=\"_ _3\"></span>ss<span class=\"_ _3\"></span>-  <span class=\"_ _1c1\"> </span>A<span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>ts <span class=\"_ _4\"></span>for   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _74\"> </span>l<span class=\"_ _3\"></span>oss<span class=\"_ _3\"></span>-re<span class=\"_ _3\"></span>cover<span class=\"_ _3\"></span>y  <span class=\"_ _127\"> </span>re<span class=\"_ _3\"></span>cover<span class=\"_ _3\"></span>y  <span class=\"_ _33\"> </span>incu<span class=\"_ _3\"></span>rred   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _146\"> </span>component  <span class=\"_ _128\"> </span>component  <span class=\"_ _76\"> </span>claims  <span class=\"_ _28\"> </span>T<span class=\"_ _a\"></span>otal <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Rei<span class=\"_ _3\"></span>nsur<span class=\"_ _3\"></span>ance c<span class=\"_ _3\"></span>ontr<span class=\"_ _3\"></span>ac<span class=\"_ _3\"></span>t ass<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>s as at 1 J<span class=\"_ _3\"></span>anua<span class=\"_ _3\"></span>ry 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2 <span class=\"_ _be\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _42\"> </span>(4<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>8 <span class=\"_ _31\"></span>) <span class=\"_ _12b\"> </span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5 <span class=\"_ _2\"></span> <span class=\"_ _1a1\"> </span>5<span class=\"_ _3\"></span>.1 <span class=\"_ _2\"></span> <span class=\"_ _28\"> </span>(3<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Reinsurance expenses \u2013 allocation of r<span class=\"_ _2\"></span>einsurance premiums paid <span class=\"_ _e7\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _11b\"> </span>(19.8 <span class=\"_ _31\"></span>) <span class=\"_ _15b\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _e9\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _11b\"> </span>(<span class=\"_ _3\"></span>19.8 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Amount<span class=\"_ _3\"></span>s recoverable from reinsurers<span class=\"_ _421\"> </span>Recov<span class=\"_ _2\"></span>eries of incurred claims and other directly at<span class=\"_ _2\"></span>tributable expenses <span class=\"_ _1c7\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013  <span class=\"_ _152\"> </span>18.5  <span class=\"_ _152\"> </span>18<span class=\"_ _3\"></span>.5<span class=\"_ _421\"> </span>Changes <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>the <span class=\"_ _4\"></span>loss-reco<span class=\"_ _2\"></span>very <span class=\"_ _3\"></span>component <span class=\"_ _154\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _20b\"> </span>1.8  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _5a\"> </span>1.<span class=\"_ _3\"></span>8<span class=\"_ _421\"> </span>Ne<span class=\"_ _3\"></span>t <span class=\"_ _3\"></span>(expe<span class=\"_ _3\"></span>nse<span class=\"_ _3\"></span>s)/inc<span class=\"_ _3\"></span>ome <span class=\"_ _4\"></span>from <span class=\"_ _4\"></span>re<span class=\"_ _3\"></span>insu<span class=\"_ _3\"></span>ranc<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ontra<span class=\"_ _3\"></span>ct<span class=\"_ _3\"></span>s <span class=\"_ _4\"></span>hel<span class=\"_ _3\"></span>d <span class=\"_ _0\"></span> <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _150\"> </span>(1<span class=\"_ _3\"></span>9.<span class=\"_ _3\"></span>8 <span class=\"_ _7\"></span>) <span class=\"_ _10f\"> </span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8  <span class=\"_ _5b\"> </span>1<span class=\"_ _3\"></span>8.<span class=\"_ _4\"></span>5  <span class=\"_ _8f\"> </span>0<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5<span class=\"_ _421\"> </span>Net <span class=\"_ _3\"></span>finance <span class=\"_ _3\"></span>expenses <span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>rom <span class=\"_ _3\"></span>reinsuranc<span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>contracts <span class=\"_ _119\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12e\"> </span>1<span class=\"_ _4\"></span>1.8  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _12e\"> </span>1<span class=\"_ _4\"></span>1.8<span class=\"_ _421\"> </span>Effect <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>movements <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>exchange <span class=\"_ _3\"></span>rat<span class=\"_ _2\"></span>es <span class=\"_ _151\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _10e\"> </span>(1.7 <span class=\"_ _0\"></span>) <span class=\"_ _8f\"> </span>0.2  <span class=\"_ _10e\"> </span>0.4  <span class=\"_ _94\"> </span>(1.1 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>mount<span class=\"_ _3\"></span>s <span class=\"_ _4\"></span>rec<span class=\"_ _3\"></span>ogni<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>in <span class=\"_ _4\"></span>co<span class=\"_ _3\"></span>mpre<span class=\"_ _3\"></span>hen<span class=\"_ _3\"></span>sive <span class=\"_ _4\"></span>in<span class=\"_ _3\"></span>come <span class=\"_ _146\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _20a\"> </span>(9<span class=\"_ _3\"></span>.7 <span class=\"_ _31\"></span>) <span class=\"_ _1b7\"> </span>2<span class=\"_ _4\"></span>.0  <span class=\"_ _5b\"> </span>18<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9  <span class=\"_ _1b7\"> </span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2<span class=\"_ _421\"> </span>Cash flows<span class=\"_ _421\"> </span>Pr<span class=\"_ _2\"></span>emiums <span class=\"_ _3\"></span>paid <span class=\"_ _1eb\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12e\"> </span>22.1  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _12e\"> </span>22.1<span class=\"_ _421\"> </span>Recov<span class=\"_ _2\"></span>eries <span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>rom <span class=\"_ _3\"></span>reinsurance contracts <span class=\"_ _3\"></span>held <span class=\"_ _1d0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _5b\"> </span>(15.3 <span class=\"_ _0\"></span>) <span class=\"_ _11b\"> </span>(15.3 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ash <span class=\"_ _4\"></span>flo<span class=\"_ _3\"></span>ws <span class=\"_ _1a4\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14e\"> </span>2<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.1  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _45\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>5.<span class=\"_ _4\"></span>3 <span class=\"_ _7\"></span>) <span class=\"_ _12b\"> </span>6<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8<span class=\"_ _421\"> </span>Rei<span class=\"_ _3\"></span>nsur<span class=\"_ _3\"></span>ance c<span class=\"_ _3\"></span>ontr<span class=\"_ _3\"></span>ac<span class=\"_ _3\"></span>t ass<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>s as at 3<span class=\"_ _3\"></span>1 De<span class=\"_ _3\"></span>cemb<span class=\"_ _3\"></span>er 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2 <span class=\"_ _92\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _42\"> </span>(<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>8.<span class=\"_ _3\"></span>4 <span class=\"_ _31\"></span>) <span class=\"_ _152\"> </span>4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5 <span class=\"_ _2\"></span> <span class=\"_ _8f\"> </span>8<span class=\"_ _3\"></span>.7 <span class=\"_ _a\"></span> <span class=\"_ _150\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>F<span class=\"_ _2\"></span>or <span class=\"_ _2\"></span>Scildon, the full retrospective approach at transition has been applied to all reinsurance contracts.<span class=\"_ _421\"> </span><span class=\"ff65 ls3 ws2\"></span><span class=\"ff65 ls3 ws2\">CHES<span class=\"_ _277\"></span>NAR<span class=\"_ _277\"></span>A<span class=\"_ _278\"></span>AN<span class=\"_ _283\"></span>NUAL<span class=\"_ _379\"></span>REPO<span class=\"_ _279\"></span>RT<span class=\"_ _278\"></span>AND<span class=\"_ _3b0\"></span>ACCOUNT<span class=\"_ _279\"></span>S<span class=\"_ _27b\"></span>20<span class=\"_ _2b5\"></span>23</span><span class=\"_ _3e0\"></span><span class=\"_ _421\"> </span>231<span class=\"_ _421\"> </span>IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS<span class=\"_ _421\"> </span>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<span class=\"_ _421\"> </span>SECTION F \u2013 INSURANCE AND REINSURANCE CONTRA<span class=\"_ _2\"></span>CTS <span class=\"_ _74\"> </span>F5 <span class=\"_ _4\"></span>Insurance and r<span class=\"_ _2\"></span>einsurance contr<span class=\"_ _2\"></span>acts \u2013 quantitative analysis of r<span class=\"_ _2\"></span>ecognised amounts \u2013 Scildon (continued) <span class=\"_ _e\"> </span>(d) <span class=\"_ _3\"></span>Reinsurance contract balances \u2013 analysis b<span class=\"_ _2\"></span>y measurement component \u2013 contr<span class=\"_ _2\"></span>acts not measur<span class=\"_ _2\"></span>ed under P<span class=\"_ _a\"></span>AA <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _e\"> </span>Pr<span class=\"_ _3\"></span>ese<span class=\"_ _3\"></span>nt <span class=\"_ _4\"></span>valu<span class=\"_ _3\"></span>e  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _93\"> </span> <span class=\"_ _4\"></span>of <span class=\"_ _4\"></span>futu<span class=\"_ _3\"></span>re  <span class=\"_ _7b\"> </span>Ri<span class=\"_ _3\"></span>sk  <span class=\"_ _9f\"> </span>   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _185\"> </span>ca<span class=\"_ _3\"></span>sh <span class=\"_ _4\"></span>flows  <span class=\"_ _146\"> </span>ad<span class=\"_ _3\"></span>jus<span class=\"_ _3\"></span>tme<span class=\"_ _3\"></span>nt  <span class=\"_ _44\"> </span>C<span class=\"_ _3\"></span>SM  <span class=\"_ _46\"> </span>T<span class=\"_ _a\"></span>o<span class=\"_ _3\"></span>tal <span class=\"_ _19e\"> </span> <span class=\"_ _3\"></span> <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Rei<span class=\"_ _3\"></span>nsur<span class=\"_ _3\"></span>ance c<span class=\"_ _3\"></span>ontr<span class=\"_ _3\"></span>ac<span class=\"_ _3\"></span>t ass<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>s as at 1 J<span class=\"_ _3\"></span>anua<span class=\"_ _3\"></span>ry 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>3 <span class=\"_ _5d\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _44\"> </span>(5<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.1 <span class=\"_ _31\"></span>) <span class=\"_ _7b\"> </span>1<span class=\"_ _3\"></span>0.7 <span class=\"_ _a\"></span> <span class=\"_ _7b\"> </span>2<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2 <span class=\"_ _a\"></span> <span class=\"_ _150\"> </span>(<span class=\"_ _3\"></span>15<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Changes that relate to cur<span class=\"_ _2\"></span>rent ser<span class=\"_ _3\"></span>vice<span class=\"_ _421\"> </span>CSM <span class=\"_ _3\"></span>recognised <span class=\"_ _3\"></span>for <span class=\"_ _3\"></span>services <span class=\"_ _3\"></span>received <span class=\"_ _8e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _12e\"> </span>(2.7 <span class=\"_ _7\"></span>) <span class=\"_ _20a\"> </span>(2<span class=\"_ _3\"></span>.7 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Change in risk adjustment for non-financial risk for risk e<span class=\"_ _2\"></span>xpired <span class=\"_ _165\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _e9\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _fe\"> </span>(1.3 <span class=\"_ _31\"></span>) <span class=\"_ _15b\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _10f\"> </span>(<span class=\"_ _3\"></span>1.3 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Experience a<span class=\"_ _3\"></span>djustments <span class=\"_ _22\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _10f\"> </span>(1.0 <span class=\"_ _7\"></span>) <span class=\"_ _97\"> </span>\u2013  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _10f\"> </span>(<span class=\"_ _3\"></span>1.0 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l chan<span class=\"_ _3\"></span>ges t<span class=\"_ _3\"></span>hat re<span class=\"_ _3\"></span>late to cu<span class=\"_ _3\"></span>rrent s<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _94\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _20a\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.0 <span class=\"_ _31\"></span>) <span class=\"_ _5b\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3 <span class=\"_ _31\"></span>) <span class=\"_ _2d\"> </span>(2<span class=\"_ _4\"></span>.7 <span class=\"_ _f\"></span>) <span class=\"_ _11b\"> </span>(5<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>0 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Changes that relate to future<span class=\"_ _2\"></span> ser<span class=\"_ _3\"></span>vice<span class=\"_ _421\"> </span>Contracts <span class=\"_ _3\"></span>initially <span class=\"_ _3\"></span>recognised <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>period <span class=\"_ _a4\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _10e\"> </span>(3.1 <span class=\"_ _0\"></span>) <span class=\"_ _12e\"> </span>0.9  <span class=\"_ _1b1\"> </span>2.2  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span>Changes in estimates that adjust the CSM <span class=\"_ _1cb\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _20b\"> </span>1.5 <span class=\"_ _2\"></span> <span class=\"_ _5a\"> </span>1.<span class=\"_ _3\"></span>3 <span class=\"_ _a\"></span> <span class=\"_ _12b\"> </span>(2.8 <span class=\"_ _7\"></span>) <span class=\"_ _ae\"> </span>\u2013<span class=\"_ _421\"> </span>CSM adjustment for income on initial rec<span class=\"_ _2\"></span>ognition of onerous underlying contracts <span class=\"_ _1c0\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _10e\"> </span>0.5 <span class=\"_ _a\"></span> <span class=\"_ _10e\"> </span>0.5<span class=\"_ _421\"> </span>Changes in recov<span class=\"_ _2\"></span>eries of losses on onerous underlying contr<span class=\"_ _2\"></span>acts that adjust the CSM <span class=\"_ _2e\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013  <span class=\"_ _1b1\"> </span>1.<span class=\"_ _3\"></span>8 <span class=\"_ _a\"></span> <span class=\"_ _5a\"> </span>1.8<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l chan<span class=\"_ _3\"></span>ges t<span class=\"_ _3\"></span>hat re<span class=\"_ _3\"></span>late to f<span class=\"_ _3\"></span>uture s<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _97\"> </span> <span class=\"_ _0\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _12b\"> </span>(<span class=\"_ _3\"></span>1.<span class=\"_ _3\"></span>6 <span class=\"_ _31\"></span>) <span class=\"_ _20a\"> </span>2<span class=\"_ _4\"></span>.<span class=\"_ _3\"></span>2 <span class=\"_ _a\"></span> <span class=\"_ _1a1\"> </span>1<span class=\"_ _3\"></span>.7 <span class=\"_ _0\"></span> <span class=\"_ _8f\"> </span>2<span class=\"_ _3\"></span>.<span class=\"_ _4\"></span>3<span class=\"_ _421\"> </span>Ne<span class=\"_ _3\"></span>t (expen<span class=\"_ _3\"></span>se)/<span class=\"_ _3\"></span>inco<span class=\"_ _3\"></span>me fro<span class=\"_ _3\"></span>m rein<span class=\"_ _3\"></span>sur<span class=\"_ _3\"></span>ance c<span class=\"_ _3\"></span>ontra<span class=\"_ _3\"></span>ct<span class=\"_ _3\"></span>s he<span class=\"_ _3\"></span>ld <span class=\"_ _4\"></span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _5b\"> </span>(<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>6 <span class=\"_ _f\"></span>) <span class=\"_ _152\"> </span>0<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9 <span class=\"_ _a\"></span> <span class=\"_ _152\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.0 <span class=\"_ _31\"></span>) <span class=\"_ _2d\"> </span>(<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.7 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Net finance income f<span class=\"_ _3\"></span>rom reinsurance contr<span class=\"_ _2\"></span>acts held <span class=\"_ _33\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _12b\"> </span>(4.3 <span class=\"_ _31\"></span>) <span class=\"_ _12e\"> </span>0.6 <span class=\"_ _2\"></span> <span class=\"_ _fe\"> </span>0.3 <span class=\"_ _2\"></span> <span class=\"_ _12b\"> </span>(3.4 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Effect of movements in e<span class=\"_ _2\"></span>xchange rat<span class=\"_ _2\"></span>es <span class=\"_ _a0\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _17c\"> </span>1.1 <span class=\"_ _a\"></span> <span class=\"_ _12b\"> </span>(0.2 <span class=\"_ _31\"></span>) <span class=\"_ _114\"> </span>(0.6 <span class=\"_ _31\"></span>) <span class=\"_ _12e\"> </span>0.3<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l amou<span class=\"_ _3\"></span>nts r<span class=\"_ _3\"></span>eco<span class=\"_ _3\"></span>gnis<span class=\"_ _3\"></span>ed in c<span class=\"_ _3\"></span>omp<span class=\"_ _3\"></span>rehe<span class=\"_ _3\"></span>nsi<span class=\"_ _3\"></span>ve inc<span class=\"_ _3\"></span>ome <span class=\"_ _6d\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _5b\"> </span>(5<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8 <span class=\"_ _31\"></span>) <span class=\"_ _8f\"> </span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3 <span class=\"_ _a\"></span> <span class=\"_ _12b\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3 <span class=\"_ _31\"></span>) <span class=\"_ _11b\"> </span>(5<span class=\"_ _3\"></span>.8 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Cash flows<span class=\"_ _421\"> </span>Pr<span class=\"_ _2\"></span>emiums <span class=\"_ _3\"></span>paid <span class=\"_ _1eb\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _c2\"> </span>24.0  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _5b\"> </span>2<span class=\"_ _2\"></span>4.0<span class=\"_ _421\"> </span>Recov<span class=\"_ _2\"></span>eries <span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>rom <span class=\"_ _3\"></span>reinsurance contracts <span class=\"_ _3\"></span>held <span class=\"_ _1d0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5b\"> </span>(17.9 <span class=\"_ _7\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _5b\"> </span>(17<span class=\"_ _2\"></span>.9 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ash <span class=\"_ _4\"></span>flo<span class=\"_ _3\"></span>ws <span class=\"_ _1a4\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b1\"> </span>6<span class=\"_ _3\"></span>.1  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _1b1\"> </span>6<span class=\"_ _3\"></span>.1<span class=\"_ _421\"> </span>Rei<span class=\"_ _3\"></span>nsur<span class=\"_ _3\"></span>ance c<span class=\"_ _3\"></span>ontr<span class=\"_ _3\"></span>ac<span class=\"_ _3\"></span>t ass<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>s as at 3<span class=\"_ _3\"></span>1 De<span class=\"_ _3\"></span>cemb<span class=\"_ _3\"></span>er 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>3 <span class=\"_ _146\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _14b\"> </span>(<span class=\"_ _3\"></span>51<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8 <span class=\"_ _31\"></span>) <span class=\"_ _1e1\"> </span>12<span class=\"_ _4\"></span>.0 <span class=\"_ _a\"></span> <span class=\"_ _45\"> </span>2<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>.9 <span class=\"_ _2\"></span> <span class=\"_ _46\"> </span>(<span class=\"_ _3\"></span>14<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9 <span class=\"_ _f\"></span>)<span class=\"_ _421\"> </span>232<span class=\"_ _14c\"> </span><span class=\"ff67 ls3\">CHE<span class=\"_ _3\"></span>SNA<span class=\"_ _3\"></span>RA A<span class=\"_ _3\"></span>NNUAL REP<span class=\"_ _3\"></span>ORT AN<span class=\"_ _3\"></span>D ACCOUN<span class=\"_ _3\"></span>TS 2023<span class=\"_ _421\"> </span></span>IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _e\"> </span>Pr<span class=\"_ _3\"></span>ese<span class=\"_ _3\"></span>nt <span class=\"_ _4\"></span>valu<span class=\"_ _3\"></span>e  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _127\"> </span>o<span class=\"_ _3\"></span>f <span class=\"_ _3\"></span>fu<span class=\"_ _3\"></span>ture  <span class=\"_ _11b\"> </span>Risk  <span class=\"_ _156\"> </span>   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _185\"> </span>ca<span class=\"_ _3\"></span>sh <span class=\"_ _4\"></span>flows  <span class=\"_ _146\"> </span>ad<span class=\"_ _3\"></span>jus<span class=\"_ _3\"></span>tme<span class=\"_ _3\"></span>nt  <span class=\"_ _44\"> </span>C<span class=\"_ _3\"></span>SM  <span class=\"_ _46\"> </span>T<span class=\"_ _a\"></span>o<span class=\"_ _3\"></span>tal <span class=\"_ _19e\"> </span> <span class=\"_ _3\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Rei<span class=\"_ _3\"></span>nsur<span class=\"_ _3\"></span>ance c<span class=\"_ _3\"></span>ontr<span class=\"_ _3\"></span>ac<span class=\"_ _3\"></span>t ass<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>s as at 1 J<span class=\"_ _3\"></span>anua<span class=\"_ _3\"></span>ry 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2 <span class=\"_ _5d\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _15c\"> </span>(<span class=\"_ _3\"></span>70.<span class=\"_ _3\"></span>5 <span class=\"_ _31\"></span>) <span class=\"_ _7b\"> </span>10<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2 <span class=\"_ _a\"></span> <span class=\"_ _14e\"> </span>2<span class=\"_ _3\"></span>7<span class=\"_ _2\"></span>.1 <span class=\"_ _a\"></span> <span class=\"_ _28\"> </span>(<span class=\"_ _3\"></span>33<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Changes that relate to cur<span class=\"_ _2\"></span>rent ser<span class=\"_ _3\"></span>vice<span class=\"_ _421\"> </span>CSM <span class=\"_ _3\"></span>recognised <span class=\"_ _3\"></span>for <span class=\"_ _3\"></span>services <span class=\"_ _3\"></span>received <span class=\"_ _8e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _12e\"> </span>(2.7 <span class=\"_ _7\"></span>) <span class=\"_ _20a\"> </span>(2<span class=\"_ _3\"></span>.7 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Change in risk adjustment for non-financial risk for risk e<span class=\"_ _2\"></span>xpired <span class=\"_ _165\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _e9\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _94\"> </span>(1.1 <span class=\"_ _31\"></span>) <span class=\"_ _ae\"> </span>\u2013  <span class=\"_ _1a1\"> </span>(1.1 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Experience a<span class=\"_ _3\"></span>djustments <span class=\"_ _22\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _57\"> </span>2.8  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _57\"> </span>2.8<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l chan<span class=\"_ _3\"></span>ges t<span class=\"_ _3\"></span>hat re<span class=\"_ _3\"></span>late to cu<span class=\"_ _3\"></span>rrent s<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _94\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _12e\"> </span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8 <span class=\"_ _a\"></span> <span class=\"_ _10f\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.1 <span class=\"_ _31\"></span>) <span class=\"_ _2d\"> </span>(2<span class=\"_ _3\"></span>.7 <span class=\"_ _31\"></span>) <span class=\"_ _5b\"> </span>(1<span class=\"_ _3\"></span>.0 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Changes that relate to future<span class=\"_ _2\"></span> ser<span class=\"_ _3\"></span>vice<span class=\"_ _421\"> </span>Contracts <span class=\"_ _3\"></span>initially <span class=\"_ _3\"></span>recognised <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>period <span class=\"_ _a4\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12b\"> </span>(4.9 <span class=\"_ _0\"></span>) <span class=\"_ _57\"> </span>1.4  <span class=\"_ _1b1\"> </span>3.5  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span>Changes in estimates that adjust the CSM <span class=\"_ _1cb\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _10e\"> </span>2.8 <span class=\"_ _2\"></span> <span class=\"_ _fe\"> </span>2<span class=\"_ _3\"></span>.0 <span class=\"_ _a\"></span> <span class=\"_ _152\"> </span>(4.8 <span class=\"_ _31\"></span>) <span class=\"_ _15b\"> </span>\u2013<span class=\"_ _421\"> </span>CSM adjustment for income on initial rec<span class=\"_ _2\"></span>ognition of onerous underlying contracts <span class=\"_ _1c0\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _5a\"> </span>1.<span class=\"_ _2\"></span>4 <span class=\"_ _2\"></span> <span class=\"_ _94\"> </span>1.4<span class=\"_ _421\"> </span>Changes in recov<span class=\"_ _2\"></span>eries of losses on onerous underlying contr<span class=\"_ _2\"></span>acts that adjust the CSM <span class=\"_ _2e\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013  <span class=\"_ _94\"> </span>0.1 <span class=\"_ _a\"></span> <span class=\"_ _5a\"> </span>0<span class=\"_ _2\"></span>.1<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l chan<span class=\"_ _3\"></span>ges t<span class=\"_ _3\"></span>hat re<span class=\"_ _3\"></span>late to f<span class=\"_ _3\"></span>uture s<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _97\"> </span> <span class=\"_ _0\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _1b7\"> </span>(<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.1 <span class=\"_ _31\"></span>) <span class=\"_ _152\"> </span>3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4 <span class=\"_ _a\"></span> <span class=\"_ _12e\"> </span>0.<span class=\"_ _3\"></span>2 <span class=\"_ _a\"></span> <span class=\"_ _57\"> </span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5<span class=\"_ _421\"> </span>Ne<span class=\"_ _3\"></span>t <span class=\"_ _3\"></span>(exp<span class=\"_ _3\"></span>ens<span class=\"_ _3\"></span>e)/i<span class=\"_ _3\"></span>ncom<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>rom <span class=\"_ _4\"></span>rein<span class=\"_ _3\"></span>sura<span class=\"_ _3\"></span>nce <span class=\"_ _4\"></span>con<span class=\"_ _3\"></span>trac<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>s <span class=\"_ _3\"></span>h<span class=\"_ _3\"></span>eld    <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _10f\"> </span>0<span class=\"_ _3\"></span>.7  <span class=\"_ _179\"> </span>2<span class=\"_ _4\"></span>.<span class=\"_ _3\"></span>3  <span class=\"_ _14e\"> </span>(2<span class=\"_ _4\"></span>.<span class=\"_ _3\"></span>5 <span class=\"_ _7\"></span>) <span class=\"_ _1b7\"> </span>0.<span class=\"_ _4\"></span>5<span class=\"_ _421\"> </span>Net finance income f<span class=\"_ _3\"></span>rom reinsurance contr<span class=\"_ _2\"></span>acts held <span class=\"_ _33\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _14e\"> </span>14.0 <span class=\"_ _2\"></span> <span class=\"_ _12b\"> </span>(2.4 <span class=\"_ _31\"></span>) <span class=\"_ _12e\"> </span>0.2 <span class=\"_ _2\"></span> <span class=\"_ _12e\"> </span>1<span class=\"_ _3\"></span>1.8<span class=\"_ _421\"> </span>Effect <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>movements <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>exchange <span class=\"_ _3\"></span>rat<span class=\"_ _2\"></span>es <span class=\"_ _151\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _57\"> </span>(3.1 <span class=\"_ _7\"></span>) <span class=\"_ _8f\"> </span>0.6  <span class=\"_ _5a\"> </span>1.4  <span class=\"_ _5a\"> </span>(1.1 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>mount<span class=\"_ _3\"></span>s <span class=\"_ _4\"></span>rec<span class=\"_ _3\"></span>ogni<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>in <span class=\"_ _4\"></span>co<span class=\"_ _3\"></span>mpre<span class=\"_ _3\"></span>hen<span class=\"_ _3\"></span>sive <span class=\"_ _4\"></span>in<span class=\"_ _3\"></span>come <span class=\"_ _146\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b7\"> </span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>6  <span class=\"_ _8f\"> </span>0<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5  <span class=\"_ _114\"> </span>(0.<span class=\"_ _3\"></span>9 <span class=\"_ _7\"></span>) <span class=\"_ _14e\"> </span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2<span class=\"_ _421\"> </span>Cash flows<span class=\"_ _421\"> </span>Pr<span class=\"_ _2\"></span>emiums <span class=\"_ _3\"></span>paid <span class=\"_ _1eb\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12e\"> </span>22.1  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _12e\"> </span>22.1<span class=\"_ _421\"> </span>Recov<span class=\"_ _2\"></span>eries <span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>rom <span class=\"_ _3\"></span>reinsurance contracts <span class=\"_ _3\"></span>held <span class=\"_ _1d0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5b\"> </span>(15.<span class=\"_ _3\"></span>3 <span class=\"_ _7\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _5b\"> </span>(15.<span class=\"_ _3\"></span>3 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ash <span class=\"_ _4\"></span>flo<span class=\"_ _3\"></span>ws <span class=\"_ _1a4\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _8f\"> </span>6<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _8f\"> </span>6<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8<span class=\"_ _421\"> </span>Rei<span class=\"_ _3\"></span>nsur<span class=\"_ _3\"></span>ance c<span class=\"_ _3\"></span>ontr<span class=\"_ _3\"></span>ac<span class=\"_ _3\"></span>t ass<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>s as at 3<span class=\"_ _3\"></span>1 De<span class=\"_ _3\"></span>cemb<span class=\"_ _3\"></span>er 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2 <span class=\"_ _146\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _44\"> </span>(5<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.1 <span class=\"_ _31\"></span>) <span class=\"_ _7b\"> </span>1<span class=\"_ _3\"></span>0.7 <span class=\"_ _a\"></span> <span class=\"_ _7b\"> </span>2<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2 <span class=\"_ _a\"></span> <span class=\"_ _150\"> </span>(<span class=\"_ _3\"></span>15<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2 <span class=\"_ _31\"></span>)  (e) <span class=\"_ _3\"></span>Insurance contracts r<span class=\"_ _2\"></span>ecognised in the per<span class=\"_ _2\"></span>iod<span class=\"_ _421\"> </span>Y<span class=\"_ _2\"></span>ea<span class=\"_ _3\"></span>r Ende<span class=\"_ _3\"></span>d 31 D<span class=\"_ _3\"></span>ece<span class=\"_ _3\"></span>mbe<span class=\"_ _3\"></span>r 20<span class=\"_ _3\"></span>23 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _d\"> </span>Non<span class=\"_ _3\"></span>-onerous  <span class=\"_ _1e2\"> </span>O<span class=\"_ _3\"></span>nerous   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1c7\"> </span>contrac<span class=\"_ _3\"></span>ts  <span class=\"_ _1c7\"> </span>contract<span class=\"_ _3\"></span>s  <span class=\"_ _28\"> </span>T<span class=\"_ _a\"></span>otal <span class=\"_ _19e\"> </span> <span class=\"_ _3\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _12e\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m<span class=\"_ _421\"> </span>Es<span class=\"_ _3\"></span>tima<span class=\"_ _3\"></span>tes o<span class=\"_ _3\"></span>f the pr<span class=\"_ _3\"></span>ese<span class=\"_ _3\"></span>nt va<span class=\"_ _3\"></span>lue of f<span class=\"_ _3\"></span>utur<span class=\"_ _3\"></span>e cas<span class=\"_ _3\"></span>h infl<span class=\"_ _3\"></span>ows <span class=\"_ _32\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _e7\"> </span>(1<span class=\"_ _4\"></span>1<span class=\"_ _3\"></span>3.<span class=\"_ _3\"></span>1 <span class=\"_ _f\"></span>) <span class=\"_ _a3\"> </span>(46<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2 <span class=\"_ _31\"></span>) <span class=\"_ _48\"> </span>(1<span class=\"_ _3\"></span>59.<span class=\"_ _4\"></span>3 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Es<span class=\"_ _3\"></span>tima<span class=\"_ _3\"></span>tes o<span class=\"_ _3\"></span>f the pr<span class=\"_ _3\"></span>ese<span class=\"_ _3\"></span>nt va<span class=\"_ _3\"></span>lue of f<span class=\"_ _3\"></span>utur<span class=\"_ _3\"></span>e cas<span class=\"_ _3\"></span>h out<span class=\"_ _3\"></span>flow<span class=\"_ _3\"></span>s<span class=\"_ _421\"> </span>Claims <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>other <span class=\"_ _4\"></span>insurance <span class=\"_ _3\"></span>service <span class=\"_ _3\"></span>expenses <span class=\"_ _3\"></span>payable <span class=\"_ _13b\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _114\"> </span>98.3  <span class=\"_ _152\"> </span>4<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>.3  <span class=\"_ _44\"> </span>145.6<span class=\"_ _421\"> </span>Insurance <span class=\"_ _3\"></span>acquisition <span class=\"_ _3\"></span>cash <span class=\"_ _3\"></span>flows <span class=\"_ _239\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5a\"> </span>1.4  <span class=\"_ _5a\"> </span>1.0  <span class=\"_ _57\"> </span>2.4<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l es<span class=\"_ _3\"></span>timat<span class=\"_ _3\"></span>es of t<span class=\"_ _3\"></span>he pre<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>nt valu<span class=\"_ _3\"></span>e of fu<span class=\"_ _3\"></span>ture c<span class=\"_ _3\"></span>as<span class=\"_ _3\"></span>h out<span class=\"_ _3\"></span>flows <span class=\"_ _5b\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _7b\"> </span>9<span class=\"_ _3\"></span>9.7 <span class=\"_ _a\"></span> <span class=\"_ _44\"> </span>4<span class=\"_ _3\"></span>8.<span class=\"_ _4\"></span>3 <span class=\"_ _a\"></span> <span class=\"_ _a3\"> </span>14<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>.0<span class=\"_ _421\"> </span>Risk <span class=\"_ _3\"></span>adjustment <span class=\"_ _3\"></span>for <span class=\"_ _3\"></span>non-<span class=\"_ _3\"></span>financial <span class=\"_ _3\"></span>risk <span class=\"_ _15a\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _20b\"> </span>1.9  <span class=\"_ _fe\"> </span>0.8  <span class=\"_ _1a1\"> </span>2<span class=\"_ _3\"></span>.7<span class=\"_ _421\"> </span>CSM <span class=\"_ _1db\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _179\"> </span>1<span class=\"_ _4\"></span>1.5  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _179\"> </span>1<span class=\"_ _4\"></span>1.5<span class=\"_ _421\"> </span>Lo<span class=\"_ _3\"></span>sse<span class=\"_ _3\"></span>s <span class=\"_ _4\"></span>reco<span class=\"_ _3\"></span>gni<span class=\"_ _3\"></span>sed <span class=\"_ _4\"></span>on <span class=\"_ _4\"></span>ini<span class=\"_ _3\"></span>tial <span class=\"_ _4\"></span>re<span class=\"_ _3\"></span>cogn<span class=\"_ _3\"></span>itio<span class=\"_ _3\"></span>n <span class=\"_ _ad\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _10f\"> </span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9  <span class=\"_ _179\"> </span>2<span class=\"_ _4\"></span>.9<span class=\"_ _421\"> </span><span class=\"ff65 ls3\"></span><span class=\"ff65 ls3\">CHES<span class=\"_ _277\"></span>NAR<span class=\"_ _277\"></span>A<span class=\"_ _278\"></span>A<span class=\"_ _277\"></span>NNUAL<span class=\"_ _278\"></span>REPO<span class=\"_ _284\"></span>RT<span class=\"_ _27f\"></span>AND<span class=\"_ _392\"></span>ACCOUN<span class=\"_ _279\"></span>TS<span class=\"_ _287\"></span>2023</span><span class=\"_ _3ed\"></span>233<span class=\"_ _421\"> </span>IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS<span class=\"_ _421\"> </span>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<span class=\"_ _421\"> </span>SECTION F \u2013 INSURANCE AND REINSURANCE CONTRA<span class=\"_ _2\"></span>CTS <span class=\"_ _74\"> </span>F5 <span class=\"_ _4\"></span>Insurance and r<span class=\"_ _2\"></span>einsurance contr<span class=\"_ _2\"></span>acts \u2013 quantitative analysis of r<span class=\"_ _2\"></span>ecognised amounts \u2013 Scildon (continued)  (e) <span class=\"_ _3\"></span>Insurance contracts r<span class=\"_ _2\"></span>ecognised in the per<span class=\"_ _2\"></span>iod (continued)<span class=\"_ _421\"> </span>Y<span class=\"_ _2\"></span>ea<span class=\"_ _3\"></span>r Ende<span class=\"_ _3\"></span>d 31 D<span class=\"_ _3\"></span>ece<span class=\"_ _3\"></span>mbe<span class=\"_ _3\"></span>r 20<span class=\"_ _3\"></span>22 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _d\"> </span>Non<span class=\"_ _3\"></span>-onerous  <span class=\"_ _1e2\"> </span>O<span class=\"_ _3\"></span>nerous   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1c7\"> </span>contrac<span class=\"_ _3\"></span>ts  <span class=\"_ _1c7\"> </span>contract<span class=\"_ _3\"></span>s  <span class=\"_ _28\"> </span>T<span class=\"_ _a\"></span>otal <span class=\"_ _19e\"> </span> <span class=\"_ _3\"></span> <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Es<span class=\"_ _3\"></span>tima<span class=\"_ _3\"></span>tes o<span class=\"_ _3\"></span>f the pr<span class=\"_ _3\"></span>ese<span class=\"_ _3\"></span>nt va<span class=\"_ _3\"></span>lue of f<span class=\"_ _3\"></span>utur<span class=\"_ _3\"></span>e cas<span class=\"_ _3\"></span>h infl<span class=\"_ _3\"></span>ows <span class=\"_ _32\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _1c0\"> </span>(<span class=\"_ _3\"></span>13<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5 <span class=\"_ _31\"></span>) <span class=\"_ _240\"> </span>(<span class=\"_ _3\"></span>98<span class=\"_ _3\"></span>.6 <span class=\"_ _31\"></span>) <span class=\"_ _47\"> </span>(<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>33<span class=\"_ _3\"></span>.1 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Es<span class=\"_ _3\"></span>tima<span class=\"_ _3\"></span>tes o<span class=\"_ _3\"></span>f the pr<span class=\"_ _3\"></span>ese<span class=\"_ _3\"></span>nt va<span class=\"_ _3\"></span>lue of f<span class=\"_ _3\"></span>utur<span class=\"_ _3\"></span>e cas<span class=\"_ _3\"></span>h out<span class=\"_ _3\"></span>flow<span class=\"_ _3\"></span>s:<span class=\"_ _421\"> </span>Claims <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>other <span class=\"_ _4\"></span>insurance <span class=\"_ _3\"></span>service <span class=\"_ _3\"></span>expenses <span class=\"_ _3\"></span>payable <span class=\"_ _13b\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _56\"> </span>1.6  <span class=\"_ _20b\"> </span>1.9  <span class=\"_ _1b1\"> </span>3.5<span class=\"_ _421\"> </span>Insurance <span class=\"_ _3\"></span>acquisition <span class=\"_ _3\"></span>cash <span class=\"_ _3\"></span>flows <span class=\"_ _239\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _2d\"> </span>1<span class=\"_ _3\"></span>16.5  <span class=\"_ _f0\"> </span>101.5  <span class=\"_ _150\"> </span>218<span class=\"_ _3\"></span>.0<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l es<span class=\"_ _3\"></span>timat<span class=\"_ _3\"></span>es of t<span class=\"_ _3\"></span>he pre<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>nt valu<span class=\"_ _3\"></span>e of fu<span class=\"_ _3\"></span>ture c<span class=\"_ _3\"></span>as<span class=\"_ _3\"></span>h out<span class=\"_ _3\"></span>flows <span class=\"_ _5b\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _1e1\"> </span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>.1 <span class=\"_ _a\"></span> <span class=\"_ _119\"> </span>1<span class=\"_ _3\"></span>03<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4 <span class=\"_ _a\"></span> <span class=\"_ _e7\"> </span>2<span class=\"_ _3\"></span>21<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5<span class=\"_ _421\"> </span>Risk <span class=\"_ _3\"></span>adjustment <span class=\"_ _3\"></span>for <span class=\"_ _3\"></span>non-<span class=\"_ _3\"></span>financial <span class=\"_ _3\"></span>risk <span class=\"_ _15a\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _57\"> </span>3.0  <span class=\"_ _57\"> </span>2<span class=\"_ _3\"></span>.2  <span class=\"_ _1a1\"> </span>5.<span class=\"_ _3\"></span>2<span class=\"_ _421\"> </span>CSM <span class=\"_ _1db\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12b\"> </span>1<span class=\"_ _3\"></span>3.4  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _1b7\"> </span>13.4<span class=\"_ _421\"> </span>Lo<span class=\"_ _3\"></span>sse<span class=\"_ _3\"></span>s <span class=\"_ _4\"></span>reco<span class=\"_ _3\"></span>gni<span class=\"_ _3\"></span>sed <span class=\"_ _4\"></span>on <span class=\"_ _4\"></span>ini<span class=\"_ _3\"></span>tial <span class=\"_ _4\"></span>re<span class=\"_ _3\"></span>cogn<span class=\"_ _3\"></span>itio<span class=\"_ _3\"></span>n <span class=\"_ _ad\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _fe\"> </span>7<span class=\"_ _2\"></span>.<span class=\"_ _3\"></span>0  <span class=\"_ _10f\"> </span>7.0<span class=\"_ _421\"> </span>All insurance contracts abov<span class=\"_ _2\"></span>e are in respect of ne<span class=\"_ _2\"></span>w business written. <span class=\"_ _10\"> </span>(f) <span class=\"_ _4\"></span>Reinsurance contr<span class=\"_ _2\"></span>acts recognised in the per<span class=\"_ _a\"></span>iod <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14b\"> </span>20<span class=\"_ _2\"></span>23  <span class=\"_ _14b\"> </span>2022 <span class=\"_ _19e\"> </span> <span class=\"_ _3\"></span> <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Estimates of the pr<span class=\"_ _2\"></span>esent value of future cash inflows <span class=\"_ _2e\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _1b7\"> </span>12.5 <span class=\"_ _2\"></span> <span class=\"_ _5b\"> </span>20.5<span class=\"_ _421\"> </span>Estimates of the pr<span class=\"_ _2\"></span>esent value of future cash outflo<span class=\"_ _2\"></span>ws <span class=\"_ _1fc\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _c2\"> </span>(15.6 <span class=\"_ _31\"></span>) <span class=\"_ _46\"> </span>(25.4 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Risk <span class=\"_ _3\"></span>adjustment <span class=\"_ _3\"></span>for <span class=\"_ _3\"></span>non-<span class=\"_ _3\"></span>financial <span class=\"_ _3\"></span>risk <span class=\"_ _15a\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _57\"> </span>0.9  <span class=\"_ _5a\"> </span>1.4<span class=\"_ _421\"> </span>CSM <span class=\"_ _1db\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1a1\"> </span>2.<span class=\"_ _3\"></span>2  <span class=\"_ _1b1\"> </span>3.5<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l valu<span class=\"_ _3\"></span>e of re<span class=\"_ _3\"></span>insu<span class=\"_ _3\"></span>ranc<span class=\"_ _3\"></span>e cont<span class=\"_ _3\"></span>rac<span class=\"_ _3\"></span>ts r<span class=\"_ _3\"></span>eco<span class=\"_ _3\"></span>gnis<span class=\"_ _3\"></span>ed in t<span class=\"_ _3\"></span>he pe<span class=\"_ _3\"></span>riod <span class=\"_ _29\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _b9\"> </span>\u2013<span class=\"_ _421\"> </span>All of the portf<span class=\"_ _2\"></span>olios acquired were originally in a net cost position. <span class=\"_ _2\"></span>All reinsurance contracts abov<span class=\"_ _2\"></span>e are in respect of ne<span class=\"_ _2\"></span>w business written. <span class=\"_ _e\"> </span>(g) <span class=\"_ _3\"></span>Expected r<span class=\"_ _2\"></span>ecognition of CSM<span class=\"_ _421\"> </span>In the tables that follo<span class=\"_ _2\"></span>w the CSM accrues interest at the locked-in rate f<span class=\"_ _2\"></span>or GMM portfolios and at current rates f<span class=\"_ _2\"></span>or <span class=\"_ _a\"></span>VF<span class=\"_ _a\"></span>A portfolios from the balance sheet date and is then amortised based on the co<span class=\"_ _2\"></span>verage units of the contract groups to giv<span class=\"_ _2\"></span>e the timeline of the <span class=\"_ _2\"></span>expected recognition.<span class=\"_ _421\"> </span>31 December 2023 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _23a\"> </span>Insurance  <span class=\"_ _4a\"> </span>Reinsurance <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1c7\"> </span>contrac<span class=\"_ _3\"></span>ts  <span class=\"_ _1c7\"> </span>contrac<span class=\"_ _3\"></span>ts <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Not <span class=\"_ _3\"></span>later <span class=\"_ _3\"></span>than <span class=\"_ _3\"></span>one <span class=\"_ _3\"></span>year <span class=\"_ _dd\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _20b\"> </span>8.1  <span class=\"_ _12e\"> </span>(2.3 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>Later than one ye<span class=\"_ _2\"></span>ar and not later than two y<span class=\"_ _2\"></span>ears <span class=\"_ _7b\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _57\"> </span>7<span class=\"_ _2\"></span>.5 <span class=\"_ _2\"></span> <span class=\"_ _10f\"> </span>(2<span class=\"_ _3\"></span>.1 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Later than tw<span class=\"_ _2\"></span>o years and not lat<span class=\"_ _2\"></span>er than three years <span class=\"_ _14f\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _10e\"> </span>6.9 <span class=\"_ _2\"></span> <span class=\"_ _20a\"> </span>(2<span class=\"_ _3\"></span>.0 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Later than three y<span class=\"_ _2\"></span>ears and not later than four y<span class=\"_ _2\"></span>ears <span class=\"_ _7c\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _57\"> </span>6.3 <span class=\"_ _2\"></span> <span class=\"_ _179\"> </span>(1.9 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Later than four y<span class=\"_ _2\"></span>ears and not later than fiv<span class=\"_ _2\"></span>e years <span class=\"_ _119\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _57\"> </span>5.7 <span class=\"_ _2\"></span> <span class=\"_ _10f\"> </span>(1.7 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Later than five y<span class=\"_ _2\"></span>ears and not later than t<span class=\"_ _2\"></span>en years <span class=\"_ _150\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _10f\"> </span>21.1 <span class=\"_ _2\"></span> <span class=\"_ _12b\"> </span>(6.9 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Later <span class=\"_ _3\"></span>than <span class=\"_ _3\"></span>ten <span class=\"_ _3\"></span>years <span class=\"_ _b2\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5b\"> </span>2<span class=\"_ _2\"></span>4.0  <span class=\"_ _12b\"> </span>(8.0 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _11b\"> </span>7<span class=\"_ _3\"></span>9.6  <span class=\"_ _e7\"> </span>(<span class=\"_ _3\"></span>24<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>234<span class=\"_ _18\"> </span><span class=\"ff67 ls3 ws2\">CHE<span class=\"_ _3\"></span>SNA<span class=\"_ _3\"></span>R<span class=\"_ _3\"></span>A ANNUAL R<span class=\"_ _3\"></span>EPORT A<span class=\"_ _3\"></span>ND ACCO<span class=\"_ _3\"></span>UNTS 2023<span class=\"_ _421\"> </span></span>IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS<span class=\"_ _421\"> </span>31 December 2022 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _23a\"> </span>Insurance  <span class=\"_ _4a\"> </span>Reinsurance <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1c7\"> </span>contrac<span class=\"_ _3\"></span>ts  <span class=\"_ _1c7\"> </span>contrac<span class=\"_ _3\"></span>ts <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Not <span class=\"_ _3\"></span>later <span class=\"_ _3\"></span>than <span class=\"_ _3\"></span>one <span class=\"_ _3\"></span>year <span class=\"_ _dd\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _fe\"> </span>8<span class=\"_ _3\"></span>.8  <span class=\"_ _165\"> </span>(3.8 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Later than one ye<span class=\"_ _2\"></span>ar and not later than two y<span class=\"_ _2\"></span>ears <span class=\"_ _7b\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _94\"> </span>8.1 <span class=\"_ _a\"></span> <span class=\"_ _94\"> </span>(1.1 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Later than tw<span class=\"_ _2\"></span>o years and not lat<span class=\"_ _2\"></span>er than three years <span class=\"_ _14f\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _57\"> </span>7<span class=\"_ _a\"></span>.4 <span class=\"_ _2\"></span> <span class=\"_ _165\"> </span>(2.2 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Later than three y<span class=\"_ _2\"></span>ears and not later than four y<span class=\"_ _2\"></span>ears <span class=\"_ _7c\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _fe\"> </span>6.8  <span class=\"_ _20a\"> </span>(2.0 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Later than four y<span class=\"_ _2\"></span>ears and not later than fiv<span class=\"_ _2\"></span>e years <span class=\"_ _119\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _10e\"> </span>6<span class=\"_ _3\"></span>.2 <span class=\"_ _a\"></span> <span class=\"_ _10f\"> </span>(1.9 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Later than five y<span class=\"_ _2\"></span>ears and not later than t<span class=\"_ _2\"></span>en years <span class=\"_ _150\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _5b\"> </span>22.8 <span class=\"_ _2\"></span> <span class=\"_ _12e\"> </span>(7<span class=\"_ _a\"></span>.2 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Later <span class=\"_ _3\"></span>than <span class=\"_ _3\"></span>ten <span class=\"_ _3\"></span>years <span class=\"_ _b2\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _152\"> </span>23.3  <span class=\"_ _12b\"> </span>(8.0 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1e1\"> </span>8<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4  <span class=\"_ _28\"> </span>(<span class=\"_ _3\"></span>26<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>SECTION G \u2013 BALANCE SHEET LIABILITIES <span class=\"_ _5\"> </span>G1 <span class=\"_ _4\"></span>Other pro<span class=\"_ _2\"></span>visions <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14b\"> </span>20<span class=\"_ _2\"></span>23  <span class=\"_ _14b\"> </span>2022 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Ba<span class=\"_ _3\"></span>lance <span class=\"_ _4\"></span>at <span class=\"_ _4\"></span>I <span class=\"_ _4\"></span>Janu<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y <span class=\"_ _244\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _10f\"> </span>8<span class=\"_ _3\"></span>.7  <span class=\"_ _1b1\"> </span>1<span class=\"_ _3\"></span>.7<span class=\"_ _421\"> </span>Additions <span class=\"_ _3\"></span>\u2013 <span class=\"_ _3\"></span>Arising <span class=\"_ _3\"></span>on <span class=\"_ _4\"></span>acquisition <span class=\"_ _22a\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>12<span class=\"_ _3\"></span>.3  <span class=\"_ _10e\"> </span>9.8<span class=\"_ _421\"> </span>Charge <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>year <span class=\"_ _b7\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _a6\"> </span>7<span class=\"_ _2\"></span>.1  <span class=\"_ _10e\"> </span>0.2<span class=\"_ _421\"> </span>Amounts <span class=\"_ _3\"></span>utilised <span class=\"_ _3\"></span>during <span class=\"_ _3\"></span>the <span class=\"_ _4\"></span>year <span class=\"_ _f5\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _20a\"> </span>(4.8 <span class=\"_ _0\"></span>) <span class=\"_ _14e\"> </span>(3.0 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>Foreign exchange <span class=\"_ _3\"></span>translation <span class=\"_ _3\"></span>difference <span class=\"_ _175\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _fe\"> </span>(0.1 <span class=\"_ _7\"></span>) <span class=\"_ _15b\"> </span>\u2013<span class=\"_ _421\"> </span>Ba<span class=\"_ _3\"></span>lance <span class=\"_ _4\"></span>at <span class=\"_ _4\"></span>3I <span class=\"_ _4\"></span>D<span class=\"_ _3\"></span>ece<span class=\"_ _3\"></span>mbe<span class=\"_ _3\"></span>r <span class=\"_ _d9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _f0\"> </span>2<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2  <span class=\"_ _10f\"> </span>8<span class=\"_ _3\"></span>.7<span class=\"_ _421\"> </span>The increase <span class=\"_ _2\"></span>other provisions during the <span class=\"_ _a\"></span>year is as a result <span class=\"_ _2\"></span>of the follo<span class=\"_ _2\"></span>wing items:<span class=\"_ _421\"> </span>(iii)  Liabilities acquired as part of the Conserv<span class=\"_ _2\"></span>atrix acquisition<span class=\"_ _421\"> </span>The contracts acquired in the acquisition <span class=\"_ _2\"></span>of Conservatrix b<span class=\"_ _2\"></span>y <span class=\"_ _0\"></span>Waard L<span class=\"_ _2\"></span>ev<span class=\"_ _2\"></span>en (see Note I8) included \u00a31<span class=\"_ _2\"></span>2.6m of liabilities relating to obligations to f<span class=\"_ _2\"></span>ormer emplo<span class=\"_ _2\"></span>yees <span class=\"_ _2\"></span>of Conservatrix under a no<span class=\"_ _2\"></span>w closed defined benefit pension scheme. <span class=\"_ _0\"></span>The liabilities are valued under IA<span class=\"_ _a\"></span>S 19. <span class=\"_ _7\"></span>The pension scheme is closed to new <span class=\"_ _2\"></span>entrants with no further benefits accruing and as such the e<span class=\"_ _2\"></span>xposure for <span class=\"_ _0\"></span>W<span class=\"_ _a\"></span>aard Lev<span class=\"_ _2\"></span>en is limited to the longevity risk of the contracts. <span class=\"_ _7\"></span>Waard Le<span class=\"_ _2\"></span>ven is regulated b<span class=\"_ _2\"></span>y De Nederlandsche Bank (DNB) and the Netherlands <span class=\"_ _2\"></span>Authority f<span class=\"_ _2\"></span>or financial markets. <span class=\"_ _2\"></span>As such, there is no requirement to hold plan assets against these liabilities, instead the liabilities are assessed as part of the <span class=\"_ _a\"></span>SII requirements and as a result of this assessment there are considered to be sufficient general account assets to meet the obligation related to these pension policies.<span class=\"_ _421\"> </span>(iv) <span class=\"_ _e\"> </span>P<span class=\"_ _2\"></span>rovision <span class=\"_ _2\"></span>established for the costs associated with outsourced UK administration services<span class=\"_ _421\"> </span>During 2023, Chesnara initiated a \u2018T<span class=\"_ _0\"></span>ransition and <span class=\"_ _0\"></span>T<span class=\"_ _0\"></span>ransformation<span class=\"_ _a\"></span>\u2019 programme in respect of its UK business. <span class=\"_ _0\"></span>This programme <span class=\"_ _2\"></span>includes activities related to both <span class=\"_ _19\"></span><span class=\"ls2 ws2\"> </span>(i) the integration of the recently acquired CA<span class=\"_ _2\"></span>SLP and Canada Lif<span class=\"_ _2\"></span>e businesses into the standard UK model and (ii) the restructure <span class=\"_ _2\"></span>of the administration outsourcing arrangements for the UK business including the migration <span class=\"_ _2\"></span>of most of the policies <span class=\"_ _2\"></span>onto a new platform architect<span class=\"_ _2\"></span>ure with SS&amp;C. An assessment of the proposed project costs has been conducted in accordance with the requirements <span class=\"_ _2\"></span>of IAS 37 and as a result <span class=\"_ _2\"></span>of this assessment a provision of \u00a34.6m was <span class=\"_ _2\"></span>established during the <span class=\"_ _a\"></span>year<span class=\"_ _a\"></span>.<span class=\"_ _421\"> </span>There are also pro<span class=\"_ _2\"></span>visions at the <span class=\"_ _a\"></span>year end relating to the mis-selling <span class=\"_ _2\"></span>of contracts in the UK \u00a3<span class=\"_ _3\"></span>2.<span class=\"_ _a\"></span>7m (31 December 2022: \u00a3<span class=\"_ _3\"></span>5.2m).<span class=\"_ _421\"> </span><span class=\"ff65 ls3 ws2\">CHE<span class=\"_ _277\"></span>SNA<span class=\"_ _277\"></span>R<span class=\"_ _283\"></span>A<span class=\"_ _27e\"></span>ANNUAL<span class=\"_ _287\"></span>REP<span class=\"_ _277\"></span>ORT<span class=\"_ _27f\"></span>A<span class=\"_ _277\"></span>ND<span class=\"_ _278\"></span>ACCOU<span class=\"_ _27a\"></span>NTS<span class=\"_ _27b\"></span>2023</span><span class=\"_ _3ef\"></span>235<span class=\"_ _421\"> </span><div class=\"t m0 h4 ff67 fs2 fc1 sc0 lsc3 ws82 gs93\">IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS<span class=\"_ _421\"> </span></div><div class=\"t m0 h9 ff68 fs8 fc2 sc0 ls18f ws2 gs94\">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<span class=\"_ _421\"> </span></div><div class=\"t m0 hf ff61 fsc fc2 sc0 ls37 ws2 gs95\">SECTION G \u2013 BALANCE SHEET LIABILITIES</div><div class=\"t m0 h11 ff63 fsd fc2 sc0 ls2 ws2 gs96\"> <span class=\"_ _5\"> </span>G2 <span class=\"_ _4\"></span>Lease liabilities<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs97\">The group leases se<span class=\"_ _2\"></span>veral assets including <span class=\"_ _2\"></span>office buildings and an immaterial amount of office and IT <span class=\"_ _2\"></span>equipment and motor vehicles.<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls56 ws152 gs361\">Matur<span class=\"_ _2\"></span>ity analysis<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls190 wsc7 gs362\">31 December 2023</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs363\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _7\"></span>C<span class=\"_ _3\"></span>arr<span class=\"_ _3\"></span>yin<span class=\"_ _3\"></span>g <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>alue  <span class=\"_ _123\"> </span>0<span class=\"_ _3\"></span>-1 <span class=\"_ _3\"></span>y<span class=\"_ _3\"></span>ear  <span class=\"_ _33\"> </span>1-2 <span class=\"_ _4\"></span>year<span class=\"_ _3\"></span>s  <span class=\"_ _7d\"> </span>2-<span class=\"_ _3\"></span>5 <span class=\"_ _4\"></span>year<span class=\"_ _3\"></span>s  <span class=\"_ _28\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls190 ws1e0 gs393\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs394\">Non-investment <span class=\"_ _3\"></span>property <span class=\"_ _227\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _96\"> </span>1.2  <span class=\"_ _10e\"> </span>0.6  <span class=\"_ _57\"> </span>0.3  <span class=\"_ _10e\"> </span>0.3  <span class=\"_ _96\"> </span>1.2<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs3fa\">T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b1\"> </span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2  <span class=\"_ _8f\"> </span>0<span class=\"_ _3\"></span>.6  <span class=\"_ _179\"> </span>0.<span class=\"_ _4\"></span>3  <span class=\"_ _8f\"> </span>0<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3  <span class=\"_ _1b1\"> </span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs595\">Curr<span class=\"_ _2\"></span>ent <span class=\"_ _1f4\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _57\"> </span>0.6<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs4dd\">Non-current <span class=\"_ _1a9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _57\"> </span>0.6<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls64 ws1f4 gs554\">T<span class=\"_ _a\"></span>o<span class=\"_ _3\"></span>tal <span class=\"_ _1e0\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _94\"> </span>1.<span class=\"_ _3\"></span>2<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls56 ws152 gs596\">Matur<span class=\"_ _2\"></span>ity analysis<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls190 wsc7 gs597\">31 December 2022</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs598\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _7\"></span>C<span class=\"_ _3\"></span>arr<span class=\"_ _3\"></span>yin<span class=\"_ _3\"></span>g <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>alue  <span class=\"_ _123\"> </span>0<span class=\"_ _3\"></span>-1 <span class=\"_ _3\"></span>y<span class=\"_ _3\"></span>ear  <span class=\"_ _33\"> </span>1-2 <span class=\"_ _4\"></span>year<span class=\"_ _3\"></span>s  <span class=\"_ _7d\"> </span>2-<span class=\"_ _3\"></span>5 <span class=\"_ _4\"></span>year<span class=\"_ _3\"></span>s  <span class=\"_ _28\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls190 ws1e0 gs599\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs59a\">Non-investment <span class=\"_ _3\"></span>property <span class=\"_ _227\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _96\"> </span>1.2  <span class=\"_ _10e\"> </span>0.6  <span class=\"_ _10e\"> </span>0.6  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _56\"> </span>1.2<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs59b\">T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b1\"> </span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2  <span class=\"_ _8f\"> </span>0<span class=\"_ _3\"></span>.6  <span class=\"_ _179\"> </span>0.<span class=\"_ _3\"></span>6  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _1b1\"> </span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs59c\">Curr<span class=\"_ _2\"></span>ent <span class=\"_ _1f4\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _57\"> </span>0.6<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs59d\">Non-current <span class=\"_ _1a9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _57\"> </span>0.6<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls64 ws1f4 gs404\">T<span class=\"_ _a\"></span>o<span class=\"_ _3\"></span>tal <span class=\"_ _1e0\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _94\"> </span>1.<span class=\"_ _3\"></span>2</div><div class=\"t m0 h11 ff63 fsd fc2 sc0 ls2 ws46 gs59e\"> <span class=\"_ _4\"></span>G3 Bor<span class=\"_ _2\"></span>ro<span class=\"_ _2\"></span>wings<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lsd9 wsc7 gs59f\">Group<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls190 wsc7 gs5a0\">31 December</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls119 ws1b4 gs5a1\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14b\"> </span>20<span class=\"_ _2\"></span>23  <span class=\"_ _14b\"> </span>2022</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls190 ws1e0 gs5a2\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs5a3\">Tier <span class=\"_ _3\"></span>2 <span class=\"_ _3\"></span>debt <span class=\"_ _218\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _e7\"> </span>200.6  <span class=\"_ _29\"> </span>200.4<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs5a4\">Amount <span class=\"_ _3\"></span>due <span class=\"_ _3\"></span>in <span class=\"_ _4\"></span>relation <span class=\"_ _3\"></span>to financial <span class=\"_ _4\"></span>reinsurance <span class=\"_ _152\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b1\"> </span>5.3  <span class=\"_ _10f\"> </span>1<span class=\"_ _3\"></span>1.6<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs5a5\">T<span class=\"_ _2\"></span>erm <span class=\"_ _3\"></span>finance <span class=\"_ _245\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _57\"> </span>2.0  <span class=\"_ _e9\"> </span>\u2013<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs5a6\">T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _119\"> </span>20<span class=\"_ _3\"></span>7<span class=\"_ _2\"></span>.<span class=\"_ _3\"></span>9  <span class=\"_ _e7\"> </span>2<span class=\"_ _3\"></span>12<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>0<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs5a7\">Curr<span class=\"_ _2\"></span>ent <span class=\"_ _1f4\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _e7\"> </span>203.4  <span class=\"_ _29\"> </span>204<span class=\"_ _3\"></span>.3<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs5a8\">Non-current <span class=\"_ _1a9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _57\"> </span>4.5  <span class=\"_ _94\"> </span>7<span class=\"_ _2\"></span>.7<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs5a9\">T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _119\"> </span>20<span class=\"_ _3\"></span>7<span class=\"_ _2\"></span>.<span class=\"_ _3\"></span>9  <span class=\"_ _e7\"> </span>2<span class=\"_ _3\"></span>12<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>0<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 lsd7 ws48 gs270\">In 2022, an e<span class=\"_ _2\"></span>xisting bank loan was fully repaid and replaced b<span class=\"_ _2\"></span>y <span class=\"_ _0\"></span>Tier 2 <span class=\"_ _2\"></span>Subordinated Notes Debt. <span class=\"_ _0\"></span>The fair v<span class=\"_ _2\"></span>alue of amounts due in relation to <span class=\"_ _7\"></span>Tier 2 debt at 31 December </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs5aa\">2023 was \u00a31<span class=\"_ _a\"></span>48.4m (31 December 2022: \u00a31<span class=\"_ _2\"></span>48.0m). </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs292\">The f<span class=\"_ _2\"></span>air value <span class=\"_ _2\"></span>of amounts due in relation to financial reinsurance at 31 December 2023 was \u00a35.<span class=\"_ _0\"></span>1<span class=\"_ _a\"></span>m (31 December 2022: \u00a39.0m). </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls6d ws160 gs1be\">T<span class=\"_ _0\"></span>erm finance comprises capital amounts outstanding <span class=\"_ _2\"></span>on mortgage bonds taken out <span class=\"_ _2\"></span>ov<span class=\"_ _2\"></span>er properties held in the unit-linked policyholder funds in the UK. <span class=\"_ _0\"></span>T<span class=\"_ _2\"></span>he </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 wsff gs271\">mortgage o<span class=\"_ _2\"></span>ver <span class=\"_ _2\"></span>each such property is negotiated separately<span class=\"_ _a\"></span>, varies in term from 5 to 20 <span class=\"_ _a\"></span>years, and bears interest at fixed <span class=\"_ _2\"></span>or floating rates that are agreed at the </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs272\">time of inception <span class=\"_ _2\"></span>of the mortgage. <span class=\"_ _0\"></span>The f<span class=\"_ _2\"></span>air value of the term finance is not materially diff<span class=\"_ _a\"></span>erent to the carrying value shown abo<span class=\"_ _2\"></span>ve.<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff62 fs1 fc1 sc0 lseb wsfb gsc0\">236<span class=\"_ _74\"> </span><span class=\"ff67 ls3 ws2\">CHE<span class=\"_ _3\"></span>SNA<span class=\"_ _3\"></span>RA A<span class=\"_ _3\"></span>NNUAL REP<span class=\"_ _3\"></span>ORT AN<span class=\"_ _3\"></span>D ACCOUN<span class=\"_ _3\"></span>TS 2023<span class=\"_ _421\"> </span></span></div>IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS <span class=\"_ _5\"> </span>G4 <span class=\"_ _4\"></span>Def<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>red tax assets and liabilities<span class=\"_ _421\"> </span>Def<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>red tax assets and liabilities compr<span class=\"_ _a\"></span>ise:<span class=\"_ _421\"> </span>31 December <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14b\"> </span>20<span class=\"_ _2\"></span>23  <span class=\"_ _14b\"> </span>2022 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Net deferred tax liabilities:<span class=\"_ _421\"> </span>UK <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>other <span class=\"_ _4\"></span>group <span class=\"_ _3\"></span>activities <span class=\"_ _164\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>(8.<span class=\"_ _3\"></span>3 <span class=\"_ _7\"></span>) <span class=\"_ _14b\"> </span>(28.9 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Movestic <span class=\"_ _218\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _1b7\"> </span>(0.2 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>W<span class=\"_ _2\"></span>aard <span class=\"_ _3\"></span>Group <span class=\"_ _1b5\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _14e\"> </span>35.0  <span class=\"_ _5a\"> </span>4.1<span class=\"_ _421\"> </span>Scildon <span class=\"_ _120\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b1\"> </span>3.6  <span class=\"_ _fe\"> </span>4<span class=\"_ _3\"></span>.9<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _11b\"> </span>30<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3  <span class=\"_ _45\"> </span>(<span class=\"_ _3\"></span>20<span class=\"_ _3\"></span>.1 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Curr<span class=\"_ _2\"></span>ent <span class=\"_ _1f4\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _fe\"> </span>(0.1 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Non-current <span class=\"_ _1a9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14e\"> </span>30.3  <span class=\"_ _150\"> </span>(20.0 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _11b\"> </span>30<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3  <span class=\"_ _45\"> </span>(<span class=\"_ _3\"></span>20<span class=\"_ _3\"></span>.1 <span class=\"_ _7\"></span>)  (a) <span class=\"_ _3\"></span>CA and other group activities: Recognised def<span class=\"_ _a\"></span>err<span class=\"_ _2\"></span>ed tax assets and liabilities<span class=\"_ _421\"> </span>31 December <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14b\"> </span>2022<span class=\"_ _2\"></span>  <span class=\"_ _7e\"> </span>Credi<span class=\"_ _2\"></span>t/  <span class=\"_ _46\"> </span>2023 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1c8\"> </span>A<span class=\"_ _3\"></span>sse<span class=\"_ _3\"></span>ts<span class=\"_ _3\"></span>/  <span class=\"_ _123\"> </span>(char<span class=\"_ _3\"></span>ge <span class=\"_ _7\"></span>) <span class=\"_ _1c6\"> </span>A<span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>set<span class=\"_ _3\"></span>s/ <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _f2\"> </span>(liabilities <span class=\"_ _7\"></span>) <span class=\"_ _7e\"> </span>in <span class=\"_ _3\"></span>year  <span class=\"_ _f2\"> </span>(liabilities <span class=\"_ _7\"></span>) <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Pr<span class=\"_ _2\"></span>ofit arising on transition to new tax r<span class=\"_ _2\"></span>egime <span class=\"_ _97\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _e9\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _e9\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _e9\"> </span>\u2013<span class=\"_ _421\"> </span>Deferred a<span class=\"_ _3\"></span>cquisition <span class=\"_ _3\"></span>costs <span class=\"_ _1a0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _56\"> </span>1.5  <span class=\"_ _165\"> </span>(0.5 <span class=\"_ _7\"></span>) <span class=\"_ _1a1\"> </span>1.0<span class=\"_ _421\"> </span>Deferred in<span class=\"_ _3\"></span>come <span class=\"_ _1a4\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _57\"> </span>0.5  <span class=\"_ _10f\"> </span>(0.1 <span class=\"_ _0\"></span>) <span class=\"_ _12e\"> </span>0.4<span class=\"_ _421\"> </span>Acquired <span class=\"_ _3\"></span>value in-force <span class=\"_ _fc\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _11b\"> </span>(33.6 <span class=\"_ _7\"></span>) <span class=\"_ _14e\"> </span>19.6  <span class=\"_ _11b\"> </span>(14.0 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>Pr<span class=\"_ _2\"></span>operty, <span class=\"_ _3\"></span>plant <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>equipment <span class=\"_ _164\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _20b\"> </span>0.1  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _20b\"> </span>0.1<span class=\"_ _421\"> </span>Tax losses <span class=\"_ _4\"></span>on <span class=\"_ _3\"></span>pensions <span class=\"_ _3\"></span>business <span class=\"_ _106\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _56\"> </span>1.2  <span class=\"_ _fe\"> </span>(0.1 <span class=\"_ _7\"></span>) <span class=\"_ _a6\"> </span>1.1<span class=\"_ _421\"> </span>Unrealised <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>deferred investment <span class=\"_ _3\"></span>gains <span class=\"_ _3a\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5b\"> </span>(13.7 <span class=\"_ _0\"></span>) <span class=\"_ _152\"> </span>(9.5 <span class=\"_ _7\"></span>) <span class=\"_ _44\"> </span>(23.2 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>Exc<span class=\"_ _2\"></span>ess <span class=\"_ _3\"></span>expenses <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>managem<span class=\"_ _3\"></span>ent <span class=\"_ _22a\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12e\"> </span>12.5  <span class=\"_ _152\"> </span>14.4  <span class=\"_ _114\"> </span>26.9<span class=\"_ _421\"> </span>Share-based <span class=\"_ _3\"></span>payments <span class=\"_ _1a\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _57\"> </span>0.9  <span class=\"_ _5a\"> </span>0.1  <span class=\"_ _5a\"> </span>1.0<span class=\"_ _421\"> </span>Right-of-use <span class=\"_ _3\"></span>assets/lease <span class=\"_ _3\"></span>liabilities <span class=\"_ _17f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _20b\"> </span>0.1  <span class=\"_ _10f\"> </span>(0.1 <span class=\"_ _7\"></span>) <span class=\"_ _15b\"> </span>\u2013<span class=\"_ _421\"> </span>Tax losses <span class=\"_ _63\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _57\"> </span>4.7  <span class=\"_ _1b7\"> </span>(4.5 <span class=\"_ _0\"></span>) <span class=\"_ _8f\"> </span>0.2<span class=\"_ _421\"> </span>Difference in IFRS 4 and IFRS 17 r<span class=\"_ _2\"></span>eserves <span class=\"_ _246\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _fe\"> </span>(3.1 <span class=\"_ _31\"></span>) <span class=\"_ _1b1\"> </span>1.3 <span class=\"_ _2\"></span> <span class=\"_ _8f\"> </span>(1.<span class=\"_ _3\"></span>8 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _e7\"> </span>(<span class=\"_ _3\"></span>28<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9 <span class=\"_ _7\"></span>) <span class=\"_ _44\"> </span>20<span class=\"_ _3\"></span>.6  <span class=\"_ _14e\"> </span>(8<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Comprising:<span class=\"_ _421\"> </span>Net <span class=\"_ _3\"></span>deferred <span class=\"_ _3\"></span>tax <span class=\"_ _3\"></span>liabilities <span class=\"_ _227\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _44\"> </span>(28.9 <span class=\"_ _0\"></span>) <span class=\"_ _2d\"> </span>20.6  <span class=\"_ _1b7\"> </span>(8.3 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _e7\"> </span>(<span class=\"_ _3\"></span>28<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9 <span class=\"_ _7\"></span>) <span class=\"_ _44\"> </span>20<span class=\"_ _3\"></span>.6  <span class=\"_ _14e\"> </span>(8<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>On 31 December 2023, the long-term business of CA<span class=\"_ _2\"></span>SLP<span class=\"_ _f\"></span>, along with the majority of the assets of the compan<span class=\"_ _2\"></span>y were transf<span class=\"_ _2\"></span>erred into CA via a Business <span class=\"_ _0\"></span>T<span class=\"_ _0\"></span>ransf<span class=\"_ _2\"></span>er Scheme under Part <span class=\"_ _0\"></span>VII of the Financial <span class=\"_ _2\"></span>Services and Markets <span class=\"_ _2\"></span>Act 2000. Consequently<span class=\"_ _2\"></span>, previously unrecognised losses <span class=\"_ _2\"></span>of CA hav<span class=\"_ _2\"></span>e been recognised as defer<span class=\"_ _2\"></span>red tax assets at 31 December 2023. <span class=\"_ _0\"></span>This has resulted in a \u00a31<span class=\"_ _0\"></span>1<span class=\"_ _7\"></span>.9m additional defer<span class=\"_ _2\"></span>red tax asset being recognised at the balance sheet date.<span class=\"_ _421\"> </span><span class=\"ff65 ls3 ws2\">CHE<span class=\"_ _283\"></span>SNA<span class=\"_ _283\"></span>R<span class=\"_ _277\"></span>A<span class=\"_ _278\"></span>ANNUAL<span class=\"_ _27f\"></span>REP<span class=\"_ _277\"></span>ORT<span class=\"_ _278\"></span>A<span class=\"_ _284\"></span>ND<span class=\"_ _278\"></span>ACCOU<span class=\"_ _27a\"></span>NTS<span class=\"_ _27b\"></span>2023</span><span class=\"_ _3f1\"></span>237<span class=\"_ _421\"> </span><div class=\"t m0 h4 ff67 fs2 fc1 sc0 lsc3 ws82 gs93\">IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS<span class=\"_ _421\"> </span></div><div class=\"t m0 h9 ff68 fs8 fc2 sc0 ls18f ws2 gs94\">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<span class=\"_ _421\"> </span></div><div class=\"t m0 hf ff61 fsc fc2 sc0 ls37 ws2 gs95\">SECTION G \u2013 BALANCE SHEET LIABILITIES</div><div class=\"t m0 h11 ff63 fsd fc2 sc0 ls2 ws2 gs96\"> <span class=\"_ _5\"> </span>G4 <span class=\"_ _4\"></span>Def<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>red tax assets and liabilities (continued)</div><div class=\"t m0 h11 ff63 fsd fc1 sc0 ls2 ws2 gs19d\">  (a) <span class=\"_ _3\"></span>CA and other group activities: Recognised def<span class=\"_ _a\"></span>err<span class=\"_ _2\"></span>ed tax assets and liabilities (continued)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls190 wsc7 gs361\">31 December</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls119 ws1b4 gs362\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1e1\"> </span>2021  <span class=\"_ _7e\"> </span>Cre<span class=\"_ _2\"></span>dit/  <span class=\"_ _73\"> </span>  <span class=\"_ _14b\"> </span>2022</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs363\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _be\"> </span>A<span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>ts<span class=\"_ _3\"></span>/  <span class=\"_ _89\"> </span>(c<span class=\"_ _3\"></span>harg<span class=\"_ _3\"></span>e <span class=\"_ _7\"></span>) <span class=\"_ _80\"> </span>A<span class=\"_ _3\"></span>risi<span class=\"_ _3\"></span>ng <span class=\"_ _4\"></span>on  <span class=\"_ _1c8\"> </span>A<span class=\"_ _3\"></span>ss<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>s/</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lsd9 ws1bb gs393\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _f2\"> </span>(liabilities <span class=\"_ _7\"></span>) <span class=\"_ _7e\"> </span>in <span class=\"_ _3\"></span>year  <span class=\"_ _92\"> </span>acquisi<span class=\"_ _3\"></span>tion  <span class=\"_ _7f\"> </span>(liabilitie<span class=\"_ _3\"></span>s <span class=\"_ _7\"></span>)</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls190 ws1e0 gs4ae\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws2 gs395\">Pr<span class=\"_ _2\"></span>ofit arising on transition to new tax r<span class=\"_ _2\"></span>egime <span class=\"_ _97\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _20a\"> </span>(0.3 <span class=\"_ _31\"></span>) <span class=\"_ _12e\"> </span>0.3  <span class=\"_ _97\"> </span>\u2013  <span class=\"_ _97\"> </span>\u2013<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs396\">Deferred a<span class=\"_ _3\"></span>cquisition <span class=\"_ _3\"></span>costs <span class=\"_ _1a0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b7\"> </span>(0.2 <span class=\"_ _0\"></span>) <span class=\"_ _8f\"> </span>0.2  <span class=\"_ _96\"> </span>1.5  <span class=\"_ _56\"> </span>1.5<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs5ac\">Deferred in<span class=\"_ _3\"></span>come <span class=\"_ _1a4\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _57\"> </span>0.5  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _57\"> </span>0.5<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs5ad\">Acquired <span class=\"_ _3\"></span>value in-force <span class=\"_ _fc\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _57\"> </span>6.9  <span class=\"_ _44\"> </span>(40.5 <span class=\"_ _7\"></span>) <span class=\"_ _44\"> </span>(33.6 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs5ae\">Pr<span class=\"_ _2\"></span>operty, <span class=\"_ _3\"></span>plant <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>equipment <span class=\"_ _164\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _20b\"> </span>0.1  <span class=\"_ _5a\"> </span>0.1<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs5af\">Tax losses <span class=\"_ _4\"></span>on <span class=\"_ _3\"></span>pensions <span class=\"_ _3\"></span>business <span class=\"_ _106\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _57\"> </span>0.5  <span class=\"_ _10e\"> </span>0.7  <span class=\"_ _56\"> </span>1.2<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs5b0\">Unrealised <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>deferred investment <span class=\"_ _3\"></span>gains <span class=\"_ _3a\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5b\"> </span>(15.<span class=\"_ _3\"></span>3 <span class=\"_ _7\"></span>) <span class=\"_ _14e\"> </span>13.8  <span class=\"_ _5b\"> </span>(12.2 <span class=\"_ _0\"></span>) <span class=\"_ _11b\"> </span>(13.7 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs5b1\">Exc<span class=\"_ _2\"></span>ess <span class=\"_ _3\"></span>expenses <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>managem<span class=\"_ _3\"></span>ent <span class=\"_ _22a\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12e\"> </span>15.3  <span class=\"_ _165\"> </span>(2.9 <span class=\"_ _0\"></span>) <span class=\"_ _1a1\"> </span>0.1  <span class=\"_ _165\"> </span>12.5<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs5b2\">Share-based <span class=\"_ _3\"></span>payments <span class=\"_ _1a\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _57\"> </span>0.7  <span class=\"_ _10e\"> </span>0.2  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _57\"> </span>0.9<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs5b3\">Right-of-use <span class=\"_ _3\"></span>assets/lease <span class=\"_ _3\"></span>liabilities <span class=\"_ _17f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _20b\"> </span>0.1  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _20b\"> </span>0.1<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs5b4\">Tax losses <span class=\"_ _63\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _57\"> </span>4.7  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _57\"> </span>4.7<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws2 gs5b5\">Difference in IFRS 4 and IFRS 17 r<span class=\"_ _2\"></span>eserves <span class=\"_ _246\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _165\"> </span>(5.6 <span class=\"_ _31\"></span>) <span class=\"_ _179\"> </span>2.5  <span class=\"_ _97\"> </span>\u2013  <span class=\"_ _10f\"> </span>(3.1 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs5b6\">T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5b\"> </span>(4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9 <span class=\"_ _7\"></span>) <span class=\"_ _44\"> </span>2<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3  <span class=\"_ _28\"> </span>(5<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>3 <span class=\"_ _0\"></span>) <span class=\"_ _119\"> </span>(2<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>.9 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsfb gs5b7\">Comprising:<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs5b8\">Net <span class=\"_ _3\"></span>deferred <span class=\"_ _3\"></span>tax <span class=\"_ _3\"></span>liabilities <span class=\"_ _227\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _12b\"> </span>(4.9 <span class=\"_ _7\"></span>) <span class=\"_ _c2\"> </span>26.3  <span class=\"_ _1e1\"> </span>(50.3 <span class=\"_ _0\"></span>) <span class=\"_ _46\"> </span>(28.9 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs5b9\">T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5b\"> </span>(4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9 <span class=\"_ _7\"></span>) <span class=\"_ _44\"> </span>2<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3  <span class=\"_ _28\"> </span>(5<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>3 <span class=\"_ _0\"></span>) <span class=\"_ _119\"> </span>(2<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>.9 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls21 ws11e gs1b2\">The Finance <span class=\"_ _2\"></span>Act 202<span class=\"_ _0\"></span>1 increased the rate of corporation tax from 1<span class=\"_ _2\"></span>9% to 25% from 1 April 2023. <span class=\"_ _7\"></span>The future enacted tax rate <span class=\"_ _2\"></span>of 25% has been used in the </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 wsc7 gs2fc\">calculation of UK def<span class=\"_ _a\"></span>erred tax assets and liabilities where relevant, being the rate <span class=\"_ _2\"></span>of corporation tax that is e<span class=\"_ _2\"></span>xpected to apply when the majority of those def<span class=\"_ _2\"></span>erred </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs2fd\">tax balances rev<span class=\"_ _2\"></span>erse. </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls21 wsd4 gs2fe\">Def<span class=\"_ _2\"></span>erred tax balances hav<span class=\"_ _2\"></span>e been updated to reflect changes to equity <span class=\"_ _2\"></span>on transition to IFRS 1<span class=\"_ _a\"></span>7<span class=\"_ _31\"></span>. <span class=\"_ _0\"></span>The tax rate applied is that which is e<span class=\"_ _2\"></span>xpected at the time of<span class=\"_ _2\"></span> </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws74 gsb0\">realisation. At 31 December 2022, the rate applied to the transitional tax pro<span class=\"_ _2\"></span>visions recognised on transition to IFR<span class=\"_ _2\"></span>S 1<span class=\"_ _a\"></span>7 for the UK division reflects the spreading </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gsb1\">of the profits arising o<span class=\"_ _2\"></span>ver the f<span class=\"_ _2\"></span>ollowing 1<span class=\"_ _a\"></span>0 <span class=\"_ _a\"></span>years. At 31 December 202<span class=\"_ _a\"></span>1<span class=\"_ _a\"></span>, these spreading provisions were not <span class=\"_ _2\"></span>enacted so the rates applied did not reflect them.<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gsb3\">The def<span class=\"_ _a\"></span>erred tax credit to the Consolidated Statement <span class=\"_ _2\"></span>of Comprehensive Income f<span class=\"_ _2\"></span>or the <span class=\"_ _a\"></span>year is classified as follo<span class=\"_ _2\"></span>ws:<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls190 wsc7 gs287\">Y<span class=\"_ _2\"></span>ear ended<span class=\"_ _2\"></span> 31 December</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls119 ws1b4 gs288\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14b\"> </span>20<span class=\"_ _2\"></span>23  <span class=\"_ _14b\"> </span>2022</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls190 ws1e0 gs289\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs5ba\">Inc<span class=\"_ _3\"></span>ome <span class=\"_ _4\"></span>tax <span class=\"_ _4\"></span>cr<span class=\"_ _3\"></span>edit <span class=\"_ _247\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _2d\"> </span>2<span class=\"_ _3\"></span>0.7  <span class=\"_ _11b\"> </span>2<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3</div><div class=\"t m0 h11 ff63 fsd fc1 sc0 ls2 ws2 gs1b7\"> <span class=\"_ _e\"> </span>(b) <span class=\"_ _3\"></span>CA and other group activities:<span class=\"_ _2\"></span> Items for whic<span class=\"_ _2\"></span>h no def<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>red tax asset is r<span class=\"_ _2\"></span>ecognised<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls190 wsc7 gs5bb\">31 December</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls119 ws1b4 gs5bc\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14b\"> </span>20<span class=\"_ _2\"></span>23  <span class=\"_ _14b\"> </span>2022</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls190 ws1e0 gs5bd\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs5be\">Tax losses <span class=\"_ _4\"></span>on <span class=\"_ _3\"></span>pensions <span class=\"_ _3\"></span>business <span class=\"_ _106\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _114\"> </span>20.7  <span class=\"_ _1b7\"> </span>17.8<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs5bf\">Transitional <span class=\"_ _3\"></span>losses <span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>non-pension <span class=\"_ _3\"></span>business <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs5c0\">Unreliev<span class=\"_ _2\"></span>ed <span class=\"_ _3\"></span>expenses <span class=\"_ _11d\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _f0\"> </span>94<span class=\"_ _3\"></span>.8<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs5c1\">Realised <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>unrealised <span class=\"_ _3\"></span>investment <span class=\"_ _3\"></span>losses <span class=\"_ _27\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _56\"> </span>9.1<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs5c2\">BLAGAB <span class=\"_ _3\"></span>trade <span class=\"_ _3\"></span>losses <span class=\"_ _21\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _114\"> </span>28.7  <span class=\"_ _57\"> </span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs5c3\">T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _45\"> </span>4<span class=\"_ _3\"></span>9.<span class=\"_ _3\"></span>4  <span class=\"_ _28\"> </span>12<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls42 ws172 gs1c2\">A def<span class=\"_ _2\"></span>erred tax asset has not been recognised in respect of unrelie<span class=\"_ _2\"></span>ved <span class=\"_ _2\"></span>expenses, because it is not probable that there will be a sufficient le<span class=\"_ _2\"></span>vel of taxable income </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls6d wse8 gs273\">arising from income and gains on financial assets, so that the group can utilise the benefits therefrom. <span class=\"_ _7\"></span>The mov<span class=\"_ _2\"></span>ement in this balance reflects an increase in </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs294\">def<span class=\"_ _2\"></span>erred deemed gains on Collectiv<span class=\"_ _2\"></span>e Inv<span class=\"_ _2\"></span>estment Schemes in the period, which has decreased the unrelie<span class=\"_ _2\"></span>ved <span class=\"_ _2\"></span>expenses at the balance sheet date. </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls18 ws2 gs275\">There are no aggregate temporary diff<span class=\"_ _a\"></span>erences arising on the acquisition of subsidiaries <span class=\"_ _2\"></span>or associated undertakings, for which def<span class=\"_ _2\"></span>erred tax has not been recognised.<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff62 fs1 fc1 sc0 lseb wsfb gsc0\">238<span class=\"_ _74\"> </span><span class=\"ff67 ls3 ws2\">CHESN<span class=\"_ _3\"></span>AR<span class=\"_ _3\"></span>A ANN<span class=\"_ _3\"></span>UAL REPOR<span class=\"_ _3\"></span>T AND <span class=\"_ _3\"></span>ACCOUNT<span class=\"_ _3\"></span>S 20<span class=\"_ _2\"></span>23<span class=\"_ _421\"> </span></span></div>IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS <span class=\"_ _18\"> </span>(c) <span class=\"_ _4\"></span>Movestic:<span class=\"_ _a\"></span> Recognised defer<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ed tax assets and liabilities<span class=\"_ _421\"> </span>As at the balance sheet date, Mo<span class=\"_ _2\"></span>vestic had a recognised def<span class=\"_ _2\"></span>erred tax liability <span class=\"_ _2\"></span>of \u00a3Nil (3<span class=\"_ _2\"></span>1 December 2022: \u00a3Nil), in respect of f<span class=\"_ _2\"></span>air value adjustments arising upon acquisition. Unrecognised def<span class=\"_ _2\"></span>erred tax assets were \u00a3Nil at the balance sheet date in respect <span class=\"_ _2\"></span>of corporation tax recov<span class=\"_ _2\"></span>erable (3<span class=\"_ _2\"></span>1 December 2022: \u00a3Nil). <span class=\"_ _e\"> </span>(d) <span class=\"_ _3\"></span>W<span class=\"_ _2\"></span>aard Gr<span class=\"_ _2\"></span>oup: Recognised def<span class=\"_ _a\"></span>err<span class=\"_ _2\"></span>ed tax assets and liabilities<span class=\"_ _421\"> </span>31 December <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _a1\"> </span>  <span class=\"_ _1fb\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _123\"> </span>Foreign   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _43\"> </span>2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2  <span class=\"_ _1fb\"> </span>  <span class=\"_ _7c\"> </span>Cred<span class=\"_ _3\"></span>it<span class=\"_ _3\"></span>/  <span class=\"_ _17d\"> </span>exch<span class=\"_ _3\"></span>ange  <span class=\"_ _14b\"> </span>2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>3 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _2e\"> </span>A<span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>ts<span class=\"_ _3\"></span>/  <span class=\"_ _f6\"> </span>A<span class=\"_ _3\"></span>ris<span class=\"_ _3\"></span>ing <span class=\"_ _4\"></span>on  <span class=\"_ _be\"> </span>(charge <span class=\"_ _0\"></span>) <span class=\"_ _8\"> </span>tr<span class=\"_ _3\"></span>ans<span class=\"_ _3\"></span>latio<span class=\"_ _3\"></span>n  <span class=\"_ _1c8\"> </span>A<span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>set<span class=\"_ _3\"></span>s/ <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _ef\"> </span>(liabilities <span class=\"_ _7\"></span>) <span class=\"_ _ef\"> </span>acquisiti<span class=\"_ _2\"></span>on  <span class=\"_ _3b\"> </span>in <span class=\"_ _4\"></span>year  <span class=\"_ _6c\"> </span>differen<span class=\"_ _3\"></span>ce  <span class=\"_ _17d\"> </span>(liabilities <span class=\"_ _7\"></span>) <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _f0\"> </span>\u00a3m  <span class=\"_ _94\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m<span class=\"_ _421\"> </span>Fair <span class=\"_ _3\"></span>value <span class=\"_ _3\"></span>adjustments <span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>acquisition <span class=\"_ _248\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _10f\"> </span>2<span class=\"_ _3\"></span>.1  <span class=\"_ _12e\"> </span>28.9  <span class=\"_ _165\"> </span>(3.<span class=\"_ _3\"></span>8 <span class=\"_ _7\"></span>) <span class=\"_ _12e\"> </span>(0.1 <span class=\"_ _7\"></span>) <span class=\"_ _20a\"> </span>27.1<span class=\"_ _421\"> </span>Defined <span class=\"_ _3\"></span>benefit <span class=\"_ _3\"></span>scheme <span class=\"_ _4\"></span>obligations <span class=\"_ _103\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _a5\"> </span>\u2013  <span class=\"_ _e9\"> </span>1.1  <span class=\"_ _5a\"> </span>0.1  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _56\"> </span>1.2<span class=\"_ _421\"> </span>V<span class=\"_ _2\"></span>aluation <span class=\"_ _3\"></span>differences <span class=\"_ _111\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12b\"> </span>2.0  <span class=\"_ _138\"> </span>\u2013  <span class=\"_ _12b\"> </span>(0.9 <span class=\"_ _7\"></span>) <span class=\"_ _12e\"> </span>(0.1 <span class=\"_ _7\"></span>) <span class=\"_ _1a1\"> </span>1.0<span class=\"_ _421\"> </span>V<span class=\"_ _2\"></span>aluation <span class=\"_ _3\"></span>differences <span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>investments <span class=\"_ _249\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _a5\"> </span>\u2013  <span class=\"_ _a7\"> </span>5.8  <span class=\"_ _10f\"> </span>(0.1 <span class=\"_ _7\"></span>) <span class=\"_ _97\"> </span>\u2013  <span class=\"_ _1a1\"> </span>5.7<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12b\"> </span>4<span class=\"_ _3\"></span>.1  <span class=\"_ _1b7\"> </span>35<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8  <span class=\"_ _14e\"> </span>(4<span class=\"_ _3\"></span>.7 <span class=\"_ _7\"></span>) <span class=\"_ _f0\"> </span>(0.<span class=\"_ _3\"></span>2 <span class=\"_ _0\"></span>) <span class=\"_ _150\"> </span>3<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>.0<span class=\"_ _421\"> </span>Comprising:<span class=\"_ _421\"> </span>Net <span class=\"_ _3\"></span>deferred <span class=\"_ _3\"></span>tax <span class=\"_ _3\"></span>asset <span class=\"_ _1a8\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _8f\"> </span>4<span class=\"_ _3\"></span>.1  <span class=\"_ _179\"> </span>35.8  <span class=\"_ _5a\"> </span>0.1  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _f0\"> </span>40.0<span class=\"_ _421\"> </span>Net <span class=\"_ _3\"></span>deferred <span class=\"_ _3\"></span>tax <span class=\"_ _3\"></span>liabilities <span class=\"_ _227\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1ca\"> </span>\u2013  <span class=\"_ _6a\"> </span>\u2013  <span class=\"_ _20a\"> </span>(4.<span class=\"_ _3\"></span>8 <span class=\"_ _7\"></span>) <span class=\"_ _14e\"> </span>(0.2 <span class=\"_ _0\"></span>) <span class=\"_ _14e\"> </span>(5.0 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12b\"> </span>4<span class=\"_ _3\"></span>.1  <span class=\"_ _1b7\"> </span>35<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8  <span class=\"_ _14e\"> </span>(4<span class=\"_ _3\"></span>.7 <span class=\"_ _7\"></span>) <span class=\"_ _f0\"> </span>(0.<span class=\"_ _3\"></span>2 <span class=\"_ _0\"></span>) <span class=\"_ _150\"> </span>3<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>.0<span class=\"_ _421\"> </span>31 December <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _a1\"> </span>  <span class=\"_ _1fb\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _123\"> </span>Foreign   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _15c\"> </span>2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>1  <span class=\"_ _1fb\"> </span>  <span class=\"_ _11c\"> </span>C<span class=\"_ _3\"></span>redi<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>/  <span class=\"_ _17d\"> </span>excha<span class=\"_ _3\"></span>nge  <span class=\"_ _14b\"> </span>2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _2e\"> </span>A<span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>ts<span class=\"_ _3\"></span>/  <span class=\"_ _f6\"> </span>A<span class=\"_ _3\"></span>ris<span class=\"_ _3\"></span>ing <span class=\"_ _4\"></span>on  <span class=\"_ _be\"> </span>(charge <span class=\"_ _0\"></span>) <span class=\"_ _8\"> </span>tr<span class=\"_ _3\"></span>ans<span class=\"_ _3\"></span>latio<span class=\"_ _3\"></span>n  <span class=\"_ _1c8\"> </span>A<span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>set<span class=\"_ _3\"></span>s/ <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _ef\"> </span>(liabilities <span class=\"_ _7\"></span>) <span class=\"_ _ef\"> </span>acquisiti<span class=\"_ _2\"></span>on  <span class=\"_ _3b\"> </span>in <span class=\"_ _4\"></span>year  <span class=\"_ _6c\"> </span>differen<span class=\"_ _3\"></span>ce  <span class=\"_ _17d\"> </span>(liabilities <span class=\"_ _7\"></span>) <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _f0\"> </span>\u00a3m  <span class=\"_ _94\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m<span class=\"_ _421\"> </span>V<span class=\"_ _2\"></span>aluation <span class=\"_ _3\"></span>differences <span class=\"_ _111\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12b\"> </span>0.2  <span class=\"_ _17c\"> </span>2.2  <span class=\"_ _56\"> </span>1.6  <span class=\"_ _5a\"> </span>0.1  <span class=\"_ _5a\"> </span>4.1<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _114\"> </span>0.<span class=\"_ _3\"></span>2  <span class=\"_ _56\"> </span>2<span class=\"_ _4\"></span>.<span class=\"_ _3\"></span>2  <span class=\"_ _1a1\"> </span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>6  <span class=\"_ _1a1\"> </span>0.<span class=\"_ _3\"></span>1  <span class=\"_ _57\"> </span>4<span class=\"_ _3\"></span>.1<span class=\"_ _421\"> </span>Comprising:<span class=\"_ _421\"> </span>Net <span class=\"_ _3\"></span>deferred <span class=\"_ _3\"></span>tax <span class=\"_ _3\"></span>asset <span class=\"_ _1a8\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12b\"> </span>0.2  <span class=\"_ _17c\"> </span>2.2  <span class=\"_ _56\"> </span>1.6  <span class=\"_ _5a\"> </span>0.1  <span class=\"_ _5a\"> </span>4.1<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _114\"> </span>0.<span class=\"_ _3\"></span>2  <span class=\"_ _56\"> </span>2<span class=\"_ _4\"></span>.<span class=\"_ _3\"></span>2  <span class=\"_ _1a1\"> </span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>6  <span class=\"_ _1a1\"> </span>0.<span class=\"_ _3\"></span>1  <span class=\"_ _57\"> </span>4<span class=\"_ _3\"></span>.<span class=\"_ _421\"> </span>1<span class=\"_ _421\"> </span><span class=\"ff65 ls3 ws2\">CHES<span class=\"_ _283\"></span>NAR<span class=\"_ _277\"></span>A<span class=\"_ _278\"></span>AN<span class=\"_ _277\"></span>NUAL<span class=\"_ _35e\"></span>REPO<span class=\"_ _277\"></span>RT<span class=\"_ _287\"></span>AND<span class=\"_ _392\"></span>ACCOUNT<span class=\"_ _27a\"></span>S<span class=\"_ _27b\"></span>20<span class=\"_ _2b5\"></span>23</span><span class=\"_ _3eb\"></span>239<span class=\"_ _421\"> </span><div class=\"t m0 h4 ff67 fs2 fc1 sc0 lsc3 ws82 gs93\">IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS<span class=\"_ _421\"> </span></div><div class=\"t m0 h9 ff68 fs8 fc2 sc0 ls18f ws2 gs94\">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<span class=\"_ _421\"> </span></div><div class=\"t m0 hf ff61 fsc fc2 sc0 ls37 ws2 gs95\">SECTION G \u2013 BALANCE SHEET LIABILITIES</div><div class=\"t m0 h11 ff63 fsd fc2 sc0 ls2 ws2 gs96\"> <span class=\"_ _5\"> </span>G4 <span class=\"_ _4\"></span>Def<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>red tax assets and liabilities (continued)</div><div class=\"t m0 h11 ff63 fsd fc1 sc0 ls2 ws2 gs19d\">  (e) <span class=\"_ _3\"></span>Scildon: Recognised def<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>red tax assets and liabilities<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls190 wsc7 gs361\">31 December</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lsd9 ws1bb gs362\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _89\"> </span>Foreign  </div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lsd9 ws1bb gs363\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14b\"> </span>2022  <span class=\"_ _93\"> </span>(Charge)/<span class=\"_ _2\"></span>  <span class=\"_ _17d\"> </span>exchange  <span class=\"_ _46\"> </span>202<span class=\"_ _3\"></span>3</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lsd9 ws1bb gs393\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _be\"> </span>A<span class=\"_ _3\"></span>ss<span class=\"_ _3\"></span>ets/  <span class=\"_ _3f\"> </span>credit  <span class=\"_ _237\"> </span>translation  <span class=\"_ _1c8\"> </span>A<span class=\"_ _3\"></span>sset<span class=\"_ _3\"></span>s/</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lsd9 ws1bb gs4ae\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _f2\"> </span>(liabilities <span class=\"_ _7\"></span>) <span class=\"_ _7e\"> </span>in <span class=\"_ _3\"></span>year  <span class=\"_ _ef\"> </span>di<span class=\"_ _3\"></span>fferen<span class=\"_ _3\"></span>ce  <span class=\"_ _7f\"> </span>(liabilitie<span class=\"_ _3\"></span>s <span class=\"_ _7\"></span>)</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls190 ws1e0 gs4af\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs396\">Deferred a<span class=\"_ _3\"></span>cquisition <span class=\"_ _3\"></span>costs <span class=\"_ _1a0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _20b\"> </span>6.1  <span class=\"_ _5a\"> </span>0.1  <span class=\"_ _10f\"> </span>(0.1 <span class=\"_ _7\"></span>) <span class=\"_ _94\"> </span>6.1<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs5ac\">LAT reserve <span class=\"_ _1ae\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _fe\"> </span>(1.8 <span class=\"_ _7\"></span>) <span class=\"_ _1a1\"> </span>1.<span class=\"_ _3\"></span>8  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws2 gs5ad\">Revaluation of buildings and inv<span class=\"_ _2\"></span>estment properties <span class=\"_ _ec\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _152\"> </span>(0.8 <span class=\"_ _31\"></span>) <span class=\"_ _165\"> </span>(0.1 <span class=\"_ _31\"></span>) <span class=\"_ _12e\"> </span>0.2 <span class=\"_ _a\"></span> <span class=\"_ _12b\"> </span>(0.7 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs5ae\">V<span class=\"_ _2\"></span>aluation <span class=\"_ _3\"></span>differences <span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>technical <span class=\"_ _3\"></span>pro<span class=\"_ _2\"></span>visions <span class=\"_ _a1\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _11b\"> </span>(35.5 <span class=\"_ _0\"></span>) <span class=\"_ _12e\"> </span>4<span class=\"_ _3\"></span>.3  <span class=\"_ _fe\"> </span>0.8  <span class=\"_ _44\"> </span>(30.4 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws2 gs5af\">V<span class=\"_ _2\"></span>aluation differences on in<span class=\"_ _2\"></span>vestments at fair value thr<span class=\"_ _2\"></span>ough profit and loss <span class=\"_ _132\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _5b\"> </span>36.9 <span class=\"_ _a\"></span> <span class=\"_ _2d\"> </span>(13.0 <span class=\"_ _31\"></span>) <span class=\"_ _114\"> </span>(0.9 <span class=\"_ _31\"></span>) <span class=\"_ _11b\"> </span>23.0<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs5b0\">Pr<span class=\"_ _2\"></span>operty, <span class=\"_ _3\"></span>plant <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>equipment <span class=\"_ _164\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _1a1\"> </span>5.6  <span class=\"_ _1b1\"> </span>5.6<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs39c\">T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12e\"> </span>4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9  <span class=\"_ _114\"> </span>(6<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9 <span class=\"_ _7\"></span>) <span class=\"_ _165\"> </span>5<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>6  <span class=\"_ _10f\"> </span>3<span class=\"_ _3\"></span>.6<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsfb gs5c5\">Comprising:<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs39e\">Net <span class=\"_ _3\"></span>deferred <span class=\"_ _3\"></span>tax <span class=\"_ _3\"></span>assets <span class=\"_ _dd\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _fe\"> </span>4<span class=\"_ _3\"></span>.9  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _1b1\"> </span>5.6  <span class=\"_ _12b\"> </span>10.5<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs5c6\">Net <span class=\"_ _3\"></span>deferred <span class=\"_ _3\"></span>tax <span class=\"_ _3\"></span>liabilities <span class=\"_ _227\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _165\"> </span>(6.9 <span class=\"_ _0\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _1b7\"> </span>(6<span class=\"_ _3\"></span>.9 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs5c7\">T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12e\"> </span>4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9  <span class=\"_ _114\"> </span>(6<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9 <span class=\"_ _7\"></span>) <span class=\"_ _165\"> </span>5<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>6  <span class=\"_ _10f\"> </span>3<span class=\"_ _3\"></span>.6<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls190 wsc7 gs5c8\">31 December</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lsd9 ws1bb gs5c9\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _89\"> </span>Foreign  </div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lsd9 ws1bb gs5ca\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1e1\"> </span>20<span class=\"_ _3\"></span>21  <span class=\"_ _1e3\"> </span>(Charge)/  <span class=\"_ _f2\"> </span>exchange  <span class=\"_ _14b\"> </span>2022</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lsd9 ws1bb gs5cb\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _be\"> </span>A<span class=\"_ _3\"></span>ss<span class=\"_ _3\"></span>ets/  <span class=\"_ _3f\"> </span>credit  <span class=\"_ _237\"> </span>translation  <span class=\"_ _1c8\"> </span>A<span class=\"_ _3\"></span>sset<span class=\"_ _3\"></span>s/</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lsd9 ws1bb gs5cc\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _f2\"> </span>(liabilities <span class=\"_ _7\"></span>) <span class=\"_ _7e\"> </span>in <span class=\"_ _3\"></span>year  <span class=\"_ _ef\"> </span>di<span class=\"_ _3\"></span>fferen<span class=\"_ _3\"></span>ce  <span class=\"_ _7f\"> </span>(liabilitie<span class=\"_ _3\"></span>s <span class=\"_ _7\"></span>)</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls190 ws1e0 gs5cd\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs5ce\">Deferred a<span class=\"_ _3\"></span>cquisition <span class=\"_ _3\"></span>costs <span class=\"_ _1a0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _57\"> </span>5.8  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _57\"> </span>0.3  <span class=\"_ _20b\"> </span>6.1<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs5cf\">LAT reserve <span class=\"_ _1ae\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12e\"> </span>(3.6 <span class=\"_ _7\"></span>) <span class=\"_ _1b1\"> </span>1.9  <span class=\"_ _fe\"> </span>(0.1 <span class=\"_ _7\"></span>) <span class=\"_ _165\"> </span>(1.<span class=\"_ _3\"></span>8 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws2 gs5d0\">Revaluation of buildings and inv<span class=\"_ _2\"></span>estment properties <span class=\"_ _ec\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _20a\"> </span>(0.6 <span class=\"_ _31\"></span>) <span class=\"_ _114\"> </span>(0.2 <span class=\"_ _31\"></span>) <span class=\"_ _15b\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _152\"> </span>(0.8 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws2 gs5d1\">V<span class=\"_ _2\"></span>aluation differences on t<span class=\"_ _2\"></span>echnical provisions <span class=\"_ _e9\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _165\"> </span>(3.2 <span class=\"_ _31\"></span>) <span class=\"_ _28\"> </span>(30.8 <span class=\"_ _31\"></span>) <span class=\"_ _12e\"> </span>(1.5 <span class=\"_ _31\"></span>) <span class=\"_ _150\"> </span>(35.5 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws2 gs5d2\">V<span class=\"_ _2\"></span>aluation differences on in<span class=\"_ _2\"></span>vestments at fair value thr<span class=\"_ _2\"></span>ough profit and loss <span class=\"_ _132\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _10f\"> </span>(<span class=\"_ _3\"></span>1.5 <span class=\"_ _31\"></span>) <span class=\"_ _11b\"> </span>36.9 <span class=\"_ _2\"></span> <span class=\"_ _5a\"> </span>1.5 <span class=\"_ _2\"></span> <span class=\"_ _5b\"> </span>36.9<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs5d3\">T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12e\"> </span>(3<span class=\"_ _3\"></span>.1 <span class=\"_ _0\"></span>) <span class=\"_ _165\"> </span>7.8  <span class=\"_ _179\"> </span>0<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2  <span class=\"_ _12e\"> </span>4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsfb gs5d4\">Comprising:<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs5d5\">Net <span class=\"_ _3\"></span>deferred <span class=\"_ _3\"></span>tax <span class=\"_ _3\"></span>liabilities <span class=\"_ _227\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _57\"> </span>(3.1 <span class=\"_ _7\"></span>) <span class=\"_ _10f\"> </span>7.8  <span class=\"_ _10e\"> </span>0.2  <span class=\"_ _10e\"> </span>4.9<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs5d6\">T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12e\"> </span>(3<span class=\"_ _3\"></span>.1 <span class=\"_ _0\"></span>) <span class=\"_ _165\"> </span>7.8  <span class=\"_ _179\"> </span>0<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2  <span class=\"_ _12e\"> </span>4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9</div><div class=\"t m0 h11 ff63 fsd fc2 sc0 ls2 ws2 gs5d7\"> <span class=\"_ _5\"> </span>G5 <span class=\"_ _4\"></span>Def<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>red income<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls190 wsc7 gs5d8\">31 December</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls119 ws1b4 gs5d9\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14b\"> </span>20<span class=\"_ _2\"></span>23  <span class=\"_ _14b\"> </span>2022</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls190 ws1e0 gs5da\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs5db\">Ba<span class=\"_ _3\"></span>lance <span class=\"_ _4\"></span>at <span class=\"_ _4\"></span>1 <span class=\"_ _4\"></span>Janu<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y <span class=\"_ _1b0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _10f\"> </span>3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5  <span class=\"_ _8f\"> </span>4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs5dc\">Release <span class=\"_ _3\"></span>to <span class=\"_ _3\"></span>income <span class=\"_ _115\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b7\"> </span>(0.6 <span class=\"_ _0\"></span>) <span class=\"_ _10e\"> </span>(<span class=\"_ _3\"></span>1.1 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs5dd\">Foreign exchange <span class=\"_ _3\"></span>translation <span class=\"_ _3\"></span>difference <span class=\"_ _175\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _fe\"> </span>(0.1 <span class=\"_ _7\"></span>) <span class=\"_ _1a1\"> </span>0.1<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs5de\">Ba<span class=\"_ _3\"></span>lance <span class=\"_ _4\"></span>at <span class=\"_ _4\"></span>31 <span class=\"_ _4\"></span>D<span class=\"_ _3\"></span>ecem<span class=\"_ _3\"></span>ber <span class=\"_ _d9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _179\"> </span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8  <span class=\"_ _fe\"> </span>3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs5df\">Curr<span class=\"_ _2\"></span>ent <span class=\"_ _1f4\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _10e\"> </span>0.2  <span class=\"_ _20b\"> </span>1.8<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs5e0\">Non-current <span class=\"_ _1a9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1a1\"> </span>2<span class=\"_ _3\"></span>.6  <span class=\"_ _20b\"> </span>1.7<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs5e1\">T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _179\"> </span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8  <span class=\"_ _10f\"> </span>3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws4a gs5e2\">The release to income is included in f<span class=\"_ _a\"></span>ees and commission income (see Note D3). <span class=\"_ _0\"></span>These are initial f<span class=\"_ _2\"></span>ees that relate to future provision <span class=\"_ _2\"></span>of services that are defer<span class=\"_ _2\"></span>red </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs440\">and amortised o<span class=\"_ _2\"></span>ver the anticipated period.<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff62 fs1 fc1 sc0 ls4b ws35 gsc0\">240<span class=\"_ _1\"> </span><span class=\"ff67 ls3 ws2\">CHE<span class=\"_ _3\"></span>SNA<span class=\"_ _3\"></span>R<span class=\"_ _3\"></span>A ANNUAL REP<span class=\"_ _3\"></span>ORT A<span class=\"_ _3\"></span>ND ACCOU<span class=\"_ _3\"></span>NTS 2023<span class=\"_ _421\"> </span></span></div>IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS <span class=\"_ _5\"> </span>G6 <span class=\"_ _4\"></span>Other cur<span class=\"_ _2\"></span>rent liabilities<span class=\"_ _421\"> </span>31 December <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14b\"> </span>20<span class=\"_ _2\"></span>23  <span class=\"_ _14b\"> </span>2022 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Reinsurance payables<span class=\"_ _421\"> </span>Pay<span class=\"_ _2\"></span>ables <span class=\"_ _3\"></span>in <span class=\"_ _4\"></span>respect <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>investment <span class=\"_ _3\"></span>contracts <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _10e\"> </span>0.9  <span class=\"_ _56\"> </span>1.<span class=\"_ _3\"></span>2<span class=\"_ _421\"> </span>Liabilities <span class=\"_ _3\"></span>for <span class=\"_ _3\"></span>assets <span class=\"_ _3\"></span>withheld <span class=\"_ _24a\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _114\"> </span>45.5  <span class=\"_ _114\"> </span>47<span class=\"_ _a\"></span>.8<span class=\"_ _421\"> </span>Reinsurers share of def<span class=\"_ _2\"></span>erred acquisition costs and claims deposits <span class=\"_ _3f\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _5a\"> </span>0<span class=\"_ _2\"></span>.1 <span class=\"_ _2\"></span> <span class=\"_ _94\"> </span>0.1<span class=\"_ _421\"> </span>Sub-<span class=\"_ _3\"></span>total <span class=\"_ _102\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1e1\"> </span>4<span class=\"_ _3\"></span>6.<span class=\"_ _3\"></span>5  <span class=\"_ _114\"> </span>49.1<span class=\"_ _421\"> </span>Payab<span class=\"_ _3\"></span>les r<span class=\"_ _3\"></span>elat<span class=\"_ _3\"></span>ed to inve<span class=\"_ _3\"></span>stm<span class=\"_ _3\"></span>ent co<span class=\"_ _3\"></span>ntra<span class=\"_ _3\"></span>ct<span class=\"_ _3\"></span>s<span class=\"_ _421\"> </span>Accrued <span class=\"_ _3\"></span>claims <span class=\"_ _1eb\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b7\"> </span>19.9  <span class=\"_ _10f\"> </span>18.1<span class=\"_ _421\"> </span>Policyholder <span class=\"_ _3\"></span>liabilities <span class=\"_ _1b0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _57\"> </span>2<span class=\"_ _3\"></span>.6  <span class=\"_ _56\"> </span>1.5<span class=\"_ _421\"> </span>Sub-<span class=\"_ _3\"></span>total <span class=\"_ _102\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _2d\"> </span>22<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5  <span class=\"_ _114\"> </span>1<span class=\"_ _3\"></span>9.6<span class=\"_ _421\"> </span>Other payables<span class=\"_ _421\"> </span>Accrued <span class=\"_ _3\"></span>expenses <span class=\"_ _1bb\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>13.9  <span class=\"_ _12e\"> </span>13.3<span class=\"_ _421\"> </span>V<span class=\"_ _2\"></span>AT <span class=\"_ _24b\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _57\"> </span>0.2  <span class=\"_ _5a\"> </span>1.0<span class=\"_ _421\"> </span>Employee tax <span class=\"_ _24c\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _56\"> </span>2<span class=\"_ _3\"></span>.1  <span class=\"_ _1a1\"> </span>3.2<span class=\"_ _421\"> </span>Other <span class=\"_ _8b\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _152\"> </span>27<span class=\"_ _2\"></span>.7  <span class=\"_ _1b7\"> </span>31.8<span class=\"_ _421\"> </span>Sub-<span class=\"_ _3\"></span>total <span class=\"_ _102\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _7b\"> </span>43<span class=\"_ _3\"></span>.9  <span class=\"_ _11b\"> </span>49.<span class=\"_ _3\"></span>3<span class=\"_ _421\"> </span>Income <span class=\"_ _3\"></span>taxes <span class=\"_ _b6\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _20a\"> </span>18.8  <span class=\"_ _1b1\"> </span>5.<span class=\"_ _3\"></span>3<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1e1\"> </span>13<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.7  <span class=\"_ _28\"> </span>12<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3<span class=\"_ _421\"> </span>Curr<span class=\"_ _2\"></span>ent <span class=\"_ _1f4\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _f0\"> </span>13<span class=\"_ _3\"></span>1.7  <span class=\"_ _1e1\"> </span>1<span class=\"_ _3\"></span>23.3<span class=\"_ _421\"> </span>Non-current <span class=\"_ _1a9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1e1\"> </span>13<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.7  <span class=\"_ _28\"> </span>12<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3<span class=\"_ _421\"> </span>The carrying v<span class=\"_ _2\"></span>alue of <span class=\"_ _2\"></span>other pay<span class=\"_ _2\"></span>ables is a reasonable approximation of f<span class=\"_ _2\"></span>air value.<span class=\"_ _421\"> </span>SECTION H \u2013 SHAREHOLDER EQUITY <span class=\"_ _e\"> </span>H1 <span class=\"_ _3\"></span>Share capital and shar<span class=\"_ _2\"></span>e premium<span class=\"_ _421\"> </span>Gr<span class=\"_ _3\"></span>oup 31 December <span class=\"_ _180\"> </span>2023<span class=\"_ _2\"></span> 2022 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _2e\"> </span>Numbe<span class=\"_ _3\"></span>r  <span class=\"_ _3e\"> </span>Share  <span class=\"_ _2e\"> </span>Numbe<span class=\"_ _3\"></span>r  <span class=\"_ _3e\"> </span>Share <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _62\"> </span>of <span class=\"_ _4\"></span>shares  <span class=\"_ _7c\"> </span>c<span class=\"_ _3\"></span>apital  <span class=\"_ _62\"> </span>of <span class=\"_ _4\"></span>shares  <span class=\"_ _7c\"> </span>capita<span class=\"_ _3\"></span>l <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _210\"> </span>issued  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _210\"> </span>issued  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Sha<span class=\"_ _3\"></span>re <span class=\"_ _4\"></span>capi<span class=\"_ _3\"></span>tal <span class=\"_ _34\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _f9\"> </span>1<span class=\"_ _3\"></span>50<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>84<span class=\"_ _3\"></span>9,<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>87  <span class=\"_ _10e\"> </span>7<span class=\"_ _2\"></span>.<span class=\"_ _3\"></span>5  <span class=\"_ _128\"> </span>15<span class=\"_ _3\"></span>0,<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>9,6<span class=\"_ _3\"></span>03  <span class=\"_ _10e\"> </span>7.<span class=\"_ _3\"></span>5 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _3e\"> </span>S<span class=\"_ _3\"></span>hare  <span class=\"_ _73\"> </span>  <span class=\"_ _112\"> </span>Share <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1f9\"> </span>premium  <span class=\"_ _9f\"> </span>  <span class=\"_ _1f9\"> </span>premium <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _9f\"> </span>  <span class=\"_ _12e\"> </span>\u00a3m <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _e7\"> </span>142<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5  <span class=\"_ _9f\"> </span>  <span class=\"_ _e7\"> </span>142<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _e8\"> </span>M<span class=\"_ _3\"></span>erger<span class=\"_ _2\"></span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _82\"> </span>Merger <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _be\"> </span>re<span class=\"_ _3\"></span>ser<span class=\"_ _3\"></span>ve  <span class=\"_ _9f\"> </span>  <span class=\"_ _1c8\"> </span>res<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>ve <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _9f\"> </span>  <span class=\"_ _12e\"> </span>\u00a3m <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _11b\"> </span>36<span class=\"_ _3\"></span>.3  <span class=\"_ _9f\"> </span>  <span class=\"_ _11b\"> </span>36<span class=\"_ _3\"></span>.3<span class=\"_ _421\"> </span>The number <span class=\"_ _2\"></span>of shares in issue at the balance sheet date included Nil shares held in treasury (3<span class=\"_ _2\"></span>1 December 2022: Nil)<span class=\"_ _421\"> </span>.<span class=\"_ _421\"> </span><span class=\"ff65 ls3 ws2\">CH<span class=\"_ _277\"></span>ESN<span class=\"_ _277\"></span>AR<span class=\"_ _277\"></span>A<span class=\"_ _278\"></span>ANNUAL<span class=\"_ _278\"></span>R<span class=\"_ _279\"></span>EPORT<span class=\"_ _27f\"></span>A<span class=\"_ _284\"></span>ND<span class=\"_ _278\"></span>ACCO<span class=\"_ _27a\"></span>UNT<span class=\"_ _279\"></span>S<span class=\"_ _27b\"></span>20<span class=\"_ _2b5\"></span>23</span><span class=\"_ _3f3\"></span>241<span class=\"_ _421\"> </span>IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS<span class=\"_ _421\"> </span>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<span class=\"_ _421\"> </span>SECTION H \u2013 SHAREHOLDER EQUITY <span class=\"_ _e\"> </span>H2 <span class=\"_ _3\"></span>Other reserv<span class=\"_ _2\"></span>es<span class=\"_ _421\"> </span>Group<span class=\"_ _421\"> </span>31 December <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14b\"> </span>20<span class=\"_ _2\"></span>23  <span class=\"_ _14b\"> </span>2022 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Capital <span class=\"_ _3\"></span>redemption <span class=\"_ _3\"></span>reserve <span class=\"_ _1b8\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _20b\"> </span>0.1  <span class=\"_ _5a\"> </span>0.1<span class=\"_ _421\"> </span>Foreign exchange <span class=\"_ _3\"></span>translation <span class=\"_ _3\"></span>reserve <span class=\"_ _249\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _10e\"> </span>6.4  <span class=\"_ _152\"> </span>14<span class=\"_ _3\"></span>.8<span class=\"_ _421\"> </span>Ba<span class=\"_ _3\"></span>lance <span class=\"_ _4\"></span>at <span class=\"_ _4\"></span>31 <span class=\"_ _4\"></span>D<span class=\"_ _3\"></span>ecem<span class=\"_ _3\"></span>ber <span class=\"_ _d9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _10f\"> </span>6<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5  <span class=\"_ _5b\"> </span>14.<span class=\"_ _3\"></span>9 <span class=\"_ _e\"></span><span class=\"_ _e\"> </span>H3 <span class=\"_ _3\"></span>Retained earnings<span class=\"_ _421\"> </span>Group<span class=\"_ _421\"> </span>Y<span class=\"_ _2\"></span>ear ended<span class=\"_ _2\"></span> 31 December <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14b\"> </span>20<span class=\"_ _2\"></span>23  <span class=\"_ _14b\"> </span>2022 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Retained earnings attr<span class=\"_ _2\"></span>ibutable to equity holders of the parent c<span class=\"_ _2\"></span>ompany comprise:<span class=\"_ _421\"> </span>Ba<span class=\"_ _3\"></span>lance <span class=\"_ _4\"></span>at <span class=\"_ _4\"></span>1 <span class=\"_ _4\"></span>Janu<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y <span class=\"_ _1b0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _150\"> </span>1<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>3.<span class=\"_ _3\"></span>1  <span class=\"_ _a3\"> </span>2<span class=\"_ _3\"></span>50<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2<span class=\"_ _421\"> </span>Pr<span class=\"_ _2\"></span>ofit/(loss) <span class=\"_ _3\"></span>for <span class=\"_ _3\"></span>the <span class=\"_ _4\"></span>year <span class=\"_ _18a\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b7\"> </span>18<span class=\"_ _3\"></span>.7  <span class=\"_ _7b\"> </span>(33.7 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Share-based <span class=\"_ _3\"></span>payment <span class=\"_ _55\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _57\"> </span>0.7  <span class=\"_ _fe\"> </span>0.9<span class=\"_ _421\"> </span>Dividends<span class=\"_ _421\"> </span>Final <span class=\"_ _3\"></span>approv<span class=\"_ _2\"></span>ed <span class=\"_ _3\"></span>and <span class=\"_ _4\"></span>paid <span class=\"_ _3\"></span>for <span class=\"_ _3\"></span>2021 <span class=\"_ _232\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _5b\"> </span>(22<span class=\"_ _3\"></span>.1 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Interim <span class=\"_ _3\"></span>appro<span class=\"_ _2\"></span>ved <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>paid <span class=\"_ _3\"></span>for <span class=\"_ _3\"></span>2022 <span class=\"_ _24d\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _f0\"> </span>(<span class=\"_ _3\"></span>12<span class=\"_ _3\"></span>.2 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>Final <span class=\"_ _3\"></span>approv<span class=\"_ _2\"></span>ed <span class=\"_ _3\"></span>and <span class=\"_ _4\"></span>paid <span class=\"_ _3\"></span>for <span class=\"_ _3\"></span>2022 <span class=\"_ _197\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1e1\"> </span>(22.8 <span class=\"_ _0\"></span>) <span class=\"_ _15b\"> </span>\u2013<span class=\"_ _421\"> </span>Interim <span class=\"_ _3\"></span>appro<span class=\"_ _2\"></span>ved <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>paid <span class=\"_ _3\"></span>for <span class=\"_ _3\"></span>2023 <span class=\"_ _24d\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _c2\"> </span>(<span class=\"_ _3\"></span>12.6 <span class=\"_ _7\"></span>) <span class=\"_ _15b\"> </span>\u2013<span class=\"_ _421\"> </span>Ba<span class=\"_ _3\"></span>lance <span class=\"_ _4\"></span>at <span class=\"_ _4\"></span>31 <span class=\"_ _4\"></span>D<span class=\"_ _3\"></span>ecem<span class=\"_ _3\"></span>ber <span class=\"_ _d9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _7b\"> </span>16<span class=\"_ _3\"></span>7<span class=\"_ _2\"></span>.1  <span class=\"_ _150\"> </span>1<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>.1<span class=\"_ _421\"> </span>The interim dividend in respect <span class=\"_ _2\"></span>of 2022, approv<span class=\"_ _2\"></span>ed and paid in 2022, was paid at the rate of 8.<span class=\"_ _7\"></span>1<span class=\"_ _a\"></span>2p per share. <span class=\"_ _0\"></span>The final dividend in respect of 2022, appro<span class=\"_ _2\"></span>ved and paid in 2023, was paid at the rate <span class=\"_ _2\"></span>of 1<span class=\"_ _2\"></span>5.<span class=\"_ _0\"></span>16p per share so that the total dividend paid to the <span class=\"_ _2\"></span>equity shareholders of the parent compan<span class=\"_ _2\"></span>y in respect of the <span class=\"_ _a\"></span>year <span class=\"_ _2\"></span>ended 3<span class=\"_ _2\"></span>1 December 2022 was made at the rate <span class=\"_ _2\"></span>of 23.28p per share.<span class=\"_ _421\"> </span>The interim dividend in respect <span class=\"_ _2\"></span>of 2023, approv<span class=\"_ _2\"></span>ed and paid in 2023, was paid at the rate of 8.36p per share to <span class=\"_ _2\"></span>equity shareholders of the parent compan<span class=\"_ _2\"></span>y registered at the close of business <span class=\"_ _2\"></span>on 29 <span class=\"_ _2\"></span>September 2023, the dividend record date.<span class=\"_ _421\"> </span>A final dividend of 1<span class=\"_ _a\"></span>5.<span class=\"_ _0\"></span>1<span class=\"_ _a\"></span>6p per share in respect of the <span class=\"_ _a\"></span>year <span class=\"_ _2\"></span>ended 31 December 2023 payable <span class=\"_ _2\"></span>on 28 May 2024 to <span class=\"_ _2\"></span>equity shareholders of the parent compan<span class=\"_ _2\"></span>y registered at the close of business <span class=\"_ _2\"></span>on 1<span class=\"_ _2\"></span>2 April 2024, the dividend record date, w<span class=\"_ _2\"></span>as approved b<span class=\"_ _2\"></span>y the directors after the balance sheet date. <span class=\"_ _0\"></span>The resulting total final dividend of \u00a323.5m has not been pro<span class=\"_ _2\"></span>vided for in these financial statements and there are no income tax consequences.<span class=\"_ _421\"> </span>The f<span class=\"_ _2\"></span>ollowing summarises dividends per share in respect <span class=\"_ _2\"></span>of the <span class=\"_ _a\"></span>year ended 3<span class=\"_ _a\"></span>1 December 2022 and 31 December 2023:<span class=\"_ _421\"> </span>Y<span class=\"_ _2\"></span>ear ended<span class=\"_ _2\"></span> 31 December <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14b\"> </span>20<span class=\"_ _2\"></span>23  <span class=\"_ _14b\"> </span>2022 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _ae\"> </span>P  <span class=\"_ _15b\"> </span>P<span class=\"_ _421\"> </span>Interim <span class=\"_ _3\"></span>\u2013 <span class=\"_ _3\"></span>approv<span class=\"_ _2\"></span>ed <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>paid <span class=\"_ _bc\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _114\"> </span>8.36  <span class=\"_ _1b7\"> </span>8.12<span class=\"_ _421\"> </span>Final <span class=\"_ _3\"></span>\u2013 <span class=\"_ _3\"></span>proposed/<span class=\"_ _a\"></span>paid <span class=\"_ _1c5\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5b\"> </span>15.61  <span class=\"_ _2d\"> </span>15<span class=\"_ _3\"></span>.16<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _119\"> </span>2<span class=\"_ _3\"></span>3.<span class=\"_ _3\"></span>9<span class=\"_ _3\"></span>7  <span class=\"_ _a3\"> </span>2<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>28<span class=\"_ _421\"> </span>242<span class=\"_ _74\"> </span><span class=\"ff67 ls3 ws2\">CHES<span class=\"_ _3\"></span>NAR<span class=\"_ _3\"></span>A A<span class=\"_ _3\"></span>NNUAL REPO<span class=\"_ _3\"></span>RT AND <span class=\"_ _3\"></span>ACCOUN<span class=\"_ _3\"></span>TS 202<span class=\"_ _2\"></span>3<span class=\"_ _421\"> </span></span>IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS<span class=\"_ _421\"> </span>SECTION I \u2013 ADDITIONAL DISCLOSURES <span class=\"_ _79\"> </span>I1 <span class=\"_ _3\"></span>Employ<span class=\"_ _2\"></span>ee benefit expense, including dir<span class=\"_ _2\"></span>ectors<span class=\"_ _421\"> </span>Y<span class=\"_ _2\"></span>ear ended<span class=\"_ _2\"></span> 31 December <span class=\"_ _d\"> </span> <span class=\"_ _22c\"> </span>  <span class=\"_ _97\"> </span>  <span class=\"_ _97\"> </span>  <span class=\"_ _89\"> </span>Waard  <span class=\"_ _97\"> </span>  <span class=\"_ _74\"> </span>O<span class=\"_ _3\"></span>ther <span class=\"_ _3\"></span>group  <span class=\"_ _97\"> </span>   <span class=\"_ _d\"> </span> <span class=\"_ _22c\"> </span>  <span class=\"_ _2d\"> </span>U<span class=\"_ _3\"></span>K  <span class=\"_ _1c1\"> </span>Move<span class=\"_ _3\"></span>sti<span class=\"_ _3\"></span>c  <span class=\"_ _ec\"> </span>G<span class=\"_ _3\"></span>roup  <span class=\"_ _33\"> </span>Sci<span class=\"_ _3\"></span>ldon  <span class=\"_ _6c\"> </span>ac<span class=\"_ _3\"></span>ti<span class=\"_ _3\"></span>vit<span class=\"_ _3\"></span>ies  <span class=\"_ _3f\"> </span>2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>3  <span class=\"_ _14b\"> </span>20<span class=\"_ _3\"></span>22 <span class=\"_ _d\"> </span> <span class=\"_ _22c\"> </span>  <span class=\"_ _3e\"> </span>\u00a3<span class=\"_ _3\"></span>0m  <span class=\"_ _1e1\"> </span>\u00a3<span class=\"_ _3\"></span>m  <span class=\"_ _1e1\"> </span>\u00a3m  <span class=\"_ _1e1\"> </span>\u00a3<span class=\"_ _3\"></span>m  <span class=\"_ _45\"> </span>\u00a3<span class=\"_ _3\"></span>m  <span class=\"_ _1e1\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>W<span class=\"_ _2\"></span>ages <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>salaries <span class=\"_ _ea\"> </span>  <span class=\"_ _114\"> </span>3.8  <span class=\"_ _14e\"> </span>7<span class=\"_ _2\"></span>.8  <span class=\"_ _5b\"> </span>4.2  <span class=\"_ _5b\"> </span>8.8  <span class=\"_ _5b\"> </span>6.4  <span class=\"_ _44\"> </span>31.0  <span class=\"_ _114\"> </span>28.6<span class=\"_ _421\"> </span>Social <span class=\"_ _3\"></span>security <span class=\"_ _3\"></span>costs <span class=\"_ _1e9\"> </span>  <span class=\"_ _5b\"> </span>0.5  <span class=\"_ _114\"> </span>2<span class=\"_ _3\"></span>.9  <span class=\"_ _c2\"> </span>0.4  <span class=\"_ _10f\"> </span>1.1  <span class=\"_ _5b\"> </span>0.9  <span class=\"_ _5b\"> </span>5.<span class=\"_ _3\"></span>8  <span class=\"_ _96\"> </span>5.1<span class=\"_ _421\"> </span>Pension <span class=\"_ _3\"></span>costs-defined <span class=\"_ _3\"></span>contribution plans <span class=\"_ _e7\"> </span>  <span class=\"_ _114\"> </span>0.3<span class=\"_ _3\"></span>  <span class=\"_ _12b\"> </span>1.<span class=\"_ _3\"></span>8  <span class=\"_ _c2\"> </span>0.4  <span class=\"_ _1b7\"> </span>1.<span class=\"_ _4\"></span>3  <span class=\"_ _5b\"> </span>0.6  <span class=\"_ _c2\"> </span>4.4  <span class=\"_ _57\"> </span>4.<span class=\"_ _3\"></span>2<span class=\"_ _421\"> </span>Pension <span class=\"_ _3\"></span>costs-defined <span class=\"_ _3\"></span>benefit <span class=\"_ _3\"></span>plans <span class=\"_ _b4\"> </span>  <span class=\"_ _96\"> </span>\u2013  <span class=\"_ _a6\"> </span>\u2013  <span class=\"_ _96\"> </span>\u2013  <span class=\"_ _a6\"> </span>\u2013  <span class=\"_ _a6\"> </span>\u2013  <span class=\"_ _96\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _224\"> </span>  <span class=\"_ _11b\"> </span>4<span class=\"_ _3\"></span>.6  <span class=\"_ _46\"> </span>1<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5  <span class=\"_ _2d\"> </span>5<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>0  <span class=\"_ _44\"> </span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2  <span class=\"_ _c2\"> </span>7.9  <span class=\"_ _28\"> </span>41<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2  <span class=\"_ _c2\"> </span>3<span class=\"_ _3\"></span>7<span class=\"_ _2\"></span>.<span class=\"_ _3\"></span>9<span class=\"_ _421\"> </span>Monthly average number of emplo<span class=\"_ _2\"></span>yees<span class=\"_ _421\"> </span>Compan<span class=\"_ _2\"></span>y <span class=\"_ _24e\"> </span>  <span class=\"_ _97\"> </span>  <span class=\"_ _b9\"> </span>  <span class=\"_ _97\"> </span>  <span class=\"_ _b9\"> </span>  <span class=\"_ _97\"> </span>  <span class=\"_ _165\"> </span>62  <span class=\"_ _96\"> </span>52<span class=\"_ _421\"> </span>Subsidiaries <span class=\"_ _23f\"> </span>  <span class=\"_ _b9\"> </span>  <span class=\"_ _97\"> </span>  <span class=\"_ _b9\"> </span>  <span class=\"_ _97\"> </span>  <span class=\"_ _b9\"> </span>  <span class=\"_ _7b\"> </span>325  <span class=\"_ _12e\"> </span>362<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _224\"> </span>  <span class=\"_ _b9\"> </span>  <span class=\"_ _97\"> </span>  <span class=\"_ _b9\"> </span>  <span class=\"_ _97\"> </span>  <span class=\"_ _b9\"> </span>  <span class=\"_ _14b\"> </span>3<span class=\"_ _3\"></span>87  <span class=\"_ _12b\"> </span>4<span class=\"_ _3\"></span>14<span class=\"_ _421\"> </span>Directors<span class=\"_ _421\"> </span>The Direct<span class=\"_ _3\"></span>ors\u2019 Remun<span class=\"_ _3\"></span>erati<span class=\"_ _3\"></span>on Rep<span class=\"_ _3\"></span>ort a<span class=\"_ _3\"></span>nd Note I2 provides detail of compensation to directors <span class=\"_ _2\"></span>of the company<span class=\"_ _0\"></span>.<span class=\"_ _421\"> </span>UK<span class=\"_ _421\"> </span>UK-based emplo<span class=\"_ _2\"></span>yees are all <span class=\"_ _2\"></span>employed b<span class=\"_ _2\"></span>y Chesnara plc.<span class=\"_ _421\"> </span>At the end <span class=\"_ _2\"></span>of May 2005, the group allowed <span class=\"_ _2\"></span>eligible emplo<span class=\"_ _2\"></span>yees to <span class=\"_ _2\"></span>enter a pension scheme known as the Chesnara plc <span class=\"_ _2\"></span>Stakeholder <span class=\"_ _a\"></span>Scheme, on a basis where employ<span class=\"_ _2\"></span>er contributions are made to the <span class=\"_ _2\"></span>Scheme at the same rate as would be pay<span class=\"_ _2\"></span>able had their membership of their predecessor scheme continued, pro<span class=\"_ _2\"></span>vided that emplo<span class=\"_ _2\"></span>yee contributions also continued to be made at the same rate. <span class=\"_ _0\"></span>The <span class=\"_ _2\"></span>employ<span class=\"_ _2\"></span>ee may <span class=\"_ _2\"></span>opt to request the company to pay <span class=\"_ _2\"></span>employ<span class=\"_ _2\"></span>er contributions into a personal pension plan, in which instance, emplo<span class=\"_ _2\"></span>yer contributions will be made <span class=\"_ _2\"></span>on the same terms as for the Chesnara plc <span class=\"_ _2\"></span>Stakeholder <span class=\"_ _a\"></span>Scheme.<span class=\"_ _421\"> </span>The group has, f<span class=\"_ _2\"></span>or the period cov<span class=\"_ _2\"></span>ered by these financial statements, only made contributions to defined contribution plans to pro<span class=\"_ _2\"></span>vide pension benefits for <span class=\"_ _2\"></span>employees upon retirement and, otherwise, has no residual <span class=\"_ _2\"></span>obligation or commitments in respect of an<span class=\"_ _2\"></span>y defined benefit scheme.<span class=\"_ _421\"> </span>The group has <span class=\"_ _2\"></span>established framew<span class=\"_ _2\"></span>orks for approv<span class=\"_ _2\"></span>ed and unapprov<span class=\"_ _2\"></span>ed discretionary share option plans which may<span class=\"_ _0\"></span>, at the discretion of the Remuneration Committee, be utilised for granting <span class=\"_ _2\"></span>options to ex<span class=\"_ _2\"></span>ecutive directors and to <span class=\"_ _2\"></span>other group emplo<span class=\"_ _2\"></span>yees. Options hav<span class=\"_ _2\"></span>e been granted to e<span class=\"_ _2\"></span>xecutive directors in the period, in relation to the share-based payment components <span class=\"_ _2\"></span>of the new <span class=\"_ _2\"></span>executiv<span class=\"_ _2\"></span>e incentive schemes that w<span class=\"_ _2\"></span>as introduced under the 201<span class=\"_ _2\"></span>4 terms. F<span class=\"_ _2\"></span>urther details can be found in the<span class=\"_ _2\"></span> Directors<span class=\"_ _2\"></span>\u2019 Remuneration R<span class=\"_ _2\"></span>eport section and in Note I2 \u2013 share-based payments.<span class=\"_ _421\"> </span>W<span class=\"_ _2\"></span>aard<span class=\"_ _421\"> </span>The <span class=\"_ _0\"></span>W<span class=\"_ _a\"></span>aard business participates in a defined contribution scheme. As a result of the Conserv<span class=\"_ _2\"></span>atrix acquisition, <span class=\"_ _0\"></span>W<span class=\"_ _2\"></span>aard Lev<span class=\"_ _2\"></span>en assumed the obligations under a defined benefit pension scheme for a small number <span class=\"_ _2\"></span>of former Conserv<span class=\"_ _2\"></span>atrix employ<span class=\"_ _2\"></span>ees. <span class=\"_ _0\"></span>This scheme is closed to ne<span class=\"_ _2\"></span>w entrants with no further benefits accruing and as such the e<span class=\"_ _2\"></span>xposure for <span class=\"_ _0\"></span>W<span class=\"_ _2\"></span>aard Le<span class=\"_ _2\"></span>ven is limited to the longe<span class=\"_ _2\"></span>vity risk of the contracts. <span class=\"_ _0\"></span>The liability is v<span class=\"_ _2\"></span>alued under IAS 1<span class=\"_ _a\"></span>9 and reported under \u2018Other provisions<span class=\"_ _2\"></span>\u2019 in the balance sheet.<span class=\"_ _421\"> </span>Scildon Scildon operated a defined benefit pension scheme f<span class=\"_ _2\"></span>or the benefit of its present and past <span class=\"_ _2\"></span>employees. <span class=\"_ _7\"></span>This scheme was closed during 20<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>9 and transf<span class=\"_ _2\"></span>erred into a defined contribution scheme. F<span class=\"_ _2\"></span>rom 1 October 201<span class=\"_ _a\"></span>9, Scildon no longer bears an<span class=\"_ _2\"></span>y risks relating to the funding of the plan and all pension assets transf<span class=\"_ _a\"></span>erred to<span class=\"_ _3\"></span> ano<span class=\"_ _3\"></span>ther administrator in 2020. Until that point, <span class=\"_ _2\"></span>Scildon continued to bear only the fund administration costs.<span class=\"_ _421\"> </span>Under the company\u2019<span class=\"_ _0\"></span>s new defined contribution scheme, <span class=\"_ _a\"></span>Scildon pays a contribution to the scheme and subsequently has no further financial obligations with respect to this part of the scheme. <span class=\"_ _7\"></span>This contribution is recognised as an expense when paid<span class=\"_ _421\"> </span>.<span class=\"_ _421\"> </span><span class=\"ff65 ls3 ws2\">CHE<span class=\"_ _283\"></span>SNA<span class=\"_ _283\"></span>R<span class=\"_ _277\"></span>A<span class=\"_ _278\"></span>ANNUAL<span class=\"_ _27f\"></span>REP<span class=\"_ _277\"></span>ORT<span class=\"_ _278\"></span>A<span class=\"_ _284\"></span>ND<span class=\"_ _278\"></span>ACCOU<span class=\"_ _27a\"></span>NTS<span class=\"_ _27b\"></span>2023</span><span class=\"_ _3f5\"></span>243<span class=\"_ _421\"> </span><div class=\"t m0 h4 ff67 fs2 fc1 sc0 lsc3 ws82 gs93\">IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS<span class=\"_ _421\"> </span></div><div class=\"t m0 h9 ff68 fs8 fc2 sc0 ls18f ws2 gs94\">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<span class=\"_ _421\"> </span></div><div class=\"t m0 hf ff61 fsc fc2 sc0 ls37 ws2 gs95\">SECTION I \u2013 ADDITIONAL DISCLOSURES</div><div class=\"t m0 h11 ff63 fsd fc2 sc0 ls2 ws2 gs96\"> <span class=\"_ _79\"> </span>I1 <span class=\"_ _3\"></span>Employ<span class=\"_ _2\"></span>ee benefit expense, including dir<span class=\"_ _2\"></span>ectors (continued)<span class=\"_ _421\"> </span></div><div class=\"t m0 h40 ff69 fsd fc1 sc0 ls2 ws2 gs97\">Mov<span class=\"_ _2\"></span>estic<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls0 ws113 gs98\">The <span class=\"_ _a\"></span>Swedish business participates in a combined defined benefit and defined contribution scheme <span class=\"_ _2\"></span>operated by F<span class=\"_ _2\"></span>\u00f6rs\u00e4kringsbranschens P<span class=\"_ _a\"></span>ensionskassa, \u2018FPK\u2019<span class=\"_ _0\"></span>. </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws1d1 gs19e\">(the <span class=\"_ _2\"></span>Scheme). <span class=\"_ _0\"></span>The <span class=\"_ _a\"></span>Scheme is a multi-employer scheme with participants including other <span class=\"_ _a\"></span>Swedish insurance companies not related to the group. <span class=\"_ _7\"></span>The <span class=\"_ _2\"></span>Scheme </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls0 ws93 gs19f\">provides, f<span class=\"_ _2\"></span>or those born in 1<span class=\"_ _2\"></span>97<span class=\"_ _2\"></span>1 or <span class=\"_ _2\"></span>earlier<span class=\"_ _a\"></span>, benefits to employ<span class=\"_ _2\"></span>ees which are linked to their final salary and to the amount <span class=\"_ _2\"></span>of time working f<span class=\"_ _2\"></span>or companies which </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs1a0\">are members of the <span class=\"_ _a\"></span>Scheme. For those <span class=\"_ _2\"></span>employees born in 1<span class=\"_ _a\"></span>972 or later<span class=\"_ _a\"></span>, the Scheme <span class=\"_ _2\"></span>operates on a defined contribution basis.<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws3e gs605\">Assets and liabilities are held <span class=\"_ _2\"></span>on a pooled basis and are not allocated by the <span class=\"_ _0\"></span>T<span class=\"_ _0\"></span>rustee to an<span class=\"_ _2\"></span>y individual company<span class=\"_ _a\"></span>. Consequently<span class=\"_ _a\"></span>, reliable information is not av<span class=\"_ _2\"></span>ailable </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws93 gs606\">to account for the <span class=\"_ _a\"></span>Scheme as a defined benefit scheme and therefore, in accordance with IAS <span class=\"_ _7\"></span>1<span class=\"_ _2\"></span>9 Employ<span class=\"_ _2\"></span>ee Benefits, the <span class=\"_ _a\"></span>Scheme is accounted for as a defined </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs1a2\">contribution scheme. </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls0 ws157 gs256\">Contributions to the <span class=\"_ _2\"></span>Scheme are based on the funding recommendations of the independent qualified act<span class=\"_ _2\"></span>uary: the contributions paid to the <span class=\"_ _2\"></span>Scheme <span class=\"_ _2\"></span>subsequent<span class=\"_ _2\"></span> </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs1a4\">to the acquisition of the <span class=\"_ _a\"></span>Swedish business <span class=\"_ _2\"></span>on 23 July 200<span class=\"_ _3\"></span>9 and up to 3<span class=\"_ _a\"></span>1 December 2022, totalled \u00a35.6m. </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs607\">During 2022 further contributions of \u00a35.2m w<span class=\"_ _2\"></span>ere made.<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls42 wsf gsa2\">The <span class=\"_ _2\"></span>employ<span class=\"_ _2\"></span>ers within the Scheme are collectiv<span class=\"_ _2\"></span>ely responsible for the funding <span class=\"_ _2\"></span>of the Scheme as a whole and theref<span class=\"_ _2\"></span>ore in the e<span class=\"_ _2\"></span>vent that other <span class=\"_ _2\"></span>employ<span class=\"_ _2\"></span>ers e<span class=\"_ _2\"></span>xit from </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 lsda wsf gs434\">the <span class=\"_ _2\"></span>Scheme, remaining emplo<span class=\"_ _2\"></span>yers would be responsible f<span class=\"_ _2\"></span>or the ongoing funding. <span class=\"_ _0\"></span>The collectiv<span class=\"_ _2\"></span>e nature of the <span class=\"_ _a\"></span>Scheme results in al<span class=\"_ _3\"></span>l participating <span class=\"_ _2\"></span>entities sharing </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs27b\">the actuarial risk associated with the <span class=\"_ _2\"></span>Scheme.<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls42 wsd6 gs258\">F<span class=\"_ _2\"></span>\u00f6rs\u00e4kringsbranschens P<span class=\"_ _2\"></span>ensionskassa, <span class=\"_ _a\"></span>\u2018FPK\u2019<span class=\"_ _a\"></span>, issues an audited Annual Report (under <span class=\"_ _a\"></span>Swedish la<span class=\"_ _2\"></span>w<span class=\"_ _2\"></span>-limited IFRS) each <span class=\"_ _0\"></span>year<span class=\"_ _a\"></span>. <span class=\"_ _0\"></span>The last a<span class=\"_ _2\"></span>vailable published report was </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs1a9\">as at 31 December 2022. </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs1aa\">The <span class=\"_ _2\"></span>Annual Report states that the <span class=\"_ _a\"></span>Scheme\u2019<span class=\"_ _0\"></span>s surplus is \u00a3339.3m (\u00a3408.2m as at 31 December 202<span class=\"_ _a\"></span>1<span class=\"_ _2\"></span>).<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls18 ws16 gs25b\">As at 3<span class=\"_ _a\"></span>1 December 2022, the fund had assets under management of \u00a31<span class=\"_ _7\"></span>.3bn (31 <span class=\"_ _0\"></span>December 202<span class=\"_ _0\"></span>1<span class=\"_ _a\"></span>: \u00a31<span class=\"_ _0\"></span>.5bn). During 2022 there have been 95 <span class=\"_ _0\"></span>(<span class=\"_ _3\"></span>97) employ<span class=\"_ _2\"></span>er insurance </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls22 wsd5 gs1ac\">companies participating in the <span class=\"_ _2\"></span>Scheme and 22,00<span class=\"_ _3\"></span>0 (3<span class=\"_ _2\"></span>1 <span class=\"_ _0\"></span>December 202<span class=\"_ _a\"></span>1<span class=\"_ _a\"></span>: 26,0<span class=\"_ _3\"></span>00) insured individuals. F<span class=\"_ _2\"></span>rom the av<span class=\"_ _2\"></span>ailable information, it cannot be determined with </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs1ad\">certainty as to whether there would be a change in the required <span class=\"_ _2\"></span>employer funding rate, although there is cur<span class=\"_ _2\"></span>rently no deficit in the Scheme.</div><div class=\"t m0 h11 ff63 fsd fc2 sc0 ls2 ws2 gs2fb\"> <span class=\"_ _3d\"> </span>I<span class=\"_ _3\"></span>2 <span class=\"_ _3\"></span>Share-based payments<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls42 ws12 gs27e\">The group issues <span class=\"_ _2\"></span>equity-settled share-based pa<span class=\"_ _2\"></span>yments to the ex<span class=\"_ _2\"></span>ecutive directors and members <span class=\"_ _2\"></span>of the senior management team based on the 20<span class=\"_ _a\"></span>1<span class=\"_ _2\"></span>4 terms. Equity </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws116 gs27f\">settled share-based payments are measured at f<span class=\"_ _2\"></span>air value at the date of the grant, and <span class=\"_ _2\"></span>expensed <span class=\"_ _2\"></span>on a straight-line o<span class=\"_ _2\"></span>ver the vesting period, based <span class=\"_ _2\"></span>on the group\u2019<span class=\"_ _0\"></span>s </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs280\">estimate of shares that will <span class=\"_ _2\"></span>event<span class=\"_ _2\"></span>ually vest. <span class=\"_ _0\"></span>The bonus scheme consists <span class=\"_ _2\"></span>of two components:<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs1b2\">(a) <span class=\"_ _14c\"> </span>Short-T<span class=\"_ _0\"></span>erm Incentive <span class=\"_ _2\"></span>Scheme (STIS)<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs282\">(b) <span class=\"_ _74\"> </span>Long-T<span class=\"_ _0\"></span>erm Incentive Plan (L<span class=\"_ _0\"></span>TIP)<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls0 ws11f gs1b4\">The <span class=\"_ _a\"></span>STIS is based upon a 1 <span class=\"_ _a\"></span>year performance period measured against cash generation, EcV <span class=\"_ _2\"></span>earnings and strategic group objectiv<span class=\"_ _2\"></span>es. In relation to 2023, upon </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls0 ws13 gs284\">meeting the necessary performance targets, the compan<span class=\"_ _2\"></span>y granted an award in the f<span class=\"_ _2\"></span>orm of a right to receiv<span class=\"_ _2\"></span>e a cash amount of up to 1<span class=\"_ _0\"></span>0<span class=\"_ _3\"></span>0% of the gross salary<span class=\"_ _0\"></span>. </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls1c wsc4 gs285\">In the e<span class=\"_ _2\"></span>vent that the gross cash payment due is greater than \u00a320,000, a mandatory 35% of the cash aw<span class=\"_ _2\"></span>ard was def<span class=\"_ _a\"></span>erred into shares, which had a vesting period </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs286\">of 3 <span class=\"_ _a\"></span>years. <span class=\"_ _0\"></span>T<span class=\"_ _2\"></span>herefore the aw<span class=\"_ _2\"></span>ard was 65% settled in cash and 35% settled b<span class=\"_ _2\"></span>y a share option aw<span class=\"_ _2\"></span>ard, which cannot be e<span class=\"_ _2\"></span>xercised f<span class=\"_ _2\"></span>or 3 <span class=\"_ _a\"></span>years.<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 lsd0 ws2 gsb3\">Under the L<span class=\"_ _0\"></span>TIP<span class=\"_ _31\"></span>, options are granted with a v<span class=\"_ _2\"></span>esting period of 3 <span class=\"_ _0\"></span>years. <span class=\"_ _0\"></span>These a<span class=\"_ _2\"></span>wards are subject to performance conditions tied to the compan<span class=\"_ _2\"></span>y\u2019<span class=\"_ _0\"></span>s financial performance </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs437\">in respect of gro<span class=\"_ _2\"></span>wth in EcV<span class=\"_ _0\"></span>, commercial cash generation and <span class=\"_ _0\"></span>T<span class=\"_ _0\"></span>otal <span class=\"_ _2\"></span>Shareholder Return (TSR). </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws23 gs267\">F<span class=\"_ _2\"></span>or schemes with market perf<span class=\"_ _2\"></span>ormance criteria, the number of options <span class=\"_ _2\"></span>expected to in<span class=\"_ _2\"></span>vest is adjusted only f<span class=\"_ _2\"></span>or e<span class=\"_ _2\"></span>xpectations of lea<span class=\"_ _2\"></span>vers prior to vesting. Fair v<span class=\"_ _2\"></span>alue of </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs268\">the options is measured b<span class=\"_ _2\"></span>y use of the Monte Carlo model at the issuing date. </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls66 ws41 gs269\">The L<span class=\"_ _0\"></span>TIP also contains a target of EcV gro<span class=\"_ _2\"></span>wth and commercial cash generation. As these are non-mark<span class=\"_ _2\"></span>et performance conditions, the number <span class=\"_ _2\"></span>of options e<span class=\"_ _2\"></span>xpected </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls42 ws86 gs26a\">to vest is recalculated at <span class=\"_ _2\"></span>each balance sheet date based on <span class=\"_ _2\"></span>expectations of perf<span class=\"_ _2\"></span>ormance against target. <span class=\"_ _0\"></span>The mo<span class=\"_ _2\"></span>vement in cumulativ<span class=\"_ _2\"></span>e expense since the pre<span class=\"_ _2\"></span>vious </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs26b\">balance sheet date is recognised in the income statement, with a corresponding entry in reserv<span class=\"_ _2\"></span>es. </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws10a gs608\">If the options remain une<span class=\"_ _2\"></span>xercised after a period <span class=\"_ _2\"></span>of 1<span class=\"_ _a\"></span>0 <span class=\"_ _2\"></span>years from the date <span class=\"_ _2\"></span>of grant, the options <span class=\"_ _2\"></span>expire. F<span class=\"_ _a\"></span>urthermore, options are forf<span class=\"_ _a\"></span>eited if the employ<span class=\"_ _2\"></span>ee leaves </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs26d\">the group before <span class=\"_ _2\"></span>options vest and is deemed to be a \u2018B<span class=\"_ _2\"></span>ad Leav<span class=\"_ _2\"></span>er\u2019<span class=\"_ _0\"></span>.</div><div class=\"t m0 h11 ff63 fsd fc1 sc0 ls2 ws2 gs609\">  (a) <span class=\"_ _3\"></span>2023 awar<span class=\"_ _2\"></span>d made under the Short-T<span class=\"_ _7\"></span>erm Incentiv<span class=\"_ _2\"></span>e Scheme (S<span class=\"_ _2\"></span>TIS)<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gsbd\">Details of the short-term incentiv<span class=\"_ _2\"></span>e aw<span class=\"_ _2\"></span>ards made in the <span class=\"_ _a\"></span>year are as follo<span class=\"_ _2\"></span>ws:<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls190 wsc7 gs60a\">202<span class=\"_ _3\"></span>3 Short-<span class=\"_ _a\"></span>T<span class=\"_ _2\"></span>erm Incentiv<span class=\"_ _2\"></span>e Scheme (STIS)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs60b\">Award<span class=\"_ _3\"></span>s <span class=\"_ _4\"></span>made <span class=\"_ _4\"></span>in <span class=\"_ _4\"></span>year <span class=\"_ _1a5\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _46\"> </span>2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>3  <span class=\"_ _14b\"> </span>2<span class=\"_ _3\"></span>022</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls190 ws1e0 gs60c\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws2 gs60d\">Amount paid as cash bonus through the income stat<span class=\"_ _2\"></span>ement (65%) <span class=\"_ _240\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _10e\"> </span>0.5 <span class=\"_ _a\"></span> <span class=\"_ _179\"> </span>0.4<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws2 gs60e\">Amount deferred int<span class=\"_ _2\"></span>o shares for 3 ye<span class=\"_ _2\"></span>ars and subject to forfeitur<span class=\"_ _2\"></span>e (35%) <span class=\"_ _1c7\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _10e\"> </span>0.3 <span class=\"_ _a\"></span> <span class=\"_ _10e\"> </span>0.2<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs60f\">T<span class=\"_ _2\"></span>otal <span class=\"_ _3\"></span>bonus <span class=\"_ _3\"></span>award <span class=\"_ _3\"></span>for <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>year <span class=\"_ _4e\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _fe\"> </span>0.8  <span class=\"_ _57\"> </span>0.6<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws2 gs610\">Amount of deferred e<span class=\"_ _2\"></span>xpense recorded in the curr<span class=\"_ _2\"></span>ent year <span class=\"_ _79\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _5a\"> </span>0<span class=\"_ _2\"></span>.1 <span class=\"_ _a\"></span> <span class=\"_ _5a\"> </span>0.1<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws76 gs294\">The def<span class=\"_ _a\"></span>erred share award will be made f<span class=\"_ _2\"></span>ollowing the <span class=\"_ _2\"></span>end of the performance period b<span class=\"_ _2\"></span>y the Remuneration Committee. <span class=\"_ _7\"></span>The defer<span class=\"_ _2\"></span>red amount will be divided by the </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls0 ws4a gs295\">share price on the a<span class=\"_ _2\"></span>ward date and the number of share a<span class=\"_ _2\"></span>wards will be a<span class=\"_ _2\"></span>warded. <span class=\"_ _0\"></span>T<span class=\"_ _2\"></span>he share awards will be accounted f<span class=\"_ _2\"></span>or per IFRS 2, under Equity <span class=\"_ _a\"></span>Settled share-<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs5e2\">based payments. </div><div class=\"t m0 h3 ff62 fs1 fc1 sc0 ls4b ws35 gsc0\">244<span class=\"_ _1\"> </span><span class=\"ff67 ls3 ws2\">CHE<span class=\"_ _3\"></span>SNA<span class=\"_ _3\"></span>RA A<span class=\"_ _3\"></span>NNUAL REP<span class=\"_ _3\"></span>ORT AN<span class=\"_ _3\"></span>D ACCOUN<span class=\"_ _3\"></span>TS 2023<span class=\"_ _421\"> </span></span></div>IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS <span class=\"_ _e\"></span><span class=\"_ _e\"> </span>(b) <span class=\"_ _3\"></span>2023 awar<span class=\"_ _2\"></span>d made under the Long-T<span class=\"_ _7\"></span>erm Incentiv<span class=\"_ _2\"></span>e Plan (L<span class=\"_ _0\"></span>TIP)<span class=\"_ _421\"> </span>In 2023, the group granted 57<span class=\"_ _0\"></span>1,645 Nil <span class=\"_ _2\"></span>priced share options with a vesting period <span class=\"_ _2\"></span>of 3 <span class=\"_ _a\"></span>years. <span class=\"_ _0\"></span>T<span class=\"_ _2\"></span>hese awards w<span class=\"_ _2\"></span>ere subject to performance conditions tied to the company\u2019<span class=\"_ _0\"></span>s financial performance in respect <span class=\"_ _2\"></span>of growth in Economic <span class=\"_ _a\"></span>V<span class=\"_ _a\"></span>alue, commercial cash generation and <span class=\"_ _0\"></span>T<span class=\"_ _a\"></span>otal <span class=\"_ _2\"></span>Shareholder Return (TSR). The f<span class=\"_ _2\"></span>air value <span class=\"_ _2\"></span>of the non-market base condition was determined to be 1<span class=\"_ _0\"></span>54.53p, which was the av<span class=\"_ _2\"></span>erage weighted share price as at the grant date of the <span class=\"_ _2\"></span>options.<span class=\"_ _421\"> </span>Details of the share <span class=\"_ _2\"></span>options outstanding during the <span class=\"_ _a\"></span>year are as f<span class=\"_ _2\"></span>ollows:<span class=\"_ _421\"> </span>20<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>3 Lon<span class=\"_ _3\"></span>g-T<span class=\"_ _a\"></span>er<span class=\"_ _3\"></span>m Ince<span class=\"_ _3\"></span>ntive P<span class=\"_ _3\"></span>lan (LTIP) 202<span class=\"_ _3\"></span>3 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _23a\"> </span>We<span class=\"_ _3\"></span>ig<span class=\"_ _3\"></span>ht<span class=\"_ _3\"></span>ed <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5d\"> </span>aver<span class=\"_ _3\"></span>age <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5d\"> </span>O<span class=\"_ _3\"></span>pti<span class=\"_ _3\"></span>on<span class=\"_ _3\"></span>s  <span class=\"_ _91\"> </span>exe<span class=\"_ _3\"></span>rc<span class=\"_ _3\"></span>ise <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5d\"> </span>nu<span class=\"_ _3\"></span>mber  <span class=\"_ _e7\"> </span>pri<span class=\"_ _3\"></span>ce <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _c2\"> </span>000  <span class=\"_ _15b\"> </span>\u00a3<span class=\"_ _421\"> </span>Outstanding <span class=\"_ _3\"></span>at <span class=\"_ _3\"></span>the <span class=\"_ _4\"></span>beginning <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>year <span class=\"_ _a9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span>Granted <span class=\"_ _3\"></span>during <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>year <span class=\"_ _cd\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12e\"> </span>572  <span class=\"_ _e9\"> </span>\u2013<span class=\"_ _421\"> </span>Lapsed <span class=\"_ _3\"></span>during <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>year <span class=\"_ _fc\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span>Outstanding <span class=\"_ _3\"></span>at <span class=\"_ _3\"></span>the <span class=\"_ _4\"></span>end <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>year <span class=\"_ _194\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12e\"> </span>572  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span>The w<span class=\"_ _2\"></span>eighted av<span class=\"_ _2\"></span>erage contractual lif<span class=\"_ _2\"></span>e is 1<span class=\"_ _2\"></span>0 <span class=\"_ _a\"></span>years.<span class=\"_ _421\"> </span>The inputs into the Monte Carlo model are as f<span class=\"_ _2\"></span>ollows:<span class=\"_ _421\"> </span>V<span class=\"_ _2\"></span>aluation <span class=\"_ _3\"></span>method <span class=\"_ _ab\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _11\"> </span>Monte <span class=\"_ _3\"></span>Carlo<span class=\"_ _421\"> </span>W<span class=\"_ _2\"></span>eighted <span class=\"_ _3\"></span>aver<span class=\"_ _2\"></span>age <span class=\"_ _3\"></span>share <span class=\"_ _3\"></span>price <span class=\"_ _3\"></span>(pence) <span class=\"_ _193\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _129\"> </span>268.00<span class=\"_ _421\"> </span>W<span class=\"_ _2\"></span>eighted <span class=\"_ _3\"></span>aver<span class=\"_ _2\"></span>age <span class=\"_ _3\"></span>exercise <span class=\"_ _3\"></span>price <span class=\"_ _3\"></span>(pence) <span class=\"_ _9e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b1\"> </span>Nil<span class=\"_ _421\"> </span>W<span class=\"_ _2\"></span>eighted av<span class=\"_ _2\"></span>erage fair value of options grant<span class=\"_ _2\"></span>ed (pence) <span class=\"_ _15d\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _112\"> </span>1<span class=\"_ _3\"></span>54.53<span class=\"_ _421\"> </span>Expected <span class=\"_ _3\"></span>volatilit<span class=\"_ _2\"></span>y <span class=\"_ _1bb\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14b\"> </span>29.39<span class=\"_ _421\"> </span>Expected <span class=\"_ _3\"></span>life <span class=\"_ _1b4\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9d\"> </span>3 <span class=\"_ _3\"></span>years<span class=\"_ _421\"> </span>Risk <span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>ree <span class=\"_ _3\"></span>rat<span class=\"_ _2\"></span>e <span class=\"_ _24f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _119\"> </span>5.70%<span class=\"_ _421\"> </span>Expected <span class=\"_ _3\"></span>dividend <span class=\"_ _3\"></span>yield <span class=\"_ _1ad\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _10e\"> </span>0%<span class=\"_ _421\"> </span>Expected volatility w<span class=\"_ _2\"></span>as determined by calculating the historical volatility <span class=\"_ _2\"></span>of the company\u2019<span class=\"_ _0\"></span>s share price o<span class=\"_ _2\"></span>ver the previous 1<span class=\"_ _0\"></span>0 <span class=\"_ _a\"></span>years. The group recognised total <span class=\"_ _2\"></span>expense <span class=\"_ _2\"></span>of \u00a388,222 related to equity-settled share-based pa<span class=\"_ _2\"></span>yments transactions in 2023. <span class=\"_ _18\"> </span>(c) <span class=\"_ _4\"></span>2022 awar<span class=\"_ _2\"></span>d made under the Short-T<span class=\"_ _7\"></span>er<span class=\"_ _2\"></span>m Incentive Sc<span class=\"_ _2\"></span>heme (STIS)<span class=\"_ _421\"> </span>The group has recorded an <span class=\"_ _2\"></span>expense <span class=\"_ _2\"></span>of \u00a359,31<span class=\"_ _a\"></span>9 with regards to the 35% element that has been def<span class=\"_ _a\"></span>erred ov<span class=\"_ _2\"></span>er the vesting period. <span class=\"_ _e\"> </span>(d) <span class=\"_ _3\"></span>2022 awar<span class=\"_ _2\"></span>d made under the Long-T<span class=\"_ _7\"></span>erm Incentiv<span class=\"_ _2\"></span>e Plan (L<span class=\"_ _0\"></span>TIP)<span class=\"_ _421\"> </span>In April 2022, the group granted 253,000 Nil priced share options with a vesting period <span class=\"_ _2\"></span>of 3 <span class=\"_ _a\"></span>years. <span class=\"_ _0\"></span>These a<span class=\"_ _2\"></span>wards w<span class=\"_ _2\"></span>ere subject to performance conditions tied to the company\u2019<span class=\"_ _0\"></span>s financial performance in respect <span class=\"_ _2\"></span>of growth in Economic <span class=\"_ _a\"></span>V<span class=\"_ _a\"></span>alue and <span class=\"_ _0\"></span>T<span class=\"_ _a\"></span>otal <span class=\"_ _2\"></span>Shareholder Return (TSR). The f<span class=\"_ _2\"></span>air value <span class=\"_ _2\"></span>of the non-market base condition was determined to be 284.00p, which was the share price as at 28 <span class=\"_ _2\"></span>April 2022, <span class=\"_ _2\"></span>the grant date of the <span class=\"_ _2\"></span>options.<span class=\"_ _421\"> </span>Details of the share <span class=\"_ _2\"></span>options outstanding during the <span class=\"_ _a\"></span>year are as f<span class=\"_ _2\"></span>ollows:<span class=\"_ _421\"> </span>20<span class=\"_ _3\"></span>22 L<span class=\"_ _3\"></span>ong<span class=\"_ _3\"></span>-<span class=\"_ _2\"></span>T<span class=\"_ _2\"></span>erm I<span class=\"_ _3\"></span>nce<span class=\"_ _3\"></span>ntive Pl<span class=\"_ _3\"></span>an (LTIP) <span class=\"_ _250\"> </span>2023 2022 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _23a\"> </span>We<span class=\"_ _3\"></span>ig<span class=\"_ _3\"></span>ht<span class=\"_ _3\"></span>ed<span class=\"_ _3\"></span>  <span class=\"_ _73\"> </span>  <span class=\"_ _7f\"> </span>We<span class=\"_ _3\"></span>ig<span class=\"_ _3\"></span>ht<span class=\"_ _3\"></span>ed <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1c2\"> </span>av<span class=\"_ _3\"></span>era<span class=\"_ _3\"></span>ge  <span class=\"_ _9f\"> </span>  <span class=\"_ _5d\"> </span>aver<span class=\"_ _3\"></span>ag<span class=\"_ _3\"></span>e <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5d\"> </span>O<span class=\"_ _3\"></span>pti<span class=\"_ _3\"></span>on<span class=\"_ _3\"></span>s  <span class=\"_ _91\"> </span>exe<span class=\"_ _3\"></span>rci<span class=\"_ _3\"></span>se  <span class=\"_ _5d\"> </span>O<span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>tio<span class=\"_ _3\"></span>ns  <span class=\"_ _2e\"> </span>exerc<span class=\"_ _3\"></span>is<span class=\"_ _3\"></span>e <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5d\"> </span>num<span class=\"_ _3\"></span>ber  <span class=\"_ _e7\"> </span>pri<span class=\"_ _3\"></span>ce  <span class=\"_ _5d\"> </span>num<span class=\"_ _3\"></span>ber  <span class=\"_ _e7\"> </span>pri<span class=\"_ _3\"></span>ce <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _c2\"> </span>000  <span class=\"_ _15b\"> </span>\u00a3  <span class=\"_ _f0\"> </span>000  <span class=\"_ _15b\"> </span>\u00a3<span class=\"_ _421\"> </span>Outstanding <span class=\"_ _3\"></span>at <span class=\"_ _3\"></span>the <span class=\"_ _4\"></span>beginning <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>year <span class=\"_ _a9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12e\"> </span>253  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span>Granted <span class=\"_ _3\"></span>during <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>year <span class=\"_ _cd\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _12e\"> </span>253  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span>Lapsed <span class=\"_ _3\"></span>during <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>year <span class=\"_ _fc\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span>Outstanding <span class=\"_ _3\"></span>at <span class=\"_ _3\"></span>the <span class=\"_ _4\"></span>end <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>year <span class=\"_ _194\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12e\"> </span>253  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _12e\"> </span>253  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span>The w<span class=\"_ _2\"></span>eighted av<span class=\"_ _2\"></span>erage contractual lif<span class=\"_ _2\"></span>e is 1<span class=\"_ _2\"></span>0 <span class=\"_ _a\"></span>years.<span class=\"_ _421\"> </span><span class=\"ff65 ls3 ws2\">CHE<span class=\"_ _277\"></span>SNA<span class=\"_ _277\"></span>R<span class=\"_ _277\"></span>A<span class=\"_ _278\"></span>ANNUAL<span class=\"_ _27f\"></span>R<span class=\"_ _284\"></span>EPORT<span class=\"_ _287\"></span>A<span class=\"_ _279\"></span>ND<span class=\"_ _27f\"></span>ACCO<span class=\"_ _27a\"></span>UNTS<span class=\"_ _27b\"></span>2023</span><span class=\"_ _3f6\"></span>245<span class=\"_ _421\"> </span><div class=\"t m0 h4 ff67 fs2 fc1 sc0 lsc3 ws82 gs1eb\">IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS<span class=\"_ _421\"> </span></div><div class=\"t m0 h9 ff68 fs8 fc2 sc0 ls18f ws2 gs1ec\">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<span class=\"_ _421\"> </span></div><div class=\"t m0 hf ff61 fsc fc2 sc0 ls37 ws2 gs1ed\">SECTION I \u2013 ADDITIONAL DISCLOSURES</div><div class=\"t m0 h11 ff63 fsd fc2 sc0 ls2 ws2 gs1ee\"> <span class=\"_ _3d\"> </span>I<span class=\"_ _3\"></span>2 <span class=\"_ _3\"></span>Share-based payments (continued)</div><div class=\"t m0 h11 ff63 fsd fc1 sc0 ls2 ws2 gs297\"> <span class=\"_ _e\"> </span>(d) <span class=\"_ _3\"></span>2022 awar<span class=\"_ _2\"></span>d made under the Long-T<span class=\"_ _7\"></span>erm Incentiv<span class=\"_ _2\"></span>e Plan (L<span class=\"_ _0\"></span>TIP) (continued)<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs298\">The inputs into the Monte Carlo model are as f<span class=\"_ _2\"></span>ollows:<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs612\">V<span class=\"_ _2\"></span>aluation <span class=\"_ _3\"></span>method <span class=\"_ _ab\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _11\"> </span>Monte <span class=\"_ _3\"></span>Carlo<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs613\">W<span class=\"_ _2\"></span>eighted <span class=\"_ _3\"></span>aver<span class=\"_ _2\"></span>age <span class=\"_ _3\"></span>share <span class=\"_ _3\"></span>price <span class=\"_ _3\"></span>(pence) <span class=\"_ _193\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _153\"> </span>284<span class=\"_ _3\"></span>.00<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs614\">W<span class=\"_ _2\"></span>eighted <span class=\"_ _3\"></span>aver<span class=\"_ _2\"></span>age <span class=\"_ _3\"></span>exercise <span class=\"_ _3\"></span>price <span class=\"_ _3\"></span>(pence) <span class=\"_ _9e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b1\"> </span>Nil<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws2 gs615\">W<span class=\"_ _2\"></span>eighted av<span class=\"_ _2\"></span>erage fair value of options grant<span class=\"_ _2\"></span>ed (pence) <span class=\"_ _15d\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _112\"> </span>162.50<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs616\">Expected <span class=\"_ _3\"></span>volatilit<span class=\"_ _2\"></span>y <span class=\"_ _1bb\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _e7\"> </span>29.04<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs617\">Expected <span class=\"_ _3\"></span>life <span class=\"_ _1b4\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9d\"> </span>3 <span class=\"_ _3\"></span>years<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs618\">Risk <span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>ree <span class=\"_ _3\"></span>rat<span class=\"_ _2\"></span>e <span class=\"_ _24f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _42\"> </span>2.24%<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs619\">Expected <span class=\"_ _3\"></span>dividend <span class=\"_ _3\"></span>yield <span class=\"_ _1ad\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _10e\"> </span>0%<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls6d ws2 gs1fb\">Expected volatility w<span class=\"_ _2\"></span>as determined by calculating the historical volatility <span class=\"_ _2\"></span>of the company\u2019<span class=\"_ _0\"></span>s share price o<span class=\"_ _2\"></span>ver the previous 1<span class=\"_ _0\"></span>0 <span class=\"_ _a\"></span>years. </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs3e2\">The group recognised total <span class=\"_ _2\"></span>expense <span class=\"_ _2\"></span>of \u00a355,<span class=\"_ _2\"></span>7<span class=\"_ _a\"></span>14 related to <span class=\"_ _2\"></span>equity-settled share-based pa<span class=\"_ _2\"></span>yments transactions in 2023.</div><div class=\"t m0 h11 ff63 fsd fc1 sc0 ls2 ws2 gs3e3\">  (e) <span class=\"_ _3\"></span>2021 a<span class=\"_ _2\"></span>war<span class=\"_ _2\"></span>d made under the Short-T<span class=\"_ _7\"></span>er<span class=\"_ _2\"></span>m Incentive Scheme (S<span class=\"_ _2\"></span>TIS)<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs1ff\">The group has recorded an <span class=\"_ _2\"></span>expense <span class=\"_ _2\"></span>of \u00a376,9<span class=\"_ _2\"></span>1<span class=\"_ _a\"></span>3 with regards to the 35% element that has been def<span class=\"_ _2\"></span>erred o<span class=\"_ _2\"></span>ver the v<span class=\"_ _2\"></span>esting period.</div><div class=\"t m0 h11 ff63 fsd fc1 sc0 ls2 ws2 gs61a\"> <span class=\"_ _10\"> </span>(f) <span class=\"_ _4\"></span>202<span class=\"_ _a\"></span>1 awar<span class=\"_ _2\"></span>d made under the Long-T<span class=\"_ _0\"></span>er<span class=\"_ _a\"></span>m Incentive Plan (L<span class=\"_ _0\"></span>TIP)<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 wsd4 gs61b\">In April 202<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>, the group granted 260,0<span class=\"_ _3\"></span>00 Nil priced share options with a vesting period <span class=\"_ _2\"></span>of 3 <span class=\"_ _a\"></span>years. <span class=\"_ _0\"></span>T<span class=\"_ _2\"></span>hese awards w<span class=\"_ _2\"></span>ere subject to performance conditions tied to </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs202\">the company\u2019<span class=\"_ _0\"></span>s financial performance in respect <span class=\"_ _2\"></span>of growth in Economic <span class=\"_ _a\"></span>V<span class=\"_ _a\"></span>alue and <span class=\"_ _0\"></span>T<span class=\"_ _a\"></span>otal <span class=\"_ _2\"></span>Shareholder Return (TSR). </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs61c\">The f<span class=\"_ _2\"></span>air value <span class=\"_ _2\"></span>of the non-market base condition was determined to be 2<span class=\"_ _2\"></span>78.50p, which was the share price as at 28 <span class=\"_ _2\"></span>April 202<span class=\"_ _a\"></span>1<span class=\"_ _a\"></span>, <span class=\"_ _2\"></span>the grant date of the options.<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs61d\">Details of the share <span class=\"_ _2\"></span>options outstanding during the <span class=\"_ _a\"></span>year are as f<span class=\"_ _2\"></span>ollows:<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws2 gs61e\">20<span class=\"_ _3\"></span>21 L<span class=\"_ _3\"></span>ong<span class=\"_ _3\"></span>-<span class=\"_ _2\"></span>T<span class=\"_ _2\"></span>erm I<span class=\"_ _3\"></span>nce<span class=\"_ _3\"></span>ntive Pl<span class=\"_ _3\"></span>an (LTIP)</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls119 ws1ea gs61f\"> <span class=\"_ _250\"> </span>2023 2022</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls177 wse2 gs620\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _23a\"> </span>We<span class=\"_ _3\"></span>ig<span class=\"_ _3\"></span>ht<span class=\"_ _3\"></span>ed<span class=\"_ _3\"></span>  <span class=\"_ _73\"> </span>  <span class=\"_ _7f\"> </span>We<span class=\"_ _3\"></span>ig<span class=\"_ _3\"></span>ht<span class=\"_ _3\"></span>ed</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lsc7 ws1fc gs621\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1c2\"> </span>av<span class=\"_ _3\"></span>era<span class=\"_ _3\"></span>ge  <span class=\"_ _9f\"> </span>  <span class=\"_ _5d\"> </span>aver<span class=\"_ _3\"></span>ag<span class=\"_ _3\"></span>e</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls2 wscb gs622\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5d\"> </span>O<span class=\"_ _3\"></span>pti<span class=\"_ _3\"></span>on<span class=\"_ _3\"></span>s  <span class=\"_ _91\"> </span>exe<span class=\"_ _3\"></span>rci<span class=\"_ _3\"></span>se  <span class=\"_ _5d\"> </span>O<span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>tio<span class=\"_ _3\"></span>ns  <span class=\"_ _2e\"> </span>exerc<span class=\"_ _3\"></span>is<span class=\"_ _3\"></span>e</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs623\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5d\"> </span>num<span class=\"_ _3\"></span>ber  <span class=\"_ _e7\"> </span>pri<span class=\"_ _3\"></span>ce  <span class=\"_ _5d\"> </span>num<span class=\"_ _3\"></span>ber  <span class=\"_ _e7\"> </span>pri<span class=\"_ _3\"></span>ce</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls124 ws1fd gs624\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _c2\"> </span>000  <span class=\"_ _15b\"> </span>\u00a3  <span class=\"_ _f0\"> </span>000  <span class=\"_ _15b\"> </span>\u00a3<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs625\">Outstanding <span class=\"_ _3\"></span>at <span class=\"_ _3\"></span>the <span class=\"_ _4\"></span>beginning <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>year <span class=\"_ _a9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12e\"> </span>532  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _1b7\"> </span>702  <span class=\"_ _e9\"> </span>\u2013<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs626\">Exer<span class=\"_ _2\"></span>cised <span class=\"_ _3\"></span>during <span class=\"_ _3\"></span>the <span class=\"_ _4\"></span>ye<span class=\"_ _2\"></span>ar <span class=\"_ _220\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12b\"> </span>(123 <span class=\"_ _0\"></span>) <span class=\"_ _f0\"> </span>2.78  <span class=\"_ _10f\"> </span>(99 <span class=\"_ _7\"></span>) <span class=\"_ _f0\"> </span>2.66<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs627\">Lapsed <span class=\"_ _3\"></span>during <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>year <span class=\"_ _fc\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _fe\"> </span>(67 <span class=\"_ _0\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _94\"> </span>(71 <span class=\"_ _0\"></span>) <span class=\"_ _15b\"> </span>\u2013<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs628\">Outstanding <span class=\"_ _3\"></span>at <span class=\"_ _3\"></span>the <span class=\"_ _4\"></span>end <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>year <span class=\"_ _194\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b7\"> </span>342  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _12e\"> </span>532  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs2b5\">The w<span class=\"_ _2\"></span>eighted av<span class=\"_ _2\"></span>erage contractual lif<span class=\"_ _2\"></span>e is 1<span class=\"_ _2\"></span>0 <span class=\"_ _a\"></span>years.<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs2b6\">The inputs into the Monte Carlo model are as f<span class=\"_ _2\"></span>ollows:<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs629\">V<span class=\"_ _2\"></span>aluation <span class=\"_ _3\"></span>method <span class=\"_ _ab\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _11\"> </span>Monte <span class=\"_ _3\"></span>Carlo<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs62a\">W<span class=\"_ _2\"></span>eighted <span class=\"_ _3\"></span>aver<span class=\"_ _2\"></span>age <span class=\"_ _3\"></span>share <span class=\"_ _3\"></span>price <span class=\"_ _3\"></span>(pence) <span class=\"_ _193\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _47\"> </span>278.50<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs62b\">W<span class=\"_ _2\"></span>eighted <span class=\"_ _3\"></span>aver<span class=\"_ _2\"></span>age <span class=\"_ _3\"></span>exercise <span class=\"_ _3\"></span>price <span class=\"_ _3\"></span>(pence) <span class=\"_ _9e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b1\"> </span>Nil<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws2 gs62c\">W<span class=\"_ _2\"></span>eighted av<span class=\"_ _2\"></span>erage fair value of options grant<span class=\"_ _2\"></span>ed (pence) <span class=\"_ _15d\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _3e\"> </span>160.56<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs62d\">Expected <span class=\"_ _3\"></span>volatilit<span class=\"_ _2\"></span>y <span class=\"_ _1bb\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _44\"> </span>30.01<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs62e\">Expected <span class=\"_ _3\"></span>life <span class=\"_ _1b4\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9d\"> </span>3 <span class=\"_ _3\"></span>years<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs62f\">Risk <span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>ree <span class=\"_ _3\"></span>rat<span class=\"_ _2\"></span>e <span class=\"_ _24f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _240\"> </span>0.48%<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs630\">Expected <span class=\"_ _3\"></span>dividend <span class=\"_ _3\"></span>yield <span class=\"_ _1ad\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _10e\"> </span>0%<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs631\">Expected volatility w<span class=\"_ _2\"></span>as determined by calculating the historical volatility <span class=\"_ _2\"></span>of the company\u2019<span class=\"_ _0\"></span>s share price o<span class=\"_ _2\"></span>ver the previous 1<span class=\"_ _0\"></span>0 <span class=\"_ _a\"></span>years. </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs632\">The group recognised total <span class=\"_ _2\"></span>expense <span class=\"_ _2\"></span>of \u00a345,085 related to equity-settled share-based pa<span class=\"_ _2\"></span>yments transactions in 2023. </div><div class=\"t m0 h3 ff62 fs1 fc1 sc0 ls4b ws35 gs223\">246<span class=\"_ _18\"> </span><span class=\"ff67 ls3 ws2\">CHE<span class=\"_ _3\"></span>SNA<span class=\"_ _3\"></span>R<span class=\"_ _3\"></span>A ANNUAL R<span class=\"_ _3\"></span>EPORT A<span class=\"_ _3\"></span>ND ACCO<span class=\"_ _3\"></span>UNTS 2023<span class=\"_ _421\"> </span></span></div>IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS <span class=\"_ _e\"> </span>(g) <span class=\"_ _3\"></span>2020 awar<span class=\"_ _2\"></span>d made under the Short-T<span class=\"_ _7\"></span>er<span class=\"_ _2\"></span>m Incentive Sc<span class=\"_ _2\"></span>heme (STIS)<span class=\"_ _421\"> </span>The group has recorded an <span class=\"_ _2\"></span>expense <span class=\"_ _2\"></span>of \u00a359,099 with regards to the 35% element that has been def<span class=\"_ _2\"></span>erred o<span class=\"_ _2\"></span>ver the v<span class=\"_ _2\"></span>esting period. <span class=\"_ _e\"> </span>(h) <span class=\"_ _3\"></span>2020 awar<span class=\"_ _2\"></span>d made under the Long-T<span class=\"_ _7\"></span>erm Incentiv<span class=\"_ _2\"></span>e Plan (L<span class=\"_ _0\"></span>TIP)<span class=\"_ _421\"> </span>In April 2020, the group granted 224,<span class=\"_ _2\"></span>00<span class=\"_ _3\"></span>0 Nil priced share options with a v<span class=\"_ _2\"></span>esting period of 3 <span class=\"_ _0\"></span>years. <span class=\"_ _0\"></span>These a<span class=\"_ _2\"></span>wards were subject to perf<span class=\"_ _2\"></span>ormance conditions tied to the company\u2019<span class=\"_ _0\"></span>s financial performance in respect <span class=\"_ _2\"></span>of growth in Economic <span class=\"_ _a\"></span>V<span class=\"_ _a\"></span>alue and <span class=\"_ _0\"></span>T<span class=\"_ _a\"></span>otal <span class=\"_ _2\"></span>Shareholder Return (TSR).<span class=\"_ _421\"> </span>The f<span class=\"_ _2\"></span>air value <span class=\"_ _2\"></span>of the non-market base condition was determined to be 323.50p, which w<span class=\"_ _2\"></span>as the share price as at 28 April 2020, the grant date <span class=\"_ _2\"></span>of the options. Details of the share <span class=\"_ _2\"></span>options outstanding during the <span class=\"_ _a\"></span>year are as f<span class=\"_ _2\"></span>ollows:<span class=\"_ _421\"> </span>20<span class=\"_ _3\"></span>20 L<span class=\"_ _3\"></span>ong<span class=\"_ _3\"></span>-<span class=\"_ _2\"></span>T<span class=\"_ _2\"></span>erm I<span class=\"_ _3\"></span>nce<span class=\"_ _3\"></span>ntive Pl<span class=\"_ _3\"></span>an (LTIP) <span class=\"_ _250\"> </span>2023 2022 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _23a\"> </span>We<span class=\"_ _3\"></span>ig<span class=\"_ _3\"></span>ht<span class=\"_ _3\"></span>ed<span class=\"_ _3\"></span>  <span class=\"_ _73\"> </span>  <span class=\"_ _7f\"> </span>We<span class=\"_ _3\"></span>ig<span class=\"_ _3\"></span>ht<span class=\"_ _3\"></span>ed <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1c2\"> </span>av<span class=\"_ _3\"></span>era<span class=\"_ _3\"></span>ge  <span class=\"_ _9f\"> </span>  <span class=\"_ _5d\"> </span>aver<span class=\"_ _3\"></span>ag<span class=\"_ _3\"></span>e <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5d\"> </span>O<span class=\"_ _3\"></span>pti<span class=\"_ _3\"></span>on<span class=\"_ _3\"></span>s  <span class=\"_ _91\"> </span>exe<span class=\"_ _3\"></span>rci<span class=\"_ _3\"></span>se  <span class=\"_ _5d\"> </span>O<span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>tio<span class=\"_ _3\"></span>ns  <span class=\"_ _2e\"> </span>exerc<span class=\"_ _3\"></span>is<span class=\"_ _3\"></span>e <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5d\"> </span>num<span class=\"_ _3\"></span>ber  <span class=\"_ _e7\"> </span>pri<span class=\"_ _3\"></span>ce  <span class=\"_ _5d\"> </span>num<span class=\"_ _3\"></span>ber  <span class=\"_ _e7\"> </span>pri<span class=\"_ _3\"></span>ce <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _c2\"> </span>000  <span class=\"_ _15b\"> </span>\u00a3  <span class=\"_ _f0\"> </span>000  <span class=\"_ _15b\"> </span>\u00a3<span class=\"_ _421\"> </span>Outstanding <span class=\"_ _3\"></span>at <span class=\"_ _3\"></span>the <span class=\"_ _4\"></span>beginning <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>year <span class=\"_ _a9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _fe\"> </span>192  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _fe\"> </span>192  <span class=\"_ _e9\"> </span>\u2013<span class=\"_ _421\"> </span>Exer<span class=\"_ _2\"></span>cised <span class=\"_ _3\"></span>during <span class=\"_ _3\"></span>the <span class=\"_ _4\"></span>ye<span class=\"_ _2\"></span>ar <span class=\"_ _220\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _fe\"> </span>(28 <span class=\"_ _0\"></span>) <span class=\"_ _2d\"> </span>2.82  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span>Lapsed <span class=\"_ _3\"></span>during <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>year <span class=\"_ _fc\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _20a\"> </span>(126 <span class=\"_ _0\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span>Outstanding <span class=\"_ _3\"></span>at <span class=\"_ _3\"></span>the <span class=\"_ _4\"></span>end <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>year <span class=\"_ _194\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _20b\"> </span>38  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _fe\"> </span>192  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span>The w<span class=\"_ _2\"></span>eighted av<span class=\"_ _2\"></span>erage contractual lif<span class=\"_ _2\"></span>e is 1<span class=\"_ _a\"></span>0 <span class=\"_ _2\"></span>years.<span class=\"_ _421\"> </span>The inputs into the Monte Carlo model are as f<span class=\"_ _2\"></span>ollows:<span class=\"_ _421\"> </span>V<span class=\"_ _2\"></span>aluation <span class=\"_ _3\"></span>method <span class=\"_ _ab\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _11\"> </span>Monte <span class=\"_ _3\"></span>Carlo<span class=\"_ _421\"> </span>W<span class=\"_ _2\"></span>eighted <span class=\"_ _3\"></span>aver<span class=\"_ _2\"></span>age <span class=\"_ _3\"></span>share <span class=\"_ _3\"></span>price <span class=\"_ _3\"></span>(pence) <span class=\"_ _193\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _47\"> </span>32<span class=\"_ _3\"></span>3.<span class=\"_ _3\"></span>50<span class=\"_ _421\"> </span>W<span class=\"_ _2\"></span>eighted <span class=\"_ _3\"></span>aver<span class=\"_ _2\"></span>age <span class=\"_ _3\"></span>exercise <span class=\"_ _3\"></span>price <span class=\"_ _3\"></span>(pence) <span class=\"_ _9e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b1\"> </span>Nil<span class=\"_ _421\"> </span>W<span class=\"_ _2\"></span>eighted av<span class=\"_ _2\"></span>erage fair value of options grant<span class=\"_ _2\"></span>ed (pence) <span class=\"_ _15d\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _48\"> </span>184.04<span class=\"_ _421\"> </span>Expected <span class=\"_ _3\"></span>volatilit<span class=\"_ _2\"></span>y <span class=\"_ _1bb\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _44\"> </span>28.<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>1<span class=\"_ _421\"> </span>Expected <span class=\"_ _3\"></span>life <span class=\"_ _1b4\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9d\"> </span>3 <span class=\"_ _3\"></span>years<span class=\"_ _421\"> </span>Risk <span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>ree <span class=\"_ _3\"></span>rat<span class=\"_ _2\"></span>e <span class=\"_ _24f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _43\"> </span>0.42%<span class=\"_ _421\"> </span>Expected <span class=\"_ _3\"></span>dividend <span class=\"_ _3\"></span>yield <span class=\"_ _1ad\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _10e\"> </span>0%<span class=\"_ _421\"> </span>Expected volatility w<span class=\"_ _2\"></span>as determined by calculating the historical volatility <span class=\"_ _2\"></span>of the company\u2019<span class=\"_ _0\"></span>s share price o<span class=\"_ _2\"></span>ver the previous 1<span class=\"_ _0\"></span>0 <span class=\"_ _a\"></span>years. The group recognised total <span class=\"_ _2\"></span>expense <span class=\"_ _2\"></span>of \u00a31<span class=\"_ _2\"></span>8,<span class=\"_ _2\"></span>750 related to equity<span class=\"_ _2\"></span>-settled share-based payments transactions in 2023.  <span class=\"_ _d\"> </span>(i) <span class=\"_ _4\"></span>201<span class=\"_ _2\"></span>9 awar<span class=\"_ _2\"></span>d made under the Short-T<span class=\"_ _7\"></span>er<span class=\"_ _2\"></span>m Incentive Sc<span class=\"_ _2\"></span>heme (STIS)<span class=\"_ _421\"> </span>The group has recorded an <span class=\"_ _2\"></span>expense <span class=\"_ _2\"></span>of \u00a31<span class=\"_ _a\"></span>4,289 with regards to the 35% element that has been def<span class=\"_ _2\"></span>erred o<span class=\"_ _2\"></span>ver the vesting period. <span class=\"_ _d\"> </span>(j) <span class=\"_ _4\"></span>201<span class=\"_ _2\"></span>9 awar<span class=\"_ _2\"></span>d made under the Long-T<span class=\"_ _7\"></span>erm Incentiv<span class=\"_ _2\"></span>e Plan (L<span class=\"_ _0\"></span>TIP)<span class=\"_ _421\"> </span>In April 20<span class=\"_ _a\"></span>1<span class=\"_ _a\"></span>9, the group granted 1<span class=\"_ _a\"></span>96,0<span class=\"_ _3\"></span>00 Nil priced share options with a vesting period <span class=\"_ _2\"></span>of 3 <span class=\"_ _a\"></span>years. <span class=\"_ _0\"></span>These a<span class=\"_ _2\"></span>wards w<span class=\"_ _2\"></span>ere subject to performance conditions tied to the company\u2019<span class=\"_ _0\"></span>s financial performance in respect <span class=\"_ _2\"></span>of growth in Economic <span class=\"_ _a\"></span>V<span class=\"_ _a\"></span>alue and <span class=\"_ _0\"></span>T<span class=\"_ _a\"></span>otal <span class=\"_ _2\"></span>Shareholder Return (TSR).<span class=\"_ _421\"> </span>The f<span class=\"_ _2\"></span>air value <span class=\"_ _2\"></span>of the non-market base condition was determined to be 358.50p, which w<span class=\"_ _2\"></span>as the share price as at 28 April 20<span class=\"_ _a\"></span>1<span class=\"_ _a\"></span>9, the grant date of the options. Details of the share <span class=\"_ _2\"></span>options outstanding during the <span class=\"_ _a\"></span>year are as f<span class=\"_ _2\"></span>ollows:<span class=\"_ _421\"> </span>20<span class=\"_ _3\"></span>19 L<span class=\"_ _3\"></span>ong<span class=\"_ _3\"></span>-T<span class=\"_ _a\"></span>erm I<span class=\"_ _3\"></span>ncen<span class=\"_ _3\"></span>tive Pl<span class=\"_ _3\"></span>an (LTIP) <span class=\"_ _250\"> </span>2023 2022 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _23a\"> </span>We<span class=\"_ _3\"></span>ig<span class=\"_ _3\"></span>ht<span class=\"_ _3\"></span>ed<span class=\"_ _3\"></span>  <span class=\"_ _73\"> </span>  <span class=\"_ _7f\"> </span>We<span class=\"_ _3\"></span>ig<span class=\"_ _3\"></span>ht<span class=\"_ _3\"></span>ed <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1c2\"> </span>av<span class=\"_ _3\"></span>era<span class=\"_ _3\"></span>ge  <span class=\"_ _9f\"> </span>  <span class=\"_ _5d\"> </span>aver<span class=\"_ _3\"></span>ag<span class=\"_ _3\"></span>e <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5d\"> </span>O<span class=\"_ _3\"></span>pti<span class=\"_ _3\"></span>on<span class=\"_ _3\"></span>s  <span class=\"_ _91\"> </span>exe<span class=\"_ _3\"></span>rci<span class=\"_ _3\"></span>se  <span class=\"_ _5d\"> </span>O<span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>tio<span class=\"_ _3\"></span>ns  <span class=\"_ _2e\"> </span>exerc<span class=\"_ _3\"></span>is<span class=\"_ _3\"></span>e <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5d\"> </span>num<span class=\"_ _3\"></span>ber  <span class=\"_ _e7\"> </span>pri<span class=\"_ _3\"></span>ce  <span class=\"_ _5d\"> </span>num<span class=\"_ _3\"></span>ber  <span class=\"_ _e7\"> </span>pri<span class=\"_ _3\"></span>ce <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _c2\"> </span>000  <span class=\"_ _15b\"> </span>\u00a3  <span class=\"_ _f0\"> </span>000  <span class=\"_ _15b\"> </span>\u00a3<span class=\"_ _421\"> </span>Outstanding <span class=\"_ _3\"></span>at <span class=\"_ _3\"></span>the <span class=\"_ _4\"></span>beginning <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>year <span class=\"_ _a9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _179\"> </span>1<span class=\"_ _3\"></span>96  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span>Lapsed <span class=\"_ _3\"></span>during <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>year <span class=\"_ _fc\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _152\"> </span>(196 <span class=\"_ _0\"></span>) <span class=\"_ _15b\"> </span>\u2013<span class=\"_ _421\"> </span>Outstanding <span class=\"_ _3\"></span>at <span class=\"_ _3\"></span>the <span class=\"_ _4\"></span>end <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>year <span class=\"_ _194\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span>The w<span class=\"_ _2\"></span>eighted av<span class=\"_ _2\"></span>erage contractual lif<span class=\"_ _2\"></span>e is 1<span class=\"_ _2\"></span>0 <span class=\"_ _a\"></span>years. <span class=\"ff65 ls3 ws2\">CH<span class=\"_ _283\"></span>ESN<span class=\"_ _277\"></span>AR<span class=\"_ _277\"></span>A<span class=\"_ _278\"></span>ANNUAL<span class=\"_ _278\"></span>R<span class=\"_ _284\"></span>EPORT<span class=\"_ _278\"></span>A<span class=\"_ _277\"></span>ND<span class=\"_ _278\"></span>ACCO<span class=\"_ _27a\"></span>UNT<span class=\"_ _27a\"></span>S<span class=\"_ _27b\"></span>20<span class=\"_ _2b5\"></span>23</span><span class=\"_ _3f8\"></span>247<span class=\"_ _421\"> </span><div class=\"t m0 h4 ff67 fs2 fc1 sc0 lsc3 ws82 gs1eb\">IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS<span class=\"_ _421\"> </span></div><div class=\"t m0 h9 ff68 fs8 fc2 sc0 ls18f ws2 gs1ec\">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<span class=\"_ _421\"> </span></div><div class=\"t m0 hf ff61 fsc fc2 sc0 ls37 ws2 gs1ed\">SECTION I \u2013 ADDITIONAL DISCLOSURES</div><div class=\"t m0 h11 ff63 fsd fc2 sc0 ls2 ws2 gs1ee\"> <span class=\"_ _3d\"> </span>I<span class=\"_ _3\"></span>2 <span class=\"_ _3\"></span>Share-based payments (continued)</div><div class=\"t m0 h11 ff63 fsd fc1 sc0 ls2 ws2 gs297\"> <span class=\"_ _d\"> </span>(j) <span class=\"_ _4\"></span>201<span class=\"_ _2\"></span>9 awar<span class=\"_ _2\"></span>d made under the Long-T<span class=\"_ _7\"></span>erm Incentiv<span class=\"_ _2\"></span>e Plan (L<span class=\"_ _0\"></span>TIP) (continued)<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls0 ws2 gs298\">The inputs into the Monte Carlo model are as f<span class=\"_ _2\"></span>ollows:<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs612\">V<span class=\"_ _2\"></span>aluation <span class=\"_ _3\"></span>method <span class=\"_ _ab\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _11\"> </span>Monte <span class=\"_ _3\"></span>Carlo<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs613\">W<span class=\"_ _2\"></span>eighted <span class=\"_ _3\"></span>aver<span class=\"_ _2\"></span>age <span class=\"_ _3\"></span>share <span class=\"_ _3\"></span>price <span class=\"_ _3\"></span>(pence) <span class=\"_ _193\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _47\"> </span>358.50<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs614\">W<span class=\"_ _2\"></span>eighted <span class=\"_ _3\"></span>aver<span class=\"_ _2\"></span>age <span class=\"_ _3\"></span>exercise <span class=\"_ _3\"></span>price <span class=\"_ _3\"></span>(pence) <span class=\"_ _9e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b1\"> </span>Nil<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws2 gs615\">W<span class=\"_ _2\"></span>eighted av<span class=\"_ _2\"></span>erage fair value of options grant<span class=\"_ _2\"></span>ed (pence) <span class=\"_ _15d\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _48\"> </span>202.7<span class=\"_ _2\"></span>4<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs616\">Expected <span class=\"_ _3\"></span>volatilit<span class=\"_ _2\"></span>y <span class=\"_ _1bb\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14b\"> </span>25.<span class=\"_ _3\"></span>35<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs617\">Expected <span class=\"_ _3\"></span>life <span class=\"_ _1b4\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9d\"> </span>3 <span class=\"_ _3\"></span>years<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs618\">Risk <span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>ree <span class=\"_ _3\"></span>rat<span class=\"_ _2\"></span>e <span class=\"_ _24f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _43\"> </span>1<span class=\"_ _3\"></span>.1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>0%<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs619\">Expected <span class=\"_ _3\"></span>dividend <span class=\"_ _3\"></span>yield <span class=\"_ _1ad\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _10e\"> </span>0%<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs1fb\">Expected volatility w<span class=\"_ _2\"></span>as determined by calculating the historical volatility <span class=\"_ _2\"></span>of the company\u2019<span class=\"_ _0\"></span>s share price o<span class=\"_ _2\"></span>ver the previous 1<span class=\"_ _a\"></span>0 <span class=\"_ _a\"></span>years. </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs3e2\">The group recognised no <span class=\"_ _2\"></span>expense related to <span class=\"_ _2\"></span>equity-settled share-based payments transactions in 2023.</div><div class=\"t m0 h11 ff63 fsd fc1 sc0 ls2 ws2 gs3e3\">  (k) <span class=\"_ _3\"></span>201<span class=\"_ _2\"></span>8 aw<span class=\"_ _2\"></span>ard made under the Shor<span class=\"_ _2\"></span>t-T<span class=\"_ _7\"></span>erm Incentive Sc<span class=\"_ _2\"></span>heme (STIS)<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs1ff\">The group has recorded no <span class=\"_ _2\"></span>expense with regards to the 35% <span class=\"_ _2\"></span>element that has been defer<span class=\"_ _2\"></span>red ov<span class=\"_ _2\"></span>er the vesting period.</div><div class=\"t m0 h11 ff63 fsd fc1 sc0 ls2 ws2 gs61a\"> <span class=\"_ _d\"> </span>(l) <span class=\"_ _4\"></span>20<span class=\"_ _2\"></span>18 a<span class=\"_ _2\"></span>war<span class=\"_ _2\"></span>d made under the Long-T<span class=\"_ _7\"></span>erm Incentiv<span class=\"_ _2\"></span>e Plan (L<span class=\"_ _a\"></span>TIP)<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2c gs61b\">In April 20<span class=\"_ _a\"></span>1<span class=\"_ _a\"></span>8, the group granted 1<span class=\"_ _2\"></span>68,0<span class=\"_ _3\"></span>00 Nil priced share options with a vesting period <span class=\"_ _2\"></span>of 3 <span class=\"_ _a\"></span>years. <span class=\"_ _0\"></span>T<span class=\"_ _2\"></span>hese awards w<span class=\"_ _2\"></span>ere subject to performance conditions tied to </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs202\">the company\u2019<span class=\"_ _0\"></span>s financial performance in respect <span class=\"_ _2\"></span>of growth in Economic <span class=\"_ _a\"></span>V<span class=\"_ _a\"></span>alue and <span class=\"_ _0\"></span>T<span class=\"_ _a\"></span>otal <span class=\"_ _2\"></span>Shareholder Return (TSR). </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs61c\">The f<span class=\"_ _2\"></span>air value <span class=\"_ _2\"></span>of the non-market base condition was determined to be 4<span class=\"_ _a\"></span>1<span class=\"_ _a\"></span>0.0<span class=\"_ _3\"></span>0p, which was the share price as at 28 <span class=\"_ _2\"></span>April 20<span class=\"_ _a\"></span>1<span class=\"_ _2\"></span>8, the grant date of the <span class=\"_ _2\"></span>options. </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs61d\">Details of the share <span class=\"_ _2\"></span>options outstanding during the <span class=\"_ _a\"></span>year are as f<span class=\"_ _2\"></span>ollows:<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws2 gs61e\">20<span class=\"_ _3\"></span>18 L<span class=\"_ _3\"></span>ong<span class=\"_ _3\"></span>-<span class=\"_ _2\"></span>T<span class=\"_ _2\"></span>erm I<span class=\"_ _3\"></span>nce<span class=\"_ _3\"></span>ntive Pl<span class=\"_ _3\"></span>an (LTIP)</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls119 ws1ea gs61f\"> <span class=\"_ _250\"> </span>2023 2022</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls177 wse2 gs620\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _23a\"> </span>We<span class=\"_ _3\"></span>ig<span class=\"_ _3\"></span>ht<span class=\"_ _3\"></span>ed<span class=\"_ _3\"></span>  <span class=\"_ _73\"> </span>  <span class=\"_ _7f\"> </span>We<span class=\"_ _3\"></span>ig<span class=\"_ _3\"></span>ht<span class=\"_ _3\"></span>ed</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lsc7 ws1fc gs621\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1c2\"> </span>av<span class=\"_ _3\"></span>era<span class=\"_ _3\"></span>ge  <span class=\"_ _9f\"> </span>  <span class=\"_ _5d\"> </span>aver<span class=\"_ _3\"></span>ag<span class=\"_ _3\"></span>e</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls2 wscb gs622\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5d\"> </span>O<span class=\"_ _3\"></span>pti<span class=\"_ _3\"></span>on<span class=\"_ _3\"></span>s  <span class=\"_ _91\"> </span>exe<span class=\"_ _3\"></span>rci<span class=\"_ _3\"></span>se  <span class=\"_ _5d\"> </span>O<span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>tio<span class=\"_ _3\"></span>ns  <span class=\"_ _2e\"> </span>exerc<span class=\"_ _3\"></span>is<span class=\"_ _3\"></span>e</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs623\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5d\"> </span>num<span class=\"_ _3\"></span>ber  <span class=\"_ _e7\"> </span>pri<span class=\"_ _3\"></span>ce  <span class=\"_ _5d\"> </span>num<span class=\"_ _3\"></span>ber  <span class=\"_ _e7\"> </span>pri<span class=\"_ _3\"></span>ce</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls124 ws1fd gs624\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _c2\"> </span>000  <span class=\"_ _15b\"> </span>\u00a3  <span class=\"_ _f0\"> </span>000  <span class=\"_ _15b\"> </span>\u00a3<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs625\">Outstanding <span class=\"_ _3\"></span>at <span class=\"_ _3\"></span>the <span class=\"_ _4\"></span>beginning <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>year <span class=\"_ _a9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _179\"> </span>168  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs626\">Lapsed <span class=\"_ _3\"></span>during <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>year <span class=\"_ _fc\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _14e\"> </span>(<span class=\"_ _3\"></span>168 <span class=\"_ _7\"></span>) <span class=\"_ _15b\"> </span>\u2013<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs634\">Outstanding <span class=\"_ _3\"></span>at <span class=\"_ _3\"></span>the <span class=\"_ _4\"></span>end <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>year <span class=\"_ _194\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs2b4\">The w<span class=\"_ _2\"></span>eighted av<span class=\"_ _2\"></span>erage contractual lif<span class=\"_ _2\"></span>e is 10 <span class=\"_ _a\"></span>years. </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs2e5\">The inputs into the Monte Carlo model are as f<span class=\"_ _2\"></span>ollows:<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs635\">V<span class=\"_ _2\"></span>aluation <span class=\"_ _3\"></span>method <span class=\"_ _ab\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _11\"> </span>Monte <span class=\"_ _3\"></span>Carlo<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs636\">W<span class=\"_ _2\"></span>eighted <span class=\"_ _3\"></span>aver<span class=\"_ _2\"></span>age <span class=\"_ _3\"></span>share <span class=\"_ _3\"></span>price <span class=\"_ _3\"></span>(pence) <span class=\"_ _193\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _47\"> </span>410.00<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs637\">W<span class=\"_ _2\"></span>eighted <span class=\"_ _3\"></span>aver<span class=\"_ _2\"></span>age <span class=\"_ _3\"></span>exercise <span class=\"_ _3\"></span>price <span class=\"_ _3\"></span>(pence) <span class=\"_ _9e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b1\"> </span>Nil<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws2 gs638\">W<span class=\"_ _2\"></span>eighted av<span class=\"_ _2\"></span>erage fair value of options grant<span class=\"_ _2\"></span>ed (pence) <span class=\"_ _15d\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _47\"> </span>229.78<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs639\">Expected <span class=\"_ _3\"></span>volatilit<span class=\"_ _2\"></span>y <span class=\"_ _1bb\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14b\"> </span>25.77<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs63a\">Expected <span class=\"_ _3\"></span>life <span class=\"_ _1b4\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9d\"> </span>3 <span class=\"_ _3\"></span>years<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs63b\">Risk <span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>ree <span class=\"_ _3\"></span>rat<span class=\"_ _2\"></span>e <span class=\"_ _24f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _3f\"> </span>1<span class=\"_ _3\"></span>.1<span class=\"_ _3\"></span>90%<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs63c\">Expected <span class=\"_ _3\"></span>dividend <span class=\"_ _3\"></span>yield <span class=\"_ _1ad\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _10e\"> </span>0%<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs63d\">Expected volatility w<span class=\"_ _2\"></span>as determined by calculating the historical volatility <span class=\"_ _2\"></span>of the company\u2019<span class=\"_ _0\"></span>s share price o<span class=\"_ _2\"></span>ver the previous 1<span class=\"_ _a\"></span>0 <span class=\"_ _a\"></span>years. </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs63e\">The group recognised no <span class=\"_ _2\"></span>expense related to <span class=\"_ _2\"></span>equity-settled share-based payments transactions in 2023.<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff62 fs1 fc1 sc0 ls4b ws35 gs223\">248<span class=\"_ _1\"> </span><span class=\"ff67 ls3 ws2\">C<span class=\"_ _3\"></span>HESN<span class=\"_ _3\"></span>AR<span class=\"_ _3\"></span>A ANN<span class=\"_ _3\"></span>UAL REPOR<span class=\"_ _3\"></span>T AND <span class=\"_ _3\"></span>ACCOUNT<span class=\"_ _3\"></span>S 20<span class=\"_ _2\"></span>23<span class=\"_ _421\"> </span></span></div>IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS <span class=\"_ _0\"></span>(m) <span class=\"_ _4\"></span>20<span class=\"_ _a\"></span>17 a<span class=\"_ _2\"></span>war<span class=\"_ _2\"></span>d made under the Long-T<span class=\"_ _7\"></span>erm Incentiv<span class=\"_ _2\"></span>e Plan (L<span class=\"_ _a\"></span>TIP)<span class=\"_ _421\"> </span>In April 20<span class=\"_ _a\"></span>1<span class=\"_ _a\"></span>7<span class=\"_ _a\"></span>, the group granted 1<span class=\"_ _0\"></span>74,000 Nil priced share options with a vesting period <span class=\"_ _2\"></span>of 3 <span class=\"_ _a\"></span>years. <span class=\"_ _0\"></span>These a<span class=\"_ _2\"></span>wards w<span class=\"_ _2\"></span>ere subject to performance conditions tied to the company\u2019<span class=\"_ _0\"></span>s financial performance in respect <span class=\"_ _2\"></span>of growth in Economic <span class=\"_ _a\"></span>V<span class=\"_ _a\"></span>alue and <span class=\"_ _0\"></span>T<span class=\"_ _a\"></span>otal <span class=\"_ _2\"></span>Shareholder Return (TSR). The f<span class=\"_ _2\"></span>air value <span class=\"_ _2\"></span>of the non-market base condition was determined to be 382.<span class=\"_ _0\"></span>75p, which was the share price as at 28 April 20<span class=\"_ _2\"></span>1<span class=\"_ _0\"></span>7<span class=\"_ _a\"></span>, the grant date of the options. Details of the share <span class=\"_ _2\"></span>options outstanding during the <span class=\"_ _a\"></span>year are as f<span class=\"_ _2\"></span>ollows:<span class=\"_ _421\"> </span>20<span class=\"_ _3\"></span>17 L<span class=\"_ _3\"></span>ong<span class=\"_ _3\"></span>-<span class=\"_ _2\"></span>T<span class=\"_ _2\"></span>erm I<span class=\"_ _3\"></span>ncen<span class=\"_ _3\"></span>tive Pl<span class=\"_ _3\"></span>an (L<span class=\"_ _2\"></span>TI<span class=\"_ _3\"></span>P) <span class=\"_ _250\"> </span>2023 2022 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _23a\"> </span>We<span class=\"_ _3\"></span>ig<span class=\"_ _3\"></span>ht<span class=\"_ _3\"></span>ed<span class=\"_ _3\"></span>  <span class=\"_ _73\"> </span>  <span class=\"_ _7f\"> </span>We<span class=\"_ _3\"></span>ig<span class=\"_ _3\"></span>ht<span class=\"_ _3\"></span>ed <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1c2\"> </span>av<span class=\"_ _3\"></span>era<span class=\"_ _3\"></span>ge  <span class=\"_ _9f\"> </span>  <span class=\"_ _5d\"> </span>aver<span class=\"_ _3\"></span>ag<span class=\"_ _3\"></span>e <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5d\"> </span>O<span class=\"_ _3\"></span>pti<span class=\"_ _3\"></span>on<span class=\"_ _3\"></span>s  <span class=\"_ _91\"> </span>exe<span class=\"_ _3\"></span>rci<span class=\"_ _3\"></span>se  <span class=\"_ _5d\"> </span>O<span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>tio<span class=\"_ _3\"></span>ns  <span class=\"_ _2e\"> </span>exerc<span class=\"_ _3\"></span>is<span class=\"_ _3\"></span>e <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5d\"> </span>num<span class=\"_ _3\"></span>ber  <span class=\"_ _e7\"> </span>pri<span class=\"_ _3\"></span>ce  <span class=\"_ _5d\"> </span>num<span class=\"_ _3\"></span>ber  <span class=\"_ _e7\"> </span>pri<span class=\"_ _3\"></span>ce <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _c2\"> </span>000  <span class=\"_ _15b\"> </span>\u00a3  <span class=\"_ _f0\"> </span>000  <span class=\"_ _15b\"> </span>\u00a3<span class=\"_ _421\"> </span>Outstanding <span class=\"_ _3\"></span>at <span class=\"_ _3\"></span>the <span class=\"_ _4\"></span>beginning <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>year <span class=\"_ _a9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _56\"> </span>26  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _20b\"> </span>26  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span>Exer<span class=\"_ _2\"></span>cised <span class=\"_ _3\"></span>during <span class=\"_ _3\"></span>the <span class=\"_ _4\"></span>ye<span class=\"_ _2\"></span>ar <span class=\"_ _220\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _10e\"> </span>(26 <span class=\"_ _7\"></span>) <span class=\"_ _c2\"> </span>2.63  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span>Outstanding <span class=\"_ _3\"></span>at <span class=\"_ _3\"></span>the <span class=\"_ _4\"></span>end <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>year <span class=\"_ _194\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _56\"> </span>26  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span>The w<span class=\"_ _2\"></span>eighted av<span class=\"_ _2\"></span>erage contractual lif<span class=\"_ _2\"></span>e is 10 <span class=\"_ _a\"></span>years. The inputs into the Monte Carlo model are as f<span class=\"_ _2\"></span>ollows:<span class=\"_ _421\"> </span>V<span class=\"_ _2\"></span>aluation <span class=\"_ _3\"></span>method <span class=\"_ _ab\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _11\"> </span>Monte <span class=\"_ _3\"></span>Carlo<span class=\"_ _421\"> </span>W<span class=\"_ _2\"></span>eighted <span class=\"_ _3\"></span>aver<span class=\"_ _2\"></span>age <span class=\"_ _3\"></span>share <span class=\"_ _3\"></span>price <span class=\"_ _3\"></span>(pence) <span class=\"_ _193\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _3f\"> </span>382<span class=\"_ _3\"></span>.7<span class=\"_ _2\"></span>5<span class=\"_ _421\"> </span>W<span class=\"_ _2\"></span>eighted <span class=\"_ _3\"></span>aver<span class=\"_ _2\"></span>age <span class=\"_ _3\"></span>exercise <span class=\"_ _3\"></span>price <span class=\"_ _3\"></span>(pence) <span class=\"_ _9e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b1\"> </span>Nil<span class=\"_ _421\"> </span>W<span class=\"_ _2\"></span>eighted av<span class=\"_ _2\"></span>erage fair value of options grant<span class=\"_ _2\"></span>ed (pence) <span class=\"_ _15d\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _42\"> </span>21<span class=\"_ _4\"></span>1.73<span class=\"_ _421\"> </span>Expected <span class=\"_ _3\"></span>volatilit<span class=\"_ _2\"></span>y <span class=\"_ _1bb\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _46\"> </span>26.97<span class=\"_ _421\"> </span>Expected <span class=\"_ _3\"></span>life <span class=\"_ _1b4\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9d\"> </span>3 <span class=\"_ _3\"></span>years<span class=\"_ _421\"> </span>Risk <span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>ree <span class=\"_ _3\"></span>rat<span class=\"_ _2\"></span>e <span class=\"_ _24f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _43\"> </span>0.70%<span class=\"_ _421\"> </span>Expected <span class=\"_ _3\"></span>dividend <span class=\"_ _3\"></span>yield <span class=\"_ _1ad\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _10e\"> </span>0%<span class=\"_ _421\"> </span>Expected volatility w<span class=\"_ _2\"></span>as determined by calculating the historical volatility <span class=\"_ _2\"></span>of the company\u2019<span class=\"_ _0\"></span>s share price o<span class=\"_ _2\"></span>ver the previous 1<span class=\"_ _0\"></span>0 <span class=\"_ _a\"></span>years.<span class=\"_ _421\"> </span>The group recognised no <span class=\"_ _2\"></span>expense related to <span class=\"_ _2\"></span>equity-settled share-based payments transactions in 2023 and 2022. <span class=\"_ _e\"> </span>(n) <span class=\"_ _3\"></span>20<span class=\"_ _2\"></span>16 aw<span class=\"_ _2\"></span>ard made under the Long-T<span class=\"_ _7\"></span>erm Incentiv<span class=\"_ _2\"></span>e Plan (L<span class=\"_ _0\"></span>TIP)<span class=\"_ _421\"> </span>In April 20<span class=\"_ _0\"></span>16, the group granted 255,000 Nil priced share options with a vesting period <span class=\"_ _2\"></span>of three <span class=\"_ _a\"></span>years. <span class=\"_ _0\"></span>T<span class=\"_ _2\"></span>hese awards w<span class=\"_ _2\"></span>ere subject to performance conditions tied to the company\u2019<span class=\"_ _0\"></span>s financial performance in respect <span class=\"_ _2\"></span>of growth in Economic <span class=\"_ _a\"></span>V<span class=\"_ _a\"></span>alue and <span class=\"_ _0\"></span>T<span class=\"_ _a\"></span>otal <span class=\"_ _2\"></span>Shareholder Return (TSR). The f<span class=\"_ _2\"></span>air value <span class=\"_ _2\"></span>of the non-market base condition was determined to be 3<span class=\"_ _a\"></span>1<span class=\"_ _2\"></span>2.00p, which was the share price as at 28 April 20<span class=\"_ _0\"></span>16, the grant date <span class=\"_ _2\"></span>of the options. Details of the share <span class=\"_ _2\"></span>options outstanding during the <span class=\"_ _a\"></span>year are as f<span class=\"_ _2\"></span>ollows:<span class=\"_ _421\"> </span>20<span class=\"_ _3\"></span>16 L<span class=\"_ _3\"></span>ong<span class=\"_ _3\"></span>-<span class=\"_ _2\"></span>T<span class=\"_ _2\"></span>erm I<span class=\"_ _3\"></span>ncen<span class=\"_ _3\"></span>tive Pl<span class=\"_ _3\"></span>an (LTIP) <span class=\"_ _250\"> </span>2023 2022 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _23a\"> </span>We<span class=\"_ _3\"></span>ig<span class=\"_ _3\"></span>ht<span class=\"_ _3\"></span>ed<span class=\"_ _3\"></span>  <span class=\"_ _73\"> </span>  <span class=\"_ _7f\"> </span>We<span class=\"_ _3\"></span>ig<span class=\"_ _3\"></span>ht<span class=\"_ _3\"></span>ed <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1c2\"> </span>av<span class=\"_ _3\"></span>era<span class=\"_ _3\"></span>ge  <span class=\"_ _9f\"> </span>  <span class=\"_ _5d\"> </span>aver<span class=\"_ _3\"></span>ag<span class=\"_ _3\"></span>e <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5d\"> </span>O<span class=\"_ _3\"></span>pti<span class=\"_ _3\"></span>on<span class=\"_ _3\"></span>s  <span class=\"_ _91\"> </span>exe<span class=\"_ _3\"></span>rci<span class=\"_ _3\"></span>se  <span class=\"_ _5d\"> </span>O<span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>tio<span class=\"_ _3\"></span>ns  <span class=\"_ _2e\"> </span>exerc<span class=\"_ _3\"></span>is<span class=\"_ _3\"></span>e <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5d\"> </span>num<span class=\"_ _3\"></span>ber  <span class=\"_ _e7\"> </span>pri<span class=\"_ _3\"></span>ce  <span class=\"_ _5d\"> </span>num<span class=\"_ _3\"></span>ber  <span class=\"_ _e7\"> </span>pri<span class=\"_ _3\"></span>ce <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _c2\"> </span>000  <span class=\"_ _15b\"> </span>\u00a3  <span class=\"_ _f0\"> </span>000  <span class=\"_ _15b\"> </span>\u00a3<span class=\"_ _421\"> </span>Outstanding <span class=\"_ _3\"></span>at <span class=\"_ _3\"></span>the <span class=\"_ _4\"></span>beginning <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>year <span class=\"_ _a9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5a\"> </span>90  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _5a\"> </span>90  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span>Exer<span class=\"_ _2\"></span>cised <span class=\"_ _3\"></span>during <span class=\"_ _3\"></span>the <span class=\"_ _4\"></span>ye<span class=\"_ _2\"></span>ar <span class=\"_ _220\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _10f\"> </span>(90 <span class=\"_ _7\"></span>) <span class=\"_ _c2\"> </span>2.63  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span>Outstanding <span class=\"_ _3\"></span>at <span class=\"_ _3\"></span>the <span class=\"_ _4\"></span>end <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>year <span class=\"_ _194\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _5a\"> </span>90  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span>The w<span class=\"_ _2\"></span>eighted av<span class=\"_ _2\"></span>erage contractual lif<span class=\"_ _2\"></span>e is 1<span class=\"_ _a\"></span>0 <span class=\"_ _2\"></span>years. <span class=\"ff65 ls3 ws2\">CHE<span class=\"_ _277\"></span>SNA<span class=\"_ _277\"></span>R<span class=\"_ _277\"></span>A<span class=\"_ _278\"></span>ANNUAL<span class=\"_ _278\"></span>R<span class=\"_ _279\"></span>EPORT<span class=\"_ _27f\"></span>A<span class=\"_ _284\"></span>ND<span class=\"_ _278\"></span>ACCO<span class=\"_ _27a\"></span>UNTS<span class=\"_ _287\"></span>2023</span><span class=\"_ _3fa\"></span>249<span class=\"_ _421\"> </span><div class=\"t m0 h4 ff67 fs2 fc1 sc0 lsc3 ws82 gs1eb\">IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS<span class=\"_ _421\"> </span></div><div class=\"t m0 h9 ff68 fs8 fc2 sc0 ls18f ws2 gs1ec\">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<span class=\"_ _421\"> </span></div><div class=\"t m0 hf ff6e fsc fc2 sc0 ls37 ws2 gs1ed\">SECTION I \u2013 ADDITIONAL DISCLOSURES</div><div class=\"t m0 h11 ff6f fsd fc2 sc0 ls2 ws2 gs1ee\"> <span class=\"_ _3d\"> </span>I<span class=\"_ _3\"></span>2 <span class=\"_ _3\"></span>Share-based payments (continued)</div><div class=\"t m0 h11 ff6f fsd fc1 sc0 ls2 ws2 gs297\"> <span class=\"_ _e\"> </span>(n) <span class=\"_ _3\"></span>20<span class=\"_ _2\"></span>16 aw<span class=\"_ _2\"></span>ard made under the Long-T<span class=\"_ _7\"></span>erm Incentiv<span class=\"_ _2\"></span>e Plan (L<span class=\"_ _0\"></span>TIP) (continued)<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff70 fsd fc1 sc0 ls2 ws2 gs298\">The inputs into the Monte Carlo model are as f<span class=\"_ _2\"></span>ollows:<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff71 fs1 fcb sc0 lseb wsb3 gs612\">V<span class=\"_ _2\"></span>aluation <span class=\"_ _3\"></span>method <span class=\"_ _ab\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _11\"> </span>Monte <span class=\"_ _3\"></span>Carlo<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff71 fs1 fcb sc0 lseb wsb3 gs613\">W<span class=\"_ _2\"></span>eighted <span class=\"_ _3\"></span>aver<span class=\"_ _2\"></span>age <span class=\"_ _3\"></span>share <span class=\"_ _3\"></span>price <span class=\"_ _3\"></span>(pence) <span class=\"_ _193\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _112\"> </span>312<span class=\"_ _3\"></span>.00<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff71 fs1 fcb sc0 lseb wsb3 gs614\">W<span class=\"_ _2\"></span>eighted <span class=\"_ _3\"></span>aver<span class=\"_ _2\"></span>age <span class=\"_ _3\"></span>exercise <span class=\"_ _3\"></span>price <span class=\"_ _3\"></span>(pence) <span class=\"_ _9e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b1\"> </span>Nil<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff71 fs1 fcb sc0 lseb ws2 gs615\">W<span class=\"_ _2\"></span>eighted av<span class=\"_ _2\"></span>erage fair value of options grant<span class=\"_ _2\"></span>ed (pence) <span class=\"_ _15d\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _240\"> </span>179.72<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff71 fs1 fcb sc0 lseb wsb3 gs616\">Expected <span class=\"_ _3\"></span>volatilit<span class=\"_ _2\"></span>y <span class=\"_ _1bb\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _28\"> </span>28.07<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff71 fs1 fcb sc0 lseb wsb3 gs617\">Expected <span class=\"_ _3\"></span>life <span class=\"_ _1b4\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9d\"> </span>3 <span class=\"_ _3\"></span>years<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff71 fs1 fcb sc0 lseb wsb3 gs618\">Risk <span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>ree <span class=\"_ _3\"></span>rat<span class=\"_ _2\"></span>e <span class=\"_ _24f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _43\"> </span>0.86%<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff71 fs1 fcb sc0 lseb wsb3 gs619\">Expected <span class=\"_ _3\"></span>dividend <span class=\"_ _3\"></span>yield <span class=\"_ _1ad\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _10e\"> </span>0%<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff70 fsd fc1 sc0 ls2 ws2 gs1fb\">Expected volatility w<span class=\"_ _2\"></span>as determined by calculating the historical volatility <span class=\"_ _2\"></span>of the company\u2019<span class=\"_ _0\"></span>s share price o<span class=\"_ _2\"></span>ver the previous 1<span class=\"_ _0\"></span>0 <span class=\"_ _a\"></span>years. </div><div class=\"t m0 h10 ff70 fsd fc1 sc0 ls2 ws2 gs3e2\">The group recognised no <span class=\"_ _2\"></span>expense related to <span class=\"_ _2\"></span>equity-settled share-based payments transactions in 2023 and 2022.</div><div class=\"t m0 h11 ff6f fsd fc2 sc0 ls2 ws2 gs3e3\"> <span class=\"_ _3d\"> </span>I<span class=\"_ _3\"></span>3 <span class=\"_ _3\"></span>Earnings per shar<span class=\"_ _2\"></span>e<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff70 fsd fc1 sc0 ls2 ws2 gs1ff\">Earnings per share are based on the f<span class=\"_ _2\"></span>ollowing:<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff6e fs1 fcb sc0 ls190 wsc7 gs640\">Y<span class=\"_ _2\"></span>ear ended<span class=\"_ _2\"></span> 31 December</div><div class=\"t m0 h3 ff6e fs1 fcb sc0 ls119 ws1b4 gs641\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14b\"> </span>20<span class=\"_ _2\"></span>23  <span class=\"_ _14b\"> </span>2022<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff71 fs1 fcb sc0 lseb ws2 gs642\">(Loss)/<span class=\"_ _a\"></span>profit for the year at<span class=\"_ _2\"></span>tributable to shareholders (\u00a3<span class=\"_ _2\"></span>m) <span class=\"_ _3d\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _20a\"> </span>18.7 <span class=\"_ _2\"></span> <span class=\"_ _1e1\"> </span>(33.7 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff71 fs1 fcb sc0 lseb wsb3 gs643\">W<span class=\"_ _2\"></span>eighted <span class=\"_ _3\"></span>aver<span class=\"_ _2\"></span>age <span class=\"_ _3\"></span>number <span class=\"_ _4\"></span>of <span class=\"_ _3\"></span>ordinary <span class=\"_ _3\"></span>shares <span class=\"_ _a5\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _ef\"> </span>150,528,<span class=\"_ _3\"></span>597  <span class=\"_ _ef\"> </span>150,239,599<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff71 fs1 fcb sc0 lseb wsb3 gs644\">Basic <span class=\"_ _3\"></span>earnings <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>share <span class=\"_ _251\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _f0\"> </span>12.41 <span class=\"_ _31\"></span>p <span class=\"_ _210\"> </span>(22.40 <span class=\"_ _7\"></span>)<span class=\"_ _a\"></span>p<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff71 fs1 fcb sc0 lseb wsb3 gs645\">Diluted <span class=\"_ _3\"></span>earnings <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>share <span class=\"_ _ee\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _45\"> </span>12<span class=\"_ _3\"></span>.29 <span class=\"_ _7\"></span>p <span class=\"_ _240\"> </span>(2<span class=\"_ _3\"></span>1.13 <span class=\"_ _7\"></span>)<span class=\"_ _a\"></span>p<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff70 fsd fc1 sc0 ls21 ws55 gs2aa\">The w<span class=\"_ _2\"></span>eighted av<span class=\"_ _2\"></span>erage number of ordinary shares in respect <span class=\"_ _2\"></span>of the <span class=\"_ _a\"></span>year ended 3<span class=\"_ _a\"></span>1 December 2023 is based upon 1<span class=\"_ _a\"></span>50,849,587 shares. No shares were held <span class=\"_ _19\"></span><span class=\"ls2 ws2\"> </span></div><div class=\"t m0 h10 ff70 fsd fc1 sc0 ls2 ws2 gs2ab\">in treasury<span class=\"_ _a\"></span>.<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff70 fsd fc1 sc0 ls2 ws23 gs2ac\">There w<span class=\"_ _2\"></span>ere 1<span class=\"_ _7\"></span>,537<span class=\"_ _31\"></span>,582 share options <span class=\"_ _2\"></span>outstanding at 3<span class=\"_ _2\"></span>1 December 2023 (2022: 1<span class=\"_ _7\"></span>,81<span class=\"_ _0\"></span>5,60<span class=\"_ _2\"></span>1<span class=\"_ _a\"></span>). A<span class=\"_ _2\"></span>ccordingly<span class=\"_ _a\"></span>, there is dilution of the av<span class=\"_ _2\"></span>erage number of <span class=\"_ _2\"></span>ordinary shares in </div><div class=\"t m0 h10 ff70 fsd fc1 sc0 ls2 ws2 gs2ad\">issue in respect of 2022 and 2023.</div><div class=\"t m0 h11 ff6f fsd fc2 sc0 ls2 ws46 gs646\"> <span class=\"_ _d\"></span><span class=\"_ _d\"></span><span class=\"_ _d\"> </span>I<span class=\"_ _3\"></span>4 Contingencies<span class=\"_ _421\"> </span></div><div class=\"t m0 h11 ff6f fsd fc1 sc0 ls2 ws2 gs647\">P<span class=\"_ _2\"></span>ast sales<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff70 fsd fc1 sc0 ls18 ws3e gs2e0\">The group has made pro<span class=\"_ _2\"></span>vision for the <span class=\"_ _2\"></span>estimated cost of settling complaints in respect of past sales <span class=\"_ _2\"></span>of endo<span class=\"_ _2\"></span>wment mortgages. Although the provisions are regularly </div><div class=\"t m0 h10 ff70 fsd fc1 sc0 ls2 wsd5 gs2e1\">revie<span class=\"_ _2\"></span>wed, the final <span class=\"_ _2\"></span>outcome could be different from the pro<span class=\"_ _2\"></span>visions established as these costs cannot be calculated with certainty and are influenced b<span class=\"_ _2\"></span>y external </div><div class=\"t m0 h10 ff70 fsd fc1 sc0 ls0 ws22 gs2e2\">factors be<span class=\"_ _2\"></span>yond the control <span class=\"_ _2\"></span>of management, including future regulatory actions. In the UK division \u00a32.5m is held in respect of non-pension mis-selling, of which </div><div class=\"t m0 h10 ff70 fsd fc1 sc0 ls2 ws2 gs648\">\u00a31<span class=\"_ _7\"></span>.8m is expected to be recov<span class=\"_ _2\"></span>erable under a pecuniary loss cov<span class=\"_ _2\"></span>er with Allianz. No complaints reserv<span class=\"_ _2\"></span>es are held in Mov<span class=\"_ _2\"></span>estic, Scildon <span class=\"_ _2\"></span>or the <span class=\"_ _0\"></span>W<span class=\"_ _2\"></span>aard Group.</div><div class=\"t m0 h11 ff6f fsd fc2 sc0 ls2 ws2 gs649\"> <span class=\"_ _3d\"> </span>I<span class=\"_ _3\"></span>5 <span class=\"_ _3\"></span>Capital commitments<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff70 fsd fc1 sc0 ls2 ws2 gs2e5\">There w<span class=\"_ _2\"></span>ere no capital commitments as at 31 December 2023 or as at 31 December 2022<span class=\"_ _421\"> </span>.</div><div class=\"t m0 h11 ff6f fsd fc2 sc0 ls2 ws2 gs64a\"> <span class=\"_ _3d\"> </span>I<span class=\"_ _3\"></span>6 <span class=\"_ _3\"></span>Related parties</div><div class=\"t m0 h11 ff6f fsd fc1 sc0 ls2 ws2 gs64b\">  (a) <span class=\"_ _3\"></span>Identity of related par<span class=\"_ _2\"></span>ties<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff70 fsd fc1 sc0 ls2 ws2 gs2e7\">The shares <span class=\"_ _2\"></span>of the company w<span class=\"_ _2\"></span>ere widely held and no single shareholder ex<span class=\"_ _2\"></span>ercised significant influence or control <span class=\"_ _2\"></span>ov<span class=\"_ _2\"></span>er the company<span class=\"_ _a\"></span>.<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff70 fsd fc1 sc0 ls2 ws2 gs2e8\">The compan<span class=\"_ _2\"></span>y has related party relationships with:<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff70 fsd fc1 sc0 ls2 ws2 gs2e9\">(i) <span class=\"_ _79\"> </span>key management personnel who comprise the directors (including non-ex<span class=\"_ _2\"></span>ecutive directors) <span class=\"_ _2\"></span>of the company;<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff70 fsd fc1 sc0 ls2 ws2 gs64c\">(ii) <span class=\"_ _10\"> </span>its subsidiary companies;<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff70 fsd fc1 sc0 ls2 ws2 gs64d\">(iii)  other companies o<span class=\"_ _2\"></span>ver which the directors ha<span class=\"_ _2\"></span>ve significant influence; and<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff70 fsd fc1 sc0 ls2 ws2 gs64e\">(iv) <span class=\"_ _e\"> </span>transactions with persons related to k<span class=\"_ _2\"></span>ey management personne<span class=\"_ _421\"> </span>l.<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff6d fs1 fc1 sc0 lseb wsfb gs223\">250<span class=\"_ _18\"> </span><span class=\"ff67 ls3 ws2\">CH<span class=\"_ _3\"></span>ESN<span class=\"_ _3\"></span>AR<span class=\"_ _3\"></span>A ANNUAL R<span class=\"_ _3\"></span>EPORT A<span class=\"_ _3\"></span>ND ACCO<span class=\"_ _3\"></span>UNT<span class=\"_ _3\"></span>S 20<span class=\"_ _2\"></span>23<span class=\"_ _421\"> </span></span></div>IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS <span class=\"_ _e\"> </span><span class=\"fc1\">(b) <span class=\"_ _3\"></span>Related party tr<span class=\"_ _2\"></span>ansactions<span class=\"_ _421\"> </span></span>(<span class=\"_ _421\"> </span>i) <span class=\"_ _0\"></span>T<span class=\"_ _0\"></span>ransactions with ke<span class=\"_ _2\"></span>y management personnel.<span class=\"_ _421\"> </span>Ke<span class=\"_ _2\"></span>y management personnel comprise of the directors of the compan<span class=\"_ _2\"></span>y<span class=\"_ _a\"></span>. <span class=\"_ _0\"></span>This is <span class=\"_ _2\"></span>on the basis that the group\u2019<span class=\"_ _a\"></span>s gov<span class=\"_ _2\"></span>ernance map requires all strategically significant decisions to be approv<span class=\"_ _2\"></span>ed by the group board. <span class=\"_ _2\"></span>As such, they ha<span class=\"_ _2\"></span>ve the authority and responsibility f<span class=\"_ _2\"></span>or planning<span class=\"_ _3\"></span>, directing and controlling the activities of the group. Ke<span class=\"_ _2\"></span>y management compensation is as follo<span class=\"_ _2\"></span>ws: <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14b\"> </span>20<span class=\"_ _2\"></span>23  <span class=\"_ _14b\"> </span>2022 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Short-term <span class=\"_ _3\"></span>employee <span class=\"_ _3\"></span>benefits <span class=\"_ _163\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _96\"> </span>2.1  <span class=\"_ _56\"> </span>1.2<span class=\"_ _421\"> </span>Post-employment <span class=\"_ _3\"></span>benefits <span class=\"_ _201\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _20b\"> </span>0.1  <span class=\"_ _5a\"> </span>0.1<span class=\"_ _421\"> </span>Share-based <span class=\"_ _3\"></span>payments <span class=\"_ _1a\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _10e\"> </span>0.6  <span class=\"_ _fe\"> </span>0.8<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _179\"> </span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8  <span class=\"_ _94\"> </span>2<span class=\"_ _3\"></span>.1<span class=\"_ _421\"> </span>The share-based pa<span class=\"_ _2\"></span>yments charge comprises \u00a30.3m (2022: \u00a30.3m) of <span class=\"_ _a\"></span>Short-T<span class=\"_ _0\"></span>erm Incentive Scheme <span class=\"_ _2\"></span>(STIS), and \u00a30.2m (2022: \u00a30.2m) related to Long-T<span class=\"_ _7\"></span>erm Incentive Plan (L<span class=\"_ _0\"></span>TIP), which is determined in accordance with IFRS 2 \u2018Share-based Pa<span class=\"_ _2\"></span>yment\u2019<span class=\"_ _0\"></span>. F<span class=\"_ _a\"></span>urther details on the share-based payment are disclosed in Note I2.<span class=\"_ _421\"> </span>In addition to their salaries the company also pro<span class=\"_ _2\"></span>vides non-cash benefits to directors and contributes to a post-employment defined contribution pension plan on<span class=\"_ _2\"></span> their behalf<span class=\"_ _a\"></span>, or where regulatory contribution limits are reached, pay an equiv<span class=\"_ _2\"></span>alent amount as an addition to base salary<span class=\"_ _a\"></span>.<span class=\"_ _421\"> </span>The f<span class=\"_ _2\"></span>ollowing amounts w<span class=\"_ _2\"></span>ere payable to directors in respect <span class=\"_ _2\"></span>of bonuses and incentives: <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14b\"> </span>20<span class=\"_ _2\"></span>23  <span class=\"_ _14b\"> </span>2022 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>An<span class=\"_ _3\"></span>nual b<span class=\"_ _3\"></span>onus s<span class=\"_ _3\"></span>che<span class=\"_ _3\"></span>me (i<span class=\"_ _3\"></span>nclu<span class=\"_ _3\"></span>ded i<span class=\"_ _3\"></span>n the sh<span class=\"_ _3\"></span>or<span class=\"_ _3\"></span>t-te<span class=\"_ _3\"></span>rm empl<span class=\"_ _3\"></span>oyee b<span class=\"_ _3\"></span>ene<span class=\"_ _3\"></span>fit<span class=\"_ _3\"></span>s above) <span class=\"_ _112\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _8f\"> </span>0<span class=\"_ _3\"></span>.7 <span class=\"_ _0\"></span> <span class=\"_ _12e\"> </span>0.<span class=\"_ _4\"></span>5<span class=\"_ _421\"> </span>These amounts ha<span class=\"_ _2\"></span>ve been included in <span class=\"_ _2\"></span>Accrued Expenses as disclosed in Note G6. <span class=\"_ _7\"></span>The amounts pay<span class=\"_ _2\"></span>able under the annual bonus scheme were pay<span class=\"_ _2\"></span>able within <span class=\"_ _19\"></span><span class=\"ls2 ws2\"> </span>1 <span class=\"_ _a\"></span>year<span class=\"_ _a\"></span>. <span class=\"_ _0\"></span>The terms and conditions attached to the annual bonus scheme can be f<span class=\"_ _2\"></span>ound in the Remuneration section of the Corporate Go<span class=\"_ _2\"></span>vernance section <span class=\"_ _2\"></span>of the Annual Report and <span class=\"_ _2\"></span>Accounts.<span class=\"_ _421\"> </span>(ii) <span class=\"_ _0\"></span>T<span class=\"_ _0\"></span>ransactions with subsidiaries<span class=\"_ _421\"> </span>The compan<span class=\"_ _2\"></span>y undertakes centralised administration functions, the costs <span class=\"_ _2\"></span>of which it charges back to its operating subsidiaries. <span class=\"_ _0\"></span>The f<span class=\"_ _2\"></span>ollowing amounts which eff<span class=\"_ _2\"></span>ectively comprised a reco<span class=\"_ _2\"></span>very of <span class=\"_ _2\"></span>expenses at no mark-up w<span class=\"_ _2\"></span>ere credited to the Statement <span class=\"_ _2\"></span>of Comprehensive Income <span class=\"_ _2\"></span>of the company f<span class=\"_ _2\"></span>or the respective periods:<span class=\"_ _421\"> </span>Y<span class=\"_ _2\"></span>ear ended<span class=\"_ _2\"></span> 31 December <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14b\"> </span>2023  <span class=\"_ _14b\"> </span>20<span class=\"_ _2\"></span>22 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Re<span class=\"_ _3\"></span>cover<span class=\"_ _3\"></span>y <span class=\"_ _4\"></span>of <span class=\"_ _3\"></span>ex<span class=\"_ _3\"></span>pen<span class=\"_ _3\"></span>ses <span class=\"_ _dd\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _179\"> </span>5<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4  <span class=\"_ _12e\"> </span>4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8<span class=\"_ _421\"> </span>(iii) <span class=\"_ _0\"></span>T<span class=\"_ _0\"></span>ransactions between subsidiaries<span class=\"_ _421\"> </span>In the Netherlands, <span class=\"_ _2\"></span>Scildon owns a commercial property that has been <span class=\"_ _2\"></span>occupied by its f<span class=\"_ _a\"></span>ellow Dutch subsidiary <span class=\"_ _0\"></span>W<span class=\"_ _2\"></span>aard since October 2022. <span class=\"_ _0\"></span>The follo<span class=\"_ _2\"></span>wing amounts of rental income were receiv<span class=\"_ _2\"></span>ed from <span class=\"_ _0\"></span>Waard b<span class=\"_ _2\"></span>y <span class=\"_ _2\"></span>Scildon during the respective periods:<span class=\"_ _421\"> </span>Y<span class=\"_ _2\"></span>ear ended<span class=\"_ _2\"></span> 31 December <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14b\"> </span>2023  <span class=\"_ _14b\"> </span>20<span class=\"_ _2\"></span>22 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Ren<span class=\"_ _3\"></span>tal <span class=\"_ _4\"></span>inco<span class=\"_ _3\"></span>me <span class=\"_ _1eb\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b1\"> </span>0<span class=\"_ _3\"></span>.1  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span>(iv) <span class=\"_ _0\"></span>T<span class=\"_ _0\"></span>ransactions with persons related to ke<span class=\"_ _2\"></span>y management personnel<span class=\"_ _421\"> </span>During the <span class=\"_ _a\"></span>year<span class=\"_ _a\"></span>, there were no transactions with persons related to k<span class=\"_ _2\"></span>ey management personnel (31 December 2022: \u00a3Nil).<span class=\"_ _421\"> </span><span class=\"ff65 ls3 ws2\">CHES<span class=\"_ _277\"></span>NAR<span class=\"_ _277\"></span>A<span class=\"_ _278\"></span>AN<span class=\"_ _277\"></span>NUAL<span class=\"_ _379\"></span>REPO<span class=\"_ _277\"></span>RT<span class=\"_ _27f\"></span>AND<span class=\"_ _3b0\"></span>ACCOUNT<span class=\"_ _27a\"></span>S<span class=\"_ _27b\"></span>20<span class=\"_ _2b5\"></span>23</span><span class=\"_ _3e1\"></span><span class=\"_ _421\"> </span>251<span class=\"_ _421\"> </span><div class=\"t m0 h4 ff67 fs2 fc1 sc0 lsc3 ws82 gs93\">IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS<span class=\"_ _421\"> </span></div><div class=\"t m0 h9 ff68 fs8 fc2 sc0 ls18f ws2 gs94\">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<span class=\"_ _421\"> </span></div><div class=\"t m0 hf ff61 fsc fc2 sc0 ls37 ws2 gs95\">SECTION I \u2013 ADDITIONAL DISCLOSURES</div><div class=\"t m0 h11 ff63 fsd fc2 sc0 ls2 ws2 gs96\"> <span class=\"_ _79\"> </span>I7 <span class=\"_ _3\"></span>Group entities<span class=\"_ _421\"> </span></div><div class=\"t m0 h11 ff63 fsd fc1 sc0 ls2 ws2 gs97\">Control of the gr<span class=\"_ _2\"></span>oup<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls6d ws2 gs98\">The issued share capital <span class=\"_ _2\"></span>of Chesnara plc, the group parent company<span class=\"_ _0\"></span>, is widely held, with no single party able to control 20% or more of such capital <span class=\"_ _2\"></span>or of the </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs19e\">rights which such o<span class=\"_ _2\"></span>wnership conf<span class=\"_ _2\"></span>ers.<span class=\"_ _421\"> </span></div><div class=\"t m0 h11 ff63 fsd fc1 sc0 ls2 ws2 gs1a0\">Group subsidiary companies</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lsd9 ws1bc gs650\"> <span class=\"_ _fd\"> </span>Countr<span class=\"_ _3\"></span>y of <span class=\"_ _10f\"> </span>O<span class=\"_ _3\"></span>wnership interest <span class=\"_ _2d\"> </span>Owne<span class=\"_ _3\"></span>rship interest <span class=\"_ _2d\"> </span>Functional<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls190 wsc7 gs651\">Name <span class=\"_ _252\"> </span>incorporati<span class=\"_ _2\"></span>on <span class=\"_ _1c0\"> </span>31 December 202<span class=\"_ _3\"></span>3 <span class=\"_ _179\"> </span>31 December 202<span class=\"_ _3\"></span>2 <span class=\"_ _179\"> </span>Currency<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws2 gs652\">Countrywide Assured plc <span class=\"_ _106\"> </span>United Kingdom <span class=\"_ _5d\"> </span>1<span class=\"_ _3\"></span>00% of all share capital (1) <span class=\"_ _93\"> </span>100% of all share capital (1) <span class=\"_ _1f9\"> </span>Sterling<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws2 gs653\">Countrywide Assured Lif<span class=\"_ _2\"></span>e Holdings Limited <span class=\"_ _3f\"> </span>United Kingdom <span class=\"_ _bf\"> </span>100% of all share capital <span class=\"_ _7c\"> </span>100% of all share capital <span class=\"_ _7c\"> </span>Sterling<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws2 gs654\">Countrywide Assured Services Limit<span class=\"_ _2\"></span>ed <span class=\"_ _97\"> </span>United Kingdom <span class=\"_ _5d\"> </span>100% of all share capital (1) <span class=\"_ _93\"> </span>1<span class=\"_ _3\"></span>00% of all share capital (1) <span class=\"_ _93\"> </span>Sterling<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws2 gs655\">C<span class=\"_ _2\"></span>ount<span class=\"_ _2\"></span>rywi<span class=\"_ _2\"></span>de A<span class=\"_ _2\"></span>ssu<span class=\"_ _2\"></span>red<span class=\"_ _2\"></span> T<span class=\"_ _2\"></span>rust<span class=\"_ _a\"></span>ee C<span class=\"_ _2\"></span>omp<span class=\"_ _2\"></span>any<span class=\"_ _2\"></span> Li<span class=\"_ _2\"></span>mit<span class=\"_ _2\"></span>ed <span class=\"_ _7d\"> </span>United Kingdom <span class=\"_ _5d\"> </span>1<span class=\"_ _3\"></span>00% of all shar<span class=\"_ _2\"></span>e capital (1) <span class=\"_ _1f9\"> </span>100% of all share capital (1) <span class=\"_ _93\"> </span>Sterling<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lsd9 ws1bc gs656\">Regis<span class=\"_ _3\"></span>tered address<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 ls4b ws2 gs657\">2nd Floor, <span class=\"_ _4\"></span>Building 4<span class=\"_ _3\"></span>, W<span class=\"_ _2\"></span>est Strand Business Park, <span class=\"ls2\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 ls4b ws2 gs658\">W<span class=\"_ _2\"></span>est Strand Road, Prest<span class=\"_ _2\"></span>on, Lancashire PR1 8UY<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 ls2 ws2 gs659\">CASLP Limit<span class=\"_ _2\"></span>ed <span class=\"_ _216\"> </span>United Kingdom <span class=\"_ _1c6\"> </span>100% of all share capital <span class=\"_ _14f\"> </span>100% of all share capital <span class=\"_ _76\"> </span>Sterling<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 ls2 ws2 gs65a\">CASFS Limit<span class=\"_ _2\"></span>ed <span class=\"_ _111\"> </span>United Kingdom <span class=\"_ _1c6\"> </span>100% of all share capital (2) <span class=\"_ _1e3\"> </span>100% of all share capital (2) <span class=\"_ _93\"> </span>Sterling<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 ls2 ws2 gs65b\">CASLP<span class=\"_ _2\"></span>TS Limited <span class=\"_ _d6\"> </span>United Kingdom <span class=\"_ _1c6\"> </span>100% of all share capital (2) <span class=\"_ _1e3\"> </span>100% of all share capital (2) <span class=\"_ _93\"> </span>Sterling<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls192 ws1bc gs65c\">Regis<span class=\"_ _3\"></span>tered address<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 ls4b ws2 gs65d\">Third Floor, One T<span class=\"_ _a\"></span>emple Quay, 1 T<span class=\"_ _a\"></span>emple Back East, <span class=\"ls2\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 ls2 ws2 gs65e\">Bristol, England, BS1 6D<span class=\"_ _2\"></span>Z<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws2 gs65f\">Movestic Livf<span class=\"_ _2\"></span>\u00f6rs\u00e4kring AB <span class=\"_ _239\"> </span>Sweden <span class=\"_ _1d0\"> </span>1<span class=\"_ _3\"></span>00% of all shar<span class=\"_ _2\"></span>e capital <span class=\"_ _3b\"> </span>100% of all share capital <span class=\"_ _7c\"> </span>Swedish kr<span class=\"_ _2\"></span>ona<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws2 gs660\">Movestic F<span class=\"_ _2\"></span>onder AB <span class=\"_ _ee\"> </span>Sweden <span class=\"_ _1d0\"> </span>1<span class=\"_ _3\"></span>00% of all share capital (3) <span class=\"_ _1c7\"> </span>100% of all share capital (3) <span class=\"_ _1c7\"> </span>Swedish kr<span class=\"_ _2\"></span>ona<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lsd9 ws1bc gs661\">Regis<span class=\"_ _3\"></span>tered address<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws2 gs662\">Box 7<span class=\"_ _2\"></span>853, S<span class=\"_ _4\"></span>-103 99 St<span class=\"_ _2\"></span>ockholm, Sweden<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 ls2 ws2 gs663\">Movestic F<span class=\"_ _2\"></span>und Management S.<span class=\"_ _3\"></span>A<span class=\"_ _3\"></span>. (6) <span class=\"_ _a4\"> </span>Luxembourg <span class=\"_ _7b\"> </span>\u2013 <span class=\"_ _100\"> </span>\u2013 <span class=\"_ _253\"> </span>Swedish kr<span class=\"_ _2\"></span>ona </div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls192 ws1bc gs664\">Regis<span class=\"_ _3\"></span>tered address<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 ls2 ws2 gs665\">12 Rue Gabriel Lippmann, L-5365 Munsbach,  </div><div class=\"t m0 h3 ff60 fs1 fcb sc0 ls2 ws2 gs666\">Luxembour<span class=\"_ _2\"></span>g<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 ls2 ws2 gs667\">Chesnara Holdings B.<span class=\"_ _2\"></span>V. <span class=\"_ _17b\"> </span>Neth<span class=\"_ _3\"></span>erlands <span class=\"_ _5b\"> </span>100% of all share capital (4) <span class=\"_ _f6\"> </span>100% of all share capital (4) <span class=\"_ _1fc\"> </span>Euro<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 ls2 ws2 gs668\">W<span class=\"_ _2\"></span>aard Lev<span class=\"_ _2\"></span>en N.V<span class=\"_ _a\"></span>. <span class=\"_ _d6\"> </span>Netherlands <span class=\"_ _114\"> </span>100% of all share capital <span class=\"_ _76\"> </span>100% of all share capital <span class=\"_ _14f\"> </span>Euro<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 ls2 ws2 gs669\">W<span class=\"_ _2\"></span>aard Schade N.<span class=\"_ _2\"></span>V<span class=\"_ _2\"></span>. <span class=\"_ _177\"> </span>Netherlands <span class=\"_ _114\"> </span>100% of all share capital <span class=\"_ _14f\"> </span>100% of all share capital <span class=\"_ _76\"> </span>Euro<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 ls2 ws2 gs66a\">W<span class=\"_ _2\"></span>aard V<span class=\"_ _a\"></span>erzekeringen B.<span class=\"_ _2\"></span>V. <span class=\"_ _122\"> </span>Netherlands <span class=\"_ _14e\"> </span>100% of all share capital (5) <span class=\"_ _1e3\"> </span>100% of all share capital (5) <span class=\"_ _1e3\"> </span>Euro<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 ls2 ws2 gs66b\">Robein Leven N.<span class=\"_ _a\"></span>V. <span class=\"_ _d1\"> </span>Netherlands <span class=\"_ _114\"> </span>100% of all share capital (5) <span class=\"_ _93\"> </span>100% of all share capital (5) <span class=\"_ _1e3\"> </span>Euro<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 ls2 ws2 gs66c\">Robein Effectendienstv<span class=\"_ _2\"></span>eriening N.V<span class=\"_ _a\"></span>. <span class=\"_ _3a\"> </span>Netherlands <span class=\"_ _114\"> </span>100% of all share capital (5) <span class=\"_ _93\"> </span>100% of all share capital (5) <span class=\"_ _1e3\"> </span>Euro<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lsd9 ws1bc gs66d\">Regis<span class=\"_ _3\"></span>tered address<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws2 gs66e\">Geert Scholtenslaan II 1687 CL W<span class=\"_ _2\"></span>ognum, <span class=\"ls2\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsfb gs66f\">Netherlands<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws2 gs670\">Scildon N.<span class=\"_ _2\"></span>V <span class=\"_ _1a2\"> </span>Netherlands <span class=\"_ _5b\"> </span>100% of all share capital <span class=\"_ _7c\"> </span>100% of all share capital <span class=\"_ _7c\"> </span>Euro<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lsd9 ws1bc gs671\">Regis<span class=\"_ _3\"></span>tered address<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws2 gs672\">Laapersveld 68 Hilv<span class=\"_ _2\"></span>ersum, Netherlands<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs673\">(1) <span class=\"_ _74\"> </span>Held indirectly through Countrywide Assured Lif<span class=\"_ _a\"></span>e Holdings Limited.<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs674\">(2) <span class=\"_ _74\"> </span>Held indirectly through CASLP Limited.<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs675\">(3) <span class=\"_ _74\"> </span>Held indirectly through Movestic Livf<span class=\"_ _2\"></span>\u00f6rs\u00e4kring AB<span class=\"_ _2\"></span>.<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs676\">(4) <span class=\"_ _74\"> </span>Company formed <span class=\"_ _2\"></span>on 25 Nov<span class=\"_ _2\"></span>ember 20<span class=\"_ _a\"></span>14. </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs677\">(5) <span class=\"_ _74\"> </span>Held indirectly through <span class=\"_ _0\"></span>Waard L<span class=\"_ _2\"></span>even N.V<span class=\"_ _7\"></span>.<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs678\">(6) <span class=\"_ _74\"> </span>Company formed in March 20<span class=\"_ _0\"></span>1<span class=\"_ _2\"></span>7<span class=\"_ _31\"></span>. It was liquidated <span class=\"_ _2\"></span>on 5 September 2022.<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff62 fs1 fc1 sc0 ls2 ws2 gsc0\">252<span class=\"_ _14c\"> </span><span class=\"ff67 ls3\">CHE<span class=\"_ _3\"></span>SNA<span class=\"_ _3\"></span>RA A<span class=\"_ _3\"></span>NNUAL REP<span class=\"_ _3\"></span>ORT AN<span class=\"_ _3\"></span>D ACCOUN<span class=\"_ _3\"></span>TS 2023</span></div> <span class=\"_ _79\"> </span>I8 <span class=\"_ _3\"></span>Business combination and portf<span class=\"_ _2\"></span>olio acquisition<span class=\"_ _421\"> </span>Conserv<span class=\"_ _2\"></span>atr<span class=\"_ _2\"></span>ix<span class=\"_ _421\"> </span>On 22 July 2022, Chesnara announced the acquisition <span class=\"_ _2\"></span>of the insurance portfolio of Nederlandsche <span class=\"_ _2\"></span>Algemeene Maatschappij van L<span class=\"_ _2\"></span>ev<span class=\"_ _2\"></span>ensverz<span class=\"_ _2\"></span>ekering \u2018Conservatrix\u2019 N.V<span class=\"_ _0\"></span>. (\u2018Conserv<span class=\"_ _2\"></span>atrix\u2019), a specialist provider of lif<span class=\"_ _a\"></span>e insurance products in the Netherlands that was declared bankrupt <span class=\"_ _2\"></span>on 8 December 2020. <span class=\"_ _0\"></span>The acquisition was completed on 1 J<span class=\"_ _2\"></span>anuary 2023, follo<span class=\"_ _2\"></span>wing Court and Regulatory approv<span class=\"_ _2\"></span>als.<span class=\"_ _421\"> </span>The acquisition w<span class=\"_ _2\"></span>as eff<span class=\"_ _a\"></span>ected through the transfer of the insurance portf<span class=\"_ _2\"></span>olio (together with other assets and liabilities as set <span class=\"_ _2\"></span>out in the table below) into <span class=\"_ _0\"></span>W<span class=\"_ _2\"></span>aard Le<span class=\"_ _2\"></span>ven N.V<span class=\"_ _7\"></span>., Chesnara\u2019<span class=\"_ _a\"></span>s Dutch closed-book subsidiary<span class=\"_ _a\"></span>. In order to support the solvency position <span class=\"_ _2\"></span>of the Conservatrix insurance portfolio, a capital contribution <span class=\"_ _2\"></span>of \u00a335m was pro<span class=\"_ _2\"></span>vided by Chesnara, consisting <span class=\"_ _2\"></span>of a \u00a32<span class=\"_ _2\"></span>1<span class=\"_ _0\"></span>.4m contribution from Chesnara and \u00a31<span class=\"_ _a\"></span>4m of e<span class=\"_ _2\"></span>xisting <span class=\"_ _0\"></span>Waard resources. <span class=\"_ _7\"></span>The cash consideration for the acquisition was \u20ac1<span class=\"_ _7\"></span>.<span class=\"_ _421\"> </span>The acquisition is classed as a Business Combination under IFR<span class=\"_ _2\"></span>S 3 and the fair value <span class=\"_ _2\"></span>of the assets and liabilities recognised on 1 J<span class=\"_ _2\"></span>anuary 2023 are as follo<span class=\"_ _2\"></span>ws: <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _17d\"> </span>Fai<span class=\"_ _3\"></span>r <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>alu<span class=\"_ _3\"></span>e <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Asset<span class=\"_ _3\"></span>s<span class=\"_ _421\"> </span>Financial <span class=\"_ _3\"></span>investments <span class=\"_ _1a8\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _28\"> </span>366.9<span class=\"_ _421\"> </span>Other <span class=\"_ _3\"></span>assets <span class=\"_ _1a9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _56\"> </span>1.3<span class=\"_ _421\"> </span>Deferred tax <span class=\"_ _4\"></span>asset <span class=\"_ _ab\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14e\"> </span>36.5<span class=\"_ _421\"> </span>Cash <span class=\"_ _f3\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5b\"> </span>30.8<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ss<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>s <span class=\"_ _1ab\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _a3\"> </span>4<span class=\"_ _3\"></span>35<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5<span class=\"_ _421\"> </span>Liabilities<span class=\"_ _421\"> </span>Insurance <span class=\"_ _3\"></span>contracts <span class=\"_ _ba\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _28\"> </span>346.<span class=\"_ _3\"></span>2<span class=\"_ _421\"> </span>Other <span class=\"_ _3\"></span>provisions <span class=\"_ _1ac\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>12.6<span class=\"_ _421\"> </span>Investment <span class=\"_ _3\"></span>contracts <span class=\"_ _1c5\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5b\"> </span>70<span class=\"_ _2\"></span>.0<span class=\"_ _421\"> </span>T<span class=\"_ _a\"></span>o<span class=\"_ _3\"></span>tal <span class=\"_ _3\"></span>liabilities <span class=\"_ _1b2\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _2a\"> </span>42<span class=\"_ _3\"></span>8.<span class=\"_ _3\"></span>8<span class=\"_ _421\"> </span>Fair <span class=\"_ _4\"></span>val<span class=\"_ _3\"></span>ue <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>f <span class=\"_ _4\"></span>net <span class=\"_ _4\"></span>as<span class=\"_ _3\"></span>set<span class=\"_ _3\"></span>s <span class=\"_ _251\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _10f\"> </span>6<span class=\"_ _3\"></span>.7<span class=\"_ _421\"> </span>Ne<span class=\"_ _3\"></span>t <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>sse<span class=\"_ _3\"></span>ts <span class=\"_ _4\"></span>ac<span class=\"_ _3\"></span>quir<span class=\"_ _3\"></span>ed <span class=\"_ _111\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _10f\"> </span>6<span class=\"_ _3\"></span>.7<span class=\"_ _421\"> </span>T<span class=\"_ _a\"></span>o<span class=\"_ _3\"></span>tal <span class=\"_ _3\"></span>consideration <span class=\"_ _4\"></span>paid <span class=\"_ _df\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _b4\"> </span>\u2013<span class=\"_ _421\"> </span>Profit arising on busines<span class=\"_ _3\"></span>s combination and portfo<span class=\"_ _3\"></span>lio acquisitions <span class=\"_ _93\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _179\"> </span>6<span class=\"_ _3\"></span>.<span class=\"_ _2\"></span>7<span class=\"_ _421\"> </span>A profit of \u00a36.<span class=\"_ _0\"></span>7m has been recognised on acquisition. <span class=\"_ _0\"></span>This has been recorded as a \u2018P<span class=\"_ _2\"></span>rofit arising on business combinations and portfolio acquisitions<span class=\"_ _a\"></span>\u2019 on the face of the statement of comprehensiv<span class=\"_ _2\"></span>e income. <span class=\"_ _0\"></span>This da<span class=\"_ _2\"></span>y one gain has arisen as by applying the pricing model that w<span class=\"_ _2\"></span>e generally adopt, we <span class=\"_ _2\"></span>offered a purchase price<span class=\"_ _2\"></span> which was at a discount to <span class=\"_ _2\"></span>our o<span class=\"_ _2\"></span>wn assessment of the value <span class=\"_ _2\"></span>of the net assets to be acquired.<span class=\"_ _421\"> </span>The CSM <span class=\"_ _2\"></span>on acquisition has been calculated as the difference betw<span class=\"_ _2\"></span>een the fair v<span class=\"_ _2\"></span>alue of the insurance liabilities and the fulfilment cash flows. <span class=\"_ _7\"></span>This has resulted in a CSM of \u00a346.2m being recognised as at 1 J<span class=\"_ _2\"></span>anuary 2023. <span class=\"_ _0\"></span>This amount f<span class=\"_ _2\"></span>orms part of the CSM value f<span class=\"_ _2\"></span>or \u2018Contracts initially recognised in the <span class=\"_ _a\"></span>year\u2019 in Note F2(ii) and is included in the \u2018insurance contracts<span class=\"_ _2\"></span>\u2019 balance within the table above.<span class=\"_ _421\"> </span>The group determined that a significant number <span class=\"_ _2\"></span>of the contracts acquired did not have an<span class=\"_ _2\"></span>y significant insurance risk at the acquisition date and hav<span class=\"_ _2\"></span>e therefore been classed as inv<span class=\"_ _2\"></span>estment contracts, to be accounted for under IFR<span class=\"_ _2\"></span>S 9.<span class=\"_ _421\"> </span>The assets and liabilities acquired are included within the respectiv<span class=\"_ _2\"></span>e line items on the face <span class=\"_ _2\"></span>of the cash flow statement.<span class=\"_ _421\"> </span>The results <span class=\"_ _2\"></span>of Conservatrix ha<span class=\"_ _2\"></span>ve been included in the Consolidated Financial <span class=\"_ _2\"></span>Statements of the group with <span class=\"_ _2\"></span>effect from 1 J<span class=\"_ _2\"></span>anuary 2023, within <span class=\"_ _0\"></span>W<span class=\"_ _2\"></span>aard Group.<span class=\"_ _421\"> </span>Canada Lif<span class=\"_ _2\"></span>e<span class=\"_ _421\"> </span>On 1<span class=\"_ _2\"></span>6 May 2023, Chesnara announced it had reached an agreement to acquire the <span class=\"_ _2\"></span>onshore UK individual protection business of Canada Lif<span class=\"_ _a\"></span>e Limited, represent<span class=\"_ _3\"></span>ing approximately 47<span class=\"_ _31\"></span>,000 life insurance and critical illness policies. <span class=\"_ _0\"></span>T<span class=\"_ _2\"></span>he transaction is initially in the form of a reinsurance agreement with the liabilities 1<span class=\"_ _0\"></span>0<span class=\"_ _3\"></span>0% ceded by Canada Lif<span class=\"_ _2\"></span>e Limited and accepted by CA, with the eff<span class=\"_ _a\"></span>ective date being 1 January 2023. F<span class=\"_ _a\"></span>rom this date all risks and rew<span class=\"_ _2\"></span>ards relating to the policies were transf<span class=\"_ _2\"></span>erred to CA along with the economic benefit <span class=\"_ _2\"></span>of those risks and rewards.<span class=\"_ _421\"> </span>The initial commission paid b<span class=\"_ _2\"></span>y CA to Canada Lif<span class=\"_ _2\"></span>e Limited for this reinsurance inw<span class=\"_ _2\"></span>ards transaction was \u00a39.0m and w<span class=\"_ _2\"></span>as funded from internal group resources. <span class=\"_ _0\"></span>The CSM on initial recognition has been calculated as \u00a31<span class=\"_ _0\"></span>1<span class=\"_ _7\"></span>.0m as at 1 January 2023.<span class=\"_ _421\"> </span>Customers<span class=\"_ _2\"></span>\u2019 policies are e<span class=\"_ _2\"></span>xpected to transfer to CA in the future via a P<span class=\"_ _a\"></span>art <span class=\"_ _2\"></span>VII transf<span class=\"_ _2\"></span>er<span class=\"_ _a\"></span>, following Court appro<span class=\"_ _2\"></span>val. <span class=\"_ _3d\"> </span>I<span class=\"_ _3\"></span>9 <span class=\"_ _3\"></span>Post balance sheet ev<span class=\"_ _2\"></span>ent<span class=\"_ _421\"> </span>The directors are not a<span class=\"_ _2\"></span>ware <span class=\"_ _2\"></span>of any significant post balance sheet e<span class=\"_ _2\"></span>vents that require disclosure in the financial statements",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory",
    "language": "en",
    "entity": "scheme:213800VFRMBRTSZ3SJ06",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-444": {
   "value": "A<span class=\"_ _2\"></span>1 <span class=\"_ _4\"></span>General inf<span class=\"_ _2\"></span>ormation<span class=\"_ _421\"> </span>Chesnara plc (Registered number 4947<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>66) (the company) is a limited liability compan<span class=\"_ _2\"></span>y<span class=\"_ _a\"></span>, incorporated in the United Kingdom and registered in England and W<span class=\"_ _2\"></span>ales. <span class=\"_ _0\"></span>The compan<span class=\"_ _2\"></span>y is limited by shares and has a primary listing on the L<span class=\"_ _2\"></span>ondon <span class=\"_ _2\"></span>Stock Exchange. <span class=\"_ _7\"></span>The address of the registered office <span class=\"_ _2\"></span>is 2nd Floor<span class=\"_ _a\"></span>, Building 4, W<span class=\"_ _2\"></span>est <span class=\"_ _2\"></span>Strand Business Park, <span class=\"_ _0\"></span>W<span class=\"_ _2\"></span>est <span class=\"_ _2\"></span>Strand Road, P<span class=\"_ _2\"></span>reston, England, PR1 8UY<span class=\"_ _7\"></span>, UK.<span class=\"_ _421\"> </span>The compan<span class=\"_ _2\"></span>y and its subsidiaries, together forming the group, comprise UK, <span class=\"_ _2\"></span>Sw<span class=\"_ _2\"></span>edish and Dutch lif<span class=\"_ _2\"></span>e and pensions businesses.<span class=\"_ _421\"> </span>Th<span class=\"_ _3\"></span>e UK seg<span class=\"_ _3\"></span>ment co<span class=\"_ _3\"></span>nsists of th<span class=\"_ _3\"></span>e CA an<span class=\"_ _3\"></span>d CA<span class=\"_ _3\"></span>SL<span class=\"_ _3\"></span>P busi<span class=\"_ _3\"></span>nesses<span class=\"_ _3\"></span>, as des<span class=\"_ _3\"></span>crib<span class=\"_ _3\"></span>ed in N<span class=\"_ _3\"></span>ote C1<span class=\"_ _2\"></span>. The a<span class=\"_ _3\"></span>cqui<span class=\"_ _3\"></span>sition of S<span class=\"_ _3\"></span>anl<span class=\"_ _3\"></span>am Life &amp; Pen<span class=\"_ _3\"></span>sions U<span class=\"_ _3\"></span>K (SL<span class=\"_ _3\"></span>P) too<span class=\"_ _3\"></span>k plac<span class=\"_ _3\"></span>e on <span class=\"_ _19\"></span><span class=\"ls2 ws2\"> </span>28 A<span class=\"_ _3\"></span>pr<span class=\"_ _3\"></span>il 20<span class=\"_ _3\"></span>22, a<span class=\"_ _3\"></span>nd the bu<span class=\"_ _3\"></span>siness su<span class=\"_ _3\"></span>bseq<span class=\"_ _3\"></span>uently c<span class=\"_ _3\"></span>hang<span class=\"_ _3\"></span>ed its l<span class=\"_ _3\"></span>egal n<span class=\"_ _3\"></span>ame to C<span class=\"_ _3\"></span>AS<span class=\"_ _3\"></span>LP<span class=\"_ _a\"></span>. On 31 D<span class=\"_ _3\"></span>ecem<span class=\"_ _3\"></span>ber 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>3, the l<span class=\"_ _3\"></span>ong<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>term bus<span class=\"_ _3\"></span>iness of C<span class=\"_ _3\"></span>A<span class=\"_ _3\"></span>SLP<span class=\"_ _a\"></span>, al<span class=\"_ _3\"></span>ong wi<span class=\"_ _3\"></span>th the majo<span class=\"_ _3\"></span>rit<span class=\"_ _3\"></span>y of the a<span class=\"_ _3\"></span>ssets of th<span class=\"_ _3\"></span>e comp<span class=\"_ _3\"></span>any were tran<span class=\"_ _3\"></span>sferred into C<span class=\"_ _3\"></span>A via a B<span class=\"_ _3\"></span>usines<span class=\"_ _3\"></span>s T<span class=\"_ _a\"></span>ra<span class=\"_ _3\"></span>nsfer Sc<span class=\"_ _3\"></span>heme un<span class=\"_ _3\"></span>der Pa<span class=\"_ _3\"></span>rt V<span class=\"_ _3\"></span>II of t<span class=\"_ _3\"></span>he Finan<span class=\"_ _3\"></span>cial S<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vic<span class=\"_ _3\"></span>es and M<span class=\"_ _3\"></span>arkets Ac<span class=\"_ _3\"></span>t 20<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>. Dur<span class=\"_ _3\"></span>ing the ye<span class=\"_ _3\"></span>ar<span class=\"_ _2\"></span>, the gro<span class=\"_ _3\"></span>up also re<span class=\"_ _3\"></span>ache<span class=\"_ _3\"></span>d an agree<span class=\"_ _3\"></span>ment to acq<span class=\"_ _3\"></span>uire the ons<span class=\"_ _3\"></span>hore UK in<span class=\"_ _3\"></span>divi<span class=\"_ _3\"></span>dual p<span class=\"_ _3\"></span>rotectio<span class=\"_ _3\"></span>n busine<span class=\"_ _3\"></span>ss of C<span class=\"_ _3\"></span>anad<span class=\"_ _3\"></span>a Life L<span class=\"_ _3\"></span>imited. F<span class=\"_ _3\"></span>ur<span class=\"_ _3\"></span>ther det<span class=\"_ _3\"></span>ail on thi<span class=\"_ _3\"></span>s trans<span class=\"_ _3\"></span>act<span class=\"_ _3\"></span>ion c<span class=\"_ _3\"></span>an be foun<span class=\"_ _3\"></span>d in Note I<span class=\"_ _3\"></span>8. T<span class=\"_ _3\"></span>he UK s<span class=\"_ _3\"></span>egment i<span class=\"_ _3\"></span>s subst<span class=\"_ _3\"></span>antiall<span class=\"_ _3\"></span>y clos<span class=\"_ _3\"></span>ed to new busi<span class=\"_ _3\"></span>ness, su<span class=\"_ _3\"></span>ch tha<span class=\"_ _3\"></span>t new insura<span class=\"_ _3\"></span>nce co<span class=\"_ _3\"></span>ntrac<span class=\"_ _3\"></span>ts are onl<span class=\"_ _3\"></span>y issue<span class=\"_ _3\"></span>d to existing customers,<span class=\"_ _2\"></span> dependent on the<span class=\"_ _2\"></span>ir changing needs.<span class=\"_ _421\"> </span>The <span class=\"_ _a\"></span>Swedish segment comprises the Mo<span class=\"_ _2\"></span>vestic business, as described in No<span class=\"_ _2\"></span>te<span class=\"_ _2\"></span> C1<span class=\"_ _a\"></span>. Its activities are performed predominantly in <span class=\"_ _a\"></span>Sweden, where it underwrites<span class=\"_ _2\"></span> lif<span class=\"_ _2\"></span>e, accident and health risks and provides a portfolio <span class=\"_ _2\"></span>of inv<span class=\"_ _2\"></span>estment contracts. It is open to ne<span class=\"_ _2\"></span>w business, distributing its products principally through independen<span class=\"_ _2\"></span>t financial advisors.<span class=\"_ _421\"> </span>The Dutch segment comprises the <span class=\"_ _0\"></span>W<span class=\"_ _a\"></span>aard Group and Scildon businesses, as described in Note C1. T<span class=\"_ _2\"></span>he group\u2019<span class=\"_ _0\"></span>s Dutch life businesses contain a mix <span class=\"_ _2\"></span>of term life,<span class=\"_ _2\"></span> unit-linked, inde<span class=\"_ _2\"></span>x<span class=\"_ _a\"></span>-linked and non-linked business. <span class=\"_ _a\"></span>Scildon is open to new business f<span class=\"_ _2\"></span>or some of its products, whilst there ha<span class=\"_ _2\"></span>ve been a number of acquisitions into the <span class=\"_ _0\"></span>W<span class=\"_ _2\"></span>aard Group in recent <span class=\"_ _a\"></span>years, the most recent being the acquisition of Conserv<span class=\"_ _2\"></span>atrix, which completed on 1 January 2023. These financial statements are presented in pounds sterling, which is the functional currency <span class=\"_ _2\"></span>of the parent company<span class=\"_ _a\"></span>. F<span class=\"_ _2\"></span>oreign operations are included in accordance with the policies set out in Note <span class=\"_ _2\"></span>A5. <span class=\"_ _0\"></span>The results and cash flo<span class=\"_ _2\"></span>ws of these operations ha<span class=\"_ _2\"></span>ve been translated into sterling at an a<span class=\"_ _2\"></span>verage rate for the <span class=\"_ _0\"></span>year of \u00a31 = <span class=\"_ _a\"></span>SEK 1<span class=\"_ _a\"></span>3.20 (2022: \u00a31<span class=\"_ _a\"></span> = SEK 1<span class=\"_ _a\"></span>2.47) for the <span class=\"_ _2\"></span>Sw<span class=\"_ _2\"></span>edish business and \u00a31 <span class=\"_ _a\"></span>= EUR 1<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>1<span class=\"_ _a\"></span>5 (2022: \u00a31 <span class=\"_ _a\"></span>= EUR 1<span class=\"_ _7\"></span>.<span class=\"_ _0\"></span>1<span class=\"_ _2\"></span>7) for the Dutch business.<span class=\"_ _421\"> </span>Assets and liabilities ha<span class=\"_ _2\"></span>ve been translated at the <span class=\"_ _a\"></span>year <span class=\"_ _2\"></span>end rate of \u00a31 <span class=\"_ _a\"></span>= <span class=\"_ _2\"></span>SEK 1<span class=\"_ _2\"></span>2.84 (31 December 2022: \u00a31 <span class=\"_ _a\"></span>= SEK 1<span class=\"_ _a\"></span>2.49) for the <span class=\"_ _a\"></span>Swedish business and \u00a31 <span class=\"_ _0\"></span>= EUR 1<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>15 (31 December 2022: \u00a31 <span class=\"_ _a\"></span>= EUR 1<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>1<span class=\"_ _2\"></span>3) for the Dutch business.<span class=\"_ _421\"> </span>T<span class=\"_ _0\"></span>otal foreign currency <span class=\"_ _2\"></span>ex<span class=\"_ _2\"></span>change rate loss for the <span class=\"_ _a\"></span>year <span class=\"_ _2\"></span>ended 31 December 2023 recognised in the Consolidated <span class=\"_ _2\"></span>Statement of Comprehensive Income <span class=\"_ _2\"></span>of \u00a37<span class=\"_ _31\"></span>.<span class=\"_ _3\"></span>8m (year <span class=\"_ _2\"></span>ended 31 December 2022: gain of \u00a36.9m).<span class=\"_ _421\"> </span>The financial statements w<span class=\"_ _2\"></span>ere authorised for issue b<span class=\"_ _2\"></span>y the directors on 27 March 2024",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
    "language": "en",
    "entity": "scheme:213800VFRMBRTSZ3SJ06",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-7": {
   "value": "Chesnara plc",
   "dimensions": {
    "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
    "language": "en",
    "entity": "scheme:213800VFRMBRTSZ3SJ06",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-1": {
   "value": " limited liability compan",
   "dimensions": {
    "concept": "ifrs-full:LegalFormOfEntity",
    "language": "en",
    "entity": "scheme:213800VFRMBRTSZ3SJ06",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-2": {
   "value": "United Kingdom",
   "dimensions": {
    "concept": "ifrs-full:CountryOfIncorporation",
    "language": "en",
    "entity": "scheme:213800VFRMBRTSZ3SJ06",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-3": {
   "value": " 2nd Floor, Building 4, West Strand Business Park, West Strand Road, Preston, England, PR1 8UY, UK. ",
   "dimensions": {
    "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
    "language": "en",
    "entity": "scheme:213800VFRMBRTSZ3SJ06",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-412": {
   "value": "The company and its subsidiaries, together forming the group, comprise UK, Swedish and Dutch life and pensions businesses. ",
   "dimensions": {
    "concept": "ifrs-full:PrincipalPlaceOfBusiness",
    "language": "en",
    "entity": "scheme:213800VFRMBRTSZ3SJ06",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-5": {
   "value": "The compan<span class=\"_ _2\"></span>y and its subsidiaries, together forming the group, comprise UK, <span class=\"_ _2\"></span>Sw<span class=\"_ _2\"></span>edish and Dutch lif<span class=\"_ _2\"></span>e and pensions businesses.<span class=\"_ _421\"> </span>Th<span class=\"_ _3\"></span>e UK seg<span class=\"_ _3\"></span>ment co<span class=\"_ _3\"></span>nsists of th<span class=\"_ _3\"></span>e CA an<span class=\"_ _3\"></span>d CA<span class=\"_ _3\"></span>SL<span class=\"_ _3\"></span>P busi<span class=\"_ _3\"></span>nesses<span class=\"_ _3\"></span>, as des<span class=\"_ _3\"></span>crib<span class=\"_ _3\"></span>ed in N<span class=\"_ _3\"></span>ote C1<span class=\"_ _2\"></span>. The a<span class=\"_ _3\"></span>cqui<span class=\"_ _3\"></span>sition of S<span class=\"_ _3\"></span>anl<span class=\"_ _3\"></span>am Life &amp; Pen<span class=\"_ _3\"></span>sions U<span class=\"_ _3\"></span>K (SL<span class=\"_ _3\"></span>P) too<span class=\"_ _3\"></span>k plac<span class=\"_ _3\"></span>e on <span class=\"_ _19\"></span><span class=\"ls2 ws2\"> </span>28 A<span class=\"_ _3\"></span>pr<span class=\"_ _3\"></span>il 20<span class=\"_ _3\"></span>22, a<span class=\"_ _3\"></span>nd the bu<span class=\"_ _3\"></span>siness su<span class=\"_ _3\"></span>bseq<span class=\"_ _3\"></span>uently c<span class=\"_ _3\"></span>hang<span class=\"_ _3\"></span>ed its l<span class=\"_ _3\"></span>egal n<span class=\"_ _3\"></span>ame to C<span class=\"_ _3\"></span>AS<span class=\"_ _3\"></span>LP<span class=\"_ _a\"></span>. On 31 D<span class=\"_ _3\"></span>ecem<span class=\"_ _3\"></span>ber 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>3, the l<span class=\"_ _3\"></span>ong<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>term bus<span class=\"_ _3\"></span>iness of C<span class=\"_ _3\"></span>A<span class=\"_ _3\"></span>SLP<span class=\"_ _a\"></span>, al<span class=\"_ _3\"></span>ong wi<span class=\"_ _3\"></span>th the majo<span class=\"_ _3\"></span>rit<span class=\"_ _3\"></span>y of the a<span class=\"_ _3\"></span>ssets of th<span class=\"_ _3\"></span>e comp<span class=\"_ _3\"></span>any were tran<span class=\"_ _3\"></span>sferred into C<span class=\"_ _3\"></span>A via a B<span class=\"_ _3\"></span>usines<span class=\"_ _3\"></span>s T<span class=\"_ _a\"></span>ra<span class=\"_ _3\"></span>nsfer Sc<span class=\"_ _3\"></span>heme un<span class=\"_ _3\"></span>der Pa<span class=\"_ _3\"></span>rt V<span class=\"_ _3\"></span>II of t<span class=\"_ _3\"></span>he Finan<span class=\"_ _3\"></span>cial S<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vic<span class=\"_ _3\"></span>es and M<span class=\"_ _3\"></span>arkets Ac<span class=\"_ _3\"></span>t 20<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>. Dur<span class=\"_ _3\"></span>ing the ye<span class=\"_ _3\"></span>ar<span class=\"_ _2\"></span>, the gro<span class=\"_ _3\"></span>up also re<span class=\"_ _3\"></span>ache<span class=\"_ _3\"></span>d an agree<span class=\"_ _3\"></span>ment to acq<span class=\"_ _3\"></span>uire the ons<span class=\"_ _3\"></span>hore UK in<span class=\"_ _3\"></span>divi<span class=\"_ _3\"></span>dual p<span class=\"_ _3\"></span>rotectio<span class=\"_ _3\"></span>n busine<span class=\"_ _3\"></span>ss of C<span class=\"_ _3\"></span>anad<span class=\"_ _3\"></span>a Life L<span class=\"_ _3\"></span>imited. F<span class=\"_ _3\"></span>ur<span class=\"_ _3\"></span>ther det<span class=\"_ _3\"></span>ail on thi<span class=\"_ _3\"></span>s trans<span class=\"_ _3\"></span>act<span class=\"_ _3\"></span>ion c<span class=\"_ _3\"></span>an be foun<span class=\"_ _3\"></span>d in Note I<span class=\"_ _3\"></span>8. T<span class=\"_ _3\"></span>he UK s<span class=\"_ _3\"></span>egment i<span class=\"_ _3\"></span>s subst<span class=\"_ _3\"></span>antiall<span class=\"_ _3\"></span>y clos<span class=\"_ _3\"></span>ed to new busi<span class=\"_ _3\"></span>ness, su<span class=\"_ _3\"></span>ch tha<span class=\"_ _3\"></span>t new insura<span class=\"_ _3\"></span>nce co<span class=\"_ _3\"></span>ntrac<span class=\"_ _3\"></span>ts are onl<span class=\"_ _3\"></span>y issue<span class=\"_ _3\"></span>d to existing customers,<span class=\"_ _2\"></span> dependent on the<span class=\"_ _2\"></span>ir changing needs.<span class=\"_ _421\"> </span>The <span class=\"_ _a\"></span>Swedish segment comprises the Mo<span class=\"_ _2\"></span>vestic business, as described in No<span class=\"_ _2\"></span>te<span class=\"_ _2\"></span> C1<span class=\"_ _a\"></span>. Its activities are performed predominantly in <span class=\"_ _a\"></span>Sweden, where it underwrites<span class=\"_ _2\"></span> lif<span class=\"_ _2\"></span>e, accident and health risks and provides a portfolio <span class=\"_ _2\"></span>of inv<span class=\"_ _2\"></span>estment contracts. It is open to ne<span class=\"_ _2\"></span>w business, distributing its products principally through independen<span class=\"_ _2\"></span>t financial advisors.<span class=\"_ _421\"> </span>The Dutch segment comprises the <span class=\"_ _0\"></span>W<span class=\"_ _a\"></span>aard Group and Scildon businesses, as described in Note C1. T<span class=\"_ _2\"></span>he group\u2019<span class=\"_ _0\"></span>s Dutch life businesses contain a mix <span class=\"_ _2\"></span>of term life,<span class=\"_ _2\"></span> unit-linked, inde<span class=\"_ _2\"></span>x<span class=\"_ _a\"></span>-linked and non-linked business. <span class=\"_ _a\"></span>Scildon is open to new business f<span class=\"_ _2\"></span>or some of its products, whilst there ha<span class=\"_ _2\"></span>ve been a number of acquisitions into the <span class=\"_ _0\"></span>W<span class=\"_ _2\"></span>aard Group in recent <span class=\"_ _a\"></span>years, the most recent being the acquisition of Conserv<span class=\"_ _2\"></span>atrix, which completed on 1 January 2023.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
    "language": "en",
    "entity": "scheme:213800VFRMBRTSZ3SJ06",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-413": {
   "value": "<div class=\"t m0 h11 ff63 fsd fc2 sc0 ls2 ws2 gs80\"> <span class=\"_ _e\"> </span>A2 <span class=\"_ _3\"></span>Basis of consolidation<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws1f gs81\">The Consolidated Financial <span class=\"_ _a\"></span>Statements incorporate the financial statements of the company and <span class=\"_ _2\"></span>of entities controlled by the compan<span class=\"_ _2\"></span>y (its subsidiaries), made up<span class=\"_ _421\"> </span> </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 wsd4 gs82\">to 3<span class=\"_ _2\"></span>1 December each <span class=\"_ _0\"></span>year<span class=\"_ _a\"></span>. Control is achiev<span class=\"_ _2\"></span>ed when the company is e<span class=\"_ _2\"></span>xposed or has rights to the v<span class=\"_ _2\"></span>ariable returns from the inv<span class=\"_ _2\"></span>olvement with the entity and has<span class=\"_ _421\"> </span> </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls18 ws17d gs83\">the ability to aff<span class=\"_ _2\"></span>ect those returns through its pow<span class=\"_ _2\"></span>er ov<span class=\"_ _2\"></span>er the entity<span class=\"_ _0\"></span>. <span class=\"_ _0\"></span>The parent company financial statements present inf<span class=\"_ _2\"></span>ormation about the company as a separate<span class=\"_ _421\"> </span> </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs84\">entity and not about its group.<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls42 ws1c1 gs85\">Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group\u2019<span class=\"_ _0\"></span>s equity therein. Non-controlling interests consist<span class=\"_ _421\"> </span> <span class=\"_ _19\"></span><span class=\"ls2 ws2\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 wsff gs86\">of the amount of those interests at the date <span class=\"_ _2\"></span>of the original business combination and the non-controlling interest\u2019<span class=\"_ _0\"></span>s share of changes in equity since the date <span class=\"_ _2\"></span>of<span class=\"_ _421\"> </span> </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs87\">the combination.<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 wsb8 gs88\">Profit <span class=\"_ _2\"></span>or loss and each component <span class=\"_ _2\"></span>of other comprehensive income are attributed to the compan<span class=\"_ _2\"></span>y and to the non-controlling interests. <span class=\"_ _0\"></span>T<span class=\"_ _0\"></span>otal comprehensive income<span class=\"_ _421\"> </span> <span class=\"_ _f\"></span><span class=\"ws2\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs89\">is attributed to the company shareholders and to the non-controlling interests <span class=\"_ _2\"></span>even if this results in the non-controlling interests ha<span class=\"_ _2\"></span>ving a deficit balance.<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls42 ws20 gs8a\">The results <span class=\"_ _2\"></span>of subsidiaries acquired or disposed of during the <span class=\"_ _0\"></span>year are included in the Consolidated <span class=\"_ _2\"></span>Statement of Comprehensiv<span class=\"_ _2\"></span>e Income from the eff<span class=\"_ _2\"></span>ective date <span class=\"_ _2\"></span>of<span class=\"_ _421\"> </span> </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws1 gs8b\">acquisition or up to the <span class=\"_ _2\"></span>effectiv<span class=\"_ _2\"></span>e date of disposal. <span class=\"_ _0\"></span>Where necessary<span class=\"_ _0\"></span>, adjustments are made to the financial statements of subsidiaries to bring the accounting<span class=\"_ _421\"> </span> </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs8c\">policies used into line with those used by the group.<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs8d\">All intra-group transactions, balances, income and e<span class=\"_ _2\"></span>xpenses are eliminated on consolidation.</div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfConsolidatedAndSeparateFinancialStatementsExplanatory",
    "language": "en",
    "entity": "scheme:213800VFRMBRTSZ3SJ06",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-4": {
   "value": " <span class=\"_ _e\"> </span>A2 <span class=\"_ _3\"></span>Basis of consolidation<span class=\"_ _421\"> </span>The Consolidated Financial <span class=\"_ _a\"></span>Statements incorporate the financial statements of the company and <span class=\"_ _2\"></span>of entities controlled by the compan<span class=\"_ _2\"></span>y (its subsidiaries), made up<span class=\"_ _421\"> </span>to 3<span class=\"_ _2\"></span>1 December each <span class=\"_ _0\"></span>year<span class=\"_ _a\"></span>. Control is achiev<span class=\"_ _2\"></span>ed when the company is e<span class=\"_ _2\"></span>xposed or has rights to the v<span class=\"_ _2\"></span>ariable returns from the inv<span class=\"_ _2\"></span>olvement with the entity and has<span class=\"_ _421\"> </span>the ability to aff<span class=\"_ _2\"></span>ect those returns through its pow<span class=\"_ _2\"></span>er ov<span class=\"_ _2\"></span>er the entity<span class=\"_ _0\"></span>. <span class=\"_ _0\"></span>The parent company financial statements present inf<span class=\"_ _2\"></span>ormation about the company as a separate<span class=\"_ _421\"> </span>entity and not about its group.<span class=\"_ _421\"> </span>Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group\u2019<span class=\"_ _0\"></span>s equity therein. Non-controlling interests consist<span class=\"_ _421\"> </span>of the amount of those interests at the date <span class=\"_ _2\"></span>of the original business combination and the non-controlling interest\u2019<span class=\"_ _0\"></span>s share of changes in equity since the date <span class=\"_ _2\"></span>of<span class=\"_ _421\"> </span>the combination.<span class=\"_ _421\"> </span>Profit <span class=\"_ _2\"></span>or loss and each component <span class=\"_ _2\"></span>of other comprehensive income are attributed to the compan<span class=\"_ _2\"></span>y and to the non-controlling interests. <span class=\"_ _0\"></span>T<span class=\"_ _0\"></span>otal comprehensive income<span class=\"_ _421\"> </span>is attributed to the company shareholders and to the non-controlling interests <span class=\"_ _2\"></span>even if this results in the non-controlling interests ha<span class=\"_ _2\"></span>ving a deficit balance.<span class=\"_ _421\"> </span>The results <span class=\"_ _2\"></span>of subsidiaries acquired or disposed of during the <span class=\"_ _0\"></span>year are included in the Consolidated <span class=\"_ _2\"></span>Statement of Comprehensiv<span class=\"_ _2\"></span>e Income from the eff<span class=\"_ _2\"></span>ective date <span class=\"_ _2\"></span>of<span class=\"_ _421\"> </span>acquisition or up to the <span class=\"_ _2\"></span>effectiv<span class=\"_ _2\"></span>e date of disposal. <span class=\"_ _0\"></span>Where necessary<span class=\"_ _0\"></span>, adjustments are made to the financial statements of subsidiaries to bring the accounting<span class=\"_ _421\"> </span>policies used into line with those used by the group.<span class=\"_ _421\"> </span>All intra-group transactions, balances, income and e<span class=\"_ _2\"></span>xpenses are eliminated on consolidation.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
    "language": "en",
    "entity": "scheme:213800VFRMBRTSZ3SJ06",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-6": {
   "value": " <span class=\"_ _e\"> </span>A3 <span class=\"_ _3\"></span>Basis of prepar<span class=\"_ _2\"></span>ation<span class=\"_ _421\"> </span>The consolidated and parent compan<span class=\"_ _2\"></span>y financial statements hav<span class=\"_ _2\"></span>e been prepared on a going concern basis. <span class=\"_ _0\"></span>The directors belie<span class=\"_ _2\"></span>ve that the<span class=\"_ _2\"></span>y have a reasonable<span class=\"_ _421\"> </span><span class=\"_ _2\"></span> expectation that the group has adequate resources to continue in <span class=\"_ _2\"></span>operational existence f<span class=\"_ _2\"></span>or the foreseeable future. In making this assessment, the directors ha<span class=\"_ _2\"></span>ve<span class=\"_ _421\"> </span> taken into consideration the points as set <span class=\"_ _2\"></span>out in the Financial Management section of the <span class=\"_ _2\"></span>Annual Report and <span class=\"_ _2\"></span>Accounts under the heading \u2018Maintain the group as<span class=\"_ _421\"> </span> <span class=\"_ _19\"></span><span class=\"ls2 ws2\"> </span>a going concern<span class=\"_ _a\"></span>\u2019<span class=\"_ _0\"></span>.<span class=\"_ _421\"> </span>The financial statements are presented in pounds sterling, rounded to the nearest one hundred thousand, and are prepared <span class=\"_ _2\"></span>on the historical cost basis ex<span class=\"_ _2\"></span>cept for insurance and reinsurance contracts which are stated at their fulfilment v<span class=\"_ _2\"></span>alue in accordance with IFRS <span class=\"_ _a\"></span>1<span class=\"_ _a\"></span>7 and the following assets and liabilities which are stated at their fair v<span class=\"_ _2\"></span>alue: derivativ<span class=\"_ _2\"></span>e financial instruments; financial instruments at fair v<span class=\"_ _2\"></span>alue through profit or loss; assets and liabilities held f<span class=\"_ _2\"></span>or sale; investment<span class=\"_ _2\"></span> property; and inv<span class=\"_ _2\"></span>estment contract liabilities at fair value through profit <span class=\"_ _2\"></span>or loss.<span class=\"_ _421\"> </span>Assets and liabilities are presented in a liquidity order in the balance sheet. In addition, amounts <span class=\"_ _2\"></span>expected to be reco<span class=\"_ _2\"></span>vered <span class=\"_ _2\"></span>or settled within a <span class=\"_ _a\"></span>year are classified as current in the notes to the accounts. If they are <span class=\"_ _2\"></span>expected to be reco<span class=\"_ _2\"></span>vered <span class=\"_ _2\"></span>or settled in more than one <span class=\"_ _a\"></span>year<span class=\"_ _0\"></span>, they are classified as non-current in the notes to the accounts. A<span class=\"_ _2\"></span>ssets and liabilities are presented on a current and non-current basis in the Compan<span class=\"_ _2\"></span>y Balance <span class=\"_ _a\"></span>Sheet. The preparation <span class=\"_ _2\"></span>of financial statements in conformity with IFR<span class=\"_ _2\"></span>Ss requires management to make judgements, estimates and assumptions that aff<span class=\"_ _a\"></span>ect the application<span class=\"_ _3\"></span> of policies and reported amounts of assets and liabilities, income and <span class=\"_ _2\"></span>expenses. <span class=\"_ _0\"></span>The <span class=\"_ _2\"></span>estimates and associated assumptions are based on historical <span class=\"_ _2\"></span>experience and various <span class=\"_ _2\"></span>other factors that are believ<span class=\"_ _2\"></span>ed to be reasonable under the circumstances, the results of which f<span class=\"_ _2\"></span>orm the basis of making the judgements about carrying values <span class=\"_ _2\"></span>of assets and liabilities that are not readily apparent from other sources. <span class=\"_ _2\"></span>Actual results may diff<span class=\"_ _a\"></span>er from these estimates<span class=\"_ _421\"> </span>The <span class=\"_ _2\"></span>estimates and underlying assumptions are revie<span class=\"_ _2\"></span>wed on an <span class=\"_ _2\"></span>ongoing basis. Judgements made b<span class=\"_ _2\"></span>y management in the process of applying the group\u2019<span class=\"_ _0\"></span>s accounting<span class=\"_ _421\"> </span>policies that hav<span class=\"_ _2\"></span>e a significant eff<span class=\"_ _2\"></span>ect on the financial statements and <span class=\"_ _2\"></span>estimates with a significant risk of material adjustment in the ne<span class=\"_ _2\"></span>xt <span class=\"_ _a\"></span>year are set out in<span class=\"_ _421\"> </span>Note A6.<span class=\"_ _421\"> </span>The group prepares interim financial statement at half <span class=\"_ _0\"></span>year and as permitted by IFR<span class=\"_ _2\"></span>S 1<span class=\"_ _a\"></span>7 has elected to apply the \u2018year<span class=\"_ _0\"></span>-to-date\u2019 method and restate <span class=\"_ _2\"></span>estimates in<span class=\"_ _421\"> </span>respect of insurance contracts made in the pre<span class=\"_ _2\"></span>vious interim financial statements, in these <span class=\"_ _a\"></span>year end financial statements. <span class=\"_ _7\"></span>This A<span class=\"_ _2\"></span>ccounting P<span class=\"_ _2\"></span>olicy election applies<span class=\"_ _421\"> </span>to all groups of insurance and reinsurance contracts.<span class=\"_ _421\"> </span>The accounting policies set in Note <span class=\"_ _2\"></span>A5, unless otherwise stated, ha<span class=\"_ _2\"></span>ve been applied consistently to all <span class=\"_ _a\"></span>years presented in these Consolidated Financial <span class=\"_ _a\"></span>Statements.<span class=\"_ _421\"> </span>This includes the changes in accounting policies introduced b<span class=\"_ _2\"></span>y IFRS 1<span class=\"_ _a\"></span>7 \u2018Insurance Contracts<span class=\"_ _2\"></span>\u2019 and IFRS 9 \u2018Financial Instruments<span class=\"_ _a\"></span>\u2019<span class=\"_ _2\"></span>, both of which ha<span class=\"_ _2\"></span>ve been applied<span class=\"_ _421\"> </span>in these financial statements. Note A4 belo<span class=\"_ _2\"></span>w details the impact to the group of adopting IFR<span class=\"_ _2\"></span>S 1<span class=\"_ _a\"></span>7 and IFRS 9 in these financial statements.<span class=\"_ _421\"> </span>The Consolidated Financial <span class=\"_ _a\"></span>Statements have been prepared in accordance with United Kingdom adopted international accounting standards in conf<span class=\"_ _2\"></span>ormity with the<span class=\"_ _421\"> </span>requirements of the Companies <span class=\"_ _2\"></span>Act 2006. Both the parent compan<span class=\"_ _2\"></span>y financial statements and the group financial statements have been prepared and appro<span class=\"_ _2\"></span>ved<span class=\"_ _421\"> </span>by the directors in accordance with United Kingdom adopted international accounting standards.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
    "language": "en",
    "entity": "scheme:213800VFRMBRTSZ3SJ06",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-414": {
   "value": "The consolidated and parent compan<span class=\"_ _2\"></span>y financial statements hav<span class=\"_ _2\"></span>e been prepared on a going concern basis. <span class=\"_ _0\"></span>The directors belie<span class=\"_ _2\"></span>ve that the<span class=\"_ _2\"></span>y have a reasonable<span class=\"_ _421\"> </span>expectation that the group has adequate resources to continue in <span class=\"_ _2\"></span>operational existence f<span class=\"_ _2\"></span>or the foreseeable future. In making this assessment, the directors ha<span class=\"_ _2\"></span>ve<span class=\"_ _421\"> </span>taken into consideration the points as set <span class=\"_ _2\"></span>out in the Financial Management section of the <span class=\"_ _2\"></span>Annual Report and <span class=\"_ _2\"></span>Accounts under the heading \u2018Maintain the group as<span class=\"_ _421\"> </span>a going concern<span class=\"_ _a\"></span>\u2019<span class=\"_ _0\"></span>.<span class=\"_ _421\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
    "language": "en",
    "entity": "scheme:213800VFRMBRTSZ3SJ06",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-415": {
   "value": "<div class=\"t m0 h10 ff64 fsd fc1 sc0 ls42 ws47 gs8f\">The Consolidated Financial <span class=\"_ _a\"></span>Statements have been prepared in accordance with United Kingdom adopted international accounting standards in conf<span class=\"_ _2\"></span>ormity with the<span class=\"_ _421\"> </span> </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws6c gs90\">requirements of the Companies <span class=\"_ _2\"></span>Act 2006. Both the parent compan<span class=\"_ _2\"></span>y financial statements and the group financial statements have been prepared and appro<span class=\"_ _2\"></span>ved<span class=\"_ _421\"> </span> </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs91\">by the directors in accordance with United Kingdom adopted international accounting standards. </div>",
   "dimensions": {
    "concept": "ifrs-full:StatementOfIFRSCompliance",
    "language": "en",
    "entity": "scheme:213800VFRMBRTSZ3SJ06",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-416": {
   "value": "A4 <span class=\"_ _3\"></span>New accounting standards and impact on adoption<span class=\"_ _421\"> </span>The group has applied IFR<span class=\"_ _2\"></span>S <span class=\"_ _7\"></span>1<span class=\"_ _2\"></span>7 \u2018Insurance Contracts<span class=\"_ _2\"></span>\u2019 and IFRS 9 \u2018Financial Instruments<span class=\"_ _a\"></span>\u2019 for the first time in these Annual R<span class=\"_ _2\"></span>eport and A<span class=\"_ _2\"></span>ccounts and as a result<span class=\"_ _421\"> </span> comparative amounts and the shareholder <span class=\"_ _2\"></span>equity position at 1 January 2022 hav<span class=\"_ _2\"></span>e been restated to reflect this. <span class=\"_ _0\"></span>The introduction <span class=\"_ _2\"></span>of these standards means there<span class=\"_ _421\"> </span> are significant changes to the accounting for insurance and reinsurance contracts and financial instruments, although the impact f<span class=\"_ _2\"></span>or the group in respect of IFR<span class=\"_ _2\"></span>S 9<span class=\"_ _421\"> </span> is less significant.<span class=\"_ _421\"> </span>IFRS 17 \u2018Insurance Contr<span class=\"_ _2\"></span>acts\u2019<span class=\"_ _421\"> </span>IFRS<span class=\"_ _2\"></span> 1<span class=\"_ _a\"></span>7 \u2018In<span class=\"_ _2\"></span>suran<span class=\"_ _2\"></span>ce Co<span class=\"_ _2\"></span>ntrac<span class=\"_ _2\"></span>ts<span class=\"_ _2\"></span>\u2019 introduces significant changes in the recognition, measurement, presentation and disclosure of insurance and reinsurance contracts<span class=\"_ _421\"> </span> for the group.<span class=\"_ _421\"> </span> The scope <span class=\"_ _2\"></span>of IFRS 1<span class=\"_ _a\"></span>7 is very similar to that <span class=\"_ _2\"></span>of IFRS 4 and all <span class=\"_ _2\"></span>of the insurance and reinsurance contracts accounted for under IFR<span class=\"_ _2\"></span>S 4 are accounted for under IFRS 1<span class=\"_ _0\"></span>7<span class=\"_ _31\"></span>,<span class=\"_ _421\"> </span><span class=\"_ _3\"></span> with some additional benefits within the <span class=\"_ _2\"></span>Sw<span class=\"_ _2\"></span>edish business now accounted for under IFR<span class=\"_ _2\"></span>S 1<span class=\"_ _a\"></span>7 that were previously accounted f<span class=\"_ _2\"></span>or under IAS 39. <span class=\"_ _7\"></span>These contracts<span class=\"_ _421\"> </span> now come into scope f<span class=\"_ _2\"></span>or IFRS 1<span class=\"_ _a\"></span>7 due to the diff<span class=\"_ _2\"></span>erent separation rules regarding component parts of contracts that no<span class=\"_ _2\"></span>w apply in IFRS 1<span class=\"_ _a\"></span>7 compared to IFRS 4.<span class=\"_ _421\"> </span> Insurance and reinsurance contracts are aggregated into portfolios. <span class=\"_ _7\"></span>The portfolios are determined by identifying contracts that ha<span class=\"_ _2\"></span>ve similar risks and that are<span class=\"_ _421\"> </span> managed together<span class=\"_ _a\"></span>. <span class=\"_ _0\"></span>The portfolios are then further divided into contract groups based <span class=\"_ _2\"></span>on annual cohorts (ie by <span class=\"_ _0\"></span>year of issue) and profitability<span class=\"_ _0\"></span>.<span class=\"_ _421\"> </span> Under IFRS <span class=\"_ _7\"></span>1<span class=\"_ _0\"></span>7<span class=\"_ _31\"></span>, the insurance contract liabilities are broken down into the follo<span class=\"_ _2\"></span>wing component parts:<span class=\"_ _421\"> </span>(i) <span class=\"_ _79\"> </span> <span class=\"_ _f\"></span>Present <span class=\"_ _0\"></span>Value <span class=\"_ _2\"></span>of F<span class=\"_ _a\"></span>uture Cash Flows (pvFCF): estimates <span class=\"_ _2\"></span>of future cash flows adjusted to reflect the <span class=\"_ _2\"></span>effect <span class=\"_ _2\"></span>of the time value <span class=\"_ _2\"></span>of money and <span class=\"_ _2\"></span>other financial risks<span class=\"_ _421\"> </span> where applicable<span class=\"_ _421\"> </span>(ii) <span class=\"_ _10\"> </span> <span class=\"_ _f\"></span>Risk A<span class=\"_ _2\"></span>djustment (RA) for non-financial risk: the compensation required for bearing uncertainty about the amount and timing <span class=\"_ _2\"></span>of the cash flows that arises from<span class=\"_ _421\"> </span> non-financial risk<span class=\"_ _421\"> </span>(iii)   <span class=\"_ _19\"></span>Contractual Service Margin (CSM): the unearned profit that will be recognised as the group pro<span class=\"_ _2\"></span>vides insurance contract services<span class=\"_ _421\"> </span>(iv) <span class=\"_ _9\"> </span> <span class=\"_ _19\"></span>Liability for Incurred Claims (LIC) \u2013 claims and e<span class=\"_ _2\"></span>xpenses for insurance contracts that ha<span class=\"_ _2\"></span>ve not <span class=\"_ _a\"></span>yet been paid, including claims and <span class=\"_ _2\"></span>expenses that hav<span class=\"_ _2\"></span>e been<span class=\"_ _421\"> </span> incurred but not <span class=\"_ _a\"></span>yet reported<span class=\"_ _421\"> </span>Collectively<span class=\"_ _0\"></span>, the pvFCF and RA are referred to as F<span class=\"_ _a\"></span>ulfilment Cash Flows (FCF). Changes in the FCF will impact <span class=\"_ _2\"></span>either profit or loss or the CSM, depending <span class=\"_ _2\"></span>on<span class=\"_ _421\"> </span> whether they relate to future <span class=\"_ _2\"></span>or current service and the \u2018measurement model\u2019 applicable to the group <span class=\"_ _2\"></span>of contracts. If the CSM for a group of contracts becomes<span class=\"_ _421\"> </span> onerous (ie negative) then a \u2018loss component\u2019 is <span class=\"_ _2\"></span>established in respect of the negative amount and the CSM is floored at z<span class=\"_ _2\"></span>ero, with losses recognised in profit or<span class=\"_ _421\"> </span> loss immediately<span class=\"_ _a\"></span>.<span class=\"_ _421\"> </span> The FCF and the CSM are collectiv<span class=\"_ _2\"></span>ely refer<span class=\"_ _2\"></span>red to as the Liability for R<span class=\"_ _2\"></span>emaining Coverage (LR<span class=\"_ _2\"></span>C) and the total of the LR<span class=\"_ _2\"></span>C and LIC make up the total value f<span class=\"_ _2\"></span>or a given<span class=\"_ _421\"> </span> group of insurance contracts.<span class=\"_ _421\"> </span> F<span class=\"_ _2\"></span>or reinsurance contracts held, in line with the description above <span class=\"_ _2\"></span>of the measurement components of the gross insurance contracts issued, the groups <span class=\"_ _2\"></span>of<span class=\"_ _421\"> </span> reinsurance contracts consists of an <span class=\"_ _2\"></span>Asset f<span class=\"_ _2\"></span>or Remaining Cov<span class=\"_ _2\"></span>erage (ARC) <span class=\"_ _2\"></span>or LRC and the <span class=\"_ _2\"></span>Asset for Incur<span class=\"_ _2\"></span>red Claims (AIC). <span class=\"_ _0\"></span>The components of the reinsurance<span class=\"_ _421\"> </span><span class=\"_ _2\"></span> ARC<span class=\"_ _421\"> </span>/<span class=\"_ _421\"> </span>LRC are similar to the LR<span class=\"_ _2\"></span>C arising from the insurance contracts issued, with the following distinct diff<span class=\"_ _a\"></span>erences: <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>The RA f<span class=\"_ _2\"></span>or non-financial risk represents the amount of risk being transf<span class=\"_ _a\"></span>erred by the group to the reinsurer<span class=\"_ _a\"></span>. <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>The CSM represents the net cost <span class=\"_ _2\"></span>or net gain on purchasing reinsurance and can be positiv<span class=\"_ _2\"></span>e or negative <span class=\"_ _2\"></span>on initial recognition and subsequent measurement. <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _3\"></span>T<span class=\"_ _a\"></span>o the e<span class=\"_ _2\"></span>xtent that onerous contracts are reinsured, a \u2018loss-reco<span class=\"_ _2\"></span>very component\u2019 is established at the date the underlying <span class=\"_ _2\"></span>onerous losses are recognised to cater<span class=\"_ _421\"> </span> for the <span class=\"_ _2\"></span>expected reco<span class=\"_ _2\"></span>veries of the underlying losses from the reinsurance contracts held. <span class=\"_ _13c\"> </span>\u2013 <span class=\"_ _3\"></span>There is an <span class=\"_ _2\"></span>explicit allo<span class=\"_ _2\"></span>wance f<span class=\"_ _2\"></span>or the risk of non-performance <span class=\"_ _2\"></span>of the issuer of the reinsurance contract which includes allo<span class=\"_ _2\"></span>wance for <span class=\"_ _2\"></span>expected losses arising<span class=\"_ _421\"> </span><span class=\"_ _2\"></span> from disputes <span class=\"_ _e\"> </span>A4 <span class=\"_ _3\"></span>New accounting standards and impact on adoption (continued)<span class=\"_ _421\"> </span>IFRS 1<span class=\"_ _2\"></span>7 \u2018Insur<span class=\"_ _2\"></span>ance Contracts\u2019 (continued)<span class=\"_ _421\"> </span>The f<span class=\"_ _2\"></span>ollowing three measurement models are applicable under IFRS 1<span class=\"_ _0\"></span>7:<span class=\"_ _421\"> </span>(i) <span class=\"_ _12\"> </span> <span class=\"_ _19\"></span>General Measurement Model (GMM): this is the default measurement method which determines how mov<span class=\"_ _2\"></span>ements in the fulfilment cash flows impact <span class=\"_ _2\"></span>either profit and loss or the CSM. Under the GMM, changes in the fulfilment cash flo<span class=\"_ _2\"></span>ws that relate to future service impact the CSM with other changes to the fulfilment cash flows instead impacting profit and loss. (ii) <span class=\"_ _d\"> </span> <span class=\"_ _f\"></span>V<span class=\"_ _2\"></span>ariable F<span class=\"_ _2\"></span>ee Approach (VF<span class=\"_ _0\"></span>A): this is used where the contract meets the IFRS 1<span class=\"_ _a\"></span>7 definition of an insurance contract with direct participating f<span class=\"_ _2\"></span>eatures. <span class=\"_ _0\"></span>This means that the nature of the services pro<span class=\"_ _2\"></span>vided are substantially inv<span class=\"_ _2\"></span>estment related with insurance benefits also being provided. Under the <span class=\"_ _0\"></span>VF<span class=\"_ _a\"></span>A changes in the group\u2019<span class=\"_ _a\"></span>s share of the underlying items in respect <span class=\"_ _2\"></span>of financial and economic impacts will adjust the CSM and not the profit or loss.<span class=\"_ _421\"> </span>(iii)   <span class=\"_ _f\"></span>Premium <span class=\"_ _2\"></span>Allocation Approach (P<span class=\"_ _0\"></span>AA): this is a simplified approach that can be applied to eligible short-duration contracts whereby all mov<span class=\"_ _2\"></span>ements in the liability go to profit and loss (ie there is no CSM). Reinsurance contracts are considered separately to gross insurance contracts with the majority <span class=\"_ _2\"></span>of reinsurance contracts within the group measured under the GMM and a small amount measured under P<span class=\"_ _a\"></span>AA.<span class=\"_ _421\"> </span>With the adoption of IFRS 1<span class=\"_ _0\"></span>7<span class=\"_ _7\"></span>, certain line items in the group\u2019<span class=\"_ _0\"></span>s Consolidated Balance <span class=\"_ _2\"></span>Sheet hav<span class=\"_ _2\"></span>e been replaced with new line items. F<span class=\"_ _a\"></span>or example, the group no<span class=\"_ _2\"></span>w presents separately the carrying amount of portf<span class=\"_ _2\"></span>olios of: <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>Insurance contracts issued that are assets; <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>Insurance contracts issued that are liabilities; <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>Reinsurance contracts held that are assets; and <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>Reinsurance contracts held that are liabilities.<span class=\"_ _421\"> </span>The assessment as to whether a giv<span class=\"_ _2\"></span>en portfolio is an asset or liability considers the portf<span class=\"_ _2\"></span>olio as a whole, so LRC plus LIC f<span class=\"_ _2\"></span>or gross insurance contracts for <span class=\"_ _2\"></span>example.<span class=\"_ _421\"> </span>The line items in the consolidated income statement ha<span class=\"_ _2\"></span>ve also changed significantly compared to that under IFRS 4 with specific line items no<span class=\"_ _2\"></span>w for: <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>Insurance rev<span class=\"_ _2\"></span>enue; <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _5\"> </span>Insurance service expenses; <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>Net income (expense) from reinsurance contracts held; <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>Insurance Finance Income or Expense (IFIE) f<span class=\"_ _2\"></span>or insurance contracts issued; and <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>Net IFIE for reinsurance contracts held.<span class=\"_ _421\"> </span>Under IFRS 1<span class=\"_ _0\"></span>7<span class=\"_ _7\"></span>, f<span class=\"_ _2\"></span>or contracts not measured under the P<span class=\"_ _a\"></span>AA, the group recognises insurance revenue to depict the transf<span class=\"_ _a\"></span>er of promised services provided under groups of insurance contracts. <span class=\"_ _7\"></span>The insurance rev<span class=\"_ _2\"></span>enue for each <span class=\"_ _0\"></span>year represents the changes in the LRC that relate to services pro<span class=\"_ _2\"></span>vided in that <span class=\"_ _a\"></span>year for which the group e<span class=\"_ _2\"></span>xpects to receive consideration. <span class=\"_ _0\"></span>T<span class=\"_ _2\"></span>his mainly comprises the release of e<span class=\"_ _2\"></span>xpected claims, the release of the <span class=\"_ _2\"></span>expired risk adjustment f<span class=\"_ _2\"></span>or non-financial risk and the CSM amounts recognised in profit or loss in the period. F<span class=\"_ _2\"></span>or contracts measured under the P<span class=\"_ _a\"></span>AA, the insurance revenue f<span class=\"_ _2\"></span>or each period is the amount <span class=\"_ _2\"></span>of expected premium receipts f<span class=\"_ _2\"></span>or providing services in the period. <span class=\"_ _68\"></span>\u2018Insurance service expenses<span class=\"_ _a\"></span>\u2019 in each reporting period represents the cost of pro<span class=\"_ _2\"></span>viding those services, broadly comprising incurred claims and benefits and e<span class=\"_ _2\"></span>xpenses that are directly attributable to providing the service in the period. <span class=\"_ _49\"></span>\u2018Net income/(e<span class=\"_ _2\"></span>xpenses) from reinsurance contracts\u2019 generally comprises reinsurance <span class=\"_ _2\"></span>expenses and the reco<span class=\"_ _2\"></span>very <span class=\"_ _2\"></span>of incurred claims. Reinsurance <span class=\"_ _2\"></span>expenses are recognised similarly to insurance rev<span class=\"_ _2\"></span>enue, with the amount of reinsurance <span class=\"_ _2\"></span>expenses representing an allocation of the premiums paid to <span class=\"_ _2\"></span>reinsurers that depicts the received insurance contract services in the period. T<span class=\"_ _0\"></span>ogether<span class=\"_ _a\"></span>, the insurance revenue, insurance service <span class=\"_ _2\"></span>expenses and net income/(e<span class=\"_ _2\"></span>xpenses) from reinsurance contracts make up the insurance service result, presented on the f<span class=\"_ _2\"></span>ace of the income statement. \u2018Non-distinct inv<span class=\"_ _2\"></span>estment components<span class=\"_ _2\"></span>\u2019 of insurance contracts represent amounts that the group must repa<span class=\"_ _2\"></span>y back to the policyholder regardless of the <span class=\"_ _2\"></span>occurrence of the insured <span class=\"_ _2\"></span>ev<span class=\"_ _2\"></span>ent and are ex<span class=\"_ _2\"></span>cluded from profit or loss.<span class=\"_ _421\"> </span>The \u2018in<span class=\"_ _2\"></span>vestment result\u2019 comprises the \u2018net inv<span class=\"_ _2\"></span>estment return<span class=\"_ _a\"></span>\u2019<span class=\"_ _2\"></span>, changes in inv<span class=\"_ _2\"></span>estment contract liabilities and policyholder funds held by the group and IFIE f<span class=\"_ _2\"></span>or both insurance and reinsurance contracts. <span class=\"_ _0\"></span>The IFIE broadly includes the <span class=\"_ _2\"></span>effect <span class=\"_ _2\"></span>of changes in the time value <span class=\"_ _2\"></span>of money and the <span class=\"_ _2\"></span>effect <span class=\"_ _2\"></span>of financial risk and changes in financial risk<span class=\"_ _421\"> </span>T<span class=\"_ _7\"></span>ransition approac<span class=\"_ _2\"></span>h \u2013 IFRS 1<span class=\"_ _2\"></span>7<span class=\"_ _421\"> </span>T<span class=\"_ _0\"></span>ransition ref<span class=\"_ _2\"></span>ers to the determination of the opening balance sheet at the beginning <span class=\"_ _2\"></span>of the annual reporting period immediately preceding the date of IFR<span class=\"_ _2\"></span>S 1<span class=\"_ _a\"></span>7<span class=\"_ _421\"> </span>initial application (ie at 1 January 2022). <span class=\"_ _0\"></span>T<span class=\"_ _2\"></span>he future cash flows and risk adjustment are measured <span class=\"_ _2\"></span>on a current basis in the same manner as they w<span class=\"_ _2\"></span>ould be calculated<span class=\"_ _421\"> </span>for subsequent measurement. <span class=\"_ _7\"></span>The key component <span class=\"_ _2\"></span>of transition is therefore the determination <span class=\"_ _2\"></span>of the CSM.<span class=\"_ _421\"> </span>IFRS 1<span class=\"_ _0\"></span>7 is required to be applied retrospectively unless it is impracticable to do so due to the lack of av<span class=\"_ _2\"></span>ailable and supportable historical information. F<span class=\"_ _a\"></span>or a full<span class=\"_ _421\"> </span>retrospective approach (FRA), the CSM at the date <span class=\"_ _2\"></span>of transition is calculated by rolling forw<span class=\"_ _2\"></span>ard the CSM from the initial recognition of the groups <span class=\"_ _2\"></span>of the insurance<span class=\"_ _421\"> </span>contracts to the transition date as if the accounting policies under IFRS 1<span class=\"_ _a\"></span>7 had alwa<span class=\"_ _2\"></span>ys applied. <span class=\"_ _0\"></span>Where the FRA is impracticable, a choice between a Modified<span class=\"_ _421\"> </span>Retrospectiv<span class=\"_ _2\"></span>e Approach (MRA) and a F<span class=\"_ _2\"></span>air <span class=\"_ _a\"></span>V<span class=\"_ _2\"></span>alue Approach (FV<span class=\"_ _a\"></span>A) is permitted.<span class=\"_ _421\"> </span>The group has been able to apply the FRA to its Dutch business divisions with the inception date f<span class=\"_ _2\"></span>or the contracts acquired being the date of historical acquisition<span class=\"_ _421\"> </span>into the group. <span class=\"_ _0\"></span>The FV<span class=\"_ _a\"></span>A has been applied for CA in the UK where the length of time <span class=\"_ _2\"></span>elapsed since acquisition into the group has meant that the retrospective<span class=\"_ _421\"> </span>application of IFR<span class=\"_ _2\"></span>S 1<span class=\"_ _a\"></span>7 is not possible or practicable for an<span class=\"_ _2\"></span>y of the contract groups. <span class=\"_ _0\"></span>The relativ<span class=\"_ _2\"></span>ely small part of the Mo<span class=\"_ _2\"></span>vestic business in <span class=\"_ _a\"></span>Sweden to which a CSM<span class=\"_ _421\"> </span>is applicable has also been treated as FV<span class=\"_ _a\"></span>A at the date of transition.<span class=\"_ _421\"> </span>Information regarding the f<span class=\"_ _2\"></span>air value methodology used at transition is provided in Note <span class=\"_ _a\"></span>A6.<span class=\"_ _421\"> </span>IFRS 9 <span class=\"_ _2\"></span>\u2018Financial Instruments\u2019<span class=\"_ _421\"> </span>IFRS 9 \u2018Financial Instruments<span class=\"_ _2\"></span>\u2019 was <span class=\"_ _2\"></span>eff<span class=\"_ _2\"></span>ective from 1 January 20<span class=\"_ _0\"></span>1<span class=\"_ _a\"></span>8 and replaces \u2018IAS 39 Financial Instruments: R<span class=\"_ _2\"></span>ecognition and Measurement\u2019<span class=\"_ _0\"></span>. <span class=\"_ _0\"></span>The group <span class=\"_ _2\"></span>elected<span class=\"_ _421\"> </span>to def<span class=\"_ _2\"></span>er the application of IFRS 9 in the Consolidated Financial <span class=\"_ _a\"></span>Statements, applying the temporary ex<span class=\"_ _2\"></span>emption av<span class=\"_ _2\"></span>ailable under \u2018<span class=\"_ _7\"></span>Amendments to IFRS 4 Insurance<span class=\"_ _421\"> </span>Contracts: Applying IFR<span class=\"_ _2\"></span>S 9 \u2018Financial Instruments<span class=\"_ _2\"></span>\u2019 with IFRS 4\u2019 up until the pre<span class=\"_ _2\"></span>viously published group Consolidated Financial <span class=\"_ _2\"></span>Statements as at 31 December 2022.<span class=\"_ _421\"> </span>IFRS 9.4.<span class=\"_ _0\"></span>1 requires financial assets to be classified into the following measurement categories based <span class=\"_ _2\"></span>on an assessment of the business model of the group and<span class=\"_ _421\"> </span>the contractual cash flow characteristics <span class=\"_ _2\"></span>of the assets:<span class=\"_ _421\"> </span>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 P<span class=\"_ _2\"></span>rincipal<span class=\"_ _421\"> </span>and <span class=\"_ _3\"></span>Interest (SPPI).<span class=\"_ _421\"> </span>Fair V<span class=\"_ _2\"></span>alue 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 <span class=\"_ _a\"></span>SPPI.<span class=\"_ _421\"> </span>Fair <span class=\"_ _a\"></span>V<span class=\"_ _a\"></span>alue <span class=\"_ _0\"></span>Through Profit <span class=\"_ _2\"></span>or Loss (FVTPL) where the financial asset does not fit into either <span class=\"_ _2\"></span>of the abov<span class=\"_ _2\"></span>e classifications or where the entity <span class=\"_ _2\"></span>elects to measure<span class=\"_ _421\"> </span>financial assets at FVTPL.<span class=\"_ _421\"> </span>Almost all accounting requirements for financial liabilities remain unchanged from IA<span class=\"_ _2\"></span>S 39. IFRS 9 has ho<span class=\"_ _2\"></span>wev<span class=\"_ _2\"></span>er introduced new requirements f<span class=\"_ _2\"></span>or accounting and<span class=\"_ _421\"> </span>presentation of changes in the f<span class=\"_ _2\"></span>air value <span class=\"_ _2\"></span>of an entity\u2019<span class=\"_ _0\"></span>s own credit risk where the <span class=\"_ _2\"></span>entity has designated to value at f<span class=\"_ _2\"></span>air value (IFRS 9.5.7<span class=\"_ _31\"></span>.7<span class=\"_ _a\"></span>-8). Changes in fair value<span class=\"_ _421\"> </span>attributable to the change in the entity\u2019<span class=\"_ _0\"></span>s o<span class=\"_ _2\"></span>wn credit risk are presented in OCI unless this presentation would create or <span class=\"_ _2\"></span>enlarge an accounting mismatch in the<span class=\"_ _421\"> </span>P&amp;L, as is the case for the Chesnara plc group.<span class=\"_ _421\"> </span>The tw<span class=\"_ _2\"></span>o financial liability classification categories are:<span class=\"_ _421\"> </span>Fair <span class=\"_ _0\"></span>V<span class=\"_ _2\"></span>alue <span class=\"_ _0\"></span>Through Profit <span class=\"_ _2\"></span>or Loss (FVTPL); and<span class=\"_ _421\"> </span>Amortised Cost (AC).<span class=\"_ _421\"> </span>The majority <span class=\"_ _2\"></span>of the group\u2019<span class=\"_ _a\"></span>s financial assets and liabilities are classified as FVTPL either mandatorily as prescribed b<span class=\"_ _2\"></span>y IFRS 9, <span class=\"_ _2\"></span>or by designating as such, as permitted<span class=\"_ _421\"> </span>under IFRS 9.4.<span class=\"_ _0\"></span>1<span class=\"_ _7\"></span>.5 to avoid an accounting mismatch that would <span class=\"_ _2\"></span>otherwise hav<span class=\"_ _2\"></span>e occurred with the v<span class=\"_ _2\"></span>aluation of the corresponding liabilities.<span class=\"_ _421\"> </span>The majority <span class=\"_ _2\"></span>of the group\u2019<span class=\"_ _a\"></span>s financial instruments w<span class=\"_ _2\"></span>ere already held at FVTPL under IAS 39 and will continue to be v<span class=\"_ _2\"></span>alued at FVTPL under IFRS 9 to reflect the<span class=\"_ _421\"> </span>wa<span class=\"_ _2\"></span>y the business is managed and in line with a fair value approach to <span class=\"_ _a\"></span>SII and EcV reporting<span class=\"_ _3\"></span>. <span class=\"_ _0\"></span>T<span class=\"_ _2\"></span>he SPPI test is used to distinguish betw<span class=\"_ _2\"></span>een those mandatorily<span class=\"_ _421\"> </span>classified as FVTPL and those designated at FVTPL.<span class=\"_ _421\"> </span>The mortgage portf<span class=\"_ _2\"></span>olio held by <span class=\"_ _0\"></span>W<span class=\"_ _2\"></span>aard, comprising both direct mortgages and savings mortgages, w<span class=\"_ _2\"></span>as previously v<span class=\"_ _2\"></span>alued at AC under IA<span class=\"_ _2\"></span>S 39. Both types <span class=\"_ _2\"></span>of mortgage<span class=\"_ _421\"> </span>assets pass the <span class=\"_ _2\"></span>SPPI test as the contractual terms require only fix<span class=\"_ _2\"></span>ed payments on fix<span class=\"_ _2\"></span>ed dates or v<span class=\"_ _2\"></span>ariable payments where the amount <span class=\"_ _2\"></span>of the variable payment f<span class=\"_ _2\"></span>or<span class=\"_ _421\"> </span>a period is determined by applying a floating mark<span class=\"_ _2\"></span>et rate of interest f<span class=\"_ _2\"></span>or that period. <span class=\"_ _0\"></span>They are theref<span class=\"_ _2\"></span>ore not required to be classified at FVTPL, but they ha<span class=\"_ _2\"></span>ve been<span class=\"_ _421\"> </span>designated as FVTPL as this will significantly reduce the accounting mismatch with the corresponding liability<span class=\"_ _a\"></span>, valued under IFR<span class=\"_ _2\"></span>S 1<span class=\"_ _a\"></span>7 using current market sour<span class=\"_ _3\"></span>ced<span class=\"_ _421\"> </span>discount rates, that would arise <span class=\"_ _2\"></span>otherwise. <span class=\"_ _0\"></span>This application of the \u2018f<span class=\"_ _2\"></span>air value <span class=\"_ _2\"></span>option<span class=\"_ _2\"></span>\u2019 aligns with the group\u2019<span class=\"_ _0\"></span>s business model which is to manage the busine<span class=\"_ _2\"></span>ss<span class=\"_ _421\"> </span>on a fair v<span class=\"_ _2\"></span>alue basis.<span class=\"_ _421\"> </span>Short-term receivables are classified as <span class=\"_ _2\"></span>AC and no assets will be categorised as FVT<span class=\"_ _a\"></span>OCI.<span class=\"_ _421\"> </span>Financial liabilities are generally classified and measured at AC (IFR<span class=\"_ _2\"></span>S 9.4.2.1), how<span class=\"_ _2\"></span>ev<span class=\"_ _2\"></span>er they can be classified and measured at FVTPL if held for trading <span class=\"_ _2\"></span>or designated<span class=\"_ _421\"> </span>as at FVTPL where doing so results in more relev<span class=\"_ _2\"></span>ant information (IFR<span class=\"_ _2\"></span>S 9.4.2.2), because either:<span class=\"_ _421\"> </span>t eliminates, <span class=\"_ _2\"></span>or significantly reduces, a measurement of recognition inconsistency; <span class=\"_ _2\"></span>or<span class=\"_ _421\"> </span>A group of financial instr<span class=\"_ _2\"></span>uments is managed, and its performance e<span class=\"_ _2\"></span>valuated <span class=\"_ _2\"></span>on a fair v<span class=\"_ _2\"></span>alue basis in accordance with a documented risk management or inv<span class=\"_ _2\"></span>estment<span class=\"_ _421\"> </span>strategy<span class=\"_ _a\"></span>, and information about the group is provided internally <span class=\"_ _2\"></span>on that basis to the entity\u2019<span class=\"_ _0\"></span>s ke<span class=\"_ _2\"></span>y management personnel.<span class=\"_ _421\"> </span>The in<span class=\"_ _2\"></span>vestment contracts help b<span class=\"_ _2\"></span>y the group meet the criteria above f<span class=\"_ _2\"></span>or classification at FVTPL as this will significantly reduce the accounting mismatch that would<span class=\"_ _421\"> </span>arise otherwise. <span class=\"_ _7\"></span>This is also in line with the group\u2019<span class=\"_ _a\"></span>s business model is to manage the business on a f<span class=\"_ _2\"></span>air value basis.<span class=\"_ _421\"> </span>The borro<span class=\"_ _2\"></span>wings liabilities do not match the e<span class=\"_ _2\"></span>xceptions listed abov<span class=\"_ _2\"></span>e and it is appropriate that they are classified as <span class=\"_ _2\"></span>AC under IFRS 9, as w<span class=\"_ _2\"></span>as also the case under<span class=\"_ _421\"> </span>IAS 39. <span class=\"_ _7\"></span>This includes the <span class=\"_ _0\"></span>Tier 2 debt within the parent company <span class=\"_ _2\"></span>of the group<span class=\"_ _421\"> </span>.<span class=\"_ _421\"> </span><div class=\"t m0 h11 ff63 fsd fc2 sc0 ls2 ws2 gsc2\"> <span class=\"_ _e\"> </span>A4 <span class=\"_ _3\"></span>New accounting standards and impact on adoption (continued)<span class=\"_ _421\"> </span></div><div class=\"t m0 h11 ff63 fsd fc1 sc0 ls2 ws2 gsc3\">Eff<span class=\"_ _2\"></span>ect of adoption of IFRS 1<span class=\"_ _2\"></span>7 and IFRS 9<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls68 ws3e gsc4\">The f<span class=\"_ _2\"></span>ollowing table sho<span class=\"_ _2\"></span>ws by balance sheet line item how the adoption <span class=\"_ _2\"></span>of IFRS <span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>7 and IFRS 9 has impacted the balance sheet that w<span class=\"_ _2\"></span>as reported in the Consolidated<span class=\"_ _421\"> </span> </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gsc5\">Financial <span class=\"_ _2\"></span>Statements of the group as at 3<span class=\"_ _a\"></span>1 December 202<span class=\"_ _a\"></span>1<span class=\"_ _0\"></span>.<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls23 ws1a gsc6\">Unaudite<span class=\"_ _3\"></span>d</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls2 wscb gsc7\"> <span class=\"_ _1c9\"> </span>  <span class=\"_ _80\"> </span>3<span class=\"_ _3\"></span>1 <span class=\"_ _3\"></span>D<span class=\"_ _3\"></span>ec<span class=\"_ _3\"></span>embe<span class=\"_ _3\"></span>r  <span class=\"_ _a9\"> </span>  <span class=\"_ _a9\"> </span>  <span class=\"_ _14b\"> </span>IF<span class=\"_ _3\"></span>RS <span class=\"_ _4\"></span>17  <span class=\"_ _57\"> </span>A<span class=\"_ _3\"></span>s <span class=\"_ _3\"></span>at</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls2 wscb gsc8\"> <span class=\"_ _1c9\"> </span>  <span class=\"_ _129\"> </span>2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>1 <span class=\"_ _3\"></span>\u2013 <span class=\"_ _4\"></span>as  <span class=\"_ _12b\"> </span>I<span class=\"_ _3\"></span>tem<span class=\"_ _3\"></span>s  <span class=\"_ _12b\"> </span>It<span class=\"_ _3\"></span>ems  <span class=\"_ _2e\"> </span>an<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>I<span class=\"_ _3\"></span>FR<span class=\"_ _3\"></span>S <span class=\"_ _3\"></span>9  <span class=\"_ _11c\"> </span>1 <span class=\"_ _4\"></span>Janu<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lsd9 ws1bb gsc9\"> <span class=\"_ _1c9\"> </span>  <span class=\"_ _76\"> </span>repor<span class=\"_ _3\"></span>ted  <span class=\"_ _8c\"> </span>derecognised  <span class=\"_ _93\"> </span>reclassi<span class=\"_ _3\"></span>fied  <span class=\"_ _74\"> </span>re<span class=\"_ _2\"></span>measu<span class=\"_ _2\"></span>reme<span class=\"_ _2\"></span>nt  <span class=\"_ _1b1\"> </span>2<span class=\"_ _3\"></span>022</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lsd9 ws1bb gsca\"> <span class=\"_ _1c9\"> </span>  <span class=\"_ _e9\"> </span>\u00a3m  <span class=\"_ _e9\"> </span>\u00a3m  <span class=\"_ _158\"> </span>\u00a3m  <span class=\"_ _e9\"> </span>\u00a3m  <span class=\"_ _e9\"> </span>\u00a3m<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gscb\">Intangible <span class=\"_ _3\"></span>assets <span class=\"_ _1b4\"> </span>  <span class=\"_ _1ca\"> </span>122.1  <span class=\"_ _99\"> </span>(41.7 <span class=\"_ _7\"></span>) <span class=\"_ _ad\"> </span>\u2013  <span class=\"_ _27\"> </span>\u2013  <span class=\"_ _99\"> </span>80.4<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gscc\">Pr<span class=\"_ _2\"></span>operty <span class=\"_ _3\"></span>an<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>equipment <span class=\"_ _21\"> </span>  <span class=\"_ _83\"> </span>7.8  <span class=\"_ _a4\"> </span>\u2013  <span class=\"_ _27\"> </span>\u2013  <span class=\"_ _1cb\"> </span>\u2013  <span class=\"_ _85\"> </span>7<span class=\"_ _2\"></span>.8<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gscd\">Investment <span class=\"_ _3\"></span>properties <span class=\"_ _b7\"> </span>  <span class=\"_ _187\"> </span>1.1  <span class=\"_ _a4\"> </span>\u2013  <span class=\"_ _27\"> </span>\u2013  <span class=\"_ _1cb\"> </span>\u2013  <span class=\"_ _187\"> </span>1.1<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gsce\">Reinsurance <span class=\"_ _3\"></span>contract <span class=\"_ _3\"></span>assets <span class=\"_ _cd\"> </span>  <span class=\"_ _1b1\"> </span>24<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>.8  <span class=\"_ _27\"> </span>\u2013  <span class=\"_ _15b\"> </span>23.3  <span class=\"_ _5a\"> </span>(28<span class=\"_ _3\"></span>.8 <span class=\"_ _7\"></span>) <span class=\"_ _fe\"> </span>242.3<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gscf\">Amounts <span class=\"_ _3\"></span>deposited <span class=\"_ _3\"></span>with <span class=\"_ _3\"></span>reinsurers <span class=\"_ _1cc\"> </span>  <span class=\"_ _e6\"> </span>38.3  <span class=\"_ _27\"> </span>\u2013  <span class=\"_ _27\"> </span>\u2013  <span class=\"_ _27\"> </span>\u2013  <span class=\"_ _e6\"> </span>38<span class=\"_ _3\"></span>.3<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gsd0\">Financial <span class=\"_ _3\"></span>investments <span class=\"_ _8d\"> </span>  <span class=\"_ _12e\"> </span>9,1<span class=\"_ _3\"></span>27<span class=\"_ _a\"></span>.1  <span class=\"_ _27\"> </span>\u2013  <span class=\"_ _27\"> </span>\u2013  <span class=\"_ _99\"> </span>48<span class=\"_ _3\"></span>.9  <span class=\"_ _5b\"> </span>9,176.0<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gsd1\">Derivativ<span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>financial <span class=\"_ _4\"></span>instruments <span class=\"_ _1cd\"> </span>  <span class=\"_ _83\"> </span>0.3  <span class=\"_ _27\"> </span>\u2013  <span class=\"_ _27\"> </span>\u2013  <span class=\"_ _27\"> </span>\u2013  <span class=\"_ _83\"> </span>0.3<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gsd2\">Other <span class=\"_ _3\"></span>assets <span class=\"_ _1ce\"> </span>  <span class=\"_ _1ca\"> </span>72.4  <span class=\"_ _27\"> </span>\u2013  <span class=\"_ _a5\"> </span>(2<span class=\"_ _3\"></span>5.1 <span class=\"_ _0\"></span>) <span class=\"_ _ad\"> </span>\u2013  <span class=\"_ _15b\"> </span>4<span class=\"_ _2\"></span>7<span class=\"_ _a\"></span>.3<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gsd3\">Deferred tax <span class=\"_ _4\"></span>assets <span class=\"_ _1b5\"> </span>  <span class=\"_ _a4\"> </span>\u2013  <span class=\"_ _85\"> </span>0.5  <span class=\"_ _85\"> </span>2.<span class=\"_ _3\"></span>2  <span class=\"_ _a1\"> </span>(1.8 <span class=\"_ _0\"></span>) <span class=\"_ _b4\"> </span>0.9<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gsd4\">Cash <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>cash <span class=\"_ _3\"></span>equivalents <span class=\"_ _1cf\"> </span>  <span class=\"_ _b9\"> </span>70.<span class=\"_ _2\"></span>1  <span class=\"_ _27\"> </span>\u2013  <span class=\"_ _27\"> </span>\u2013  <span class=\"_ _27\"> </span>\u2013  <span class=\"_ _b9\"> </span>70.1<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gsd5\">T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ss<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>s/t<span class=\"_ _3\"></span>rans<span class=\"_ _3\"></span>itio<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>fec<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>s <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>sse<span class=\"_ _3\"></span>ts <span class=\"_ _16f\"> </span>  <span class=\"_ _e7\"> </span>9<span class=\"_ _3\"></span>,6<span class=\"_ _3\"></span>87.0  <span class=\"_ _56\"> </span>(41.<span class=\"_ _3\"></span>2 <span class=\"_ _7\"></span>) <span class=\"_ _97\"> </span>0.<span class=\"_ _3\"></span>4  <span class=\"_ _a5\"> </span>1<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3  <span class=\"_ _15c\"> </span>9<span class=\"_ _3\"></span>,6<span class=\"_ _3\"></span>64<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gsd6\">Insurance <span class=\"_ _3\"></span>contract <span class=\"_ _3\"></span>liabilities <span class=\"_ _cd\"> </span>  <span class=\"_ _f0\"> </span>3,8<span class=\"_ _3\"></span>18.4  <span class=\"_ _27\"> </span>\u2013  <span class=\"_ _5a\"> </span>106<span class=\"_ _3\"></span>.5  <span class=\"_ _56\"> </span>107<span class=\"_ _2\"></span>.2  <span class=\"_ _5b\"> </span>4<span class=\"_ _3\"></span>,032.1<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gsd7\">Reinsurance <span class=\"_ _3\"></span>contract <span class=\"_ _3\"></span>liabilities <span class=\"_ _c9\"> </span>  <span class=\"_ _a4\"> </span>\u2013  <span class=\"_ _27\"> </span>\u2013  <span class=\"_ _27\"> </span>\u2013  <span class=\"_ _158\"> </span>33.1  <span class=\"_ _158\"> </span>33.1<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gsd8\">Other <span class=\"_ _3\"></span>provisions <span class=\"_ _1a9\"> </span>  <span class=\"_ _73\"> </span>1.0  <span class=\"_ _27\"> </span>\u2013  <span class=\"_ _83\"> </span>0.7  <span class=\"_ _a4\"> </span>\u2013  <span class=\"_ _1d0\"> </span>1.7<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws2 gsd9\">Investment contr<span class=\"_ _2\"></span>acts at fair value through profit or loss <span class=\"_ _e8\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _f0\"> </span>4,120.6 <span class=\"_ _a\"></span> <span class=\"_ _a4\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _a4\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _179\"> </span>(1<span class=\"_ _3\"></span>38.6 <span class=\"_ _31\"></span>) <span class=\"_ _14b\"> </span>3,982.0<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws2 gsda\">Liabilities relating to polic<span class=\"_ _2\"></span>yholder funds held by the group <span class=\"_ _17d\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _fe\"> </span>990.6 <span class=\"_ _a\"></span> <span class=\"_ _a4\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _a4\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _a4\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _fe\"> </span>990.6<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gsdb\">Lease <span class=\"_ _3\"></span>contract <span class=\"_ _3\"></span>liabilities <span class=\"_ _b2\"> </span>  <span class=\"_ _83\"> </span>2.0  <span class=\"_ _27\"> </span>\u2013  <span class=\"_ _27\"> </span>\u2013  <span class=\"_ _27\"> </span>\u2013  <span class=\"_ _83\"> </span>2<span class=\"_ _3\"></span>.0<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gsdc\">Borro<span class=\"_ _2\"></span>wings <span class=\"_ _1d1\"> </span>  <span class=\"_ _ae\"> </span>4<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>.2  <span class=\"_ _27\"> </span>\u2013  <span class=\"_ _27\"> </span>\u2013  <span class=\"_ _27\"> </span>\u2013  <span class=\"_ _ae\"> </span>47<span class=\"_ _a\"></span>.<span class=\"_ _3\"></span>2<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gsdd\">Derivativ<span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>financial <span class=\"_ _4\"></span>instruments <span class=\"_ _1cd\"> </span>  <span class=\"_ _27\"> </span>\u2013  <span class=\"_ _27\"> </span>\u2013  <span class=\"_ _27\"> </span>\u2013  <span class=\"_ _27\"> </span>\u2013  <span class=\"_ _27\"> </span>\u2013<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gsde\">Deferred tax <span class=\"_ _4\"></span>liabilities <span class=\"_ _1a2\"> </span>  <span class=\"_ _e9\"> </span>15.7  <span class=\"_ _e9\"> </span>(9.6 <span class=\"_ _7\"></span>) <span class=\"_ _186\"> </span>2<span class=\"_ _3\"></span>.2  <span class=\"_ _139\"> </span>0.6  <span class=\"_ _83\"> </span>8.9<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gsdf\">Deferred in<span class=\"_ _3\"></span>come <span class=\"_ _1b4\"> </span>  <span class=\"_ _83\"> </span>2.8  <span class=\"_ _e9\"> </span>(0.5 <span class=\"_ _7\"></span>) <span class=\"_ _186\"> </span>2<span class=\"_ _3\"></span>.2  <span class=\"_ _27\"> </span>\u2013  <span class=\"_ _139\"> </span>4<span class=\"_ _3\"></span>.5<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gse0\">Other <span class=\"_ _3\"></span>current <span class=\"_ _3\"></span>liabilities <span class=\"_ _1aa\"> </span>  <span class=\"_ _1a1\"> </span>230.2  <span class=\"_ _97\"> </span>(0.4 <span class=\"_ _7\"></span>) <span class=\"_ _1b1\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>1<span class=\"_ _4\"></span>1.2 <span class=\"_ _7\"></span>) <span class=\"_ _6a\"> </span>0.1 <span class=\"_ _2\"></span> <span class=\"_ _a6\"> </span>1<span class=\"_ _4\"></span>1<span class=\"_ _3\"></span>8.7<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gse1\">Bank <span class=\"_ _3\"></span>overdr<span class=\"_ _2\"></span>afts <span class=\"_ _1d2\"> </span>  <span class=\"_ _83\"> </span>0.3  <span class=\"_ _27\"> </span>\u2013  <span class=\"_ _27\"> </span>\u2013  <span class=\"_ _27\"> </span>\u2013  <span class=\"_ _83\"> </span>0.3<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lsd9 ws1bb gse2\">T<span class=\"_ _a\"></span>o<span class=\"_ _3\"></span>tal <span class=\"_ _3\"></span>liabilities<span class=\"_ _3\"></span>/transition <span class=\"_ _4\"></span>ef<span class=\"_ _3\"></span>fect<span class=\"_ _3\"></span>s <span class=\"_ _3\"></span>on <span class=\"_ _4\"></span>liabilities <span class=\"_ _a1\"> </span>  <span class=\"_ _e7\"> </span>9,<span class=\"_ _3\"></span>22<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>.8  <span class=\"_ _5a\"> </span>(<span class=\"_ _3\"></span>10.<span class=\"_ _3\"></span>5 <span class=\"_ _7\"></span>) <span class=\"_ _15b\"> </span>0.<span class=\"_ _3\"></span>4  <span class=\"_ _b4\"> </span>2<span class=\"_ _3\"></span>.4  <span class=\"_ _c2\"> </span>9,<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>21.1<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws2 gse3\">Ne<span class=\"_ _3\"></span>t ass<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>s/<span class=\"_ _3\"></span>tran<span class=\"_ _3\"></span>sit<span class=\"_ _3\"></span>ion ef<span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>ec<span class=\"_ _3\"></span>ts o<span class=\"_ _3\"></span>n shar<span class=\"_ _3\"></span>eho<span class=\"_ _3\"></span>lder<span class=\"_ _3\"></span>s\u2019 e<span class=\"_ _3\"></span>quit<span class=\"_ _3\"></span>y <span class=\"_ _91\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _12b\"> </span>45<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2 <span class=\"_ _a\"></span> <span class=\"_ _57\"> </span>(3<span class=\"_ _3\"></span>0.7 <span class=\"_ _31\"></span>) <span class=\"_ _a8\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _a5\"> </span>1<span class=\"_ _3\"></span>5.<span class=\"_ _3\"></span>9 <span class=\"_ _a\"></span> <span class=\"_ _14e\"> </span>4<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws118 gse4\">F<span class=\"_ _2\"></span>or the entities applying the full retrospective approach, the group has identified, recognised and measured <span class=\"_ _2\"></span>each group of insurance contracts as if IFR<span class=\"_ _2\"></span>S 1<span class=\"_ _a\"></span>7 had<span class=\"_ _421\"> </span> </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws1c3 gse5\">alwa<span class=\"_ _2\"></span>ys applied since the date of their acquisition into the group; derecognised an<span class=\"_ _2\"></span>y e<span class=\"_ _2\"></span>xisting balances that would not <span class=\"_ _2\"></span>exist if IFRS 1<span class=\"_ _0\"></span>7 had alway<span class=\"_ _2\"></span>s applied; and<span class=\"_ _421\"> </span> </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gse6\">recognised any resulting diff<span class=\"_ _a\"></span>erence in net equity<span class=\"_ _a\"></span>. For <span class=\"_ _2\"></span>entities or contracts applying the f<span class=\"_ _2\"></span>air value method this position is estimated using f<span class=\"_ _2\"></span>air value techniques.<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls42 ws41 gse7\">IFRS 9 ma<span class=\"_ _2\"></span>y be applied prospectively from 1 January 2023 but the group has <span class=\"_ _2\"></span>elected to apply IFRS 9 within these financial statements from 1 J<span class=\"_ _2\"></span>anuary 2022 in line<span class=\"_ _421\"> </span> </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls0 ws16 gse8\">with IFRS 1<span class=\"_ _0\"></span>7 in order to avoid an accounting mismatch f<span class=\"_ _2\"></span>or the comparative period, as the measurement <span class=\"_ _2\"></span>of assets under IFRS 9 cannot be considered without<span class=\"_ _421\"> </span> </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gse9\">ref<span class=\"_ _2\"></span>erence to the liabilities under IFRS 1<span class=\"_ _a\"></span>7<span class=\"_ _31\"></span>.  </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gsea\">The <span class=\"_ _2\"></span>ov<span class=\"_ _2\"></span>erall impact to the net equity position of the group at 1 J<span class=\"_ _2\"></span>anuary 2022 as a result of applying IFR<span class=\"_ _2\"></span>S 1<span class=\"_ _a\"></span>7 and IFRS 9 is a reduction in net equity <span class=\"_ _2\"></span>of \u00a31<span class=\"_ _2\"></span>4.8m.<span class=\"_ _421\"> </span> </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gseb\">There are v<span class=\"_ _2\"></span>arious offsetting impacts which result in this o<span class=\"_ _2\"></span>verall reduction <span class=\"_ _2\"></span>of net equity<span class=\"_ _0\"></span>, the key ones being:<span class=\"_ _421\"> </span></div><div class=\"t m0 h11 ff63 fsd fc1 sc0 ls2 ws2 gs86\">Items der<span class=\"_ _2\"></span>ecognised:<span class=\"_ _421\"> </span></div><div class=\"t m0 h40 ff69 fsd fc1 sc0 ls2 ws2 gs87\">Derecognition of A<span class=\"_ _2\"></span>cquired <span class=\"_ _a\"></span>V<span class=\"_ _2\"></span>alue of In-F<span class=\"_ _2\"></span>orce Business (A<span class=\"_ _2\"></span>VIF) and Def<span class=\"_ _2\"></span>erred A<span class=\"_ _2\"></span>cquisition Costs (D<span class=\"_ _a\"></span>AC) in respect of insurance contracts:<span class=\"_ _421\"> </span> </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls0 wsff gsec\">On transition to IFRS 1<span class=\"_ _0\"></span>7<span class=\"_ _7\"></span>, <span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>VIF previously recognised in respect <span class=\"_ _2\"></span>of acquired insurance contracts is derecognised as a balance that would not e<span class=\"_ _2\"></span>xist had IFRS 1<span class=\"_ _0\"></span>7<span class=\"_ _421\"> </span> </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws74 gsed\">alwa<span class=\"_ _2\"></span>ys applied. <span class=\"_ _2\"></span>Similarly<span class=\"_ _a\"></span>, D<span class=\"_ _2\"></span>AC is no longer recognised for ne<span class=\"_ _2\"></span>w contracts written. Instead, acquisition cash flows paid <span class=\"_ _2\"></span>or e<span class=\"_ _2\"></span>xpected to be paid on or after the initial<span class=\"_ _421\"> </span> </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gsee\">recognition of the FRA and FV<span class=\"_ _a\"></span>A groups of insurance contracts, hav<span class=\"_ _2\"></span>e been considered when determining the initial CSM of those groups.<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 wsc4 gsef\">Intangible assets of \u00a341<span class=\"_ _7\"></span>.7m consisting of <span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>VIF of \u00a331<span class=\"_ _7\"></span>.3m and D<span class=\"_ _2\"></span>AC of \u00a31<span class=\"_ _0\"></span>0.4m have been derecognised from the consolidated group balance sheet at the date <span class=\"_ _2\"></span>of<span class=\"_ _421\"> </span> </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls42 wsc7 gsf0\">transition, with a corresponding adjustment to net equity<span class=\"_ _0\"></span>. <span class=\"_ _0\"></span>The derecognition of the def<span class=\"_ _a\"></span>erred tax liability of \u00a39.6m is all in respect of def<span class=\"_ _a\"></span>erred tax balances relating to<span class=\"_ _421\"> </span> </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls0 ws19f gsf1\">the A<span class=\"_ _a\"></span>VIF and D<span class=\"_ _2\"></span>AC assets. <span class=\"_ _0\"></span>The derecognition <span class=\"_ _2\"></span>of the intangible assets and associated def<span class=\"_ _2\"></span>erred tax, together with other smaller impacts, results in an <span class=\"_ _2\"></span>ov<span class=\"_ _2\"></span>erall<span class=\"_ _421\"> </span> </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gsf2\">reduction of net <span class=\"_ _2\"></span>equity of \u00a330.7m at the transition date.<span class=\"_ _421\"> </span></div>IFRS 1<span class=\"_ _2\"></span>7 and IFRS 9 r<span class=\"_ _2\"></span>emeasurement:<span class=\"_ _421\"> </span>(i)  <span class=\"_ _1d3\"></span><span class=\"ff69 ws2c\">Recognition of the CSM as an e<span class=\"_ _2\"></span>xplicit liability representing future unearned profits:<span class=\"ff64\"> At 1 J<span class=\"_ _2\"></span>anuary 2022, a CSM of \u00a31<span class=\"_ _0\"></span>1<span class=\"_ _a\"></span>9.6m net of reinsurance was <span class=\"_ _2\"></span>established<span class=\"_ _421\"> </span></span></span>resulting in a decrease to net equity<span class=\"_ _0\"></span>.<span class=\"_ _421\"> </span>(ii)  <span class=\"_ _aa\"></span><span class=\"ff69 ws44\">Recognition of an e<span class=\"_ _2\"></span>xplicit liability for Risk A<span class=\"_ _2\"></span>djustment for non-financial risk:<span class=\"ff64\"> <span class=\"_ _2\"></span>At 1 January 2022, a RA <span class=\"_ _2\"></span>of \u00a339.7m net of reinsurance was <span class=\"_ _2\"></span>established resulting in<span class=\"_ _421\"> </span></span></span>a decrease to net equity<span class=\"_ _0\"></span>.<span class=\"_ _421\"> </span>(iii)  <span class=\"_ _49\"></span><span class=\"ff69 ws115\">Change in classification of contracts bet<span class=\"_ _3\"></span>ween from in<span class=\"_ _2\"></span>vestment to insurance liabilities:<span class=\"ff64\"> <span class=\"_ _7\"></span>The benefits for certain pension contracts in the <span class=\"_ _a\"></span>Swedish business w<span class=\"_ _2\"></span>ere<span class=\"_ _421\"> </span></span></span>previously separated under IFR<span class=\"_ _2\"></span>S 4 with the savings <span class=\"_ _2\"></span>element measured under IAS 39. <span class=\"_ _0\"></span>The benefits can no longer be separated under IFR<span class=\"_ _2\"></span>S 1<span class=\"_ _a\"></span>7 and therefore<span class=\"_ _421\"> </span>they are remo<span class=\"_ _2\"></span>ved from the inv<span class=\"_ _2\"></span>estment contract line in full and now reported within insurance contract liabilities. <span class=\"_ _7\"></span>This reduction of \u00a31<span class=\"_ _a\"></span>38.6m to the investment<span class=\"_ _421\"> </span>contract liability line is therefore largely <span class=\"_ _2\"></span>offset by an increase in the insurance contract liability line. Note A6(b) pro<span class=\"_ _2\"></span>vides further details regarding this change<span class=\"_ _421\"> </span>in classification. No contracts hav<span class=\"_ _2\"></span>e switched from insurance to inv<span class=\"_ _2\"></span>estment.<span class=\"_ _421\"> </span>(iv)  <span class=\"_ _1d4\"></span><span class=\"ff69 ws2\">IFRS 9 impacts:<span class=\"ff64\"> <span class=\"_ _7\"></span>The assets held in respect of certain mortgage sa<span class=\"_ _2\"></span>vings products in the <span class=\"_ _0\"></span>Waard Group pre<span class=\"_ _2\"></span>viously valued at amortised cost ha<span class=\"_ _2\"></span>ve been rev<span class=\"_ _2\"></span>alued<span class=\"_ _421\"> </span></span></span>to fair v<span class=\"_ _2\"></span>alue under IFRS 9. <span class=\"_ _0\"></span>T<span class=\"_ _2\"></span>he increase in value of \u00a348.9m in the financial in<span class=\"_ _2\"></span>vestment line is largely <span class=\"_ _2\"></span>offset by an increase in the insurance contract liabilities<span class=\"_ _421\"> </span>line as both the asset cash flows and liability cash flo<span class=\"_ _2\"></span>ws are measured using similar techniques. F<span class=\"_ _2\"></span>urther detail regarding the judgements inv<span class=\"_ _2\"></span>olved in the<span class=\"_ _421\"> </span>mortgage asset rev<span class=\"_ _2\"></span>aluation can be found in Note <span class=\"_ _2\"></span>A6(i).<span class=\"_ _421\"> </span>(v)  <span class=\"_ _1d5\"></span><span class=\"ff69 ws72\">Re<span class=\"_ _2\"></span>valuation of the present v<span class=\"_ _2\"></span>alue of future cash flo<span class=\"_ _2\"></span>ws for insurance and reinsurance contracts: <span class=\"ff64\">A variety <span class=\"_ _2\"></span>of local methodologies with diff<span class=\"_ _2\"></span>erent areas of implicit<span class=\"_ _421\"> </span></span></span>margin has been replaced by a v<span class=\"_ _2\"></span>aluation of \u2018best <span class=\"_ _2\"></span>estimate\u2019 future cash flo<span class=\"_ _2\"></span>ws, discounted at market interest rates, results in an increase to net equity <span class=\"_ _2\"></span>of \u00a31<span class=\"_ _a\"></span>77<span class=\"_ _31\"></span>.7m.<span class=\"_ _421\"> </span>The <span class=\"ws70\">combined impacts in respect <span class=\"_ _2\"></span>of items (i) to (v) abov<span class=\"_ _2\"></span>e net of the def<span class=\"_ _2\"></span>erred tax impact (\u00a32.5m decrease to net equity) results in an <span class=\"_ _2\"></span>ov<span class=\"_ _2\"></span>erall increase to net equity<span class=\"_ _421\"> </span></span>of \u00a31<span class=\"_ _2\"></span>5.9m at the transition date.<span class=\"_ _421\"> </span>Items reclassified:<span class=\"_ _421\"> </span>The group has also reclassified all rights and <span class=\"_ _2\"></span>obligations arising from portfolios of insurance and reinsurance contracts such as (i) <span class=\"_ _2\"></span>outstanding claims in respect of<span class=\"_ _421\"> </span>insurance contracts and the reinsurers share of <span class=\"_ _2\"></span>outstanding claims (ii) receivables and pay<span class=\"_ _2\"></span>ables related to insurance and reinsurance contracts. <span class=\"_ _0\"></span>These reclassifications<span class=\"_ _421\"> </span>hav<span class=\"_ _2\"></span>e not impacted the net equity <span class=\"_ _2\"></span>of the group at the transition date.<span class=\"_ _421\"> </span>Standards and amendments issued but not y<span class=\"_ _2\"></span>et eff<span class=\"_ _2\"></span>ective<span class=\"_ _421\"> </span>At the date of authorisation <span class=\"_ _2\"></span>of these financial statements the following standards and interpretations, which are applicable to the group, and which ha<span class=\"_ _2\"></span>ve not been<span class=\"_ _421\"> </span>applied in these financial statements, were in issue but not <span class=\"_ _0\"></span>yet eff<span class=\"_ _a\"></span>ective:<span class=\"_ _421\"> </span>Title Subject<span class=\"_ _421\"> </span>Amendments to IAS <span class=\"_ _2\"></span>1 <span class=\"_ _1a9\"> </span>Classification of liabilities as current <span class=\"_ _2\"></span>or non-current<span class=\"_ _421\"> </span>Amendments to IAS <span class=\"_ _2\"></span>1 <span class=\"_ _1a9\"> </span>Disclosure of accounting policies<span class=\"_ _421\"> </span>Amendments to IAS <span class=\"_ _2\"></span>1 <span class=\"_ _1a9\"> </span>Non-current liabilities with cov<span class=\"_ _2\"></span>enants<span class=\"_ _421\"> </span>Amendments to IAS <span class=\"_ _2\"></span>8 <span class=\"_ _1a9\"> </span>Definition of accounting <span class=\"_ _2\"></span>estimates<span class=\"_ _421\"> </span>Amendments to IFRS <span class=\"_ _0\"></span>1<span class=\"_ _2\"></span>6 <span class=\"_ _116\"> </span>Lease liability in a sale and leaseback<span class=\"_ _421\"> </span>The directors do not <span class=\"_ _2\"></span>expect that the adoption <span class=\"_ _2\"></span>of the standards, amendments and interpretations listed above will ha<span class=\"_ _2\"></span>ve a material impact <span class=\"_ _2\"></span>on the financial statements<span class=\"_ _421\"> </span>of the group in future periods.<span class=\"_ _421\"> </span>BEPS 2.0<span class=\"_ _421\"> </span>The Organisation f<span class=\"_ _2\"></span>or Economic Cooperation and Development (OECD) has released a package <span class=\"_ _2\"></span>of international tax reform measures as part <span class=\"_ _2\"></span>of the <span class=\"_ _0\"></span>T<span class=\"_ _0\"></span>wo-Pillar solution<span class=\"_ _421\"> </span>to address tax challenges of the digitisation <span class=\"_ _2\"></span>of the economy<span class=\"_ _0\"></span>. <span class=\"_ _0\"></span>This includes the Global Anti-B<span class=\"_ _2\"></span>ase Erosion (GloBE) rules, released in December 202<span class=\"_ _a\"></span>1<span class=\"_ _a\"></span>, which introduce<span class=\"_ _421\"> </span>a global minimum tax rate of 1<span class=\"_ _a\"></span>5% for multi-national groups with a consolidated turnov<span class=\"_ _2\"></span>er of at least EUR 750m.<span class=\"_ _421\"> </span>The Chesnara group <span class=\"_ _2\"></span>operates in the United Kingdom, <span class=\"_ _2\"></span>Sweden and the Netherlands, all <span class=\"_ _2\"></span>of which hav<span class=\"_ _2\"></span>e enacted and substantiv<span class=\"_ _2\"></span>ely enacted new legislation to implement<span class=\"_ _421\"> </span>the global minimum top-up tax, eff<span class=\"_ _a\"></span>ective from 1 January 2024.<span class=\"_ _421\"> </span>The group is w<span class=\"_ _2\"></span>orking to understand the application and impact of this legislation as it applies to insurance groups, which settle taxes <span class=\"_ _2\"></span>on behalf of policyholders<span class=\"_ _421\"> </span>as well as corporate <span class=\"_ _2\"></span>entities. <span class=\"_ _0\"></span>This includes an <span class=\"_ _2\"></span>exploration of the items <span class=\"_ _2\"></span>of rev<span class=\"_ _2\"></span>enue which constitute turnov<span class=\"_ _2\"></span>er for the GloBE rues and a clearer understanding <span class=\"_ _2\"></span>of<span class=\"_ _421\"> </span>the classification of the tax<span class=\"_ _2\"></span>es that we settle on behalf <span class=\"_ _2\"></span>of our policyholders. Chesnara is w<span class=\"_ _2\"></span>orking with the tax authorities of the jurisdictions in which we <span class=\"_ _2\"></span>operate<span class=\"_ _421\"> </span>to further this understanding.<span class=\"_ _421\"> </span>The group has applied the IA<span class=\"_ _2\"></span>S 1<span class=\"_ _2\"></span>2 mandatory e<span class=\"_ _2\"></span>xemption from recognising and disclosing information <span class=\"_ _2\"></span>on the associated def<span class=\"_ _2\"></span>erred tax assets and liabilities at<span class=\"_ _421\"> </span>31 December 2023. At the balance sheet date it is not possible to quantify an<span class=\"_ _2\"></span>y potential liability<span class=\"_ _a\"></span>.<span class=\"_ _421\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFirstTimeAdoptionExplanatory",
    "language": "en",
    "entity": "scheme:213800VFRMBRTSZ3SJ06",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-8": {
   "value": "A4 <span class=\"_ _3\"></span>New accounting standards and impact on adoption<span class=\"_ _421\"> </span>The group has applied IFR<span class=\"_ _2\"></span>S <span class=\"_ _7\"></span>1<span class=\"_ _2\"></span>7 \u2018Insurance Contracts<span class=\"_ _2\"></span>\u2019 and IFRS 9 \u2018Financial Instruments<span class=\"_ _a\"></span>\u2019 for the first time in these Annual R<span class=\"_ _2\"></span>eport and A<span class=\"_ _2\"></span>ccounts and as a result<span class=\"_ _421\"> </span>comparative amounts and the shareholder <span class=\"_ _2\"></span>equity position at 1 January 2022 hav<span class=\"_ _2\"></span>e been restated to reflect this. <span class=\"_ _0\"></span>The introduction <span class=\"_ _2\"></span>of these standards means there<span class=\"_ _421\"> </span>are significant changes to the accounting for insurance and reinsurance contracts and financial instruments, although the impact f<span class=\"_ _2\"></span>or the group in respect of IFR<span class=\"_ _2\"></span>S 9<span class=\"_ _421\"> </span>is less significant.<span class=\"_ _421\"> </span>IFRS 17 \u2018Insurance Contr<span class=\"_ _2\"></span>acts\u2019<span class=\"_ _421\"> </span>IFRS<span class=\"_ _2\"></span> 1<span class=\"_ _a\"></span>7 \u2018In<span class=\"_ _2\"></span>suran<span class=\"_ _2\"></span>ce Co<span class=\"_ _2\"></span>ntrac<span class=\"_ _2\"></span>ts<span class=\"_ _2\"></span>\u2019 introduces significant changes in the recognition, measurement, presentation and disclosure of insurance and reinsurance contracts<span class=\"_ _421\"> </span>for the group.<span class=\"_ _421\"> </span>The scope <span class=\"_ _2\"></span>of IFRS 1<span class=\"_ _a\"></span>7 is very similar to that <span class=\"_ _2\"></span>of IFRS 4 and all <span class=\"_ _2\"></span>of the insurance and reinsurance contracts accounted for under IFR<span class=\"_ _2\"></span>S 4 are accounted for under IFRS 1<span class=\"_ _0\"></span>7<span class=\"_ _31\"></span>,<span class=\"_ _421\"> </span>with some additional benefits within the <span class=\"_ _2\"></span>Sw<span class=\"_ _2\"></span>edish business now accounted for under IFR<span class=\"_ _2\"></span>S 1<span class=\"_ _a\"></span>7 that were previously accounted f<span class=\"_ _2\"></span>or under IAS 39. <span class=\"_ _7\"></span>These contracts<span class=\"_ _421\"> </span>now come into scope f<span class=\"_ _2\"></span>or IFRS 1<span class=\"_ _a\"></span>7 due to the diff<span class=\"_ _2\"></span>erent separation rules regarding component parts of contracts that no<span class=\"_ _2\"></span>w apply in IFRS 1<span class=\"_ _a\"></span>7 compared to IFRS 4.<span class=\"_ _421\"> </span>Insurance and reinsurance contracts are aggregated into portfolios. <span class=\"_ _7\"></span>The portfolios are determined by identifying contracts that ha<span class=\"_ _2\"></span>ve similar risks and that are<span class=\"_ _421\"> </span>managed together<span class=\"_ _a\"></span>. <span class=\"_ _0\"></span>The portfolios are then further divided into contract groups based <span class=\"_ _2\"></span>on annual cohorts (ie by <span class=\"_ _0\"></span>year of issue) and profitability<span class=\"_ _0\"></span>.<span class=\"_ _421\"> </span>Under IFRS <span class=\"_ _7\"></span>1<span class=\"_ _0\"></span>7<span class=\"_ _31\"></span>, the insurance contract liabilities are broken down into the follo<span class=\"_ _2\"></span>wing component parts:<span class=\"_ _421\"> </span>(i) <span class=\"_ _79\"> </span> <span class=\"_ _f\"></span>Present <span class=\"_ _0\"></span>Value <span class=\"_ _2\"></span>of F<span class=\"_ _a\"></span>uture Cash Flows (pvFCF): estimates <span class=\"_ _2\"></span>of future cash flows adjusted to reflect the <span class=\"_ _2\"></span>effect <span class=\"_ _2\"></span>of the time value <span class=\"_ _2\"></span>of money and <span class=\"_ _2\"></span>other financial risks<span class=\"_ _421\"> </span>where applicable<span class=\"_ _421\"> </span>(ii) <span class=\"_ _10\"> </span> <span class=\"_ _f\"></span>Risk A<span class=\"_ _2\"></span>djustment (RA) for non-financial risk: the compensation required for bearing uncertainty about the amount and timing <span class=\"_ _2\"></span>of the cash flows that arises from<span class=\"_ _421\"> </span>non-financial risk<span class=\"_ _421\"> </span>(iii)   <span class=\"_ _19\"></span>Contractual Service Margin (CSM): the unearned profit that will be recognised as the group pro<span class=\"_ _2\"></span>vides insurance contract services<span class=\"_ _421\"> </span>(iv) <span class=\"_ _9\"> </span> <span class=\"_ _19\"></span>Liability for Incurred Claims (LIC) \u2013 claims and e<span class=\"_ _2\"></span>xpenses for insurance contracts that ha<span class=\"_ _2\"></span>ve not <span class=\"_ _a\"></span>yet been paid, including claims and <span class=\"_ _2\"></span>expenses that hav<span class=\"_ _2\"></span>e been<span class=\"_ _421\"> </span>incurred but not <span class=\"_ _a\"></span>yet reported<span class=\"_ _421\"> </span>Collectively<span class=\"_ _0\"></span>, the pvFCF and RA are referred to as F<span class=\"_ _a\"></span>ulfilment Cash Flows (FCF). Changes in the FCF will impact <span class=\"_ _2\"></span>either profit or loss or the CSM, depending <span class=\"_ _2\"></span>on<span class=\"_ _421\"> </span>whether they relate to future <span class=\"_ _2\"></span>or current service and the \u2018measurement model\u2019 applicable to the group <span class=\"_ _2\"></span>of contracts. If the CSM for a group of contracts becomes<span class=\"_ _421\"> </span>onerous (ie negative) then a \u2018loss component\u2019 is <span class=\"_ _2\"></span>established in respect of the negative amount and the CSM is floored at z<span class=\"_ _2\"></span>ero, with losses recognised in profit or<span class=\"_ _421\"> </span>loss immediately<span class=\"_ _a\"></span>.<span class=\"_ _421\"> </span>The FCF and the CSM are collectiv<span class=\"_ _2\"></span>ely refer<span class=\"_ _2\"></span>red to as the Liability for R<span class=\"_ _2\"></span>emaining Coverage (LR<span class=\"_ _2\"></span>C) and the total of the LR<span class=\"_ _2\"></span>C and LIC make up the total value f<span class=\"_ _2\"></span>or a given<span class=\"_ _421\"> </span>group of insurance contracts.<span class=\"_ _421\"> </span>F<span class=\"_ _2\"></span>or reinsurance contracts held, in line with the description above <span class=\"_ _2\"></span>of the measurement components of the gross insurance contracts issued, the groups <span class=\"_ _2\"></span>of<span class=\"_ _421\"> </span>reinsurance contracts consists of an <span class=\"_ _2\"></span>Asset f<span class=\"_ _2\"></span>or Remaining Cov<span class=\"_ _2\"></span>erage (ARC) <span class=\"_ _2\"></span>or LRC and the <span class=\"_ _2\"></span>Asset for Incur<span class=\"_ _2\"></span>red Claims (AIC). <span class=\"_ _0\"></span>The components of the reinsurance<span class=\"_ _421\"> </span>ARC<span class=\"_ _421\"> </span>/<span class=\"_ _421\"> </span>LRC are similar to the LR<span class=\"_ _2\"></span>C arising from the insurance contracts issued, with the following distinct diff<span class=\"_ _a\"></span>erences: <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>The RA f<span class=\"_ _2\"></span>or non-financial risk represents the amount of risk being transf<span class=\"_ _a\"></span>erred by the group to the reinsurer<span class=\"_ _a\"></span>. <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>The CSM represents the net cost <span class=\"_ _2\"></span>or net gain on purchasing reinsurance and can be positiv<span class=\"_ _2\"></span>e or negative <span class=\"_ _2\"></span>on initial recognition and subsequent measurement. <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _3\"></span>T<span class=\"_ _a\"></span>o the e<span class=\"_ _2\"></span>xtent that onerous contracts are reinsured, a \u2018loss-reco<span class=\"_ _2\"></span>very component\u2019 is established at the date the underlying <span class=\"_ _2\"></span>onerous losses are recognised to cater<span class=\"_ _421\"> </span>for the <span class=\"_ _2\"></span>expected reco<span class=\"_ _2\"></span>veries of the underlying losses from the reinsurance contracts held. <span class=\"_ _13c\"> </span>\u2013 <span class=\"_ _3\"></span>There is an <span class=\"_ _2\"></span>explicit allo<span class=\"_ _2\"></span>wance f<span class=\"_ _2\"></span>or the risk of non-performance <span class=\"_ _2\"></span>of the issuer of the reinsurance contract which includes allo<span class=\"_ _2\"></span>wance for <span class=\"_ _2\"></span>expected losses arising<span class=\"_ _421\"> </span>from disputes.<span class=\"_ _421\"> </span>FRS 1<span class=\"_ _2\"></span>7 \u2018Insur<span class=\"_ _2\"></span>ance Contracts\u2019 (continued)<span class=\"_ _421\"> </span>The f<span class=\"_ _2\"></span>ollowing three measurement models are applicable under IFRS 1<span class=\"_ _0\"></span>7:<span class=\"_ _421\"> </span>(i) <span class=\"_ _12\"> </span> <span class=\"_ _19\"></span>General Measurement Model (GMM): this is the default measurement method which determines how mov<span class=\"_ _2\"></span>ements in the fulfilment cash flows impact <span class=\"_ _2\"></span>either profit and loss or the CSM. Under the GMM, changes in the fulfilment cash flo<span class=\"_ _2\"></span>ws that relate to future service impact the CSM with other changes to the fulfilment cash flows instead impacting profit and loss. (ii) <span class=\"_ _d\"> </span> <span class=\"_ _f\"></span>V<span class=\"_ _2\"></span>ariable F<span class=\"_ _2\"></span>ee Approach (VF<span class=\"_ _0\"></span>A): this is used where the contract meets the IFRS 1<span class=\"_ _a\"></span>7 definition of an insurance contract with direct participating f<span class=\"_ _2\"></span>eatures. <span class=\"_ _0\"></span>This means that the nature of the services pro<span class=\"_ _2\"></span>vided are substantially inv<span class=\"_ _2\"></span>estment related with insurance benefits also being provided. Under the <span class=\"_ _0\"></span>VF<span class=\"_ _a\"></span>A changes in the group\u2019<span class=\"_ _a\"></span>s share of the underlying items in respect <span class=\"_ _2\"></span>of financial and economic impacts will adjust the CSM and not the profit or loss.<span class=\"_ _421\"> </span>(iii)   <span class=\"_ _f\"></span>Premium <span class=\"_ _2\"></span>Allocation Approach (P<span class=\"_ _0\"></span>AA): this is a simplified approach that can be applied to eligible short-duration contracts whereby all mov<span class=\"_ _2\"></span>ements in the liability go to profit and loss (ie there is no CSM). Reinsurance contracts are considered separately to gross insurance contracts with the majority <span class=\"_ _2\"></span>of reinsurance contracts within the group measured under the GMM and a small amount measured under P<span class=\"_ _a\"></span>AA.<span class=\"_ _421\"> </span>With the adoption of IFRS 1<span class=\"_ _0\"></span>7<span class=\"_ _7\"></span>, certain line items in the group\u2019<span class=\"_ _0\"></span>s Consolidated Balance <span class=\"_ _2\"></span>Sheet hav<span class=\"_ _2\"></span>e been replaced with new line items. F<span class=\"_ _a\"></span>or example, the group no<span class=\"_ _2\"></span>w presents separately the carrying amount of portf<span class=\"_ _2\"></span>olios of: <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>Insurance contracts issued that are assets; <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>Insurance contracts issued that are liabilities; <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>Reinsurance contracts held that are assets; and <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>Reinsurance contracts held that are liabilities.<span class=\"_ _421\"> </span>The assessment as to whether a giv<span class=\"_ _2\"></span>en portfolio is an asset or liability considers the portf<span class=\"_ _2\"></span>olio as a whole, so LRC plus LIC f<span class=\"_ _2\"></span>or gross insurance contracts for <span class=\"_ _2\"></span>example.<span class=\"_ _421\"> </span>The line items in the consolidated income statement ha<span class=\"_ _2\"></span>ve also changed significantly compared to that under IFRS 4 with specific line items no<span class=\"_ _2\"></span>w for: <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>Insurance rev<span class=\"_ _2\"></span>enue; <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _5\"> </span>Insurance service expenses; <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>Net income (expense) from reinsurance contracts held; <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>Insurance Finance Income or Expense (IFIE) f<span class=\"_ _2\"></span>or insurance contracts issued; and <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>Net IFIE for reinsurance contracts held.<span class=\"_ _421\"> </span>Under IFRS 1<span class=\"_ _0\"></span>7<span class=\"_ _7\"></span>, f<span class=\"_ _2\"></span>or contracts not measured under the P<span class=\"_ _a\"></span>AA, the group recognises insurance revenue to depict the transf<span class=\"_ _a\"></span>er of promised services provided under groups of insurance contracts. <span class=\"_ _7\"></span>The insurance rev<span class=\"_ _2\"></span>enue for each <span class=\"_ _0\"></span>year represents the changes in the LRC that relate to services pro<span class=\"_ _2\"></span>vided in that <span class=\"_ _a\"></span>year for which the group e<span class=\"_ _2\"></span>xpects to receive consideration. <span class=\"_ _0\"></span>T<span class=\"_ _2\"></span>his mainly comprises the release of e<span class=\"_ _2\"></span>xpected claims, the release of the <span class=\"_ _2\"></span>expired risk adjustment f<span class=\"_ _2\"></span>or non-financial risk and the CSM amounts recognised in profit or loss in the period. F<span class=\"_ _2\"></span>or contracts measured under the P<span class=\"_ _a\"></span>AA, the insurance revenue f<span class=\"_ _2\"></span>or each period is the amount <span class=\"_ _2\"></span>of expected premium receipts f<span class=\"_ _2\"></span>or providing services in the period. <span class=\"_ _68\"></span>\u2018Insurance service expenses<span class=\"_ _a\"></span>\u2019 in each reporting period represents the cost of pro<span class=\"_ _2\"></span>viding those services, broadly comprising incurred claims and benefits and e<span class=\"_ _2\"></span>xpenses that are directly attributable to providing the service in the period. <span class=\"_ _49\"></span>\u2018Net income/(e<span class=\"_ _2\"></span>xpenses) from reinsurance contracts\u2019 generally comprises reinsurance <span class=\"_ _2\"></span>expenses and the reco<span class=\"_ _2\"></span>very <span class=\"_ _2\"></span>of incurred claims. Reinsurance <span class=\"_ _2\"></span>expenses are recognised similarly to insurance rev<span class=\"_ _2\"></span>enue, with the amount of reinsurance <span class=\"_ _2\"></span>expenses representing an allocation of the premiums paid to <span class=\"_ _2\"></span>reinsurers that depicts the received insurance contract services in the period. T<span class=\"_ _0\"></span>ogether<span class=\"_ _a\"></span>, the insurance revenue, insurance service <span class=\"_ _2\"></span>expenses and net income/(e<span class=\"_ _2\"></span>xpenses) from reinsurance contracts make up the insurance service result, presented on the f<span class=\"_ _2\"></span>ace of the income statement. \u2018Non-distinct inv<span class=\"_ _2\"></span>estment components<span class=\"_ _2\"></span>\u2019 of insurance contracts represent amounts that the group must repa<span class=\"_ _2\"></span>y back to the policyholder regardless of the <span class=\"_ _2\"></span>occurrence of the insured <span class=\"_ _2\"></span>ev<span class=\"_ _2\"></span>ent and are ex<span class=\"_ _2\"></span>cluded from profit or loss.<span class=\"_ _421\"> </span>The \u2018in<span class=\"_ _2\"></span>vestment result\u2019 comprises the \u2018net inv<span class=\"_ _2\"></span>estment return<span class=\"_ _a\"></span>\u2019<span class=\"_ _2\"></span>, changes in inv<span class=\"_ _2\"></span>estment contract liabilities and policyholder funds held by the group and IFIE f<span class=\"_ _2\"></span>or both insurance and reinsurance contracts. <span class=\"_ _0\"></span>The IFIE broadly includes the <span class=\"_ _2\"></span>effect <span class=\"_ _2\"></span>of changes in the time value <span class=\"_ _2\"></span>of money and the <span class=\"_ _2\"></span>effect <span class=\"_ _2\"></span>of financial risk and changes in financial risk<span class=\"_ _421\"> </span>T<span class=\"_ _7\"></span>ransition approac<span class=\"_ _2\"></span>h \u2013 IFRS 1<span class=\"_ _2\"></span>7<span class=\"_ _421\"> </span>T<span class=\"_ _0\"></span>ransition ref<span class=\"_ _2\"></span>ers to the determination of the opening balance sheet at the beginning <span class=\"_ _2\"></span>of the annual reporting period immediately preceding the date of IFR<span class=\"_ _2\"></span>S 1<span class=\"_ _a\"></span>7<span class=\"_ _421\"> </span> initial application (ie at 1 January 2022). <span class=\"_ _0\"></span>T<span class=\"_ _2\"></span>he future cash flows and risk adjustment are measured <span class=\"_ _2\"></span>on a current basis in the same manner as they w<span class=\"_ _2\"></span>ould be calculated<span class=\"_ _421\"> </span> for subsequent measurement. <span class=\"_ _7\"></span>The key component <span class=\"_ _2\"></span>of transition is therefore the determination <span class=\"_ _2\"></span>of the CSM.<span class=\"_ _421\"> </span>IFRS 1<span class=\"_ _0\"></span>7 is required to be applied retrospectively unless it is impracticable to do so due to the lack of av<span class=\"_ _2\"></span>ailable and supportable historical information. F<span class=\"_ _a\"></span>or a full<span class=\"_ _421\"> </span> retrospective approach (FRA), the CSM at the date <span class=\"_ _2\"></span>of transition is calculated by rolling forw<span class=\"_ _2\"></span>ard the CSM from the initial recognition of the groups <span class=\"_ _2\"></span>of the insurance<span class=\"_ _421\"> </span> contracts to the transition date as if the accounting policies under IFRS 1<span class=\"_ _a\"></span>7 had alwa<span class=\"_ _2\"></span>ys applied. <span class=\"_ _0\"></span>Where the FRA is impracticable, a choice between a Modified<span class=\"_ _421\"> </span><span class=\"_ _2\"></span> Retrospectiv<span class=\"_ _2\"></span>e Approach (MRA) and a F<span class=\"_ _2\"></span>air <span class=\"_ _a\"></span>V<span class=\"_ _2\"></span>alue Approach (FV<span class=\"_ _a\"></span>A) is permitted.<span class=\"_ _421\"> </span>The group has been able to apply the FRA to its Dutch business divisions with the inception date f<span class=\"_ _2\"></span>or the contracts acquired being the date of historical acquisition<span class=\"_ _421\"> </span> into the group. <span class=\"_ _0\"></span>The FV<span class=\"_ _a\"></span>A has been applied for CA in the UK where the length of time <span class=\"_ _2\"></span>elapsed since acquisition into the group has meant that the retrospective<span class=\"_ _421\"> </span> application of IFR<span class=\"_ _2\"></span>S 1<span class=\"_ _a\"></span>7 is not possible or practicable for an<span class=\"_ _2\"></span>y of the contract groups. <span class=\"_ _0\"></span>The relativ<span class=\"_ _2\"></span>ely small part of the Mo<span class=\"_ _2\"></span>vestic business in <span class=\"_ _a\"></span>Sweden to which a CSM<span class=\"_ _421\"> </span> is applicable has also been treated as FV<span class=\"_ _a\"></span>A at the date of transition.<span class=\"_ _421\"> </span>Information regarding the f<span class=\"_ _2\"></span>air value methodology used at transition is provided in Note <span class=\"_ _a\"></span>A6.<span class=\"_ _421\"> </span>IFRS 9 <span class=\"_ _2\"></span>\u2018Financial Instruments\u2019<span class=\"_ _421\"> </span>IFRS 9 \u2018Financial Instruments<span class=\"_ _2\"></span>\u2019 was <span class=\"_ _2\"></span>eff<span class=\"_ _2\"></span>ective from 1 January 20<span class=\"_ _0\"></span>1<span class=\"_ _a\"></span>8 and replaces \u2018IAS 39 Financial Instruments: R<span class=\"_ _2\"></span>ecognition and Measurement\u2019<span class=\"_ _0\"></span>. <span class=\"_ _0\"></span>The group <span class=\"_ _2\"></span>elected<span class=\"_ _421\"> </span> to def<span class=\"_ _2\"></span>er the application of IFRS 9 in the Consolidated Financial <span class=\"_ _a\"></span>Statements, applying the temporary ex<span class=\"_ _2\"></span>emption av<span class=\"_ _2\"></span>ailable under \u2018<span class=\"_ _7\"></span>Amendments to IFRS 4 Insurance<span class=\"_ _421\"> </span> Contracts: Applying IFR<span class=\"_ _2\"></span>S 9 \u2018Financial Instruments<span class=\"_ _2\"></span>\u2019 with IFRS 4\u2019 up until the pre<span class=\"_ _2\"></span>viously published group Consolidated Financial <span class=\"_ _2\"></span>Statements as at 31 December 2022.<span class=\"_ _421\"> </span>IFRS 9.4.<span class=\"_ _0\"></span>1 requires financial assets to be classified into the following measurement categories based <span class=\"_ _2\"></span>on an assessment of the business model of the group and<span class=\"_ _421\"> </span> the contractual cash flow characteristics <span class=\"_ _2\"></span>of the assets:<span class=\"_ _421\"> </span> <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _3\"></span>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 P<span class=\"_ _2\"></span>rincipal<span class=\"_ _421\"> </span> and <span class=\"_ _3\"></span>Interest (SPPI).<span class=\"_ _421\"> </span> <span class=\"_ _13c\"> </span>\u2013 <span class=\"_ _4\"></span>Fair V<span class=\"_ _2\"></span>alue 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 <span class=\"_ _a\"></span>SPPI.<span class=\"_ _421\"> </span> <span class=\"_ _13c\"> </span>\u2013 <span class=\"_ _4\"></span>Fair <span class=\"_ _a\"></span>V<span class=\"_ _a\"></span>alue <span class=\"_ _0\"></span>Through Profit <span class=\"_ _2\"></span>or Loss (FVTPL) where the financial asset does not fit into either <span class=\"_ _2\"></span>of the abov<span class=\"_ _2\"></span>e classifications or where the entity <span class=\"_ _2\"></span>elects to measure<span class=\"_ _421\"> </span> financial assets at FVTPL.<span class=\"_ _421\"> </span>Almost all accounting requirements for financial liabilities remain unchanged from IA<span class=\"_ _2\"></span>S 39. IFRS 9 has ho<span class=\"_ _2\"></span>wev<span class=\"_ _2\"></span>er introduced new requirements f<span class=\"_ _2\"></span>or accounting and<span class=\"_ _421\"> </span> presentation of changes in the f<span class=\"_ _2\"></span>air value <span class=\"_ _2\"></span>of an entity\u2019<span class=\"_ _0\"></span>s own credit risk where the <span class=\"_ _2\"></span>entity has designated to value at f<span class=\"_ _2\"></span>air value (IFRS 9.5.7<span class=\"_ _31\"></span>.7<span class=\"_ _a\"></span>-8). Changes in fair value<span class=\"_ _421\"> </span> attributable to the change in the entity\u2019<span class=\"_ _0\"></span>s o<span class=\"_ _2\"></span>wn credit risk are presented in OCI unless this presentation would create or <span class=\"_ _2\"></span>enlarge an accounting mismatch in the<span class=\"_ _421\"> </span> P&amp;L, as is the case for the Chesnara plc group.<span class=\"_ _421\"> </span>The tw<span class=\"_ _2\"></span>o financial liability classification categories are:<span class=\"_ _421\"> </span> <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>Fair <span class=\"_ _0\"></span>V<span class=\"_ _2\"></span>alue <span class=\"_ _0\"></span>Through Profit <span class=\"_ _2\"></span>or Loss (FVTPL); and<span class=\"_ _421\"> </span> <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>Amortised Cost (AC).<span class=\"_ _421\"> </span>The majority <span class=\"_ _2\"></span>of the group\u2019<span class=\"_ _a\"></span>s financial assets and liabilities are classified as FVTPL either mandatorily as prescribed b<span class=\"_ _2\"></span>y IFRS 9, <span class=\"_ _2\"></span>or by designating as such, as permitted<span class=\"_ _421\"> </span> under IFRS 9.4.<span class=\"_ _0\"></span>1<span class=\"_ _7\"></span>.5 to avoid an accounting mismatch that would <span class=\"_ _2\"></span>otherwise hav<span class=\"_ _2\"></span>e occurred with the v<span class=\"_ _2\"></span>aluation of the corresponding liabilities.<span class=\"_ _421\"> </span> The majority <span class=\"_ _2\"></span>of the group\u2019<span class=\"_ _a\"></span>s financial instruments w<span class=\"_ _2\"></span>ere already held at FVTPL under IAS 39 and will continue to be v<span class=\"_ _2\"></span>alued at FVTPL under IFRS 9 to reflect the<span class=\"_ _421\"> </span> wa<span class=\"_ _2\"></span>y the business is managed and in line with a fair value approach to <span class=\"_ _a\"></span>SII and EcV reporting<span class=\"_ _3\"></span>. <span class=\"_ _0\"></span>T<span class=\"_ _2\"></span>he SPPI test is used to distinguish betw<span class=\"_ _2\"></span>een those mandatorily<span class=\"_ _421\"> </span> classified as FVTPL and those designated at FVTPL.<span class=\"_ _421\"> </span>The mortgage portf<span class=\"_ _2\"></span>olio held by <span class=\"_ _0\"></span>W<span class=\"_ _2\"></span>aard, comprising both direct mortgages and savings mortgages, w<span class=\"_ _2\"></span>as previously v<span class=\"_ _2\"></span>alued at AC under IA<span class=\"_ _2\"></span>S 39. Both types <span class=\"_ _2\"></span>of mortgage<span class=\"_ _421\"> </span> assets pass the <span class=\"_ _2\"></span>SPPI test as the contractual terms require only fix<span class=\"_ _2\"></span>ed payments on fix<span class=\"_ _2\"></span>ed dates or v<span class=\"_ _2\"></span>ariable payments where the amount <span class=\"_ _2\"></span>of the variable payment f<span class=\"_ _2\"></span>or<span class=\"_ _421\"> </span> a period is determined by applying a floating mark<span class=\"_ _2\"></span>et rate of interest f<span class=\"_ _2\"></span>or that period. <span class=\"_ _0\"></span>They are theref<span class=\"_ _2\"></span>ore not required to be classified at FVTPL, but they ha<span class=\"_ _2\"></span>ve been<span class=\"_ _421\"> </span> designated as FVTPL as this will significantly reduce the accounting mismatch with the corresponding liability<span class=\"_ _a\"></span>, valued under IFR<span class=\"_ _2\"></span>S 1<span class=\"_ _a\"></span>7 using current market sour<span class=\"_ _3\"></span>ced<span class=\"_ _421\"> </span> discount rates, that would arise <span class=\"_ _2\"></span>otherwise. <span class=\"_ _0\"></span>This application of the \u2018f<span class=\"_ _2\"></span>air value <span class=\"_ _2\"></span>option<span class=\"_ _2\"></span>\u2019 aligns with the group\u2019<span class=\"_ _0\"></span>s business model which is to manage the busine<span class=\"_ _2\"></span>ss<span class=\"_ _421\"> </span> on a fair v<span class=\"_ _2\"></span>alue basis.<span class=\"_ _421\"> </span>Short-term receivables are classified as <span class=\"_ _2\"></span>AC and no assets will be categorised as FVT<span class=\"_ _a\"></span>OCI.<span class=\"_ _421\"> </span>Financial liabilities are generally classified and measured at AC (IFR<span class=\"_ _2\"></span>S 9.4.2.1), how<span class=\"_ _2\"></span>ev<span class=\"_ _2\"></span>er they can be classified and measured at FVTPL if held for trading <span class=\"_ _2\"></span>or designated<span class=\"_ _421\"> </span> as at FVTPL where doing so results in more relev<span class=\"_ _2\"></span>ant information (IFR<span class=\"_ _2\"></span>S 9.4.2.2), because either:<span class=\"_ _421\"> </span> <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>It eliminates, <span class=\"_ _2\"></span>or significantly reduces, a measurement of recognition inconsistency; <span class=\"_ _2\"></span>or<span class=\"_ _421\"> </span> <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>A group of financial instr<span class=\"_ _2\"></span>uments is managed, and its performance e<span class=\"_ _2\"></span>valuated <span class=\"_ _2\"></span>on a fair v<span class=\"_ _2\"></span>alue basis in accordance with a documented risk management or inv<span class=\"_ _2\"></span>estment<span class=\"_ _421\"> </span> strategy<span class=\"_ _a\"></span>, and information about the group is provided internally <span class=\"_ _2\"></span>on that basis to the entity\u2019<span class=\"_ _0\"></span>s ke<span class=\"_ _2\"></span>y management personnel.<span class=\"_ _421\"> </span>The in<span class=\"_ _2\"></span>vestment contracts help b<span class=\"_ _2\"></span>y the group meet the criteria above f<span class=\"_ _2\"></span>or classification at FVTPL as this will significantly reduce the accounting mismatch that would<span class=\"_ _421\"> </span> arise otherwise. <span class=\"_ _7\"></span>This is also in line with the group\u2019<span class=\"_ _a\"></span>s business model is to manage the business on a f<span class=\"_ _2\"></span>air value basis.<span class=\"_ _421\"> </span>The borro<span class=\"_ _2\"></span>wings liabilities do not match the e<span class=\"_ _2\"></span>xceptions listed abov<span class=\"_ _2\"></span>e and it is appropriate that they are classified as <span class=\"_ _2\"></span>AC under IFRS 9, as w<span class=\"_ _2\"></span>as also the case under<span class=\"_ _421\"> </span> IAS 39. <span class=\"_ _7\"></span>This includes the <span class=\"_ _0\"></span>Tier 2 debt within the parent company <span class=\"_ _2\"></span>of the group<span class=\"_ _421\"> </span>The f<span class=\"_ _2\"></span>ollowing table sho<span class=\"_ _2\"></span>ws by balance sheet line item how the adoption <span class=\"_ _2\"></span>of IFRS <span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>7 and IFRS 9 has impacted the balance sheet that w<span class=\"_ _2\"></span>as reported in the Consolidated<span class=\"_ _421\"> </span>Financial <span class=\"_ _2\"></span>Statements of the group as at 3<span class=\"_ _a\"></span>1 December 202<span class=\"_ _a\"></span>1<span class=\"_ _0\"></span>.<span class=\"_ _421\"> </span>Unaudite<span class=\"_ _3\"></span>d <span class=\"_ _1c9\"> </span>  <span class=\"_ _80\"> </span>3<span class=\"_ _3\"></span>1 <span class=\"_ _3\"></span>D<span class=\"_ _3\"></span>ec<span class=\"_ _3\"></span>embe<span class=\"_ _3\"></span>r  <span class=\"_ _a9\"> </span>  <span class=\"_ _a9\"> </span>  <span class=\"_ _14b\"> </span>IF<span class=\"_ _3\"></span>RS <span class=\"_ _4\"></span>17  <span class=\"_ _57\"> </span>A<span class=\"_ _3\"></span>s <span class=\"_ _3\"></span>at <span class=\"_ _1c9\"> </span>  <span class=\"_ _129\"> </span>2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>1 <span class=\"_ _3\"></span>\u2013 <span class=\"_ _4\"></span>as  <span class=\"_ _12b\"> </span>I<span class=\"_ _3\"></span>tem<span class=\"_ _3\"></span>s  <span class=\"_ _12b\"> </span>It<span class=\"_ _3\"></span>ems  <span class=\"_ _2e\"> </span>an<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>I<span class=\"_ _3\"></span>FR<span class=\"_ _3\"></span>S <span class=\"_ _3\"></span>9  <span class=\"_ _11c\"> </span>1 <span class=\"_ _4\"></span>Janu<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y <span class=\"_ _1c9\"> </span>  <span class=\"_ _76\"> </span>repor<span class=\"_ _3\"></span>ted  <span class=\"_ _8c\"> </span>derecognised  <span class=\"_ _93\"> </span>reclassi<span class=\"_ _3\"></span>fied  <span class=\"_ _74\"> </span>re<span class=\"_ _2\"></span>measu<span class=\"_ _2\"></span>reme<span class=\"_ _2\"></span>nt  <span class=\"_ _1b1\"> </span>2<span class=\"_ _3\"></span>022 <span class=\"_ _1c9\"> </span>  <span class=\"_ _e9\"> </span>\u00a3m  <span class=\"_ _e9\"> </span>\u00a3m  <span class=\"_ _158\"> </span>\u00a3m  <span class=\"_ _e9\"> </span>\u00a3m  <span class=\"_ _e9\"> </span>\u00a3m<span class=\"_ _421\"> </span>Intangible <span class=\"_ _3\"></span>assets <span class=\"_ _1b4\"> </span>  <span class=\"_ _1ca\"> </span>122.1  <span class=\"_ _99\"> </span>(41.7 <span class=\"_ _7\"></span>) <span class=\"_ _ad\"> </span>\u2013  <span class=\"_ _27\"> </span>\u2013  <span class=\"_ _99\"> </span>80.4<span class=\"_ _421\"> </span>Pr<span class=\"_ _2\"></span>operty <span class=\"_ _3\"></span>an<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>equipment <span class=\"_ _21\"> </span>  <span class=\"_ _83\"> </span>7.8  <span class=\"_ _a4\"> </span>\u2013  <span class=\"_ _27\"> </span>\u2013  <span class=\"_ _1cb\"> </span>\u2013  <span class=\"_ _85\"> </span>7<span class=\"_ _2\"></span>.8<span class=\"_ _421\"> </span>Investment <span class=\"_ _3\"></span>properties <span class=\"_ _b7\"> </span>  <span class=\"_ _187\"> </span>1.1  <span class=\"_ _a4\"> </span>\u2013  <span class=\"_ _27\"> </span>\u2013  <span class=\"_ _1cb\"> </span>\u2013  <span class=\"_ _187\"> </span>1.1<span class=\"_ _421\"> </span>Reinsurance <span class=\"_ _3\"></span>contract <span class=\"_ _3\"></span>assets <span class=\"_ _cd\"> </span>  <span class=\"_ _1b1\"> </span>24<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>.8  <span class=\"_ _27\"> </span>\u2013  <span class=\"_ _15b\"> </span>23.3  <span class=\"_ _5a\"> </span>(28<span class=\"_ _3\"></span>.8 <span class=\"_ _7\"></span>) <span class=\"_ _fe\"> </span>242.3<span class=\"_ _421\"> </span>Amounts <span class=\"_ _3\"></span>deposited <span class=\"_ _3\"></span>with <span class=\"_ _3\"></span>reinsurers <span class=\"_ _1cc\"> </span>  <span class=\"_ _e6\"> </span>38.3  <span class=\"_ _27\"> </span>\u2013  <span class=\"_ _27\"> </span>\u2013  <span class=\"_ _27\"> </span>\u2013  <span class=\"_ _e6\"> </span>38<span class=\"_ _3\"></span>.3<span class=\"_ _421\"> </span>Financial <span class=\"_ _3\"></span>investments <span class=\"_ _8d\"> </span>  <span class=\"_ _12e\"> </span>9,1<span class=\"_ _3\"></span>27<span class=\"_ _a\"></span>.1  <span class=\"_ _27\"> </span>\u2013  <span class=\"_ _27\"> </span>\u2013  <span class=\"_ _99\"> </span>48<span class=\"_ _3\"></span>.9  <span class=\"_ _5b\"> </span>9,176.0<span class=\"_ _421\"> </span>Derivativ<span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>financial <span class=\"_ _4\"></span>instruments <span class=\"_ _1cd\"> </span>  <span class=\"_ _83\"> </span>0.3  <span class=\"_ _27\"> </span>\u2013  <span class=\"_ _27\"> </span>\u2013  <span class=\"_ _27\"> </span>\u2013  <span class=\"_ _83\"> </span>0.3<span class=\"_ _421\"> </span>Other <span class=\"_ _3\"></span>assets <span class=\"_ _1ce\"> </span>  <span class=\"_ _1ca\"> </span>72.4  <span class=\"_ _27\"> </span>\u2013  <span class=\"_ _a5\"> </span>(2<span class=\"_ _3\"></span>5.1 <span class=\"_ _0\"></span>) <span class=\"_ _ad\"> </span>\u2013  <span class=\"_ _15b\"> </span>4<span class=\"_ _2\"></span>7<span class=\"_ _a\"></span>.3<span class=\"_ _421\"> </span>Deferred tax <span class=\"_ _4\"></span>assets <span class=\"_ _1b5\"> </span>  <span class=\"_ _a4\"> </span>\u2013  <span class=\"_ _85\"> </span>0.5  <span class=\"_ _85\"> </span>2.<span class=\"_ _3\"></span>2  <span class=\"_ _a1\"> </span>(1.8 <span class=\"_ _0\"></span>) <span class=\"_ _b4\"> </span>0.9<span class=\"_ _421\"> </span>Cash <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>cash <span class=\"_ _3\"></span>equivalents <span class=\"_ _1cf\"> </span>  <span class=\"_ _b9\"> </span>70.<span class=\"_ _2\"></span>1  <span class=\"_ _27\"> </span>\u2013  <span class=\"_ _27\"> </span>\u2013  <span class=\"_ _27\"> </span>\u2013  <span class=\"_ _b9\"> </span>70.1<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ss<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>s/t<span class=\"_ _3\"></span>rans<span class=\"_ _3\"></span>itio<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>fec<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>s <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>sse<span class=\"_ _3\"></span>ts <span class=\"_ _16f\"> </span>  <span class=\"_ _e7\"> </span>9<span class=\"_ _3\"></span>,6<span class=\"_ _3\"></span>87.0  <span class=\"_ _56\"> </span>(41.<span class=\"_ _3\"></span>2 <span class=\"_ _7\"></span>) <span class=\"_ _97\"> </span>0.<span class=\"_ _3\"></span>4  <span class=\"_ _a5\"> </span>1<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3  <span class=\"_ _15c\"> </span>9<span class=\"_ _3\"></span>,6<span class=\"_ _3\"></span>64<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5<span class=\"_ _421\"> </span>Insurance <span class=\"_ _3\"></span>contract <span class=\"_ _3\"></span>liabilities <span class=\"_ _cd\"> </span>  <span class=\"_ _f0\"> </span>3,8<span class=\"_ _3\"></span>18.4  <span class=\"_ _27\"> </span>\u2013  <span class=\"_ _5a\"> </span>106<span class=\"_ _3\"></span>.5  <span class=\"_ _56\"> </span>107<span class=\"_ _2\"></span>.2  <span class=\"_ _5b\"> </span>4<span class=\"_ _3\"></span>,032.1<span class=\"_ _421\"> </span>Reinsurance <span class=\"_ _3\"></span>contract <span class=\"_ _3\"></span>liabilities <span class=\"_ _c9\"> </span>  <span class=\"_ _a4\"> </span>\u2013  <span class=\"_ _27\"> </span>\u2013  <span class=\"_ _27\"> </span>\u2013  <span class=\"_ _158\"> </span>33.1  <span class=\"_ _158\"> </span>33.1<span class=\"_ _421\"> </span>Other <span class=\"_ _3\"></span>provisions <span class=\"_ _1a9\"> </span>  <span class=\"_ _73\"> </span>1.0  <span class=\"_ _27\"> </span>\u2013  <span class=\"_ _83\"> </span>0.7  <span class=\"_ _a4\"> </span>\u2013  <span class=\"_ _1d0\"> </span>1.7<span class=\"_ _421\"> </span>Investment contr<span class=\"_ _2\"></span>acts at fair value through profit or loss <span class=\"_ _e8\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _f0\"> </span>4,120.6 <span class=\"_ _a\"></span> <span class=\"_ _a4\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _a4\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _179\"> </span>(1<span class=\"_ _3\"></span>38.6 <span class=\"_ _31\"></span>) <span class=\"_ _14b\"> </span>3,982.0<span class=\"_ _421\"> </span>Liabilities relating to polic<span class=\"_ _2\"></span>yholder funds held by the group <span class=\"_ _17d\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _fe\"> </span>990.6 <span class=\"_ _a\"></span> <span class=\"_ _a4\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _a4\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _a4\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _fe\"> </span>990.6<span class=\"_ _421\"> </span>Lease <span class=\"_ _3\"></span>contract <span class=\"_ _3\"></span>liabilities <span class=\"_ _b2\"> </span>  <span class=\"_ _83\"> </span>2.0  <span class=\"_ _27\"> </span>\u2013  <span class=\"_ _27\"> </span>\u2013  <span class=\"_ _27\"> </span>\u2013  <span class=\"_ _83\"> </span>2<span class=\"_ _3\"></span>.0<span class=\"_ _421\"> </span>Borro<span class=\"_ _2\"></span>wings <span class=\"_ _1d1\"> </span>  <span class=\"_ _ae\"> </span>4<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>.2  <span class=\"_ _27\"> </span>\u2013  <span class=\"_ _27\"> </span>\u2013  <span class=\"_ _27\"> </span>\u2013  <span class=\"_ _ae\"> </span>47<span class=\"_ _a\"></span>.<span class=\"_ _3\"></span>2<span class=\"_ _421\"> </span>Derivativ<span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>financial <span class=\"_ _4\"></span>instruments <span class=\"_ _1cd\"> </span>  <span class=\"_ _27\"> </span>\u2013  <span class=\"_ _27\"> </span>\u2013  <span class=\"_ _27\"> </span>\u2013  <span class=\"_ _27\"> </span>\u2013  <span class=\"_ _27\"> </span>\u2013<span class=\"_ _421\"> </span>Deferred tax <span class=\"_ _4\"></span>liabilities <span class=\"_ _1a2\"> </span>  <span class=\"_ _e9\"> </span>15.7  <span class=\"_ _e9\"> </span>(9.6 <span class=\"_ _7\"></span>) <span class=\"_ _186\"> </span>2<span class=\"_ _3\"></span>.2  <span class=\"_ _139\"> </span>0.6  <span class=\"_ _83\"> </span>8.9<span class=\"_ _421\"> </span>Deferred in<span class=\"_ _3\"></span>come <span class=\"_ _1b4\"> </span>  <span class=\"_ _83\"> </span>2.8  <span class=\"_ _e9\"> </span>(0.5 <span class=\"_ _7\"></span>) <span class=\"_ _186\"> </span>2<span class=\"_ _3\"></span>.2  <span class=\"_ _27\"> </span>\u2013  <span class=\"_ _139\"> </span>4<span class=\"_ _3\"></span>.5<span class=\"_ _421\"> </span>Other <span class=\"_ _3\"></span>current <span class=\"_ _3\"></span>liabilities <span class=\"_ _1aa\"> </span>  <span class=\"_ _1a1\"> </span>230.2  <span class=\"_ _97\"> </span>(0.4 <span class=\"_ _7\"></span>) <span class=\"_ _1b1\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>1<span class=\"_ _4\"></span>1.2 <span class=\"_ _7\"></span>) <span class=\"_ _6a\"> </span>0.1 <span class=\"_ _2\"></span> <span class=\"_ _a6\"> </span>1<span class=\"_ _4\"></span>1<span class=\"_ _3\"></span>8.7<span class=\"_ _421\"> </span>Bank <span class=\"_ _3\"></span>overdr<span class=\"_ _2\"></span>afts <span class=\"_ _1d2\"> </span>  <span class=\"_ _83\"> </span>0.3  <span class=\"_ _27\"> </span>\u2013  <span class=\"_ _27\"> </span>\u2013  <span class=\"_ _27\"> </span>\u2013  <span class=\"_ _83\"> </span>0.3<span class=\"_ _421\"> </span>T<span class=\"_ _a\"></span>o<span class=\"_ _3\"></span>tal <span class=\"_ _3\"></span>liabilities<span class=\"_ _3\"></span>/transition <span class=\"_ _4\"></span>ef<span class=\"_ _3\"></span>fect<span class=\"_ _3\"></span>s <span class=\"_ _3\"></span>on <span class=\"_ _4\"></span>liabilities <span class=\"_ _a1\"> </span>  <span class=\"_ _e7\"> </span>9,<span class=\"_ _3\"></span>22<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>.8  <span class=\"_ _5a\"> </span>(<span class=\"_ _3\"></span>10.<span class=\"_ _3\"></span>5 <span class=\"_ _7\"></span>) <span class=\"_ _15b\"> </span>0.<span class=\"_ _3\"></span>4  <span class=\"_ _b4\"> </span>2<span class=\"_ _3\"></span>.4  <span class=\"_ _c2\"> </span>9,<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>21.1<span class=\"_ _421\"> </span>Ne<span class=\"_ _3\"></span>t ass<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>s/<span class=\"_ _3\"></span>tran<span class=\"_ _3\"></span>sit<span class=\"_ _3\"></span>ion ef<span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>ec<span class=\"_ _3\"></span>ts o<span class=\"_ _3\"></span>n shar<span class=\"_ _3\"></span>eho<span class=\"_ _3\"></span>lder<span class=\"_ _3\"></span>s\u2019 e<span class=\"_ _3\"></span>quit<span class=\"_ _3\"></span>y <span class=\"_ _91\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _12b\"> </span>45<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2 <span class=\"_ _a\"></span> <span class=\"_ _57\"> </span>(3<span class=\"_ _3\"></span>0.7 <span class=\"_ _31\"></span>) <span class=\"_ _a8\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _a5\"> </span>1<span class=\"_ _3\"></span>5.<span class=\"_ _3\"></span>9 <span class=\"_ _a\"></span> <span class=\"_ _14e\"> </span>4<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4<span class=\"_ _421\"> </span>F<span class=\"_ _2\"></span>or the entities applying the full retrospective approach, the group has identified, recognised and measured <span class=\"_ _2\"></span>each group of insurance contracts as if IFR<span class=\"_ _2\"></span>S 1<span class=\"_ _a\"></span>7 had<span class=\"_ _421\"> </span>alwa<span class=\"_ _2\"></span>ys applied since the date of their acquisition into the group; derecognised an<span class=\"_ _2\"></span>y e<span class=\"_ _2\"></span>xisting balances that would not <span class=\"_ _2\"></span>exist if IFRS 1<span class=\"_ _0\"></span>7 had alway<span class=\"_ _2\"></span>s applied; and<span class=\"_ _421\"> </span>recognised any resulting diff<span class=\"_ _a\"></span>erence in net equity<span class=\"_ _a\"></span>. For <span class=\"_ _2\"></span>entities or contracts applying the f<span class=\"_ _2\"></span>air value method this position is estimated using f<span class=\"_ _2\"></span>air value techniques.<span class=\"_ _421\"> </span>IFRS 9 ma<span class=\"_ _2\"></span>y be applied prospectively from 1 January 2023 but the group has <span class=\"_ _2\"></span>elected to apply IFRS 9 within these financial statements from 1 J<span class=\"_ _2\"></span>anuary 2022 in line<span class=\"_ _421\"> </span>with IFRS 1<span class=\"_ _0\"></span>7 in order to avoid an accounting mismatch f<span class=\"_ _2\"></span>or the comparative period, as the measurement <span class=\"_ _2\"></span>of assets under IFRS 9 cannot be considered without<span class=\"_ _421\"> </span>ref<span class=\"_ _2\"></span>erence to the liabilities under IFRS 1<span class=\"_ _a\"></span>7<span class=\"_ _31\"></span>. The <span class=\"_ _2\"></span>ov<span class=\"_ _2\"></span>erall impact to the net equity position of the group at 1 J<span class=\"_ _2\"></span>anuary 2022 as a result of applying IFR<span class=\"_ _2\"></span>S 1<span class=\"_ _a\"></span>7 and IFRS 9 is a reduction in net equity <span class=\"_ _2\"></span>of \u00a31<span class=\"_ _2\"></span>4.8m.<span class=\"_ _421\"> </span>There are v<span class=\"_ _2\"></span>arious offsetting impacts which result in this o<span class=\"_ _2\"></span>verall reduction <span class=\"_ _2\"></span>of net equity<span class=\"_ _0\"></span>, the key ones being:<span class=\"_ _421\"> </span>Items der<span class=\"_ _2\"></span>ecognised:<span class=\"_ _421\"> </span>Derecognition of A<span class=\"_ _2\"></span>cquired <span class=\"_ _a\"></span>V<span class=\"_ _2\"></span>alue of In-F<span class=\"_ _2\"></span>orce Business (A<span class=\"_ _2\"></span>VIF) and Def<span class=\"_ _2\"></span>erred A<span class=\"_ _2\"></span>cquisition Costs (D<span class=\"_ _a\"></span>AC) in respect of insurance contracts:<span class=\"_ _421\"> </span>On transition to IFRS 1<span class=\"_ _0\"></span>7<span class=\"_ _7\"></span>, <span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>VIF previously recognised in respect <span class=\"_ _2\"></span>of acquired insurance contracts is derecognised as a balance that would not e<span class=\"_ _2\"></span>xist had IFRS 1<span class=\"_ _0\"></span>7<span class=\"_ _421\"> </span>alwa<span class=\"_ _2\"></span>ys applied. <span class=\"_ _2\"></span>Similarly<span class=\"_ _a\"></span>, D<span class=\"_ _2\"></span>AC is no longer recognised for ne<span class=\"_ _2\"></span>w contracts written. Instead, acquisition cash flows paid <span class=\"_ _2\"></span>or e<span class=\"_ _2\"></span>xpected to be paid on or after the initial<span class=\"_ _421\"> </span>recognition of the FRA and FV<span class=\"_ _a\"></span>A groups of insurance contracts, hav<span class=\"_ _2\"></span>e been considered when determining the initial CSM of those groups.<span class=\"_ _421\"> </span>Intangible assets of \u00a341<span class=\"_ _7\"></span>.7m consisting of <span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>VIF of \u00a331<span class=\"_ _7\"></span>.3m and D<span class=\"_ _2\"></span>AC of \u00a31<span class=\"_ _0\"></span>0.4m have been derecognised from the consolidated group balance sheet at the date <span class=\"_ _2\"></span>of<span class=\"_ _421\"> </span>transition, with a corresponding adjustment to net equity<span class=\"_ _0\"></span>. <span class=\"_ _0\"></span>The derecognition of the def<span class=\"_ _a\"></span>erred tax liability of \u00a39.6m is all in respect of def<span class=\"_ _a\"></span>erred tax balances relating to<span class=\"_ _421\"> </span>the A<span class=\"_ _a\"></span>VIF and D<span class=\"_ _2\"></span>AC assets. <span class=\"_ _0\"></span>The derecognition <span class=\"_ _2\"></span>of the intangible assets and associated def<span class=\"_ _2\"></span>erred tax, together with other smaller impacts, results in an <span class=\"_ _2\"></span>ov<span class=\"_ _2\"></span>erall<span class=\"_ _421\"> </span>reduction of net <span class=\"_ _2\"></span>equity of \u00a330.7m at the transition date.<span class=\"_ _421\"> </span>IFRS 1<span class=\"_ _2\"></span>7 and IFRS 9 r<span class=\"_ _2\"></span>emeasurement:<span class=\"_ _421\"> </span>(i)  <span class=\"_ _1d3\"></span><span class=\"ff69 ws2c\">Recognition of the CSM as an e<span class=\"_ _2\"></span>xplicit liability representing future unearned profits:<span class=\"ff64\"> At 1 J<span class=\"_ _2\"></span>anuary 2022, a CSM of \u00a31<span class=\"_ _0\"></span>1<span class=\"_ _a\"></span>9.6m net of reinsurance was <span class=\"_ _2\"></span>established<span class=\"_ _421\"> </span></span></span><span class=\"ff69 ws2c\"><span class=\"ff64\"> </span></span>resulting in a decrease to net equity<span class=\"_ _0\"></span>.<span class=\"_ _421\"> </span>(ii)  <span class=\"_ _aa\"></span><span class=\"ff69 ws44\">Recognition of an e<span class=\"_ _2\"></span>xplicit liability for Risk A<span class=\"_ _2\"></span>djustment for non-financial risk:<span class=\"ff64\"> <span class=\"_ _2\"></span>At 1 January 2022, a RA <span class=\"_ _2\"></span>of \u00a339.7m net of reinsurance was <span class=\"_ _2\"></span>established resulting in<span class=\"_ _421\"> </span></span></span><span class=\"ff69 ws44\"><span class=\"ff64\"> </span></span>a decrease to net equity<span class=\"_ _0\"></span>.<span class=\"_ _421\"> </span>(iii)  <span class=\"_ _49\"></span><span class=\"ff69 ws115\">Change in classification of contracts bet<span class=\"_ _3\"></span>ween from in<span class=\"_ _2\"></span>vestment to insurance liabilities:<span class=\"ff64\"> <span class=\"_ _7\"></span>The benefits for certain pension contracts in the <span class=\"_ _a\"></span>Swedish business w<span class=\"_ _2\"></span>ere<span class=\"_ _421\"> </span></span></span><span class=\"ff69 ws115\"><span class=\"ff64\"> </span></span>previously separated under IFR<span class=\"_ _2\"></span>S 4 with the savings <span class=\"_ _2\"></span>element measured under IAS 39. <span class=\"_ _0\"></span>The benefits can no longer be separated under IFR<span class=\"_ _2\"></span>S 1<span class=\"_ _a\"></span>7 and therefore<span class=\"_ _421\"> </span> they are remo<span class=\"_ _2\"></span>ved from the inv<span class=\"_ _2\"></span>estment contract line in full and now reported within insurance contract liabilities. <span class=\"_ _7\"></span>This reduction of \u00a31<span class=\"_ _a\"></span>38.6m to the investment<span class=\"_ _421\"> </span> contract liability line is therefore largely <span class=\"_ _2\"></span>offset by an increase in the insurance contract liability line. Note A6(b) pro<span class=\"_ _2\"></span>vides further details regarding this change<span class=\"_ _421\"> </span> in classification. No contracts hav<span class=\"_ _2\"></span>e switched from insurance to inv<span class=\"_ _2\"></span>estment.<span class=\"_ _421\"> </span>(iv)  <span class=\"_ _1d4\"></span><span class=\"ff69 ws2\">IFRS 9 impacts:<span class=\"ff64\"> <span class=\"_ _7\"></span>The assets held in respect of certain mortgage sa<span class=\"_ _2\"></span>vings products in the <span class=\"_ _0\"></span>Waard Group pre<span class=\"_ _2\"></span>viously valued at amortised cost ha<span class=\"_ _2\"></span>ve been rev<span class=\"_ _2\"></span>alued<span class=\"_ _421\"> </span></span></span><span class=\"ff69 ws2\"><span class=\"ff64\"> </span></span>to fair v<span class=\"_ _2\"></span>alue under IFRS 9. <span class=\"_ _0\"></span>T<span class=\"_ _2\"></span>he increase in value of \u00a348.9m in the financial in<span class=\"_ _2\"></span>vestment line is largely <span class=\"_ _2\"></span>offset by an increase in the insurance contract liabilities<span class=\"_ _421\"> </span> line as both the asset cash flows and liability cash flo<span class=\"_ _2\"></span>ws are measured using similar techniques. F<span class=\"_ _2\"></span>urther detail regarding the judgements inv<span class=\"_ _2\"></span>olved in the<span class=\"_ _421\"> </span> mortgage asset rev<span class=\"_ _2\"></span>aluation can be found in Note <span class=\"_ _2\"></span>A6(i).<span class=\"_ _421\"> </span>(v)  <span class=\"_ _1d5\"></span><span class=\"ff69 ws72\">Re<span class=\"_ _2\"></span>valuation of the present v<span class=\"_ _2\"></span>alue of future cash flo<span class=\"_ _2\"></span>ws for insurance and reinsurance contracts: <span class=\"ff64\">A variety <span class=\"_ _2\"></span>of local methodologies with diff<span class=\"_ _2\"></span>erent areas of implicit<span class=\"_ _421\"> </span></span></span><span class=\"ff69 ws72\"><span class=\"ff64\"> </span></span>margin has been replaced by a v<span class=\"_ _2\"></span>aluation of \u2018best <span class=\"_ _2\"></span>estimate\u2019 future cash flo<span class=\"_ _2\"></span>ws, discounted at market interest rates, results in an increase to net equity <span class=\"_ _2\"></span>of \u00a31<span class=\"_ _a\"></span>77<span class=\"_ _31\"></span>.7m.<span class=\"_ _421\"> </span>The <span class=\"ws70\">combined impacts in respect <span class=\"_ _2\"></span>of items (i) to (v) abov<span class=\"_ _2\"></span>e net of the def<span class=\"_ _2\"></span>erred tax impact (\u00a32.5m decrease to net equity) results in an <span class=\"_ _2\"></span>ov<span class=\"_ _2\"></span>erall increase to net equity<span class=\"_ _421\"> </span></span><span class=\"ws70\"> </span>of \u00a31<span class=\"_ _2\"></span>5.9m at the transition date.<span class=\"_ _421\"> </span>Items reclassified:<span class=\"_ _421\"> </span>The group has also reclassified all rights and <span class=\"_ _2\"></span>obligations arising from portfolios of insurance and reinsurance contracts such as (i) <span class=\"_ _2\"></span>outstanding claims in respect of<span class=\"_ _421\"> </span> insurance contracts and the reinsurers share of <span class=\"_ _2\"></span>outstanding claims (ii) receivables and pay<span class=\"_ _2\"></span>ables related to insurance and reinsurance contracts. <span class=\"_ _0\"></span>These reclassifications<span class=\"_ _421\"> </span> hav<span class=\"_ _2\"></span>e not impacted the net equity <span class=\"_ _2\"></span>of the group at the transition date.<span class=\"_ _421\"> </span>Standards and amendments issued but not y<span class=\"_ _2\"></span>et eff<span class=\"_ _2\"></span>ective<span class=\"_ _421\"> </span>At the date of authorisation <span class=\"_ _2\"></span>of these financial statements the following standards and interpretations, which are applicable to the group, and which ha<span class=\"_ _2\"></span>ve not been<span class=\"_ _421\"> </span> applied in these financial statements, were in issue but not <span class=\"_ _0\"></span>yet eff<span class=\"_ _a\"></span>ective:<span class=\"_ _421\"> </span>Title Subject<span class=\"_ _421\"> </span>Amendments to IAS <span class=\"_ _2\"></span>1 <span class=\"_ _1a9\"> </span>Classification of liabilities as current <span class=\"_ _2\"></span>or non-current<span class=\"_ _421\"> </span>Amendments to IAS <span class=\"_ _2\"></span>1 <span class=\"_ _1a9\"> </span>Disclosure of accounting policies<span class=\"_ _421\"> </span>Amendments to IAS <span class=\"_ _2\"></span>1 <span class=\"_ _1a9\"> </span>Non-current liabilities with cov<span class=\"_ _2\"></span>enants<span class=\"_ _421\"> </span>Amendments to IAS <span class=\"_ _2\"></span>8 <span class=\"_ _1a9\"> </span>Definition of accounting <span class=\"_ _2\"></span>estimates<span class=\"_ _421\"> </span>Amendments to IFRS <span class=\"_ _0\"></span>1<span class=\"_ _2\"></span>6 <span class=\"_ _116\"> </span>Lease liability in a sale and leaseback<span class=\"_ _421\"> </span>The directors do not <span class=\"_ _2\"></span>expect that the adoption <span class=\"_ _2\"></span>of the standards, amendments and interpretations listed above will ha<span class=\"_ _2\"></span>ve a material impact <span class=\"_ _2\"></span>on the financial statements<span class=\"_ _421\"> </span> of the group in future periods.<span class=\"_ _421\"> </span>BEPS 2.0<span class=\"_ _421\"> </span>The Organisation f<span class=\"_ _2\"></span>or Economic Cooperation and Development (OECD) has released a package <span class=\"_ _2\"></span>of international tax reform measures as part <span class=\"_ _2\"></span>of the <span class=\"_ _0\"></span>T<span class=\"_ _0\"></span>wo-Pillar solution<span class=\"_ _421\"> </span> to address tax challenges of the digitisation <span class=\"_ _2\"></span>of the economy<span class=\"_ _0\"></span>. <span class=\"_ _0\"></span>This includes the Global Anti-B<span class=\"_ _2\"></span>ase Erosion (GloBE) rules, released in December 202<span class=\"_ _a\"></span>1<span class=\"_ _a\"></span>, which introduce<span class=\"_ _421\"> </span> a global minimum tax rate of 1<span class=\"_ _a\"></span>5% for multi-national groups with a consolidated turnov<span class=\"_ _2\"></span>er of at least EUR 750m.<span class=\"_ _421\"> </span> The Chesnara group <span class=\"_ _2\"></span>operates in the United Kingdom, <span class=\"_ _2\"></span>Sweden and the Netherlands, all <span class=\"_ _2\"></span>of which hav<span class=\"_ _2\"></span>e enacted and substantiv<span class=\"_ _2\"></span>ely enacted new legislation to implement<span class=\"_ _421\"> </span> the global minimum top-up tax, eff<span class=\"_ _a\"></span>ective from 1 January 2024.<span class=\"_ _421\"> </span>The group is w<span class=\"_ _2\"></span>orking to understand the application and impact of this legislation as it applies to insurance groups, which settle taxes <span class=\"_ _2\"></span>on behalf of policyholders<span class=\"_ _421\"> </span> as well as corporate <span class=\"_ _2\"></span>entities. <span class=\"_ _0\"></span>This includes an <span class=\"_ _2\"></span>exploration of the items <span class=\"_ _2\"></span>of rev<span class=\"_ _2\"></span>enue which constitute turnov<span class=\"_ _2\"></span>er for the GloBE rues and a clearer understanding <span class=\"_ _2\"></span>of<span class=\"_ _421\"> </span> the classification of the tax<span class=\"_ _2\"></span>es that we settle on behalf <span class=\"_ _2\"></span>of our policyholders. Chesnara is w<span class=\"_ _2\"></span>orking with the tax authorities of the jurisdictions in which we <span class=\"_ _2\"></span>operate<span class=\"_ _421\"> </span> to further this understanding.<span class=\"_ _421\"> </span> The group has applied the IA<span class=\"_ _2\"></span>S 1<span class=\"_ _2\"></span>2 mandatory e<span class=\"_ _2\"></span>xemption from recognising and disclosing information <span class=\"_ _2\"></span>on the associated def<span class=\"_ _2\"></span>erred tax assets and liabilities at<span class=\"_ _421\"> </span> <span class=\"_ _19\"></span><span class=\"ls2 ws2\"> </span>31 December 2023. At the balance sheet date it is not possible to quantify an<span class=\"_ _2\"></span>y potential liability<span class=\"_ _a\"></span>.<span class=\"_ _421\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
    "language": "en",
    "entity": "scheme:213800VFRMBRTSZ3SJ06",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-417": {
   "value": "<div class=\"t m0 h11 ff63 fsd fc1 sc0 ls2 ws2 gsf4\">  (a) <span class=\"_ _3\"></span>Insurance contracts and r<span class=\"_ _2\"></span>einsurance contr<span class=\"_ _2\"></span>acts</div><div class=\"t m0 h11 ff63 fsd fc1 sc0 ls2 ws2 gsf5\"> <span class=\"_ _d\"> </span>(i) <span class=\"_ _4\"></span>Scope and classification<span class=\"_ _421\"> </span> </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls0 wsff gsf6\">Contracts under which the group accepts significant insurance risk are classified as insurance contracts. Contracts held by the group under which it transf<span class=\"_ _a\"></span>ers<span class=\"_ _421\"> </span> </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws119 gsf7\">significant insurance risk related to underlying insurance contracts are classified as reinsurance contracts. Insurance and reinsurance contracts also e<span class=\"_ _2\"></span>xpose the<span class=\"_ _421\"> </span> </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gsf8\">group to financial risk.<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws61 gsf9\">Insurance contracts may be issued, and reinsurance contracts ma<span class=\"_ _2\"></span>y be initiated by the group, <span class=\"_ _2\"></span>or they may be acquired in a business combination <span class=\"_ _2\"></span>or in a transf<span class=\"_ _2\"></span>er of<span class=\"_ _421\"> </span> </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls42 ws108 gsfa\">contracts that do not form a business. <span class=\"_ _2\"></span>All ref<span class=\"_ _2\"></span>erences in these accounting policies to \u2018insurance contracts\u2019 and \u2018reinsurance contracts<span class=\"_ _a\"></span>\u2019 include contracts issued,<span class=\"_ _421\"> </span> </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls42 ws2 gsfb\">reinsurance contracts initiated or insurance <span class=\"_ _2\"></span>or reinsurance contracts acquired by the group, unless otherwise stated.<span class=\"_ _421\"> </span> </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws12 gsfc\">Some contracts entered into b<span class=\"_ _2\"></span>y the group hav<span class=\"_ _2\"></span>e the legal form of insurance contracts but do not transf<span class=\"_ _a\"></span>er significant insurance risk. <span class=\"_ _0\"></span>These contracts are classified<span class=\"_ _421\"> </span> </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2c gsfd\">as financial liabilities and are ref<span class=\"_ _2\"></span>erred to as \u2018inv<span class=\"_ _2\"></span>estment contracts<span class=\"_ _2\"></span>\u2019 (see Note A5(b)). <span class=\"_ _2\"></span>Similarly financial reinsurance contracts do not transf<span class=\"_ _2\"></span>er significant insurance<span class=\"_ _421\"> </span> </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gsfe\">risk and are accounted for under IFR<span class=\"_ _2\"></span>S 9. Mass lapse reinsurance contracts also contain no insurance risk and are accounted for under IA<span class=\"_ _2\"></span>S 37<span class=\"_ _31\"></span>.<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls42 wse8 gsff\">Insurance contracts are classified as direct participating contracts or contracts without direct participating f<span class=\"_ _a\"></span>eatures. Direct participating contracts are contracts for<span class=\"_ _421\"> </span> </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs100\">which, at inception:</div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs101\"> <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>the contractual terms specify that the policyholder participates in a share of a clearly identified pool <span class=\"_ _2\"></span>of underlying items;</div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs102\"> <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>the group e<span class=\"_ _2\"></span>xpects to pay to the policyholder an amount <span class=\"_ _2\"></span>equal to a substantial share of the fair v<span class=\"_ _2\"></span>alue returns on the underlying items; and</div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls3c ws2 gs103\"> <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>the group expects a substantial proportion <span class=\"_ _2\"></span>of any change in the amounts to be paid to the policyholder to vary with the change in f<span class=\"_ _2\"></span>air value <span class=\"_ _2\"></span>of the underlying items.<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls42 wse8 gs104\">All other insurance contracts and all reinsurance contracts are classified as contracts without direct participating f<span class=\"_ _a\"></span>eatures. Some <span class=\"_ _2\"></span>of these contracts are measured<span class=\"_ _421\"> </span> </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs105\">under the P<span class=\"_ _a\"></span>AA.<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs106\">The f<span class=\"_ _2\"></span>ollowing table pro<span class=\"_ _2\"></span>vides a summary of the broad product categories and the measurement model approach applied.<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls190 wsc7 gs107\">Classification <span class=\"_ _61\"> </span>Product categor<span class=\"_ _3\"></span>y<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws2 gs108\">Long-term contr<span class=\"_ _2\"></span>acts without direct participating features <span class=\"_ _3a9\"></span>(</div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsfb gs109\">GMM<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 ls2 ws2 gs10a\">)</div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws2 gs10b\"> <span class=\"_ _126\"> </span>Immediate annuities</div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws2 gs10c\"> <span class=\"_ _1d6\"> </span>T<span class=\"_ _2\"></span>erm assurance and other non-link<span class=\"_ _2\"></span>ed</div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws2 gs10d\"> <span class=\"_ _1d6\"> </span>Unit-linked/inde<span class=\"_ _2\"></span>x-linked/<span class=\"_ _2\"></span>with-profits \u2013 GMM<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws2 gs10e\">Long-term contr<span class=\"_ _2\"></span>acts with direct participating features <span class=\"_ _3aa\"></span>(</div><div class=\"t m0 h3 ff60 fs1 fcb sc0 ls191 ws1ca gs10f\">VFA<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 ls2 ws2 gs110\">)</div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws2 gs111\"> <span class=\"_ _16b\"> </span>Unit-linked/inde<span class=\"_ _2\"></span>x-linked/<span class=\"_ _2\"></span>with-profits \u2013 VF<span class=\"_ _a\"></span>A<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws2 gs112\">Short-term contracts <span class=\"_ _3ab\"></span>(</div><div class=\"t m0 h3 ff60 fs1 fcb sc0 ls13e ws156 gs113\">PA<span class=\"_ _3\"></span>A<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 ls2 ws2 gs114\">)</div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws2 gs115\"> <span class=\"_ _1d7\"> </span>Short-term prot<span class=\"_ _2\"></span>ection</div><div class=\"t m0 h11 ff63 fsd fc2 sc0 ls2 ws2 gs116\">  <span class=\"fc1\">(ii) <span class=\"_ _3\"></span>Separating components from insur<span class=\"_ _2\"></span>ance and reinsur<span class=\"_ _2\"></span>ance contracts<span class=\"_ _421\"> </span></span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls68 ws3f gs117\">The group does not ha<span class=\"_ _2\"></span>ve an<span class=\"_ _2\"></span>y distinct investment components which require separation from the insurance <span class=\"_ _2\"></span>or reinsurance contract. Distinct inv<span class=\"_ _2\"></span>estment components<span class=\"_ _421\"> </span> </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws73 gs118\">are inv<span class=\"_ _2\"></span>estment components that are not highly inter<span class=\"_ _0\"></span>-related with the insurance components and for which contracts with equivalent terms are sold, <span class=\"_ _2\"></span>or could be<span class=\"_ _421\"> </span> </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs119\">sold, separately in the same market <span class=\"_ _2\"></span>or the same jurisdiction<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls0 ws11f gs11a\">The group does not ha<span class=\"_ _2\"></span>ve an<span class=\"_ _2\"></span>y insurance contracts containing embedded derivativ<span class=\"_ _2\"></span>es or ha<span class=\"_ _2\"></span>ve an<span class=\"_ _2\"></span>y insurance contracts which transfer distinct goods and services<span class=\"_ _421\"> </span> </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs11b\">other than insurance contract services which require separation from the host contract.</div><div class=\"t m0 h11 ff63 fsd fc1 sc0 ls2 ws2 gs11c\"> (iii) <span class=\"_ _3\"></span>Aggreg<span class=\"_ _2\"></span>ation of insurance and r<span class=\"_ _2\"></span>einsurance contr<span class=\"_ _2\"></span>acts<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws16 gs11d\">Insurance contracts are aggregated into groups for measurement purposes. Groups <span class=\"_ _2\"></span>of insurance contracts are determined by identifying portf<span class=\"_ _2\"></span>olios of insurance<span class=\"_ _421\"> </span> </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls42 wsd6 gs11e\">contracts, each comprising contracts that are subject to similar risks and are managed together<span class=\"_ _0\"></span>. Each portfolio is divided into annual cohorts (i.e. by <span class=\"_ _a\"></span>year <span class=\"_ _2\"></span>of issue)<span class=\"_ _421\"> </span> </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls42 ws2 gs11f\">and each annual cohort into a maximum <span class=\"_ _2\"></span>of three groups based on the profitability of contracts:</div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs120\"> <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>any contracts that are <span class=\"_ _2\"></span>onerous on initial recognition;</div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs121\"> <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>any contracts that, <span class=\"_ _2\"></span>on initial recognition, hav<span class=\"_ _2\"></span>e no significant possibility of becoming onerous subsequently; and</div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs122\"> <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>any remaining contracts in the annual cohort.<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs123\">F<span class=\"_ _a\"></span>urther detail regarding t<span class=\"_ _3\"></span>he judgements in<span class=\"_ _2\"></span>volved in the defining portf<span class=\"_ _2\"></span>olios and profitability groups can be found in Note <span class=\"_ _2\"></span>A6(c).<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls42 ws115 gs124\">Contracts within a portfolio that w<span class=\"_ _2\"></span>ould fall into diff<span class=\"_ _2\"></span>erent groups only because la<span class=\"_ _2\"></span>w or regulation specifically constrains the group\u2019<span class=\"_ _0\"></span>s practical ability to set a different<span class=\"_ _421\"> </span> </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs125\">price or le<span class=\"_ _2\"></span>vel <span class=\"_ _2\"></span>of benefits for policyholders with diff<span class=\"_ _2\"></span>erent characteristics can be included in the same group, how<span class=\"_ _2\"></span>ever the group has not tak<span class=\"_ _2\"></span>en advantage <span class=\"_ _2\"></span>of this.<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls42 wsf gs126\">P<span class=\"_ _a\"></span>ortfolios of reinsurance contracts held are assessed separately from insurance contracts issued and are assessed for aggregation <span class=\"_ _2\"></span>on an individual contract basis.<span class=\"_ _421\"> </span> </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs127\">Some reinsurance contracts provide co<span class=\"_ _2\"></span>ver f<span class=\"_ _2\"></span>or underlying contracts that are included in different groups.<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs128\">As per the gross insurance contracts the reinsurance contracts are divided into profitability groupings as f<span class=\"_ _2\"></span>ollows:</div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs129\"> <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>any contracts <span class=\"_ _2\"></span>on which there is a net gain on initial recognition;</div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs12a\"> <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>any contracts that, <span class=\"_ _2\"></span>on initial recognition, hav<span class=\"_ _2\"></span>e no significant possibility of showing a net gain subsequently; and</div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs12b\"> <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>any remaining contracts in the annual cohort.<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs12c\">All reinsurance contracts within the group fall into the third profitability category abo<span class=\"_ _2\"></span>ve.<span class=\"_ _421\"> </span></div>IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS (iv) <span class=\"_ _3\"></span>Recognition and derecognition of insurance and r<span class=\"_ _a\"></span>einsurance contracts<span class=\"_ _421\"> </span>An insurance contract issued by the group is recognised from the <span class=\"_ _2\"></span>earliest of: <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>the beginning of its co<span class=\"_ _2\"></span>verage period (i.e. the period during which the group pro<span class=\"_ _2\"></span>vides services in respect of any premiums within the boundary <span class=\"_ _2\"></span>of the contract);  <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>when the first payment from the policyholder becomes due <span class=\"_ _2\"></span>or<span class=\"_ _a\"></span>, if there is no contractual due date, when it is received from the policyholder; and <span class=\"_ _13c\"> </span>\u2013 <span class=\"_ _4\"></span>when a group of contracts becomes <span class=\"_ _2\"></span>onerous or if the facts and circumstances indicate that a group <span class=\"_ _2\"></span>of contract is onerous f<span class=\"_ _2\"></span>or those contracts measured using the P<span class=\"_ _a\"></span>AA.<span class=\"_ _421\"> </span>An insurance contract acquired in a transf<span class=\"_ _2\"></span>er of contracts, <span class=\"_ _2\"></span>or a business combination is recognised on the date of acquisition.<span class=\"_ _421\"> </span>When the contract is recognised, it is added to an e<span class=\"_ _2\"></span>xisting group of contracts or<span class=\"_ _0\"></span>, if the contract does not qualify for inclusion in an e<span class=\"_ _2\"></span>xisting group, it forms a ne<span class=\"_ _2\"></span>w group to which future contracts are added. Groups of contracts are <span class=\"_ _2\"></span>established on initial recognition and their composition is not re<span class=\"_ _2\"></span>vised once all contracts hav<span class=\"_ _2\"></span>e been added to the group.<span class=\"_ _421\"> </span>Non-proportionate reinsurance contracts are recognised at the earlier <span class=\"_ _2\"></span>of: (a) <span class=\"_ _14c\"> </span>the beginning of the cov<span class=\"_ _2\"></span>erage period of the group of reinsurance contracts; <span class=\"_ _2\"></span>or (b) <span class=\"_ _74\"> </span> <span class=\"_ _f\"></span>the date the entity recognises an <span class=\"_ _2\"></span>onerous group of underlying insurance contracts if the entity <span class=\"_ _2\"></span>entered into the related reinsurance contract held at or bef<span class=\"_ _2\"></span>ore that date.<span class=\"_ _421\"> </span>The recognition <span class=\"_ _2\"></span>of proportionate reinsurance contracts is delayed until the date that an<span class=\"_ _2\"></span>y underlying insurance contract is initially recognised, if that date is later than the beginning of the co<span class=\"_ _2\"></span>verage period of the group <span class=\"_ _2\"></span>of reinsurance contracts held.<span class=\"_ _421\"> </span>Reinsurance contracts acquired as recognised at the date <span class=\"_ _2\"></span>of acquisition.<span class=\"_ _421\"> </span>The group derecognises a contract when it is <span class=\"_ _2\"></span>extinguished \u2013 i.e. when the specified <span class=\"_ _2\"></span>obligations in the contract expire <span class=\"_ _2\"></span>or are discharged or cancelled. <span class=\"_ _0\"></span>T<span class=\"_ _2\"></span>he group also derecognises a contract if its terms are modified in a wa<span class=\"_ _2\"></span>y that would ha<span class=\"_ _2\"></span>ve changed the accounting for the contract significantly had the ne<span class=\"_ _2\"></span>w terms alwa<span class=\"_ _2\"></span>ys existed, in which case a ne<span class=\"_ _2\"></span>w contract based on the modified terms is recognised. If a contract modification does not result in derecognition, then the group treats the changes in cash flows caused b<span class=\"_ _2\"></span>y the modification as changes in estimates of fulfilment cash flo<span class=\"_ _2\"></span>ws.  (v) <span class=\"_ _3\"></span>Fulfilment cash flows<span class=\"_ _421\"> </span>The F<span class=\"_ _a\"></span>ulfilment Cash Flows (FCF) are the current <span class=\"_ _2\"></span>estimates of the future cash flo<span class=\"_ _2\"></span>ws within the contract boundary of a group of contracts and: <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>are unbiased estimates <span class=\"_ _2\"></span>of the future cash flows; <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>are determined from the perspective <span class=\"_ _2\"></span>of the group, provided that the <span class=\"_ _2\"></span>estimates are consistent with observable mark<span class=\"_ _2\"></span>et practises and variables; and <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>reflect conditions e<span class=\"_ _2\"></span>xisting at the period-end date.<span class=\"_ _421\"> </span>An e<span class=\"_ _2\"></span>xplicit risk adjustment for non-financial risk is <span class=\"_ _2\"></span>estimated separately from the other estimates and reflects the compensation that the group requires f<span class=\"_ _2\"></span>or bearing the uncertainty about the amount and timing of the cash flo<span class=\"_ _2\"></span>ws from non-financial risk as the group fulfils insurance contracts. For reinsurance contracts held, the risk adjustment for non financial risk represents the amount <span class=\"_ _2\"></span>of risk being transfer<span class=\"_ _2\"></span>red by the group to the reinsurer<span class=\"_ _a\"></span>. Methods and assumptions used to determine the risk adjustment for non-financial risk are discussed in Note <span class=\"_ _2\"></span>A6(e).<span class=\"_ _421\"> </span>The <span class=\"_ _2\"></span>estimates of the future cash flo<span class=\"_ _2\"></span>ws are adjusted using current discount rates to reflect the time value <span class=\"_ _2\"></span>of money and the financial risks related to those cash flows. <span class=\"_ _7\"></span>The discount rates reflect the characteristics of the cash flows arising from the groups <span class=\"_ _2\"></span>of insurance contracts, including timing, currency and liquidity of cash flows. <span class=\"_ _7\"></span>The determination of the discount rate that reflects the characteristics of the cash flo<span class=\"_ _2\"></span>ws and liquidity characteristics of the insurance contracts requires significant judgement and estimation (See Note <span class=\"_ _2\"></span>A6(d)).<span class=\"_ _421\"> </span>The group <span class=\"_ _2\"></span>estimates certain FCF at the portfolio le<span class=\"_ _2\"></span>vel or higher and then allocates such <span class=\"_ _2\"></span>estimates to groups of contracts. <span class=\"_ _7\"></span>The group uses consistent assumptions to measure the estimates <span class=\"_ _2\"></span>of the present value of fut<span class=\"_ _2\"></span>ure cash flows for the group <span class=\"_ _2\"></span>of reinsurance contracts held and such estimates f<span class=\"_ _2\"></span>or the groups of underlying insurance contracts. (vi) <span class=\"_ _4\"></span>Contract boundar<span class=\"_ _a\"></span>ies<span class=\"_ _421\"> </span>The measurement <span class=\"_ _2\"></span>of a group of contracts includes all <span class=\"_ _2\"></span>of the future cash flows within the boundary of <span class=\"_ _2\"></span>each contract in the group. F<span class=\"_ _2\"></span>or insurance contracts, cash flows are within the contract boundary if the<span class=\"_ _2\"></span>y arise from substantive rights and <span class=\"_ _2\"></span>obligations that exist during the reporting period in which the group can compel the policyholder to pay premiums <span class=\"_ _2\"></span>or has a substantive obligation to pro<span class=\"_ _2\"></span>vide services (including insurance cov<span class=\"_ _2\"></span>erage and any in<span class=\"_ _2\"></span>vestment related services).<span class=\"_ _421\"> </span>A substantive <span class=\"_ _2\"></span>obligation to provide insurance contract services ends when <span class=\"_ _2\"></span>either: <span class=\"_ _13c\"> </span>\u2013 <span class=\"_ _3\"></span>the group has the practical ability to reassess the risks of the particular policyholder and as a result can set a price or le<span class=\"_ _2\"></span>vel <span class=\"_ _2\"></span>of benefits that fully reflects those risks, or <span class=\"_ _13c\"> </span>\u2013 <span class=\"_ _3\"></span>the group has the practical ability to reassess t<span class=\"_ _3\"></span>he risks <span class=\"_ _2\"></span>of the portfolio of insurance contracts that contain the contract and as a result can set a price <span class=\"_ _2\"></span>or lev<span class=\"_ _2\"></span>el of benefits that fully reflects the risk of that portf<span class=\"_ _2\"></span>olio unless the pricing of the premiums up to the date when the risks are reassessed tak<span class=\"_ _2\"></span>es into account the risks that relate to periods after the assessment. F<span class=\"_ _2\"></span>or reinsurance contracts cash flows are within the contract boundary if the<span class=\"_ _2\"></span>y arise from substantive rights and <span class=\"_ _2\"></span>obligations that exist during the reporting period in which the group is compelled to pay amounts to the reinsurer <span class=\"_ _2\"></span>or has a substantive right to receive services from the reinsurer<span class=\"_ _0\"></span>. <span class=\"_ _f\"></span>(vii) <span class=\"_ _3\"></span>Insurance acquisition cash flows<span class=\"_ _421\"> </span>Insurance acquisition cash flows are cash flo<span class=\"_ _2\"></span>ws arising from the costs of selling, underwriting and starting a group of insurance contracts (issued or <span class=\"_ _2\"></span>expected to be issued) that are directly attributable to the portfolio <span class=\"_ _2\"></span>of insurance contracts to which the group belongs. Such cash flo<span class=\"_ _2\"></span>ws are allocated to groups of insurance contracts using a systematic and rational method and considering, in an unbiased wa<span class=\"_ _2\"></span>y<span class=\"_ _a\"></span>, all reasonable and supportable information that is av<span class=\"_ _2\"></span>ailable without undue cost or effort.<span class=\"_ _421\"> </span>Insurance acquisition cash flows arising bef<span class=\"_ _2\"></span>ore the recognition of the related group of contracts are recognised as an asset and the asset is derecognised, when the insurance acquisition cash flows are included in the measurement <span class=\"_ _2\"></span>of the group of contracts. <span class=\"_ _0\"></span>The group derecognises the assets f<span class=\"_ _2\"></span>or insurance acquisition cash flows in the <span class=\"_ _0\"></span>year within the reporting period in which the e<span class=\"_ _2\"></span>xpenses are incurred and therefore does not ha<span class=\"_ _2\"></span>ve any assets f<span class=\"_ _2\"></span>or insurance acquisition cash flows <span class=\"_ _2\"></span>on the balance sheet at the reporting date. <span class=\"ff65 ls3\"></span><span class=\"ff65 ls3\">CHES<span class=\"_ _277\"></span>NAR<span class=\"_ _283\"></span>A<span class=\"_ _27e\"></span>A<span class=\"_ _277\"></span>NNUAL<span class=\"_ _27f\"></span>REPO<span class=\"_ _284\"></span>RT<span class=\"_ _278\"></span>AND<span class=\"_ _3ad\"></span>ACCOUN<span class=\"_ _27a\"></span>TS<span class=\"_ _27b\"></span>2023</span><span class=\"_ _3ae\"></span>153<span class=\"_ _421\"> </span><div class=\"t m0 h4 ff67 fs2 fc1 sc0 lsc3 ws82 gs12e\">IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS<span class=\"_ _421\"> </span></div><div class=\"t m0 h9 ff68 fs8 fc2 sc0 ls18f ws2 gs12f\">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<span class=\"_ _421\"> </span></div><div class=\"t m0 hf ff61 fsc fc2 sc0 ls37 ws2 gs130\">SECTION A \u2013 GENERAL INFORMA<span class=\"_ _a\"></span>TION AND ACCOUNTING POLICIES AND JUDGEMENT<span class=\"_ _2\"></span>S</div><div class=\"t m0 h11 ff63 fsd fc2 sc0 ls2 ws2 gs131\"> <span class=\"_ _e\"> </span>A5 <span class=\"_ _3\"></span>Significant accounting policies (continued)</div><div class=\"t m0 h11 ff63 fsd fc1 sc0 ls2 ws2 gs132\">  (a) <span class=\"_ _3\"></span>Insurance contracts and r<span class=\"_ _2\"></span>einsurance contr<span class=\"_ _2\"></span>acts (continued) </div><div class=\"t m0 h11 ff63 fsd fc1 sc0 ls2 ws2 gs133\"> <span class=\"_ _17\"></span> <span class=\"_ _f\"></span>(viii) <span class=\"_ _3\"></span>Initial measurement \u2013 insur<span class=\"_ _2\"></span>ance contracts not measur<span class=\"_ _a\"></span>ed under the P<span class=\"_ _a\"></span>AA<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls42 ws10a gs134\">The CSM is a component <span class=\"_ _2\"></span>of the carrying amount of the asset <span class=\"_ _2\"></span>or liability for a group <span class=\"_ _2\"></span>of insurance contracts issued representing the unearned profit that the group </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws11f gs135\">will recognise as it provides insurance contract services in the future. <span class=\"_ _2\"></span>At initial recognition, the CSM is an amount that results in no income or <span class=\"_ _2\"></span>expenses (unless </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs136\">a group of contracts is <span class=\"_ _2\"></span>onerous) arising from:<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs137\">(a) <span class=\"_ _14c\"> </span>the initial recognition of the FCF; and<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs138\">(b) <span class=\"_ _74\"> </span>cash flows arising from the contracts in the group at that date.<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws23 gs139\">When the abov<span class=\"_ _2\"></span>e calculation results in a net outflow<span class=\"_ _0\"></span>, the group of insurance contracts issued is onerous. <span class=\"_ _2\"></span>A loss from onerous insurance contracts is recognised in </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls6d ws1 gs13a\">profit or loss immediately<span class=\"_ _0\"></span>, with no CSM recognised on the balance sheet on initial recognition, and a loss component is <span class=\"_ _2\"></span>established in the amount of loss </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs13b\">recognised (see Note A5(a)(xi)).</div><div class=\"t m0 h11 ff63 fsd fc1 sc0 ls2 ws2 gs13c\"> (ix) <span class=\"_ _3\"></span>Initial measurement \u2013 r<span class=\"_ _2\"></span>einsurance contracts not measur<span class=\"_ _a\"></span>ed under the P<span class=\"_ _a\"></span>AA<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls42 wsd5 gs13d\">F<span class=\"_ _2\"></span>or groups of reinsurance contracts held, an<span class=\"_ _2\"></span>y net gain or loss at initial recognition is recognised as the CSM unless the net cost of purchasing reinsurance relates </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls6d wsc4 gs13e\">to past e<span class=\"_ _2\"></span>vents, in which case the group recognises the net cost immediately in profit or loss. F<span class=\"_ _a\"></span>or reinsurance contracts held, the CSM represents a defer<span class=\"_ _2\"></span>red </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls0 ws118 gs13f\">gain or loss that the group will recognise as a reinsurance <span class=\"_ _2\"></span>expense as it receives insurance contract services from the reinsurer in the fut<span class=\"_ _2\"></span>ure and is calculated </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs140\">as the sum of: </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs141\">(a) <span class=\"_ _14c\"> </span>the initial recognition of the FCF; </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs142\">(b) <span class=\"_ _74\"> </span>cash flows arising from the contracts in the group at that date; and </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 wsd9 gs143\">(c) <span class=\"_ _14c\"> </span> <span class=\"_ _19\"></span>an<span class=\"_ _2\"></span>y income recognised in profit or loss when the <span class=\"_ _2\"></span>entity recognises a loss on initial recognition of an <span class=\"_ _2\"></span>onerous group of underlying insurance contracts <span class=\"_ _2\"></span>or on </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs144\">addition of <span class=\"_ _2\"></span>onerous underlying insurance contracts to that group.<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 lsda ws10a gs145\">A loss-recov<span class=\"_ _2\"></span>ery component is established <span class=\"_ _2\"></span>or adjusted within the remaining coverage f<span class=\"_ _2\"></span>or reinsurance contracts held for the amount <span class=\"_ _2\"></span>of income recognised in (c) </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls68 ws41 gs146\">abov<span class=\"_ _2\"></span>e. <span class=\"_ _0\"></span>This amount is calculated b<span class=\"_ _2\"></span>y multiplying the loss recognised on underlying insurance contracts by the percentage <span class=\"_ _2\"></span>of claims on underlying insurance contracts </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls42 ws53 gs147\">that the group e<span class=\"_ _2\"></span>xpects to recov<span class=\"_ _2\"></span>er from the reinsurance contracts held that are entered into before <span class=\"_ _2\"></span>or at the same time as the loss is recognised on the underlying </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls18 wsc7 gs148\">insurance contracts. <span class=\"_ _0\"></span>When underlying insurance contracts are included in the same group with insurance contracts issued that are not reinsured, the group applies a </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs149\">systematic and rational method <span class=\"_ _2\"></span>of allocation to determine the portion of losses that relates to underlying insurance contracts.</div><div class=\"t m0 h11 ff63 fsd fc1 sc0 ls2 ws2 gs14a\">  (x) <span class=\"_ _3\"></span>Contracts acquired in a business combination or por<span class=\"_ _2\"></span>tfolio tr<span class=\"_ _2\"></span>ansf<span class=\"_ _2\"></span>er<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls0 ws18d gs14b\">F<span class=\"_ _2\"></span>or groups of contracts acquired in a transf<span class=\"_ _a\"></span>er of contracts or a business combination, the consideration received f<span class=\"_ _2\"></span>or the contracts is included in the fulfilment </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls42 ws13 gs14c\">cash flows as a pro<span class=\"_ _2\"></span>xy for the premiums receiv<span class=\"_ _2\"></span>ed at the date of acquisition. In a business combination, the consideration received is the f<span class=\"_ _2\"></span>air value <span class=\"_ _2\"></span>of the contracts </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws127 gs14d\">at that date. If the total is a net outflo<span class=\"_ _2\"></span>w<span class=\"_ _a\"></span>, then the group is onerous. In this case, the net outflo<span class=\"_ _2\"></span>w is recognised as a loss in profit or loss, <span class=\"_ _2\"></span>or as an adjustment to </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls0 ws20 gs14e\">goodwill or the gain <span class=\"_ _2\"></span>on a bargain purchase if the contracts are acquired in a business combination. A loss component is created to depict the amount <span class=\"_ _2\"></span>of the net </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls42 ws10a gs14f\">cash outflo<span class=\"_ _2\"></span>w<span class=\"_ _a\"></span>, which determines the amounts that are subsequently presented in profit or loss as rev<span class=\"_ _2\"></span>ersals of losses <span class=\"_ _2\"></span>on onerous contracts and are e<span class=\"_ _2\"></span>xcluded from </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs150\">insurance rev<span class=\"_ _2\"></span>enue and instead reported within \u2018insurance service e<span class=\"_ _2\"></span>xpense\u2019<span class=\"_ _0\"></span>.</div><div class=\"t m0 h11 ff63 fsd fc1 sc0 ls2 ws2 gs151\"> (xi) <span class=\"_ _3\"></span>Subsequent measurement \u2013 insurance contr<span class=\"_ _2\"></span>acts not measured under the P<span class=\"_ _0\"></span>AA </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls18 wsd5 gs152\">The carrying amount <span class=\"_ _2\"></span>of a group of insurance contracts at <span class=\"_ _2\"></span>each reporting date is the sum of the LR<span class=\"_ _2\"></span>C and the LIC. <span class=\"_ _0\"></span>The LRC comprises the FCF that relate to services </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws116 gs153\">that will be provided under the contracts in future periods and an<span class=\"_ _2\"></span>y remaining CSM at that date. <span class=\"_ _0\"></span>The LIC includes the FCF f<span class=\"_ _2\"></span>or incurred claims and e<span class=\"_ _2\"></span>xpenses that </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs154\">hav<span class=\"_ _2\"></span>e not <span class=\"_ _a\"></span>yet been paid, including claims that hav<span class=\"_ _2\"></span>e been incurred but not <span class=\"_ _a\"></span>yet reported.<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls6d ws3e gs155\">The FCF <span class=\"_ _2\"></span>of groups of insurance contracts are updated b<span class=\"_ _2\"></span>y the group for current assumptions at the <span class=\"_ _2\"></span>end of e<span class=\"_ _2\"></span>very reporting period, using the current <span class=\"_ _2\"></span>estimates <span class=\"_ _19\"></span><span class=\"ls2 ws2\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls0 ws13 gs156\">of the amount, timing and uncertainty of future cash flo<span class=\"_ _2\"></span>ws and of discount rates. <span class=\"_ _0\"></span>T<span class=\"_ _2\"></span>he way in which the changes in <span class=\"_ _2\"></span>estimates of the FCF are treated f<span class=\"_ _2\"></span>ollow the </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs157\">general principle below: </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs158\">(a) <span class=\"_ _14c\"> </span>changes that relate to current or past service are recognised in profit or loss; and<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs159\">(b) <span class=\"_ _74\"> </span>changes that relate to future service are recognised by adjusting the CSM or the loss component within the LR<span class=\"_ _2\"></span>C as per the policy below<span class=\"_ _0\"></span>. </div><div class=\"t m0 h11 ff63 fsd fc1 sc0 ls2 ws2 gs15a\">For insur<span class=\"_ _2\"></span>ance contracts under the GMM:<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs15b\">The f<span class=\"_ _2\"></span>ollowing adjustments relate to future service and thus adjust the CSM: </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls42 ws3e gs15c\">(a) <span class=\"_ _c\"> </span> <span class=\"_ _f\"></span>experience adjustments \u2013 arising from premiums receiv<span class=\"_ _2\"></span>ed in the period that relate to future service and related cash flows such as insurance acquisition cash </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs15d\">flows and premium-based tax<span class=\"_ _2\"></span>es; </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs15e\">(b) <span class=\"_ _74\"> </span>changes in estimates of the present v<span class=\"_ _2\"></span>alue of future cash flo<span class=\"_ _2\"></span>ws in the LRC, <span class=\"_ _2\"></span>except those described in the f<span class=\"_ _2\"></span>ollowing paragraph; </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls6d ws13 gs15f\">(c) <span class=\"_ _74\"> </span> <span class=\"_ _19\"></span>d<span class=\"_ _3\"></span>iff<span class=\"_ _a\"></span>erences between any inv<span class=\"_ _2\"></span>estment component e<span class=\"_ _2\"></span>xpected to become pay<span class=\"_ _2\"></span>able in the period and the actual inv<span class=\"_ _2\"></span>estment component that becomes payable<span class=\"_ _2\"></span> <span class=\"_ _19\"></span><span class=\"ls2 ws2\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls0 ws118 gs160\">in the period, determined by comparing (i) the actual in<span class=\"_ _2\"></span>vestment component that becomes pa<span class=\"_ _2\"></span>yable in a period with (ii) the payment in the period that w<span class=\"_ _2\"></span>as </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs161\">expected at the start <span class=\"_ _2\"></span>of the period plus any insurance finance income <span class=\"_ _2\"></span>or expenses related to that <span class=\"_ _2\"></span>expected pa<span class=\"_ _2\"></span>yment before it becomes pay<span class=\"_ _2\"></span>able; and </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs162\">(d) <span class=\"_ _74\"> </span>changes in the risk adjustment for non-financial risk that relate to future service. </div><div class=\"t m0 h3 ff62 fs1 fc1 sc0 lseb wsfb gs163\">154<span class=\"_ _10\"> </span><span class=\"ff67 ls3 ws2\">CHE<span class=\"_ _3\"></span>SNA<span class=\"_ _3\"></span>R<span class=\"_ _3\"></span>A ANNUAL REP<span class=\"_ _3\"></span>ORT A<span class=\"_ _3\"></span>ND ACCOU<span class=\"_ _3\"></span>NTS 2023<span class=\"_ _421\"> </span></span></div>IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS<span class=\"_ _421\"> </span>Adjustments (a), (b) and (d) abo<span class=\"_ _2\"></span>ve are measured using discount rates determined <span class=\"_ _2\"></span>on initial recognition (the locked-in discount rates). F<span class=\"_ _2\"></span>or insurance contracts under the GMM, the following adjustments do not adjust the CSM: (a) <span class=\"_ _14c\"> </span>changes in the FCF for the eff<span class=\"_ _a\"></span>ect of the time value of mone<span class=\"_ _2\"></span>y and the eff<span class=\"_ _a\"></span>ect of financial risk and changes thereof; (b) <span class=\"_ _74\"> </span>changes in the FCF relating to the LIC; and<span class=\"_ _421\"> </span>(c)<span class=\"_ _2\"></span> <span class=\"_ _10\"> </span> <span class=\"_ _19\"></span>experience adjustments relating to insurance service expenses (e<span class=\"_ _2\"></span>xcluding insurance acquisition cash flo<span class=\"_ _2\"></span>ws).<span class=\"_ _421\"> </span>The group does not classify an<span class=\"_ _2\"></span>y premiums received in the period as relating to current service <span class=\"_ _2\"></span>on materiality grounds. For insur<span class=\"_ _2\"></span>ance contracts under the <span class=\"_ _7\"></span>VF<span class=\"_ _2\"></span>A:<span class=\"_ _421\"> </span>Direct participating contracts are contracts under which the group\u2019<span class=\"_ _0\"></span>s obligation to the policyholder is the net of: <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>the obligation to pa<span class=\"_ _2\"></span>y the policyholder an amount equal to the f<span class=\"_ _2\"></span>air value of the underlying items; and <span class=\"_ _2f\"> </span><span class=\"ls6d wsff\">\u2013 <span class=\"_ _3\"></span>a variable f<span class=\"_ _a\"></span>ee in ex<span class=\"_ _2\"></span>change for future services pro<span class=\"_ _2\"></span>vided by the contracts, being the amount <span class=\"_ _2\"></span>of the group\u2019<span class=\"_ _a\"></span>s share of the f<span class=\"_ _2\"></span>air value of the underlying items less<span class=\"_ _2\"></span> </span>fulfilment cash flows that do not v<span class=\"_ _2\"></span>ary based on the returns <span class=\"_ _2\"></span>on underlying items. <span class=\"_ _0\"></span>The group provides in<span class=\"_ _2\"></span>vestment related services under these contracts b<span class=\"_ _2\"></span>y promising an inv<span class=\"_ _2\"></span>estment return based on underlying items, in addition to insurance co<span class=\"_ _2\"></span>verage.<span class=\"_ _421\"> </span>The group has not applied the risk mitigation <span class=\"_ _2\"></span>option that is available under IFR<span class=\"_ _2\"></span>S 1<span class=\"_ _a\"></span>7<span class=\"_ _31\"></span>.B1<span class=\"_ _0\"></span>15 regarding <span class=\"_ _2\"></span>offsetting the impacts of deriv<span class=\"_ _2\"></span>atives and reinsurance contracts and therefore recognises all changes in financial risk and the time v<span class=\"_ _2\"></span>alue of money against the CSM f<span class=\"_ _2\"></span>or direct participating contracts.<span class=\"_ _421\"> </span>The f<span class=\"_ _2\"></span>ollowing adjustments relate to future service and thus adjust the CSM: (a) <span class=\"_ _14c\"> </span>changes in the amount of the group\u2019<span class=\"_ _0\"></span>s share of the fair value <span class=\"_ _2\"></span>of the underlying items; and (b) <span class=\"_ _74\"> </span>changes in the FCF that do not vary based on the returns <span class=\"_ _2\"></span>of underlying items:  <span class=\"_ _92\"> </span>(i) <span class=\"_ _12\"> </span>changes in the eff<span class=\"_ _2\"></span>ect of the time v<span class=\"_ _2\"></span>alue of mone<span class=\"_ _2\"></span>y and financial risks including the eff<span class=\"_ _2\"></span>ect of financial guarantees;  <span class=\"_ _92\"> </span>(ii) <span class=\"_ _10\"> </span> <span class=\"_ _f\"></span>changes in estimates of the present v<span class=\"_ _2\"></span>alue of future cash flo<span class=\"_ _2\"></span>ws in the LRC; and <span class=\"_ _92\"> </span>(iii)  changes in the risk adjustment for non-financial risk that relate to future service.<span class=\"_ _421\"> </span>Adjustments are measured using the current discount rates. F<span class=\"_ _2\"></span>or insurance contracts under the <span class=\"_ _a\"></span>VF<span class=\"_ _a\"></span>A, the follo<span class=\"_ _2\"></span>wing adjustments do not adjust the CSM: (a) <span class=\"_ _14c\"> </span>changes in the obligation to pay the policyholder the amount equal to the f<span class=\"_ _2\"></span>air value <span class=\"_ _2\"></span>of the underlying items; (b) <span class=\"_ _74\"> </span>changes in the FCF that do not vary based on the returns <span class=\"_ _2\"></span>of underlying items:  <span class=\"_ _92\"> </span>(i) <span class=\"_ _12\"> </span>changes in the FCF relating to the LIC; and  <span class=\"_ _92\"> </span>(i<span class=\"_ _3\"></span>i) <span class=\"_ _c\"> </span>experience adjustments relating to insurance service e<span class=\"_ _2\"></span>xpenses (ex<span class=\"_ _2\"></span>cluding insurance acquisition cash flows).<span class=\"_ _421\"> </span>The group does not classify an<span class=\"_ _2\"></span>y premiums received in the period as relating to current service <span class=\"_ _2\"></span>on materiality grounds.<span class=\"_ _421\"> </span>Changes t<span class=\"_ _2\"></span>o the CSM for insur<span class=\"_ _2\"></span>ance contracts:<span class=\"_ _421\"> </span>F<span class=\"_ _2\"></span>or insurance contracts, the carrying amount of the CSM at <span class=\"_ _2\"></span>each reporting date is the carrying amount at the start of the <span class=\"_ _0\"></span>year<span class=\"_ _a\"></span>, adjusted for:<span class=\"_ _421\"> </span>(i) <span class=\"_ _79\"> </span>the CSM of any ne<span class=\"_ _2\"></span>w contracts that are added to the group in the <span class=\"_ _a\"></span>year;<span class=\"_ _421\"> </span>(ii) <span class=\"_ _14c\"> </span> <span class=\"_ _19\"></span>interest accreted on the carrying amount of the CSM during the <span class=\"_ _0\"></span>year (for contracts under the GMM, using discount rates determined at initial recognition that are applied to nominal cash flows that do not v<span class=\"_ _2\"></span>ary based on the returns <span class=\"_ _2\"></span>of underlying items);<span class=\"_ _421\"> </span>(iii) <span class=\"_ _e\"> </span> <span class=\"_ _19\"></span>as detailed abov<span class=\"_ _2\"></span>e, changes in fulfilment cash flows that relate to future services, to the <span class=\"_ _2\"></span>extent that there is a CSM a<span class=\"_ _2\"></span>vailable. <span class=\"_ _0\"></span>When an increase in the FCF ex<span class=\"_ _2\"></span>ceeds the carrying amount of the CSM, the CSM is reduced to z<span class=\"_ _2\"></span>ero, the e<span class=\"_ _2\"></span>xcess is recognised in insurance service e<span class=\"_ _2\"></span>xpenses and a loss component is recognised within the LRC. <span class=\"_ _0\"></span>When the CSM is z<span class=\"_ _2\"></span>ero, changes in the FCF adjust the loss component within the LRC with the impact going to insurance service expenses. <span class=\"_ _7\"></span>The ex<span class=\"_ _2\"></span>cess of an<span class=\"_ _2\"></span>y decrease in the FCF o<span class=\"_ _2\"></span>ver the loss component reduces the loss component to zero and reinstates the CSM;<span class=\"_ _421\"> </span>(iv) <span class=\"_ _e\"> </span>the <span class=\"_ _2\"></span>effect <span class=\"_ _2\"></span>of any cur<span class=\"_ _2\"></span>rency ex<span class=\"_ _2\"></span>change diff<span class=\"_ _2\"></span>erences on the CSM; and<span class=\"_ _421\"> </span>(v) <span class=\"_ _14c\"> </span>the amount recognised as insurance revenue f<span class=\"_ _2\"></span>or insurance services provided in the <span class=\"_ _a\"></span>year<span class=\"_ _0\"></span>, determined after all other adjustments abov<span class=\"_ _2\"></span>e.<span class=\"_ _421\"> </span>Release of the CSM to pr<span class=\"_ _2\"></span>ofit or loss for insur<span class=\"_ _2\"></span>ance contracts \u2013 co<span class=\"_ _2\"></span>verag<span class=\"_ _2\"></span>e units<span class=\"_ _421\"> </span>The amount <span class=\"_ _2\"></span>of the CSM recognised in profit or loss f<span class=\"_ _2\"></span>or insurance contract services in the period is determined by the allocation of the CSM remaining at the end of the reporting period <span class=\"_ _2\"></span>over the cur<span class=\"_ _2\"></span>rent and remaining e<span class=\"_ _2\"></span>xpected coverage period <span class=\"_ _2\"></span>of the group of insurance contracts based <span class=\"_ _2\"></span>on coverage units. <span class=\"_ _7\"></span>The cov<span class=\"_ _2\"></span>erage period is defined as a period during which the entity pro<span class=\"_ _2\"></span>vides insurance contract services. Insurance contract services include cov<span class=\"_ _2\"></span>erage for an insured e<span class=\"_ _2\"></span>vent (insurance cov<span class=\"_ _2\"></span>erage), the generation of an in<span class=\"_ _2\"></span>vestment return for the policyholder<span class=\"_ _0\"></span>, if applicable (investment-return service) f<span class=\"_ _2\"></span>or the contracts under the GMM, and the management of underlying items <span class=\"_ _2\"></span>on behalf of the policyholder (inv<span class=\"_ _2\"></span>estment-related service) for the contracts under the <span class=\"_ _0\"></span>VF<span class=\"_ _a\"></span>A. Inv<span class=\"_ _2\"></span>estment-return services are provided <span class=\"_ _2\"></span>only when an inv<span class=\"_ _2\"></span>estment component exists in insurance contracts <span class=\"_ _2\"></span>or the policyholder has a right to withdraw an amount, and the group e<span class=\"_ _2\"></span>xpects these amounts to include an investment ret<span class=\"_ _2\"></span>urn that is achieved b<span class=\"_ _2\"></span>y the group by perf<span class=\"_ _2\"></span>orming inv<span class=\"_ _2\"></span>estment activities to generate that inv<span class=\"_ _2\"></span>estment return.<span class=\"_ _421\"> </span>Note A6(g) sets <span class=\"_ _2\"></span>out the cov<span class=\"_ _2\"></span>erage units that are applied to the products within the group.<span class=\"_ _421\"> </span><span class=\"ff65 ls3\"></span><span class=\"ff65 ls3\">CHES<span class=\"_ _277\"></span>NAR<span class=\"_ _277\"></span>A<span class=\"_ _278\"></span>A<span class=\"_ _277\"></span>NNUAL<span class=\"_ _278\"></span>REPO<span class=\"_ _279\"></span>RT<span class=\"_ _278\"></span>AND<span class=\"_ _3b0\"></span>ACCOUN<span class=\"_ _27a\"></span>TS<span class=\"_ _27b\"></span>2023</span><span class=\"_ _3b1\"></span>155<span class=\"_ _421\"> </span><div class=\"t m0 h4 ff67 fs2 fc1 sc0 lsc3 ws82 gs165\">IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS<span class=\"_ _421\"> </span></div><div class=\"t m0 h9 ff68 fs8 fc2 sc0 ls18f ws2 gs166\">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<span class=\"_ _421\"> </span></div><div class=\"t m0 hf ff61 fsc fc2 sc0 ls37 ws2 gs167\">SECTION A \u2013 GENERAL INFORMA<span class=\"_ _a\"></span>TION AND ACCOUNTING POLICIES AND JUDGEMENT<span class=\"_ _2\"></span>S</div><div class=\"t m0 h11 ff63 fsd fc2 sc0 ls2 ws2 gs168\"> <span class=\"_ _e\"> </span>A5 <span class=\"_ _3\"></span>Significant accounting policies (continued)</div><div class=\"t m0 h11 ff63 fsd fc1 sc0 ls2 ws2 gs169\">  (a) <span class=\"_ _3\"></span>Insurance contracts and r<span class=\"_ _2\"></span>einsurance contr<span class=\"_ _2\"></span>acts (continued)</div><div class=\"t m0 h11 ff63 fsd fc1 sc0 ls2 ws2 gs16a\"> (xi) <span class=\"_ _3\"></span>Subsequent measurement \u2013 insurance contr<span class=\"_ _2\"></span>acts not measured under the P<span class=\"_ _0\"></span>AA (continued)<span class=\"_ _421\"> </span></div><div class=\"t m0 h11 ff63 fsd fc1 sc0 ls2 ws2 gs16b\">Insurance contr<span class=\"_ _2\"></span>acts \u2013 loss component<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls6d ws72 gs16c\">When the negative adjustments to the CSM <span class=\"_ _2\"></span>exceed the amount <span class=\"_ _2\"></span>of the CSM, the group of contracts becomes <span class=\"_ _2\"></span>onerous, and the group recognises the ex<span class=\"_ _2\"></span>cess </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls6d ws2 gs16d\">in insurance service e<span class=\"_ _2\"></span>xpenses and records the e<span class=\"_ _2\"></span>xcess as a loss component of the LR<span class=\"_ _2\"></span>C.<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls42 ws41 gs16e\">When a loss component e<span class=\"_ _2\"></span>xists, the group allocates between the loss component and the remaining component of the LR<span class=\"_ _2\"></span>C for the respectiv<span class=\"_ _2\"></span>e group of contra<span class=\"_ _3\"></span>cts, </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs16f\">on a systematic and rational basis f<span class=\"_ _2\"></span>or: </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs170\">(a) <span class=\"_ _14c\"> </span>expected incurred claims and other directly attributable <span class=\"_ _2\"></span>expenses f<span class=\"_ _2\"></span>or the period; </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs171\">(b) <span class=\"_ _74\"> </span>changes in the risk adjustment for non-financial risk for the risk <span class=\"_ _2\"></span>expired; and </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs172\">(c) <span class=\"_ _14c\"> </span>finance income (expenses) from insurance contracts issued.<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls0 ws6c gs173\">The amounts <span class=\"_ _2\"></span>of loss component allocation in (a) and (b) above reduce the respectiv<span class=\"_ _2\"></span>e components of insurance re<span class=\"_ _2\"></span>venue and are reflected in insurance service </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 wsd4 gs174\">expenses. Decreases in the FCF in subsequent periods that relate to future service reduce the remaining loss component and reinstate the CSM after the loss </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs175\">component is reduced to zero. Increases in the FCF in subsequent periods that relate to future service increase the loss component.</div><div class=\"t m0 h11 ff63 fsd fc1 sc0 ls2 ws2 gs176\"> <span class=\"_ _f\"></span>(xii) <span class=\"_ _3\"></span>Subsequent measurement \u2013 r<span class=\"_ _2\"></span>einsurance contr<span class=\"_ _2\"></span>acts not measured under the P<span class=\"_ _0\"></span>AA </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls0 ws2 gs177\">The carrying amount <span class=\"_ _2\"></span>of a group of insurance contracts at <span class=\"_ _2\"></span>each reporting date is the sum of the <span class=\"_ _2\"></span>Asset for R<span class=\"_ _2\"></span>emaining Cov<span class=\"_ _2\"></span>erage (ARC) and the <span class=\"_ _2\"></span>Asset for Incur<span class=\"_ _2\"></span>red </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls0 ws72 gs178\">Claims (AIC). <span class=\"_ _0\"></span>The <span class=\"_ _2\"></span>ARC comprises the FCF that relate to services that will be receiv<span class=\"_ _2\"></span>ed under the reinsurance contracts held in future periods and any remaining </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs179\">CSM at that date. <span class=\"_ _0\"></span>The <span class=\"_ _2\"></span>AIC comprises the FCF related to past service for incurred claims that ha<span class=\"_ _2\"></span>ve not <span class=\"_ _0\"></span>yet been received. </div><div class=\"t m0 h11 ff63 fsd fc1 sc0 ls2 ws2 gs17a\">Changes t<span class=\"_ _2\"></span>o the CSM for r<span class=\"_ _2\"></span>einsurance contr<span class=\"_ _2\"></span>acts:<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs17b\">F<span class=\"_ _2\"></span>or reinsurance contracts, the carrying amount of the CSM at <span class=\"_ _2\"></span>each reporting date is the carrying amount at the start of the <span class=\"_ _0\"></span>year<span class=\"_ _a\"></span>, adjusted for:<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs17c\">(i) <span class=\"_ _79\"> </span>the CSM of any ne<span class=\"_ _2\"></span>w contracts that are added to the group in the <span class=\"_ _a\"></span>year;<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls0 ws11f gs17d\">(ii) <span class=\"_ _c\"> </span> <span class=\"_ _19\"></span>Interest accreted on the carrying amount of the CSM during the <span class=\"_ _0\"></span>year<span class=\"_ _a\"></span>, measured at the discount rates on nominal cash flows that do not v<span class=\"_ _2\"></span>ary based on the </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs17e\">returns on an<span class=\"_ _2\"></span>y underlying items determined on initial recognition;<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs17f\">(iii)  Income recognised in profit or loss in the <span class=\"_ _0\"></span>year on initial recognition <span class=\"_ _2\"></span>of onerous underlying contracts;<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs180\">(iv) <span class=\"_ _e\"> </span> <span class=\"_ _19\"></span>reversals <span class=\"_ _2\"></span>of a loss-recov<span class=\"_ _2\"></span>ery component to the e<span class=\"_ _2\"></span>xtent that they are not changes in the fulfilment cash flows <span class=\"_ _2\"></span>of the group of reinsurance contracts;<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls68 ws53 gs181\">(v) <span class=\"_ _c\"> </span> <span class=\"_ _f\"></span>changes in fulfilment cash flows that relate to future services, measured at the discount rates determined on initial recognition, unless they result from changes </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls42 ws2 gs182\">in fulfilment cash flows <span class=\"_ _2\"></span>of onerous underlying contracts, in which case they are recognised in profit <span class=\"_ _2\"></span>or loss and create or adjust a loss-reco<span class=\"_ _2\"></span>very component;<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs183\">(vi) <span class=\"_ _e\"> </span>the <span class=\"_ _2\"></span>effect <span class=\"_ _2\"></span>of any cur<span class=\"_ _2\"></span>rency ex<span class=\"_ _2\"></span>change diff<span class=\"_ _2\"></span>erences on the CSM; and<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs184\">(vii) the amount recognised in profit or loss because <span class=\"_ _2\"></span>of the services received in the <span class=\"_ _0\"></span>year<span class=\"_ _a\"></span>.<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls6d ws93 gs185\">Income ref<span class=\"_ _2\"></span>erred to in (iii) abov<span class=\"_ _2\"></span>e is calculated by multiplying the loss recognised <span class=\"_ _2\"></span>on underlying insurance contracts by the percentage of claims <span class=\"_ _2\"></span>on underlying </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls42 wsd5 gs186\">insurance contracts that the group e<span class=\"_ _2\"></span>xpects to recov<span class=\"_ _2\"></span>er from the reinsurance contract held that is entered into before <span class=\"_ _2\"></span>or at the same time as the loss is recognised </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls0 ws23 gs187\">on the underlying insurance contracts. F<span class=\"_ _2\"></span>or the purposes of (iii) to (v) abo<span class=\"_ _2\"></span>ve, when underlying insurance contracts are included in the same group with insurance </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls68 ws12 gs188\">contracts issued that are not reinsured, the group applies a systematic and rational method <span class=\"_ _2\"></span>of allocation to determine the portion of losses that relates to underlying </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs189\">insurance contracts.<span class=\"_ _421\"> </span></div><div class=\"t m0 h11 ff63 fsd fc1 sc0 ls2 ws2 gs18a\">Release of the CSM to pr<span class=\"_ _2\"></span>ofit or loss for r<span class=\"_ _2\"></span>einsurance contr<span class=\"_ _2\"></span>acts \u2013 cov<span class=\"_ _2\"></span>erage units<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls0 ws15a gs18b\">F<span class=\"_ _2\"></span>or reinsurance contracts held, the CSM is released to profit or loss as insurance contract services are receiv<span class=\"_ _2\"></span>ed from the reinsurer in the period. Note A6(g) sets </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs18c\">out the cov<span class=\"_ _2\"></span>erage units that are applied to the reinsurance contracts held within the group.<span class=\"_ _421\"> </span></div><div class=\"t m0 h11 ff63 fsd fc1 sc0 ls2 ws2 gs18d\">Reinsurance contr<span class=\"_ _2\"></span>acts held \u2013 loss-reco<span class=\"_ _2\"></span>very component<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls18 wsa0 gs18e\">A loss-recov<span class=\"_ _2\"></span>ery component is established <span class=\"_ _2\"></span>or adjusted within the asset for remaining cov<span class=\"_ _2\"></span>erage for reinsurance contracts held f<span class=\"_ _2\"></span>or the amount of income recognised in </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls42 ws17c gs18f\">profit or loss when the group recognises a loss <span class=\"_ _2\"></span>on initial recognition of an onerous group <span class=\"_ _2\"></span>of underlying insurance contracts or <span class=\"_ _2\"></span>on addition of <span class=\"_ _2\"></span>onerous underlying </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls6d ws111 gs190\">insurance contracts to that group. <span class=\"_ _2\"></span>Subsequently<span class=\"_ _a\"></span>, the loss-recovery component is adjusted to reflect changes in the loss component <span class=\"_ _2\"></span>of an onerous group <span class=\"_ _2\"></span>of </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs191\">underlying insurance contracts. </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws86 gs192\">The loss-reco<span class=\"_ _2\"></span>very component is further adjusted, if required, to <span class=\"_ _2\"></span>ensure that it does not ex<span class=\"_ _2\"></span>ceed the portion of the carrying amount <span class=\"_ _2\"></span>of the loss component of the </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws1cd gs193\">onerous group of underlying insurance contracts that the group <span class=\"_ _2\"></span>expects to reco<span class=\"_ _2\"></span>ver from the group of reinsurance contracts held. <span class=\"_ _7\"></span>The loss-recov<span class=\"_ _2\"></span>ery component </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws11f gs194\">determines the amounts that are presented as a reduction of incurred claims reco<span class=\"_ _2\"></span>very from reinsurance contracts held and are consequently <span class=\"_ _2\"></span>ex<span class=\"_ _2\"></span>cluded from the </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws76 gs195\">reinsurance expenses determination.</div><div class=\"t m0 h11 ff63 fsd fc1 sc0 ls2 ws2 gs196\"> <span class=\"_ _f\"></span> <span class=\"_ _68\"></span>(xiii) <span class=\"_ _4\"></span>Insurance and r<span class=\"_ _a\"></span>einsurance contracts measur<span class=\"_ _2\"></span>ed under P<span class=\"_ _0\"></span>AA<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls18 ws55 gs197\">The group uses P<span class=\"_ _0\"></span>AA to simplify the measurement of groups of contracts where the co<span class=\"_ _2\"></span>verage period of <span class=\"_ _2\"></span>each contract in the group is 1 <span class=\"_ _a\"></span>year or less. <span class=\"_ _7\"></span>This approach is </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs198\">used for stand-alone short-term protection products in Mo<span class=\"_ _2\"></span>vestic.<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 lsd0 ws3e gs199\">On initial recognition of <span class=\"_ _2\"></span>each group of insurance contracts, the carrying amount <span class=\"_ _2\"></span>of the LRC is measured at the premiums received. <span class=\"_ _7\"></span>The group has chosen to e<span class=\"_ _2\"></span>xpense </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs19a\">insurance acquisition cash flows when the<span class=\"_ _2\"></span>y are incurred.<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff62 fs1 fc1 sc0 lseb wsfb gs19b\">156<span class=\"_ _d\"> </span><span class=\"ff67 ls3 ws2\">CHE<span class=\"_ _3\"></span>SNA<span class=\"_ _3\"></span>R<span class=\"_ _3\"></span>A ANNUAL R<span class=\"_ _3\"></span>EPORT A<span class=\"_ _3\"></span>ND ACCOU<span class=\"_ _3\"></span>NTS 2023<span class=\"_ _421\"> </span></span></div>Subsequently<span class=\"_ _a\"></span>, the carrying amount of the LR<span class=\"_ _2\"></span>C is increased by any premiums receiv<span class=\"_ _2\"></span>ed and decreased by the amount recognised as insurance re<span class=\"_ _2\"></span>venue f<span class=\"_ _2\"></span>or services provided. On initial recognition <span class=\"_ _2\"></span>of each group of contracts, the group <span class=\"_ _2\"></span>expects that the time betw<span class=\"_ _2\"></span>een providing <span class=\"_ _2\"></span>each part of the services and the related premium due date is no more than a <span class=\"_ _a\"></span>year<span class=\"_ _a\"></span>. A<span class=\"_ _2\"></span>ccordingly<span class=\"_ _a\"></span>, the group has chosen not to adjust the LRC to reflect the time value <span class=\"_ _2\"></span>of money and the <span class=\"_ _2\"></span>effect <span class=\"_ _2\"></span>of financial risk.<span class=\"_ _421\"> </span>F<span class=\"_ _2\"></span>or contracts measured under the P<span class=\"_ _a\"></span>AA, the LIC is adjusted for the time value <span class=\"_ _2\"></span>of money<span class=\"_ _0\"></span>, as t<span class=\"_ _3\"></span>he contracts issued and measured under the P<span class=\"_ _a\"></span>AA typically hav<span class=\"_ _2\"></span>e a settlement period of <span class=\"_ _2\"></span>ov<span class=\"_ _2\"></span>er 1 <span class=\"_ _a\"></span>year<span class=\"_ _a\"></span>. A risk adjustment for non-financial risk is also calculated.<span class=\"_ _421\"> </span>There are no in<span class=\"_ _2\"></span>vestment components within insurance contracts issued and reinsurance contracts held that are measured under the P<span class=\"_ _a\"></span>AA.  <span class=\"_ _f\"></span> <span class=\"_ _68\"></span>(xiv) <span class=\"_ _4\"></span>Non-distinct inv<span class=\"_ _2\"></span>estment components<span class=\"_ _421\"> </span>Insurance rev<span class=\"_ _2\"></span>enue and insurance service e<span class=\"_ _2\"></span>xpenses ex<span class=\"_ _2\"></span>clude any Non-Distinct In<span class=\"_ _2\"></span>vestment Components (NDIC). <span class=\"_ _0\"></span>T<span class=\"_ _2\"></span>he group identifies the investment component <span class=\"_ _2\"></span>of a contract by determining the amount that it w<span class=\"_ _2\"></span>ould be required to repay to the policyholder in all scenarios with commercial substance. <span class=\"_ _0\"></span>These include circumstances in which an insured e<span class=\"_ _2\"></span>vent <span class=\"_ _2\"></span>occurs, or the contract matures or is terminated without an insured <span class=\"_ _2\"></span>ev<span class=\"_ _2\"></span>ent occurring. Inv<span class=\"_ _2\"></span>estment components are e<span class=\"_ _2\"></span>xcluded from insurance rev<span class=\"_ _2\"></span>enue and insurance service e<span class=\"_ _2\"></span>xpenses, being recognised instead directly in the balance sheet. The table that f<span class=\"_ _2\"></span>ollows details the source of the NDIC\u2019<span class=\"_ _0\"></span>s for the broad product categories.<span class=\"_ _421\"> </span>Prod<span class=\"_ _3\"></span>uc<span class=\"_ _3\"></span>t cat<span class=\"_ _3\"></span>ego<span class=\"_ _3\"></span>ry <span class=\"_ _1d8\"> </span>T<span class=\"_ _2\"></span>yp<span class=\"_ _3\"></span>ical N<span class=\"_ _3\"></span>DI<span class=\"_ _3\"></span>C<span class=\"_ _421\"> </span>Immediate annuities <span class=\"_ _1d9\"> </span>None<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>erm assurance and other non-link<span class=\"_ _2\"></span>ed <span class=\"_ _b2\"> </span>T<span class=\"_ _2\"></span>erm assurance: None <span class=\"_ _1da\"> </span>Other non-linked: Low<span class=\"_ _2\"></span>er of death, surrender and matur<span class=\"_ _2\"></span>ity benefit<span class=\"_ _421\"> </span>Unit-linked/inde<span class=\"_ _2\"></span>x-linked/<span class=\"_ _2\"></span>with-profits \u2013 GMM <span class=\"_ _ee\"> </span>Lower of death, surr<span class=\"_ _2\"></span>ender and maturity benefit<span class=\"_ _421\"> </span>Unit-linked/inde<span class=\"_ _2\"></span>x-linked/<span class=\"_ _2\"></span>with-profits \u2013 VF<span class=\"_ _a\"></span>A <span class=\"_ _177\"> </span>Lower of de<span class=\"_ _2\"></span>ath, surrender and maturity benefit<span class=\"_ _421\"> </span>Short-term prot<span class=\"_ _2\"></span>ection <span class=\"_ _1db\"> </span>None <span class=\"_ _f\"></span>(xv) <span class=\"_ _3\"></span>Presentation in the pr<span class=\"_ _2\"></span>ofit and loss and balance sheet<span class=\"_ _421\"> </span>IFRS 1<span class=\"_ _0\"></span>7 has a significant impact on the presentation of the income statement with a separate insurance service result and inv<span class=\"_ _2\"></span>estment result. Under IFRS 1<span class=\"_ _0\"></span>7<span class=\"_ _7\"></span>, f<span class=\"_ _2\"></span>or contracts not measured under the P<span class=\"_ _a\"></span>AA, the group recognises insurance revenue as it satisfies its perf<span class=\"_ _2\"></span>ormance obligations \u2013 i.e. as it provides services under groups of insurance contracts. <span class=\"_ _7\"></span>The insurance revenue relating to services pro<span class=\"_ _2\"></span>vided for <span class=\"_ _2\"></span>each <span class=\"_ _a\"></span>year represents the total of the changes in the LR<span class=\"_ _2\"></span>C that relate to services for which the group <span class=\"_ _2\"></span>expects to receive consideration. <span class=\"_ _7\"></span>This mainly comprises the release of <span class=\"_ _2\"></span>expected claims, the risk adjustment e<span class=\"_ _2\"></span>xpired and the CSM amortised in the period. F<span class=\"_ _2\"></span>or contracts measured under the P<span class=\"_ _a\"></span>AA, the insurance revenue f<span class=\"_ _2\"></span>or each period <span class=\"_ _2\"></span>equates to the amount of e<span class=\"_ _2\"></span>xpected premium receipts for pro<span class=\"_ _2\"></span>viding services in the period. <span class=\"_ _68\"></span>\u2018Insurance service e<span class=\"_ _2\"></span>xpenses<span class=\"_ _2\"></span>\u2019 in each reporting period represents the cost of <span class=\"_ _2\"></span>providing those services, broadly comprising incurred claims and benefits and <span class=\"_ _2\"></span>expenses that are directly attributable to providing the service in the period. <span class=\"_ _68\"></span>\u2018Net income/(expenses) from reinsurance contracts<span class=\"_ _a\"></span>\u2019 generally comprises reinsurance expenses and the reco<span class=\"_ _2\"></span>very of incur<span class=\"_ _2\"></span>red claims. Reinsurance <span class=\"_ _2\"></span>expenses are recognised similarly to insurance rev<span class=\"_ _2\"></span>enue, with the amount of reinsurance <span class=\"_ _2\"></span>expenses representing an allocation of the premiums paid to <span class=\"_ _2\"></span>reinsurers that depicts the received insurance contract services in the period. Income and <span class=\"_ _2\"></span>expenses from reinsurance contracts are presented separately from income and e<span class=\"_ _2\"></span>xpenses from insurance contracts issued. Income and e<span class=\"_ _2\"></span>xpenses from reinsurance contracts, other than insurance finance income or <span class=\"_ _2\"></span>expenses, are presented <span class=\"_ _2\"></span>on a net basis on the f<span class=\"_ _2\"></span>ace of the income statement as \u2018net <span class=\"_ _2\"></span>expenses from reinsurance contracts<span class=\"_ _2\"></span>\u2019 in the insurance service result.<span class=\"_ _421\"> </span>T<span class=\"_ _0\"></span>ogether<span class=\"_ _a\"></span>, the insurance revenue, insurance service <span class=\"_ _2\"></span>expenses and net income/(e<span class=\"_ _2\"></span>xpenses) from reinsurance contracts make up the insurance service result, presented on the face <span class=\"_ _2\"></span>of the income statement. The \u2018in<span class=\"_ _2\"></span>vestment result\u2019 comprises the \u2018net inv<span class=\"_ _2\"></span>estment return<span class=\"_ _a\"></span>\u2019<span class=\"_ _2\"></span>, changes in inv<span class=\"_ _2\"></span>estment contract liabilities and policyholder funds held by the group and IFIE f<span class=\"_ _2\"></span>or both insurance and reinsurance contracts. <span class=\"_ _0\"></span>The IFIE broadly includes the <span class=\"_ _2\"></span>eff<span class=\"_ _2\"></span>ect of changes in the time value <span class=\"_ _2\"></span>of money and the <span class=\"_ _2\"></span>eff<span class=\"_ _2\"></span>ect of financial risk and changes in financial risk. <span class=\"_ _0\"></span>The group includes all IFIE in the profit <span class=\"_ _2\"></span>or loss, with no disaggregation into Other Comprehensive Income.<span class=\"_ _421\"> </span>The group disaggregates changes in the risk adjustment f<span class=\"_ _2\"></span>or non-financial risk between the insurance service result and insurance finance income or <span class=\"_ _2\"></span>expenses. P<span class=\"_ _a\"></span>ortfolios of insurance contracts that are assets and those that are liabilities, and portfolios <span class=\"_ _2\"></span>of reinsurance contracts that are assets and those that are liabilities, are presented separately in the balance sheet. An<span class=\"_ _2\"></span>y assets or liabilities recognised f<span class=\"_ _2\"></span>or cash flows arising before the recognition <span class=\"_ _2\"></span>of the related group of contracts (including any assets f<span class=\"_ _2\"></span>or insurance acquisition cash flows) are included in the carrying amount <span class=\"_ _2\"></span>of the related portfolios of contracts",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForReinsuranceExplanatory",
    "language": "en",
    "entity": "scheme:213800VFRMBRTSZ3SJ06",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-9": {
   "value": "  (a) <span class=\"_ _3\"></span>Insurance contracts and r<span class=\"_ _2\"></span>einsurance contr<span class=\"_ _2\"></span>acts <span class=\"_ _d\"> </span>(i) <span class=\"_ _4\"></span>Scope and classification<span class=\"_ _421\"> </span>Contracts under which the group accepts significant insurance risk are classified as insurance contracts. Contracts held by the group under which it transf<span class=\"_ _a\"></span>ers<span class=\"_ _421\"> </span>significant insurance risk related to underlying insurance contracts are classified as reinsurance contracts. Insurance and reinsurance contracts also e<span class=\"_ _2\"></span>xpose the<span class=\"_ _421\"> </span>group to financial risk.<span class=\"_ _421\"> </span>Insurance contracts may be issued, and reinsurance contracts ma<span class=\"_ _2\"></span>y be initiated by the group, <span class=\"_ _2\"></span>or they may be acquired in a business combination <span class=\"_ _2\"></span>or in a transf<span class=\"_ _2\"></span>er of<span class=\"_ _421\"> </span>contracts that do not form a business. <span class=\"_ _2\"></span>All ref<span class=\"_ _2\"></span>erences in these accounting policies to \u2018insurance contracts\u2019 and \u2018reinsurance contracts<span class=\"_ _a\"></span>\u2019 include contracts issued,<span class=\"_ _421\"> </span>reinsurance contracts initiated or insurance <span class=\"_ _2\"></span>or reinsurance contracts acquired by the group, unless otherwise stated.<span class=\"_ _421\"> </span>Some contracts entered into b<span class=\"_ _2\"></span>y the group hav<span class=\"_ _2\"></span>e the legal form of insurance contracts but do not transf<span class=\"_ _a\"></span>er significant insurance risk. <span class=\"_ _0\"></span>These contracts are classified<span class=\"_ _421\"> </span>as financial liabilities and are ref<span class=\"_ _2\"></span>erred to as \u2018inv<span class=\"_ _2\"></span>estment contracts<span class=\"_ _2\"></span>\u2019 (see Note A5(b)). <span class=\"_ _2\"></span>Similarly financial reinsurance contracts do not transf<span class=\"_ _2\"></span>er significant insurance<span class=\"_ _421\"> </span>risk and are accounted for under IFR<span class=\"_ _2\"></span>S 9. Mass lapse reinsurance contracts also contain no insurance risk and are accounted for under IA<span class=\"_ _2\"></span>S 37<span class=\"_ _31\"></span>.<span class=\"_ _421\"> </span>Insurance contracts are classified as direct participating contracts or contracts without direct participating f<span class=\"_ _a\"></span>eatures. Direct participating contracts are contracts for<span class=\"_ _421\"> </span>which, at inception: <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>the contractual terms specify that the policyholder participates in a share of a clearly identified pool <span class=\"_ _2\"></span>of underlying items; <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>the group e<span class=\"_ _2\"></span>xpects to pay to the policyholder an amount <span class=\"_ _2\"></span>equal to a substantial share of the fair v<span class=\"_ _2\"></span>alue returns on the underlying items; and <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>the group expects a substantial proportion <span class=\"_ _2\"></span>of any change in the amounts to be paid to the policyholder to vary with the change in f<span class=\"_ _2\"></span>air value <span class=\"_ _2\"></span>of the underlying items.<span class=\"_ _421\"> </span>All other insurance contracts and all reinsurance contracts are classified as contracts without direct participating f<span class=\"_ _a\"></span>eatures. Some <span class=\"_ _2\"></span>of these contracts are measured<span class=\"_ _421\"> </span>under the P<span class=\"_ _a\"></span>AA.<span class=\"_ _421\"> </span>The f<span class=\"_ _2\"></span>ollowing table pro<span class=\"_ _2\"></span>vides a summary of the broad product categories and the measurement model approach applied.<span class=\"_ _421\"> </span>Classification <span class=\"_ _61\"> </span>Product categor<span class=\"_ _3\"></span>y<span class=\"_ _421\"> </span>Long-term contr<span class=\"_ _2\"></span>acts without direct participating features <span class=\"_ _3a9\"></span>(GMM<span class=\"_ _421\"> </span>) <span class=\"_ _126\"> </span>Immediate annuities <span class=\"_ _1d6\"> </span>T<span class=\"_ _2\"></span>erm assurance and other non-link<span class=\"_ _2\"></span>ed <span class=\"_ _1d6\"> </span>Unit-linked/inde<span class=\"_ _2\"></span>x-linked/<span class=\"_ _2\"></span>with-profits \u2013 GMM<span class=\"_ _421\"> </span>Long-term contr<span class=\"_ _2\"></span>acts with direct participating features <span class=\"_ _3aa\"></span>(VFA<span class=\"_ _421\"> </span>) <span class=\"_ _16b\"> </span>Unit-linked/inde<span class=\"_ _2\"></span>x-linked/<span class=\"_ _2\"></span>with-profits \u2013 VF<span class=\"_ _a\"></span>A<span class=\"_ _421\"> </span>Short-term contracts <span class=\"_ _3ab\"></span>(PA<span class=\"_ _3\"></span>A<span class=\"_ _421\"> </span>) <span class=\"_ _1d7\"> </span>Short-term prot<span class=\"_ _2\"></span>ection  <span class=\"fc1\">(ii) <span class=\"_ _3\"></span>Separating components from insur<span class=\"_ _2\"></span>ance and reinsur<span class=\"_ _2\"></span>ance contracts<span class=\"_ _421\"> </span></span>The group does not ha<span class=\"_ _2\"></span>ve an<span class=\"_ _2\"></span>y distinct investment components which require separation from the insurance <span class=\"_ _2\"></span>or reinsurance contract. Distinct inv<span class=\"_ _2\"></span>estment components<span class=\"_ _421\"> </span>are inv<span class=\"_ _2\"></span>estment components that are not highly inter<span class=\"_ _0\"></span>-related with the insurance components and for which contracts with equivalent terms are sold, <span class=\"_ _2\"></span>or could be<span class=\"_ _421\"> </span>sold, separately in the same market <span class=\"_ _2\"></span>or the same jurisdiction<span class=\"_ _421\"> </span>The group does not ha<span class=\"_ _2\"></span>ve an<span class=\"_ _2\"></span>y insurance contracts containing embedded derivativ<span class=\"_ _2\"></span>es or ha<span class=\"_ _2\"></span>ve an<span class=\"_ _2\"></span>y insurance contracts which transfer distinct goods and services<span class=\"_ _421\"> </span>other than insurance contract services which require separation from the host contract. (iii) <span class=\"_ _3\"></span>Aggreg<span class=\"_ _2\"></span>ation of insurance and r<span class=\"_ _2\"></span>einsurance contr<span class=\"_ _2\"></span>acts<span class=\"_ _421\"> </span>Insurance contracts are aggregated into groups for measurement purposes. Groups <span class=\"_ _2\"></span>of insurance contracts are determined by identifying portf<span class=\"_ _2\"></span>olios of insurance<span class=\"_ _421\"> </span>contracts, each comprising contracts that are subject to similar risks and are managed together<span class=\"_ _0\"></span>. Each portfolio is divided into annual cohorts (i.e. by <span class=\"_ _a\"></span>year <span class=\"_ _2\"></span>of issue)<span class=\"_ _421\"> </span>and each annual cohort into a maximum <span class=\"_ _2\"></span>of three groups based on the profitability of contracts: <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>any contracts that are <span class=\"_ _2\"></span>onerous on initial recognition; <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>any contracts that, <span class=\"_ _2\"></span>on initial recognition, hav<span class=\"_ _2\"></span>e no significant possibility of becoming onerous subsequently; and <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>any remaining contracts in the annual cohort.<span class=\"_ _421\"> </span>F<span class=\"_ _a\"></span>urther detail regarding t<span class=\"_ _3\"></span>he judgements in<span class=\"_ _2\"></span>volved in the defining portf<span class=\"_ _2\"></span>olios and profitability groups can be found in Note <span class=\"_ _2\"></span>A6(c).<span class=\"_ _421\"> </span>Contracts within a portfolio that w<span class=\"_ _2\"></span>ould fall into diff<span class=\"_ _2\"></span>erent groups only because la<span class=\"_ _2\"></span>w or regulation specifically constrains the group\u2019<span class=\"_ _0\"></span>s practical ability to set a different<span class=\"_ _421\"> </span>price or le<span class=\"_ _2\"></span>vel <span class=\"_ _2\"></span>of benefits for policyholders with diff<span class=\"_ _2\"></span>erent characteristics can be included in the same group, how<span class=\"_ _2\"></span>ever the group has not tak<span class=\"_ _2\"></span>en advantage <span class=\"_ _2\"></span>of this.<span class=\"_ _421\"> </span>P<span class=\"_ _a\"></span>ortfolios of reinsurance contracts held are assessed separately from insurance contracts issued and are assessed for aggregation <span class=\"_ _2\"></span>on an individual contract basis.<span class=\"_ _421\"> </span>Some reinsurance contracts provide co<span class=\"_ _2\"></span>ver f<span class=\"_ _2\"></span>or underlying contracts that are included in different groups.<span class=\"_ _421\"> </span>As per the gross insurance contracts the reinsurance contracts are divided into profitability groupings as f<span class=\"_ _2\"></span>ollows: <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>any contracts <span class=\"_ _2\"></span>on which there is a net gain on initial recognition; <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>any contracts that, <span class=\"_ _2\"></span>on initial recognition, hav<span class=\"_ _2\"></span>e no significant possibility of showing a net gain subsequently; and <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>any remaining contracts in the annual cohort.<span class=\"_ _421\"> </span>All reinsurance contracts within the group fall into the third profitability category abo<span class=\"_ _2\"></span>ve.<span class=\"_ _421\"> </span>IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS (iv) <span class=\"_ _3\"></span>Recognition and derecognition of insurance and r<span class=\"_ _a\"></span>einsurance contracts<span class=\"_ _421\"> </span>An insurance contract issued by the group is recognised from the <span class=\"_ _2\"></span>earliest of: <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>the beginning of its co<span class=\"_ _2\"></span>verage period (i.e. the period during which the group pro<span class=\"_ _2\"></span>vides services in respect of any premiums within the boundary <span class=\"_ _2\"></span>of the contract);  <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>when the first payment from the policyholder becomes due <span class=\"_ _2\"></span>or<span class=\"_ _a\"></span>, if there is no contractual due date, when it is received from the policyholder; and <span class=\"_ _13c\"> </span>\u2013 <span class=\"_ _4\"></span>when a group of contracts becomes <span class=\"_ _2\"></span>onerous or if the facts and circumstances indicate that a group <span class=\"_ _2\"></span>of contract is onerous f<span class=\"_ _2\"></span>or those contracts measured using the P<span class=\"_ _a\"></span>AA.<span class=\"_ _421\"> </span>An insurance contract acquired in a transf<span class=\"_ _2\"></span>er of contracts, <span class=\"_ _2\"></span>or a business combination is recognised on the date of acquisition.<span class=\"_ _421\"> </span>When the contract is recognised, it is added to an e<span class=\"_ _2\"></span>xisting group of contracts or<span class=\"_ _0\"></span>, if the contract does not qualify for inclusion in an e<span class=\"_ _2\"></span>xisting group, it forms a ne<span class=\"_ _2\"></span>w group to which future contracts are added. Groups of contracts are <span class=\"_ _2\"></span>established on initial recognition and their composition is not re<span class=\"_ _2\"></span>vised once all contracts hav<span class=\"_ _2\"></span>e been added to the group.<span class=\"_ _421\"> </span>Non-proportionate reinsurance contracts are recognised at the earlier <span class=\"_ _2\"></span>of: (a) <span class=\"_ _14c\"> </span>the beginning of the cov<span class=\"_ _2\"></span>erage period of the group of reinsurance contracts; <span class=\"_ _2\"></span>or (b) <span class=\"_ _74\"> </span> <span class=\"_ _f\"></span>the date the entity recognises an <span class=\"_ _2\"></span>onerous group of underlying insurance contracts if the entity <span class=\"_ _2\"></span>entered into the related reinsurance contract held at or bef<span class=\"_ _2\"></span>ore that date.<span class=\"_ _421\"> </span>The recognition <span class=\"_ _2\"></span>of proportionate reinsurance contracts is delayed until the date that an<span class=\"_ _2\"></span>y underlying insurance contract is initially recognised, if that date is later than the beginning of the co<span class=\"_ _2\"></span>verage period of the group <span class=\"_ _2\"></span>of reinsurance contracts held.<span class=\"_ _421\"> </span>Reinsurance contracts acquired as recognised at the date <span class=\"_ _2\"></span>of acquisition.<span class=\"_ _421\"> </span>The group derecognises a contract when it is <span class=\"_ _2\"></span>extinguished \u2013 i.e. when the specified <span class=\"_ _2\"></span>obligations in the contract expire <span class=\"_ _2\"></span>or are discharged or cancelled. <span class=\"_ _0\"></span>T<span class=\"_ _2\"></span>he group also derecognises a contract if its terms are modified in a wa<span class=\"_ _2\"></span>y that would ha<span class=\"_ _2\"></span>ve changed the accounting for the contract significantly had the ne<span class=\"_ _2\"></span>w terms alwa<span class=\"_ _2\"></span>ys existed, in which case a ne<span class=\"_ _2\"></span>w contract based on the modified terms is recognised. If a contract modification does not result in derecognition, then the group treats the changes in cash flows caused b<span class=\"_ _2\"></span>y the modification as changes in estimates of fulfilment cash flo<span class=\"_ _2\"></span>ws.  (v) <span class=\"_ _3\"></span>Fulfilment cash flows<span class=\"_ _421\"> </span>The F<span class=\"_ _a\"></span>ulfilment Cash Flows (FCF) are the current <span class=\"_ _2\"></span>estimates of the future cash flo<span class=\"_ _2\"></span>ws within the contract boundary of a group of contracts and: <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>are unbiased estimates <span class=\"_ _2\"></span>of the future cash flows; <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>are determined from the perspective <span class=\"_ _2\"></span>of the group, provided that the <span class=\"_ _2\"></span>estimates are consistent with observable mark<span class=\"_ _2\"></span>et practises and variables; and <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>reflect conditions e<span class=\"_ _2\"></span>xisting at the period-end date.<span class=\"_ _421\"> </span>An e<span class=\"_ _2\"></span>xplicit risk adjustment for non-financial risk is <span class=\"_ _2\"></span>estimated separately from the other estimates and reflects the compensation that the group requires f<span class=\"_ _2\"></span>or bearing the uncertainty about the amount and timing of the cash flo<span class=\"_ _2\"></span>ws from non-financial risk as the group fulfils insurance contracts. For reinsurance contracts held, the risk adjustment for non financial risk represents the amount <span class=\"_ _2\"></span>of risk being transfer<span class=\"_ _2\"></span>red by the group to the reinsurer<span class=\"_ _a\"></span>. Methods and assumptions used to determine the risk adjustment for non-financial risk are discussed in Note <span class=\"_ _2\"></span>A6(e).<span class=\"_ _421\"> </span>The <span class=\"_ _2\"></span>estimates of the future cash flo<span class=\"_ _2\"></span>ws are adjusted using current discount rates to reflect the time value <span class=\"_ _2\"></span>of money and the financial risks related to those cash flows. <span class=\"_ _7\"></span>The discount rates reflect the characteristics of the cash flows arising from the groups <span class=\"_ _2\"></span>of insurance contracts, including timing, currency and liquidity of cash flows. <span class=\"_ _7\"></span>The determination of the discount rate that reflects the characteristics of the cash flo<span class=\"_ _2\"></span>ws and liquidity characteristics of the insurance contracts requires significant judgement and estimation (See Note <span class=\"_ _2\"></span>A6(d)).<span class=\"_ _421\"> </span>The group <span class=\"_ _2\"></span>estimates certain FCF at the portfolio le<span class=\"_ _2\"></span>vel or higher and then allocates such <span class=\"_ _2\"></span>estimates to groups of contracts. <span class=\"_ _7\"></span>The group uses consistent assumptions to measure the estimates <span class=\"_ _2\"></span>of the present value of fut<span class=\"_ _2\"></span>ure cash flows for the group <span class=\"_ _2\"></span>of reinsurance contracts held and such estimates f<span class=\"_ _2\"></span>or the groups of underlying insurance contracts. (vi) <span class=\"_ _4\"></span>Contract boundar<span class=\"_ _a\"></span>ies<span class=\"_ _421\"> </span>The measurement <span class=\"_ _2\"></span>of a group of contracts includes all <span class=\"_ _2\"></span>of the future cash flows within the boundary of <span class=\"_ _2\"></span>each contract in the group. F<span class=\"_ _2\"></span>or insurance contracts, cash flows are within the contract boundary if the<span class=\"_ _2\"></span>y arise from substantive rights and <span class=\"_ _2\"></span>obligations that exist during the reporting period in which the group can compel the policyholder to pay premiums <span class=\"_ _2\"></span>or has a substantive obligation to pro<span class=\"_ _2\"></span>vide services (including insurance cov<span class=\"_ _2\"></span>erage and any in<span class=\"_ _2\"></span>vestment related services).<span class=\"_ _421\"> </span>A substantive <span class=\"_ _2\"></span>obligation to provide insurance contract services ends when <span class=\"_ _2\"></span>either: <span class=\"_ _13c\"> </span>\u2013 <span class=\"_ _3\"></span>the group has the practical ability to reassess the risks of the particular policyholder and as a result can set a price or le<span class=\"_ _2\"></span>vel <span class=\"_ _2\"></span>of benefits that fully reflects those risks, or <span class=\"_ _13c\"> </span>\u2013 <span class=\"_ _3\"></span>the group has the practical ability to reassess t<span class=\"_ _3\"></span>he risks <span class=\"_ _2\"></span>of the portfolio of insurance contracts that contain the contract and as a result can set a price <span class=\"_ _2\"></span>or lev<span class=\"_ _2\"></span>el of benefits that fully reflects the risk of that portf<span class=\"_ _2\"></span>olio unless the pricing of the premiums up to the date when the risks are reassessed tak<span class=\"_ _2\"></span>es into account the risks that relate to periods after the assessment. F<span class=\"_ _2\"></span>or reinsurance contracts cash flows are within the contract boundary if the<span class=\"_ _2\"></span>y arise from substantive rights and <span class=\"_ _2\"></span>obligations that exist during the reporting period in which the group is compelled to pay amounts to the reinsurer <span class=\"_ _2\"></span>or has a substantive right to receive services from the reinsurer<span class=\"_ _0\"></span>. <span class=\"_ _f\"></span>(vii) <span class=\"_ _3\"></span>Insurance acquisition cash flows<span class=\"_ _421\"> </span>Insurance acquisition cash flows are cash flo<span class=\"_ _2\"></span>ws arising from the costs of selling, underwriting and starting a group of insurance contracts (issued or <span class=\"_ _2\"></span>expected to be issued) that are directly attributable to the portfolio <span class=\"_ _2\"></span>of insurance contracts to which the group belongs. Such cash flo<span class=\"_ _2\"></span>ws are allocated to groups of insurance contracts using a systematic and rational method and considering, in an unbiased wa<span class=\"_ _2\"></span>y<span class=\"_ _a\"></span>, all reasonable and supportable information that is av<span class=\"_ _2\"></span>ailable without undue cost or effort.<span class=\"_ _421\"> </span>Insurance acquisition cash flows arising bef<span class=\"_ _2\"></span>ore the recognition of the related group of contracts are recognised as an asset and the asset is derecognised, when the insurance acquisition cash flows are included in the measurement <span class=\"_ _2\"></span>of the group of contracts. <span class=\"_ _0\"></span>The group derecognises the assets f<span class=\"_ _2\"></span>or insurance acquisition cash flows in the <span class=\"_ _0\"></span>year within the reporting period in which the e<span class=\"_ _2\"></span>xpenses are incurred and therefore does not ha<span class=\"_ _2\"></span>ve any assets f<span class=\"_ _2\"></span>or insurance acquisition cash flows <span class=\"_ _2\"></span>on the balance sheet at the reporting date. <span class=\"ff65 ls3\">CHES<span class=\"_ _277\"></span>NAR<span class=\"_ _283\"></span>A<span class=\"_ _27e\"></span>A<span class=\"_ _277\"></span>NNUAL<span class=\"_ _27f\"></span>REPO<span class=\"_ _284\"></span>RT<span class=\"_ _278\"></span>AND<span class=\"_ _3ad\"></span>ACCOUN<span class=\"_ _27a\"></span>TS<span class=\"_ _27b\"></span>2023</span><span class=\"_ _3ae\"></span>153<span class=\"_ _421\"> </span>IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS<span class=\"_ _421\"> </span>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<span class=\"_ _421\"> </span>SECTION A \u2013 GENERAL INFORMA<span class=\"_ _a\"></span>TION AND ACCOUNTING POLICIES AND JUDGEMENT<span class=\"_ _2\"></span>S <span class=\"_ _e\"> </span>A5 <span class=\"_ _3\"></span>Significant accounting policies (continued)  (a) <span class=\"_ _3\"></span>Insurance contracts and r<span class=\"_ _2\"></span>einsurance contr<span class=\"_ _2\"></span>acts (continued)  <span class=\"_ _17\"></span> <span class=\"_ _f\"></span>(viii) <span class=\"_ _3\"></span>Initial measurement \u2013 insur<span class=\"_ _2\"></span>ance contracts not measur<span class=\"_ _a\"></span>ed under the P<span class=\"_ _a\"></span>AA<span class=\"_ _421\"> </span>The CSM is a component <span class=\"_ _2\"></span>of the carrying amount of the asset <span class=\"_ _2\"></span>or liability for a group <span class=\"_ _2\"></span>of insurance contracts issued representing the unearned profit that the group will recognise as it provides insurance contract services in the future. <span class=\"_ _2\"></span>At initial recognition, the CSM is an amount that results in no income or <span class=\"_ _2\"></span>expenses (unless a group of contracts is <span class=\"_ _2\"></span>onerous) arising from:<span class=\"_ _421\"> </span>(a) <span class=\"_ _14c\"> </span>the initial recognition of the FCF; and<span class=\"_ _421\"> </span>(b) <span class=\"_ _74\"> </span>cash flows arising from the contracts in the group at that date.<span class=\"_ _421\"> </span>When the abov<span class=\"_ _2\"></span>e calculation results in a net outflow<span class=\"_ _0\"></span>, the group of insurance contracts issued is onerous. <span class=\"_ _2\"></span>A loss from onerous insurance contracts is recognised in profit or loss immediately<span class=\"_ _0\"></span>, with no CSM recognised on the balance sheet on initial recognition, and a loss component is <span class=\"_ _2\"></span>established in the amount of loss recognised (see Note A5(a)(xi)). (ix) <span class=\"_ _3\"></span>Initial measurement \u2013 r<span class=\"_ _2\"></span>einsurance contracts not measur<span class=\"_ _a\"></span>ed under the P<span class=\"_ _a\"></span>AA<span class=\"_ _421\"> </span>F<span class=\"_ _2\"></span>or groups of reinsurance contracts held, an<span class=\"_ _2\"></span>y net gain or loss at initial recognition is recognised as the CSM unless the net cost of purchasing reinsurance relates to past e<span class=\"_ _2\"></span>vents, in which case the group recognises the net cost immediately in profit or loss. F<span class=\"_ _a\"></span>or reinsurance contracts held, the CSM represents a defer<span class=\"_ _2\"></span>red gain or loss that the group will recognise as a reinsurance <span class=\"_ _2\"></span>expense as it receives insurance contract services from the reinsurer in the fut<span class=\"_ _2\"></span>ure and is calculated as the sum of: (a) <span class=\"_ _14c\"> </span>the initial recognition of the FCF; (b) <span class=\"_ _74\"> </span>cash flows arising from the contracts in the group at that date; and (c) <span class=\"_ _14c\"> </span> <span class=\"_ _19\"></span>an<span class=\"_ _2\"></span>y income recognised in profit or loss when the <span class=\"_ _2\"></span>entity recognises a loss on initial recognition of an <span class=\"_ _2\"></span>onerous group of underlying insurance contracts <span class=\"_ _2\"></span>or on addition of <span class=\"_ _2\"></span>onerous underlying insurance contracts to that group.<span class=\"_ _421\"> </span>A loss-recov<span class=\"_ _2\"></span>ery component is established <span class=\"_ _2\"></span>or adjusted within the remaining coverage f<span class=\"_ _2\"></span>or reinsurance contracts held for the amount <span class=\"_ _2\"></span>of income recognised in (c) abov<span class=\"_ _2\"></span>e. <span class=\"_ _0\"></span>This amount is calculated b<span class=\"_ _2\"></span>y multiplying the loss recognised on underlying insurance contracts by the percentage <span class=\"_ _2\"></span>of claims on underlying insurance contracts that the group e<span class=\"_ _2\"></span>xpects to recov<span class=\"_ _2\"></span>er from the reinsurance contracts held that are entered into before <span class=\"_ _2\"></span>or at the same time as the loss is recognised on the underlying insurance contracts. <span class=\"_ _0\"></span>When underlying insurance contracts are included in the same group with insurance contracts issued that are not reinsured, the group applies a systematic and rational method <span class=\"_ _2\"></span>of allocation to determine the portion of losses that relates to underlying insurance contracts.  (x) <span class=\"_ _3\"></span>Contracts acquired in a business combination or por<span class=\"_ _2\"></span>tfolio tr<span class=\"_ _2\"></span>ansf<span class=\"_ _2\"></span>er<span class=\"_ _421\"> </span>F<span class=\"_ _2\"></span>or groups of contracts acquired in a transf<span class=\"_ _a\"></span>er of contracts or a business combination, the consideration received f<span class=\"_ _2\"></span>or the contracts is included in the fulfilment cash flows as a pro<span class=\"_ _2\"></span>xy for the premiums receiv<span class=\"_ _2\"></span>ed at the date of acquisition. In a business combination, the consideration received is the f<span class=\"_ _2\"></span>air value <span class=\"_ _2\"></span>of the contracts at that date. If the total is a net outflo<span class=\"_ _2\"></span>w<span class=\"_ _a\"></span>, then the group is onerous. In this case, the net outflo<span class=\"_ _2\"></span>w is recognised as a loss in profit or loss, <span class=\"_ _2\"></span>or as an adjustment to goodwill or the gain <span class=\"_ _2\"></span>on a bargain purchase if the contracts are acquired in a business combination. A loss component is created to depict the amount <span class=\"_ _2\"></span>of the net cash outflo<span class=\"_ _2\"></span>w<span class=\"_ _a\"></span>, which determines the amounts that are subsequently presented in profit or loss as rev<span class=\"_ _2\"></span>ersals of losses <span class=\"_ _2\"></span>on onerous contracts and are e<span class=\"_ _2\"></span>xcluded from insurance rev<span class=\"_ _2\"></span>enue and instead reported within \u2018insurance service e<span class=\"_ _2\"></span>xpense\u2019<span class=\"_ _0\"></span>. (xi) <span class=\"_ _3\"></span>Subsequent measurement \u2013 insurance contr<span class=\"_ _2\"></span>acts not measured under the P<span class=\"_ _0\"></span>AA The carrying amount <span class=\"_ _2\"></span>of a group of insurance contracts at <span class=\"_ _2\"></span>each reporting date is the sum of the LR<span class=\"_ _2\"></span>C and the LIC. <span class=\"_ _0\"></span>The LRC comprises the FCF that relate to services that will be provided under the contracts in future periods and an<span class=\"_ _2\"></span>y remaining CSM at that date. <span class=\"_ _0\"></span>The LIC includes the FCF f<span class=\"_ _2\"></span>or incurred claims and e<span class=\"_ _2\"></span>xpenses that hav<span class=\"_ _2\"></span>e not <span class=\"_ _a\"></span>yet been paid, including claims that hav<span class=\"_ _2\"></span>e been incurred but not <span class=\"_ _a\"></span>yet reported.<span class=\"_ _421\"> </span>The FCF <span class=\"_ _2\"></span>of groups of insurance contracts are updated b<span class=\"_ _2\"></span>y the group for current assumptions at the <span class=\"_ _2\"></span>end of e<span class=\"_ _2\"></span>very reporting period, using the current <span class=\"_ _2\"></span>estimates <span class=\"_ _19\"></span><span class=\"ls2 ws2\"> </span>of the amount, timing and uncertainty of future cash flo<span class=\"_ _2\"></span>ws and of discount rates. <span class=\"_ _0\"></span>T<span class=\"_ _2\"></span>he way in which the changes in <span class=\"_ _2\"></span>estimates of the FCF are treated f<span class=\"_ _2\"></span>ollow the general principle below: (a) <span class=\"_ _14c\"> </span>changes that relate to current or past service are recognised in profit or loss; and<span class=\"_ _421\"> </span>(b) <span class=\"_ _74\"> </span>changes that relate to future service are recognised by adjusting the CSM or the loss component within the LR<span class=\"_ _2\"></span>C as per the policy below<span class=\"_ _0\"></span>. For insur<span class=\"_ _2\"></span>ance contracts under the GMM:<span class=\"_ _421\"> </span>The f<span class=\"_ _2\"></span>ollowing adjustments relate to future service and thus adjust the CSM: (a) <span class=\"_ _c\"> </span> <span class=\"_ _f\"></span>experience adjustments \u2013 arising from premiums receiv<span class=\"_ _2\"></span>ed in the period that relate to future service and related cash flows such as insurance acquisition cash flows and premium-based tax<span class=\"_ _2\"></span>es; (b) <span class=\"_ _74\"> </span>changes in estimates of the present v<span class=\"_ _2\"></span>alue of future cash flo<span class=\"_ _2\"></span>ws in the LRC, <span class=\"_ _2\"></span>except those described in the f<span class=\"_ _2\"></span>ollowing paragraph; (c) <span class=\"_ _74\"> </span> <span class=\"_ _19\"></span>d<span class=\"_ _3\"></span>iff<span class=\"_ _a\"></span>erences between any inv<span class=\"_ _2\"></span>estment component e<span class=\"_ _2\"></span>xpected to become pay<span class=\"_ _2\"></span>able in the period and the actual inv<span class=\"_ _2\"></span>estment component that becomes payable<span class=\"_ _2\"></span> <span class=\"_ _19\"></span><span class=\"ls2 ws2\"> </span>in the period, determined by comparing (i) the actual in<span class=\"_ _2\"></span>vestment component that becomes pa<span class=\"_ _2\"></span>yable in a period with (ii) the payment in the period that w<span class=\"_ _2\"></span>as expected at the start <span class=\"_ _2\"></span>of the period plus any insurance finance income <span class=\"_ _2\"></span>or expenses related to that <span class=\"_ _2\"></span>expected pa<span class=\"_ _2\"></span>yment before it becomes pay<span class=\"_ _2\"></span>able; and (d) <span class=\"_ _74\"> </span>changes in the risk adjustment for non-financial risk that relate to future service. 154<span class=\"_ _10\"> </span><span class=\"ff67 ls3 ws2\">CHE<span class=\"_ _3\"></span>SNA<span class=\"_ _3\"></span>R<span class=\"_ _3\"></span>A ANNUAL REP<span class=\"_ _3\"></span>ORT A<span class=\"_ _3\"></span>ND ACCOU<span class=\"_ _3\"></span>NTS 2023<span class=\"_ _421\"> </span></span>IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS<span class=\"_ _421\"> </span>Adjustments (a), (b) and (d) abo<span class=\"_ _2\"></span>ve are measured using discount rates determined <span class=\"_ _2\"></span>on initial recognition (the locked-in discount rates). F<span class=\"_ _2\"></span>or insurance contracts under the GMM, the following adjustments do not adjust the CSM: (a) <span class=\"_ _14c\"> </span>changes in the FCF for the eff<span class=\"_ _a\"></span>ect of the time value of mone<span class=\"_ _2\"></span>y and the eff<span class=\"_ _a\"></span>ect of financial risk and changes thereof; (b) <span class=\"_ _74\"> </span>changes in the FCF relating to the LIC; and<span class=\"_ _421\"> </span>(c)<span class=\"_ _2\"></span> <span class=\"_ _10\"> </span> <span class=\"_ _19\"></span>experience adjustments relating to insurance service expenses (e<span class=\"_ _2\"></span>xcluding insurance acquisition cash flo<span class=\"_ _2\"></span>ws).<span class=\"_ _421\"> </span>The group does not classify an<span class=\"_ _2\"></span>y premiums received in the period as relating to current service <span class=\"_ _2\"></span>on materiality grounds. For insur<span class=\"_ _2\"></span>ance contracts under the <span class=\"_ _7\"></span>VF<span class=\"_ _2\"></span>A:<span class=\"_ _421\"> </span>Direct participating contracts are contracts under which the group\u2019<span class=\"_ _0\"></span>s obligation to the policyholder is the net of: <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>the obligation to pa<span class=\"_ _2\"></span>y the policyholder an amount equal to the f<span class=\"_ _2\"></span>air value of the underlying items; and <span class=\"_ _2f\"> </span><span class=\"ls6d wsff\">\u2013 <span class=\"_ _3\"></span>a variable f<span class=\"_ _a\"></span>ee in ex<span class=\"_ _2\"></span>change for future services pro<span class=\"_ _2\"></span>vided by the contracts, being the amount <span class=\"_ _2\"></span>of the group\u2019<span class=\"_ _a\"></span>s share of the f<span class=\"_ _2\"></span>air value of the underlying items less<span class=\"_ _2\"></span> </span>fulfilment cash flows that do not v<span class=\"_ _2\"></span>ary based on the returns <span class=\"_ _2\"></span>on underlying items. <span class=\"_ _0\"></span>The group provides in<span class=\"_ _2\"></span>vestment related services under these contracts b<span class=\"_ _2\"></span>y promising an inv<span class=\"_ _2\"></span>estment return based on underlying items, in addition to insurance co<span class=\"_ _2\"></span>verage.<span class=\"_ _421\"> </span>The group has not applied the risk mitigation <span class=\"_ _2\"></span>option that is available under IFR<span class=\"_ _2\"></span>S 1<span class=\"_ _a\"></span>7<span class=\"_ _31\"></span>.B1<span class=\"_ _0\"></span>15 regarding <span class=\"_ _2\"></span>offsetting the impacts of deriv<span class=\"_ _2\"></span>atives and reinsurance contracts and therefore recognises all changes in financial risk and the time v<span class=\"_ _2\"></span>alue of money against the CSM f<span class=\"_ _2\"></span>or direct participating contracts.<span class=\"_ _421\"> </span>The f<span class=\"_ _2\"></span>ollowing adjustments relate to future service and thus adjust the CSM: (a) <span class=\"_ _14c\"> </span>changes in the amount of the group\u2019<span class=\"_ _0\"></span>s share of the fair value <span class=\"_ _2\"></span>of the underlying items; and (b) <span class=\"_ _74\"> </span>changes in the FCF that do not vary based on the returns <span class=\"_ _2\"></span>of underlying items:  <span class=\"_ _92\"> </span>(i) <span class=\"_ _12\"> </span>changes in the eff<span class=\"_ _2\"></span>ect of the time v<span class=\"_ _2\"></span>alue of mone<span class=\"_ _2\"></span>y and financial risks including the eff<span class=\"_ _2\"></span>ect of financial guarantees;  <span class=\"_ _92\"> </span>(ii) <span class=\"_ _10\"> </span> <span class=\"_ _f\"></span>changes in estimates of the present v<span class=\"_ _2\"></span>alue of future cash flo<span class=\"_ _2\"></span>ws in the LRC; and <span class=\"_ _92\"> </span>(iii)  changes in the risk adjustment for non-financial risk that relate to future service.<span class=\"_ _421\"> </span>Adjustments are measured using the current discount rates. F<span class=\"_ _2\"></span>or insurance contracts under the <span class=\"_ _a\"></span>VF<span class=\"_ _a\"></span>A, the follo<span class=\"_ _2\"></span>wing adjustments do not adjust the CSM: (a) <span class=\"_ _14c\"> </span>changes in the obligation to pay the policyholder the amount equal to the f<span class=\"_ _2\"></span>air value <span class=\"_ _2\"></span>of the underlying items; (b) <span class=\"_ _74\"> </span>changes in the FCF that do not vary based on the returns <span class=\"_ _2\"></span>of underlying items:  <span class=\"_ _92\"> </span>(i) <span class=\"_ _12\"> </span>changes in the FCF relating to the LIC; and  <span class=\"_ _92\"> </span>(i<span class=\"_ _3\"></span>i) <span class=\"_ _c\"> </span>experience adjustments relating to insurance service e<span class=\"_ _2\"></span>xpenses (ex<span class=\"_ _2\"></span>cluding insurance acquisition cash flows).<span class=\"_ _421\"> </span>The group does not classify an<span class=\"_ _2\"></span>y premiums received in the period as relating to current service <span class=\"_ _2\"></span>on materiality grounds.<span class=\"_ _421\"> </span>Changes t<span class=\"_ _2\"></span>o the CSM for insur<span class=\"_ _2\"></span>ance contracts:<span class=\"_ _421\"> </span>F<span class=\"_ _2\"></span>or insurance contracts, the carrying amount of the CSM at <span class=\"_ _2\"></span>each reporting date is the carrying amount at the start of the <span class=\"_ _0\"></span>year<span class=\"_ _a\"></span>, adjusted for:<span class=\"_ _421\"> </span>(i) <span class=\"_ _79\"> </span>the CSM of any ne<span class=\"_ _2\"></span>w contracts that are added to the group in the <span class=\"_ _a\"></span>year;<span class=\"_ _421\"> </span>(ii) <span class=\"_ _14c\"> </span> <span class=\"_ _19\"></span>interest accreted on the carrying amount of the CSM during the <span class=\"_ _0\"></span>year (for contracts under the GMM, using discount rates determined at initial recognition that are applied to nominal cash flows that do not v<span class=\"_ _2\"></span>ary based on the returns <span class=\"_ _2\"></span>of underlying items);<span class=\"_ _421\"> </span>(iii) <span class=\"_ _e\"> </span> <span class=\"_ _19\"></span>as detailed abov<span class=\"_ _2\"></span>e, changes in fulfilment cash flows that relate to future services, to the <span class=\"_ _2\"></span>extent that there is a CSM a<span class=\"_ _2\"></span>vailable. <span class=\"_ _0\"></span>When an increase in the FCF ex<span class=\"_ _2\"></span>ceeds the carrying amount of the CSM, the CSM is reduced to z<span class=\"_ _2\"></span>ero, the e<span class=\"_ _2\"></span>xcess is recognised in insurance service e<span class=\"_ _2\"></span>xpenses and a loss component is recognised within the LRC. <span class=\"_ _0\"></span>When the CSM is z<span class=\"_ _2\"></span>ero, changes in the FCF adjust the loss component within the LRC with the impact going to insurance service expenses. <span class=\"_ _7\"></span>The ex<span class=\"_ _2\"></span>cess of an<span class=\"_ _2\"></span>y decrease in the FCF o<span class=\"_ _2\"></span>ver the loss component reduces the loss component to zero and reinstates the CSM;<span class=\"_ _421\"> </span>(iv) <span class=\"_ _e\"> </span>the <span class=\"_ _2\"></span>effect <span class=\"_ _2\"></span>of any cur<span class=\"_ _2\"></span>rency ex<span class=\"_ _2\"></span>change diff<span class=\"_ _2\"></span>erences on the CSM; and<span class=\"_ _421\"> </span>(v) <span class=\"_ _14c\"> </span>the amount recognised as insurance revenue f<span class=\"_ _2\"></span>or insurance services provided in the <span class=\"_ _a\"></span>year<span class=\"_ _0\"></span>, determined after all other adjustments abov<span class=\"_ _2\"></span>e.<span class=\"_ _421\"> </span>Release of the CSM to pr<span class=\"_ _2\"></span>ofit or loss for insur<span class=\"_ _2\"></span>ance contracts \u2013 co<span class=\"_ _2\"></span>verag<span class=\"_ _2\"></span>e units<span class=\"_ _421\"> </span>The amount <span class=\"_ _2\"></span>of the CSM recognised in profit or loss f<span class=\"_ _2\"></span>or insurance contract services in the period is determined by the allocation of the CSM remaining at the end of the reporting period <span class=\"_ _2\"></span>over the cur<span class=\"_ _2\"></span>rent and remaining e<span class=\"_ _2\"></span>xpected coverage period <span class=\"_ _2\"></span>of the group of insurance contracts based <span class=\"_ _2\"></span>on coverage units. <span class=\"_ _7\"></span>The cov<span class=\"_ _2\"></span>erage period is defined as a period during which the entity pro<span class=\"_ _2\"></span>vides insurance contract services. Insurance contract services include cov<span class=\"_ _2\"></span>erage for an insured e<span class=\"_ _2\"></span>vent (insurance cov<span class=\"_ _2\"></span>erage), the generation of an in<span class=\"_ _2\"></span>vestment return for the policyholder<span class=\"_ _0\"></span>, if applicable (investment-return service) f<span class=\"_ _2\"></span>or the contracts under the GMM, and the management of underlying items <span class=\"_ _2\"></span>on behalf of the policyholder (inv<span class=\"_ _2\"></span>estment-related service) for the contracts under the <span class=\"_ _0\"></span>VF<span class=\"_ _a\"></span>A. Inv<span class=\"_ _2\"></span>estment-return services are provided <span class=\"_ _2\"></span>only when an inv<span class=\"_ _2\"></span>estment component exists in insurance contracts <span class=\"_ _2\"></span>or the policyholder has a right to withdraw an amount, and the group e<span class=\"_ _2\"></span>xpects these amounts to include an investment ret<span class=\"_ _2\"></span>urn that is achieved b<span class=\"_ _2\"></span>y the group by perf<span class=\"_ _2\"></span>orming inv<span class=\"_ _2\"></span>estment activities to generate that inv<span class=\"_ _2\"></span>estment return.<span class=\"_ _421\"> </span>Note A6(g) sets <span class=\"_ _2\"></span>out the cov<span class=\"_ _2\"></span>erage units that are applied to the products within the group.<span class=\"_ _421\"> </span><span class=\"ff65 ls3\">CHES<span class=\"_ _277\"></span>NAR<span class=\"_ _277\"></span>A<span class=\"_ _278\"></span>A<span class=\"_ _277\"></span>NNUAL<span class=\"_ _278\"></span>REPO<span class=\"_ _279\"></span>RT<span class=\"_ _278\"></span>AND<span class=\"_ _3b0\"></span>ACCOUN<span class=\"_ _27a\"></span>TS<span class=\"_ _27b\"></span>2023</span><span class=\"_ _3b1\"></span>155<span class=\"_ _421\"> </span>IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS<span class=\"_ _421\"> </span>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<span class=\"_ _421\"> </span>SECTION A \u2013 GENERAL INFORMA<span class=\"_ _a\"></span>TION AND ACCOUNTING POLICIES AND JUDGEMENT<span class=\"_ _2\"></span>S <span class=\"_ _e\"> </span>A5 <span class=\"_ _3\"></span>Significant accounting policies (continued)  (a) <span class=\"_ _3\"></span>Insurance contracts and r<span class=\"_ _2\"></span>einsurance contr<span class=\"_ _2\"></span>acts (continued) (xi) <span class=\"_ _3\"></span>Subsequent measurement \u2013 insurance contr<span class=\"_ _2\"></span>acts not measured under the P<span class=\"_ _0\"></span>AA (continued)<span class=\"_ _421\"> </span>Insurance contr<span class=\"_ _2\"></span>acts \u2013 loss component<span class=\"_ _421\"> </span>When the negative adjustments to the CSM <span class=\"_ _2\"></span>exceed the amount <span class=\"_ _2\"></span>of the CSM, the group of contracts becomes <span class=\"_ _2\"></span>onerous, and the group recognises the ex<span class=\"_ _2\"></span>cess in insurance service e<span class=\"_ _2\"></span>xpenses and records the e<span class=\"_ _2\"></span>xcess as a loss component of the LR<span class=\"_ _2\"></span>C.<span class=\"_ _421\"> </span>When a loss component e<span class=\"_ _2\"></span>xists, the group allocates between the loss component and the remaining component of the LR<span class=\"_ _2\"></span>C for the respectiv<span class=\"_ _2\"></span>e group of contra<span class=\"_ _3\"></span>cts, on a systematic and rational basis f<span class=\"_ _2\"></span>or: (a) <span class=\"_ _14c\"> </span>expected incurred claims and other directly attributable <span class=\"_ _2\"></span>expenses f<span class=\"_ _2\"></span>or the period; (b) <span class=\"_ _74\"> </span>changes in the risk adjustment for non-financial risk for the risk <span class=\"_ _2\"></span>expired; and (c) <span class=\"_ _14c\"> </span>finance income (expenses) from insurance contracts issued.<span class=\"_ _421\"> </span>The amounts <span class=\"_ _2\"></span>of loss component allocation in (a) and (b) above reduce the respectiv<span class=\"_ _2\"></span>e components of insurance re<span class=\"_ _2\"></span>venue and are reflected in insurance service expenses. Decreases in the FCF in subsequent periods that relate to future service reduce the remaining loss component and reinstate the CSM after the loss component is reduced to zero. Increases in the FCF in subsequent periods that relate to future service increase the loss component. <span class=\"_ _f\"></span>(xii) <span class=\"_ _3\"></span>Subsequent measurement \u2013 r<span class=\"_ _2\"></span>einsurance contr<span class=\"_ _2\"></span>acts not measured under the P<span class=\"_ _0\"></span>AA The carrying amount <span class=\"_ _2\"></span>of a group of insurance contracts at <span class=\"_ _2\"></span>each reporting date is the sum of the <span class=\"_ _2\"></span>Asset for R<span class=\"_ _2\"></span>emaining Cov<span class=\"_ _2\"></span>erage (ARC) and the <span class=\"_ _2\"></span>Asset for Incur<span class=\"_ _2\"></span>red Claims (AIC). <span class=\"_ _0\"></span>The <span class=\"_ _2\"></span>ARC comprises the FCF that relate to services that will be receiv<span class=\"_ _2\"></span>ed under the reinsurance contracts held in future periods and any remaining CSM at that date. <span class=\"_ _0\"></span>The <span class=\"_ _2\"></span>AIC comprises the FCF related to past service for incurred claims that ha<span class=\"_ _2\"></span>ve not <span class=\"_ _0\"></span>yet been received. Changes t<span class=\"_ _2\"></span>o the CSM for r<span class=\"_ _2\"></span>einsurance contr<span class=\"_ _2\"></span>acts:<span class=\"_ _421\"> </span>F<span class=\"_ _2\"></span>or reinsurance contracts, the carrying amount of the CSM at <span class=\"_ _2\"></span>each reporting date is the carrying amount at the start of the <span class=\"_ _0\"></span>year<span class=\"_ _a\"></span>, adjusted for:<span class=\"_ _421\"> </span>(i) <span class=\"_ _79\"> </span>the CSM of any ne<span class=\"_ _2\"></span>w contracts that are added to the group in the <span class=\"_ _a\"></span>year;<span class=\"_ _421\"> </span>(ii) <span class=\"_ _c\"> </span> <span class=\"_ _19\"></span>Interest accreted on the carrying amount of the CSM during the <span class=\"_ _0\"></span>year<span class=\"_ _a\"></span>, measured at the discount rates on nominal cash flows that do not v<span class=\"_ _2\"></span>ary based on the returns on an<span class=\"_ _2\"></span>y underlying items determined on initial recognition;<span class=\"_ _421\"> </span>(iii)  Income recognised in profit or loss in the <span class=\"_ _0\"></span>year on initial recognition <span class=\"_ _2\"></span>of onerous underlying contracts;<span class=\"_ _421\"> </span>(iv) <span class=\"_ _e\"> </span> <span class=\"_ _19\"></span>reversals <span class=\"_ _2\"></span>of a loss-recov<span class=\"_ _2\"></span>ery component to the e<span class=\"_ _2\"></span>xtent that they are not changes in the fulfilment cash flows <span class=\"_ _2\"></span>of the group of reinsurance contracts;<span class=\"_ _421\"> </span>(v) <span class=\"_ _c\"> </span> <span class=\"_ _f\"></span>changes in fulfilment cash flows that relate to future services, measured at the discount rates determined on initial recognition, unless they result from changes in fulfilment cash flows <span class=\"_ _2\"></span>of onerous underlying contracts, in which case they are recognised in profit <span class=\"_ _2\"></span>or loss and create or adjust a loss-reco<span class=\"_ _2\"></span>very component;<span class=\"_ _421\"> </span>(vi) <span class=\"_ _e\"> </span>the <span class=\"_ _2\"></span>effect <span class=\"_ _2\"></span>of any cur<span class=\"_ _2\"></span>rency ex<span class=\"_ _2\"></span>change diff<span class=\"_ _2\"></span>erences on the CSM; and<span class=\"_ _421\"> </span>(vii) the amount recognised in profit or loss because <span class=\"_ _2\"></span>of the services received in the <span class=\"_ _0\"></span>year<span class=\"_ _a\"></span>.<span class=\"_ _421\"> </span>Income ref<span class=\"_ _2\"></span>erred to in (iii) abov<span class=\"_ _2\"></span>e is calculated by multiplying the loss recognised <span class=\"_ _2\"></span>on underlying insurance contracts by the percentage of claims <span class=\"_ _2\"></span>on underlying insurance contracts that the group e<span class=\"_ _2\"></span>xpects to recov<span class=\"_ _2\"></span>er from the reinsurance contract held that is entered into before <span class=\"_ _2\"></span>or at the same time as the loss is recognised on the underlying insurance contracts. F<span class=\"_ _2\"></span>or the purposes of (iii) to (v) abo<span class=\"_ _2\"></span>ve, when underlying insurance contracts are included in the same group with insurance contracts issued that are not reinsured, the group applies a systematic and rational method <span class=\"_ _2\"></span>of allocation to determine the portion of losses that relates to underlying insurance contracts.<span class=\"_ _421\"> </span>Release of the CSM to pr<span class=\"_ _2\"></span>ofit or loss for r<span class=\"_ _2\"></span>einsurance contr<span class=\"_ _2\"></span>acts \u2013 cov<span class=\"_ _2\"></span>erage units<span class=\"_ _421\"> </span>F<span class=\"_ _2\"></span>or reinsurance contracts held, the CSM is released to profit or loss as insurance contract services are receiv<span class=\"_ _2\"></span>ed from the reinsurer in the period. Note A6(g) sets out the cov<span class=\"_ _2\"></span>erage units that are applied to the reinsurance contracts held within the group.<span class=\"_ _421\"> </span>Reinsurance contr<span class=\"_ _2\"></span>acts held \u2013 loss-reco<span class=\"_ _2\"></span>very component<span class=\"_ _421\"> </span>A loss-recov<span class=\"_ _2\"></span>ery component is established <span class=\"_ _2\"></span>or adjusted within the asset for remaining cov<span class=\"_ _2\"></span>erage for reinsurance contracts held f<span class=\"_ _2\"></span>or the amount of income recognised in profit or loss when the group recognises a loss <span class=\"_ _2\"></span>on initial recognition of an onerous group <span class=\"_ _2\"></span>of underlying insurance contracts or <span class=\"_ _2\"></span>on addition of <span class=\"_ _2\"></span>onerous underlying insurance contracts to that group. <span class=\"_ _2\"></span>Subsequently<span class=\"_ _a\"></span>, the loss-recovery component is adjusted to reflect changes in the loss component <span class=\"_ _2\"></span>of an onerous group <span class=\"_ _2\"></span>of underlying insurance contracts. The loss-reco<span class=\"_ _2\"></span>very component is further adjusted, if required, to <span class=\"_ _2\"></span>ensure that it does not ex<span class=\"_ _2\"></span>ceed the portion of the carrying amount <span class=\"_ _2\"></span>of the loss component of the onerous group of underlying insurance contracts that the group <span class=\"_ _2\"></span>expects to reco<span class=\"_ _2\"></span>ver from the group of reinsurance contracts held. <span class=\"_ _7\"></span>The loss-recov<span class=\"_ _2\"></span>ery component determines the amounts that are presented as a reduction of incurred claims reco<span class=\"_ _2\"></span>very from reinsurance contracts held and are consequently <span class=\"_ _2\"></span>ex<span class=\"_ _2\"></span>cluded from the reinsurance expenses determination. <span class=\"_ _f\"></span> <span class=\"_ _68\"></span>(xiii) <span class=\"_ _4\"></span>Insurance and r<span class=\"_ _a\"></span>einsurance contracts measur<span class=\"_ _2\"></span>ed under P<span class=\"_ _0\"></span>AA<span class=\"_ _421\"> </span>The group uses P<span class=\"_ _0\"></span>AA to simplify the measurement of groups of contracts where the co<span class=\"_ _2\"></span>verage period of <span class=\"_ _2\"></span>each contract in the group is 1 <span class=\"_ _a\"></span>year or less. <span class=\"_ _7\"></span>This approach is used for stand-alone short-term protection products in Mo<span class=\"_ _2\"></span>vestic.<span class=\"_ _421\"> </span>On initial recognition of <span class=\"_ _2\"></span>each group of insurance contracts, the carrying amount <span class=\"_ _2\"></span>of the LRC is measured at the premiums received. <span class=\"_ _7\"></span>The group has chosen to e<span class=\"_ _2\"></span>xpense insurance acquisition cash flows when the<span class=\"_ _2\"></span>y are incurred.<span class=\"_ _421\"> </span>156<span class=\"_ _d\"> </span><span class=\"ff67 ls3 ws2\">CHE<span class=\"_ _3\"></span>SNA<span class=\"_ _3\"></span>R<span class=\"_ _3\"></span>A ANNUAL R<span class=\"_ _3\"></span>EPORT A<span class=\"_ _3\"></span>ND ACCOU<span class=\"_ _3\"></span>NTS 2023<span class=\"_ _421\"> </span></span>Subsequently<span class=\"_ _a\"></span>, the carrying amount of the LR<span class=\"_ _2\"></span>C is increased by any premiums receiv<span class=\"_ _2\"></span>ed and decreased by the amount recognised as insurance re<span class=\"_ _2\"></span>venue f<span class=\"_ _2\"></span>or services provided. On initial recognition <span class=\"_ _2\"></span>of each group of contracts, the group <span class=\"_ _2\"></span>expects that the time betw<span class=\"_ _2\"></span>een providing <span class=\"_ _2\"></span>each part of the services and the related premium due date is no more than a <span class=\"_ _a\"></span>year<span class=\"_ _a\"></span>. A<span class=\"_ _2\"></span>ccordingly<span class=\"_ _a\"></span>, the group has chosen not to adjust the LRC to reflect the time value <span class=\"_ _2\"></span>of money and the <span class=\"_ _2\"></span>effect <span class=\"_ _2\"></span>of financial risk.<span class=\"_ _421\"> </span>F<span class=\"_ _2\"></span>or contracts measured under the P<span class=\"_ _a\"></span>AA, the LIC is adjusted for the time value <span class=\"_ _2\"></span>of money<span class=\"_ _0\"></span>, as t<span class=\"_ _3\"></span>he contracts issued and measured under the P<span class=\"_ _a\"></span>AA typically hav<span class=\"_ _2\"></span>e a settlement period of <span class=\"_ _2\"></span>ov<span class=\"_ _2\"></span>er 1 <span class=\"_ _a\"></span>year<span class=\"_ _a\"></span>. A risk adjustment for non-financial risk is also calculated.<span class=\"_ _421\"> </span>There are no in<span class=\"_ _2\"></span>vestment components within insurance contracts issued and reinsurance contracts held that are measured under the P<span class=\"_ _a\"></span>AA.  <span class=\"_ _f\"></span> <span class=\"_ _68\"></span>(xiv) <span class=\"_ _4\"></span>Non-distinct inv<span class=\"_ _2\"></span>estment components<span class=\"_ _421\"> </span>Insurance rev<span class=\"_ _2\"></span>enue and insurance service e<span class=\"_ _2\"></span>xpenses ex<span class=\"_ _2\"></span>clude any Non-Distinct In<span class=\"_ _2\"></span>vestment Components (NDIC). <span class=\"_ _0\"></span>T<span class=\"_ _2\"></span>he group identifies the investment component <span class=\"_ _2\"></span>of a contract by determining the amount that it w<span class=\"_ _2\"></span>ould be required to repay to the policyholder in all scenarios with commercial substance. <span class=\"_ _0\"></span>These include circumstances in which an insured e<span class=\"_ _2\"></span>vent <span class=\"_ _2\"></span>occurs, or the contract matures or is terminated without an insured <span class=\"_ _2\"></span>ev<span class=\"_ _2\"></span>ent occurring. Inv<span class=\"_ _2\"></span>estment components are e<span class=\"_ _2\"></span>xcluded from insurance rev<span class=\"_ _2\"></span>enue and insurance service e<span class=\"_ _2\"></span>xpenses, being recognised instead directly in the balance sheet. The table that f<span class=\"_ _2\"></span>ollows details the source of the NDIC\u2019<span class=\"_ _0\"></span>s for the broad product categories.<span class=\"_ _421\"> </span>Prod<span class=\"_ _3\"></span>uc<span class=\"_ _3\"></span>t cat<span class=\"_ _3\"></span>ego<span class=\"_ _3\"></span>ry <span class=\"_ _1d8\"> </span>T<span class=\"_ _2\"></span>yp<span class=\"_ _3\"></span>ical N<span class=\"_ _3\"></span>DI<span class=\"_ _3\"></span>C<span class=\"_ _421\"> </span>Immediate annuities <span class=\"_ _1d9\"> </span>None<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>erm assurance and other non-link<span class=\"_ _2\"></span>ed <span class=\"_ _b2\"> </span>T<span class=\"_ _2\"></span>erm assurance: None <span class=\"_ _1da\"> </span>Other non-linked: Low<span class=\"_ _2\"></span>er of death, surrender and matur<span class=\"_ _2\"></span>ity benefit<span class=\"_ _421\"> </span>Unit-linked/inde<span class=\"_ _2\"></span>x-linked/<span class=\"_ _2\"></span>with-profits \u2013 GMM <span class=\"_ _ee\"> </span>Lower of death, surr<span class=\"_ _2\"></span>ender and maturity benefit<span class=\"_ _421\"> </span>Unit-linked/inde<span class=\"_ _2\"></span>x-linked/<span class=\"_ _2\"></span>with-profits \u2013 VF<span class=\"_ _a\"></span>A <span class=\"_ _177\"> </span>Lower of de<span class=\"_ _2\"></span>ath, surrender and maturity benefit<span class=\"_ _421\"> </span>Short-term prot<span class=\"_ _2\"></span>ection <span class=\"_ _1db\"> </span>None <span class=\"_ _f\"></span>(xv) <span class=\"_ _3\"></span>Presentation in the pr<span class=\"_ _2\"></span>ofit and loss and balance sheet<span class=\"_ _421\"> </span>IFRS 1<span class=\"_ _0\"></span>7 has a significant impact on the presentation of the income statement with a separate insurance service result and inv<span class=\"_ _2\"></span>estment result. Under IFRS 1<span class=\"_ _0\"></span>7<span class=\"_ _7\"></span>, f<span class=\"_ _2\"></span>or contracts not measured under the P<span class=\"_ _a\"></span>AA, the group recognises insurance revenue as it satisfies its perf<span class=\"_ _2\"></span>ormance obligations \u2013 i.e. as it provides services under groups of insurance contracts. <span class=\"_ _7\"></span>The insurance revenue relating to services pro<span class=\"_ _2\"></span>vided for <span class=\"_ _2\"></span>each <span class=\"_ _a\"></span>year represents the total of the changes in the LR<span class=\"_ _2\"></span>C that relate to services for which the group <span class=\"_ _2\"></span>expects to receive consideration. <span class=\"_ _7\"></span>This mainly comprises the release of <span class=\"_ _2\"></span>expected claims, the risk adjustment e<span class=\"_ _2\"></span>xpired and the CSM amortised in the period. F<span class=\"_ _2\"></span>or contracts measured under the P<span class=\"_ _a\"></span>AA, the insurance revenue f<span class=\"_ _2\"></span>or each period <span class=\"_ _2\"></span>equates to the amount of e<span class=\"_ _2\"></span>xpected premium receipts for pro<span class=\"_ _2\"></span>viding services in the period. <span class=\"_ _68\"></span>\u2018Insurance service e<span class=\"_ _2\"></span>xpenses<span class=\"_ _2\"></span>\u2019 in each reporting period represents the cost of <span class=\"_ _2\"></span>providing those services, broadly comprising incurred claims and benefits and <span class=\"_ _2\"></span>expenses that are directly attributable to providing the service in the period. <span class=\"_ _68\"></span>\u2018Net income/(expenses) from reinsurance contracts<span class=\"_ _a\"></span>\u2019 generally comprises reinsurance expenses and the reco<span class=\"_ _2\"></span>very of incur<span class=\"_ _2\"></span>red claims. Reinsurance <span class=\"_ _2\"></span>expenses are recognised similarly to insurance rev<span class=\"_ _2\"></span>enue, with the amount of reinsurance <span class=\"_ _2\"></span>expenses representing an allocation of the premiums paid to <span class=\"_ _2\"></span>reinsurers that depicts the received insurance contract services in the period. Income and <span class=\"_ _2\"></span>expenses from reinsurance contracts are presented separately from income and e<span class=\"_ _2\"></span>xpenses from insurance contracts issued. Income and e<span class=\"_ _2\"></span>xpenses from reinsurance contracts, other than insurance finance income or <span class=\"_ _2\"></span>expenses, are presented <span class=\"_ _2\"></span>on a net basis on the f<span class=\"_ _2\"></span>ace of the income statement as \u2018net <span class=\"_ _2\"></span>expenses from reinsurance contracts<span class=\"_ _2\"></span>\u2019 in the insurance service result.<span class=\"_ _421\"> </span>T<span class=\"_ _0\"></span>ogether<span class=\"_ _a\"></span>, the insurance revenue, insurance service <span class=\"_ _2\"></span>expenses and net income/(e<span class=\"_ _2\"></span>xpenses) from reinsurance contracts make up the insurance service result, presented on the face <span class=\"_ _2\"></span>of the income statement. The \u2018in<span class=\"_ _2\"></span>vestment result\u2019 comprises the \u2018net inv<span class=\"_ _2\"></span>estment return<span class=\"_ _a\"></span>\u2019<span class=\"_ _2\"></span>, changes in inv<span class=\"_ _2\"></span>estment contract liabilities and policyholder funds held by the group and IFIE f<span class=\"_ _2\"></span>or both insurance and reinsurance contracts. <span class=\"_ _0\"></span>The IFIE broadly includes the <span class=\"_ _2\"></span>eff<span class=\"_ _2\"></span>ect of changes in the time value <span class=\"_ _2\"></span>of money and the <span class=\"_ _2\"></span>eff<span class=\"_ _2\"></span>ect of financial risk and changes in financial risk. <span class=\"_ _0\"></span>The group includes all IFIE in the profit <span class=\"_ _2\"></span>or loss, with no disaggregation into Other Comprehensive Income.<span class=\"_ _421\"> </span>The group disaggregates changes in the risk adjustment f<span class=\"_ _2\"></span>or non-financial risk between the insurance service result and insurance finance income or <span class=\"_ _2\"></span>expenses. P<span class=\"_ _a\"></span>ortfolios of insurance contracts that are assets and those that are liabilities, and portfolios <span class=\"_ _2\"></span>of reinsurance contracts that are assets and those that are liabilities, are presented separately in the balance sheet. An<span class=\"_ _2\"></span>y assets or liabilities recognised f<span class=\"_ _2\"></span>or cash flows arising before the recognition <span class=\"_ _2\"></span>of the related group of contracts (including any assets f<span class=\"_ _2\"></span>or insurance acquisition cash flows) are included in the carrying amount <span class=\"_ _2\"></span>of the related portfolios of contracts",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForInsuranceContracts",
    "language": "en",
    "entity": "scheme:213800VFRMBRTSZ3SJ06",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-10": {
   "value": " <span class=\"_ _e\"> </span>(b) <span class=\"_ _3\"></span>Investment contr<span class=\"_ _2\"></span>acts<span class=\"_ _421\"> </span>Inv<span class=\"_ _2\"></span>estment contracts are contracts that carry financial risk, with no significant insurance risk and are accounted for under IFR<span class=\"_ _2\"></span>S 9. <span class=\"_ _0\"></span>Where contracts contain both<span class=\"_ _421\"> </span>insurance and inv<span class=\"_ _2\"></span>estment components the inv<span class=\"_ _2\"></span>estment component can only be separated if it meets the requirements of a \u2018distinct in<span class=\"_ _2\"></span>vestment component\u2019<span class=\"_ _0\"></span>.<span class=\"_ _421\"> </span>Distinct in this sense is where the inv<span class=\"_ _2\"></span>estment component is not highly inter<span class=\"_ _0\"></span>-related with the insurance component and for which contracts with equivalent terms<span class=\"_ _421\"> </span>are sold, or could be sold, separately in the same mark<span class=\"_ _2\"></span>et or the same jurisdiction. <span class=\"_ _0\"></span>T<span class=\"_ _2\"></span>his requirement is different from <span class=\"_ _2\"></span>IFRS 4 where previously if the in<span class=\"_ _2\"></span>vestment<span class=\"_ _421\"> </span>component could be reliably measured then separation was permitted. <span class=\"_ _2\"></span>As a result of this change, <span class=\"_ _2\"></span>one of the sa<span class=\"_ _2\"></span>vings type products in Mov<span class=\"_ _2\"></span>estic is now classed as<span class=\"_ _421\"> </span>insurance and accounted for under IFR<span class=\"_ _2\"></span>S 1<span class=\"_ _a\"></span>7 along with some UK pensions contracts with waiver <span class=\"_ _2\"></span>of premium benefit.<span class=\"_ _421\"> </span>All inv<span class=\"_ _2\"></span>estment contract liabilities are designated on initial recognition as held at fair v<span class=\"_ _2\"></span>alue through profit or loss. <span class=\"_ _7\"></span>The group has designated investment contract<span class=\"_ _421\"> </span>liabilities at fair v<span class=\"_ _2\"></span>alue through profit or loss as this more closely reflects the basis on which the businesses are managed.<span class=\"_ _421\"> </span>The financial liability in respect <span class=\"_ _2\"></span>of unit-linked contracts is measured by ref<span class=\"_ _a\"></span>erence to the value of the underlying net asset v<span class=\"_ _2\"></span>alue of the unitised in<span class=\"_ _2\"></span>vestment funds,<span class=\"_ _421\"> </span>determined on a bid v<span class=\"_ _2\"></span>alue, at the balance sheet date.<span class=\"_ _421\"> </span>F<span class=\"_ _2\"></span>or the UK business, the impact of def<span class=\"_ _2\"></span>erred tax <span class=\"_ _2\"></span>on unrealised capital gains is passed to the policyholder and for the <span class=\"_ _2\"></span>Sw<span class=\"_ _2\"></span>edish business a policyholder <span class=\"_ _a\"></span>yield tax in<span class=\"_ _421\"> </span>respect of an <span class=\"_ _2\"></span>estimate of the inv<span class=\"_ _2\"></span>estment return on the underlying in<span class=\"_ _2\"></span>vestments in the unitised funds are also reflected in the measurement <span class=\"_ _2\"></span>of the respective<span class=\"_ _421\"> </span>unit-linked liabilities.<span class=\"_ _421\"> </span>Inv<span class=\"_ _2\"></span>estment contract liabilities are managed together with related inv<span class=\"_ _2\"></span>estment assets on a fair v<span class=\"_ _2\"></span>alue basis as part of the documented risk management strategy<span class=\"_ _0\"></span>.<span class=\"_ _421\"> </span>The f<span class=\"_ _2\"></span>air value <span class=\"_ _2\"></span>of other inv<span class=\"_ _2\"></span>estment contracts is measured by discounting current <span class=\"_ _2\"></span>estimates of all contractual cash flo<span class=\"_ _2\"></span>ws that are e<span class=\"_ _2\"></span>xpected to arise under contracts.<span class=\"_ _421\"> </span>Amounts deposited with reinsurers under reinsurance arrangements, which primarily in<span class=\"_ _2\"></span>volve the transf<span class=\"_ _a\"></span>er of financial risk, are entered directly to the balance sheet<span class=\"_ _421\"> </span>as amounts deposited with reinsurers. <span class=\"_ _0\"></span>These assets are designated <span class=\"_ _2\"></span>on initial recognition as at fair v<span class=\"_ _2\"></span>alue through profit or loss.<span class=\"_ _421\"> </span>Amounts collected on in<span class=\"_ _2\"></span>vestment contracts, which primarily in<span class=\"_ _2\"></span>volve the transf<span class=\"_ _a\"></span>er of financial risk such as long-term savings contracts, are accounted f<span class=\"_ _2\"></span>or using<span class=\"_ _421\"> </span>deposit accounting, under which the amounts collected, less any initial f<span class=\"_ _2\"></span>ees deducted, are credited directly to the balance sheet as an adjustment to the liability<span class=\"_ _421\"> </span>to the inv<span class=\"_ _2\"></span>estor<span class=\"_ _a\"></span>. Similarly<span class=\"_ _0\"></span>, benefits paid are not included in the income statement but are instead deducted from investment contract liabilities in the accounting<span class=\"_ _421\"> </span>period in which they are paid.<span class=\"_ _421\"> </span>Acquisition costs relating to in<span class=\"_ _2\"></span>vestment contracts comprise directly attributable incremental acquisition costs, which vary with, and are related to, securing ne<span class=\"_ _2\"></span>w<span class=\"_ _421\"> </span>contracts, and are recognised as an asset to the e<span class=\"_ _2\"></span>xtent that they represent the contractual right to benefit from the pro<span class=\"_ _2\"></span>vision of inv<span class=\"_ _2\"></span>estment management services.<span class=\"_ _421\"> </span>The asset is presented as a def<span class=\"_ _a\"></span>erred acquisition cost asset and is amortised ov<span class=\"_ _2\"></span>er the e<span class=\"_ _2\"></span>xpected term of the contract, as the f<span class=\"_ _2\"></span>ees relating to the provision <span class=\"_ _2\"></span>of the<span class=\"_ _421\"> </span>services are recognised. All <span class=\"_ _2\"></span>other costs are recognised as e<span class=\"_ _2\"></span>xpenses when incurred. <span class=\"_ _14c\"> </span>(t) <span class=\"_ _4\"></span>Defer<span class=\"_ _a\"></span>red income<span class=\"_ _421\"> </span>Def<span class=\"_ _2\"></span>erred income is in respect of initial f<span class=\"_ _a\"></span>ees that relate to the future provision of services that are def<span class=\"_ _a\"></span>erred and amortised ov<span class=\"_ _2\"></span>er the anticipated period<span class=\"_ _421\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
    "language": "en",
    "entity": "scheme:213800VFRMBRTSZ3SJ06",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-418": {
   "value": "Acquisition costs relating to in<span class=\"_ _2\"></span>vestment contracts comprise directly attributable incremental acquisition costs, which vary with, and are related to, securing ne<span class=\"_ _2\"></span>w<span class=\"_ _421\"> </span>contracts, and are recognised as an asset to the e<span class=\"_ _2\"></span>xtent that they represent the contractual right to benefit from the pro<span class=\"_ _2\"></span>vision of inv<span class=\"_ _2\"></span>estment management services.<span class=\"_ _421\"> </span>The asset is presented as a def<span class=\"_ _a\"></span>erred acquisition cost asset and is amortised ov<span class=\"_ _2\"></span>er the e<span class=\"_ _2\"></span>xpected term of the contract, as the f<span class=\"_ _2\"></span>ees relating to the provision <span class=\"_ _2\"></span>of the<span class=\"_ _421\"> </span>services are recognised. All <span class=\"_ _2\"></span>other costs are recognised as e<span class=\"_ _2\"></span>xpenses when incurred.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredAcquisitionCostsArisingFromInsuranceContractsExplanatory",
    "language": "en",
    "entity": "scheme:213800VFRMBRTSZ3SJ06",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-11": {
   "value": " <span class=\"_ _18\"> </span>(c) <span class=\"_ _4\"></span>Investment r<span class=\"_ _a\"></span>etur<span class=\"_ _2\"></span>n<span class=\"_ _421\"> </span>Inv<span class=\"_ _2\"></span>estment return comprises inv<span class=\"_ _2\"></span>estment income from financial assets and rental income from inv<span class=\"_ _2\"></span>estment properties.<span class=\"_ _421\"> </span>Income from financial assets comprises dividend and interest income, net fair v<span class=\"_ _2\"></span>alue gains and losses (both unrealised and realised) in respect of financial assets<span class=\"_ _421\"> </span>classified as fair v<span class=\"_ _2\"></span>alue through profit or loss, and realised gains <span class=\"_ _2\"></span>on financial assets classified as loans and receivables.<span class=\"_ _421\"> </span>Dividends are accrued <span class=\"_ _2\"></span>on an ex<span class=\"_ _0\"></span>-dividend basis. Interest received and receivable in respect <span class=\"_ _2\"></span>of interest-bearing financial assets classified as fair v<span class=\"_ _2\"></span>alue through profit<span class=\"_ _421\"> </span>or loss is included in net fair v<span class=\"_ _2\"></span>alue gains and losses. F<span class=\"_ _2\"></span>or loans and receivables and cash and cash equiv<span class=\"_ _2\"></span>alents interest income is calculated using the eff<span class=\"_ _a\"></span>ective<span class=\"_ _421\"> </span>interest method.<span class=\"_ _421\"> </span>Rental income from in<span class=\"_ _2\"></span>vestment properties under <span class=\"_ _2\"></span>operating leases is recognised in the Consolidated Statement <span class=\"_ _2\"></span>of Comprehensive Income <span class=\"_ _2\"></span>on a straight-line basis<span class=\"_ _421\"> </span>ov<span class=\"_ _2\"></span>er the term of <span class=\"_ _2\"></span>each lease. Lease incentives are recognised in the Consolidated <span class=\"_ _a\"></span>Statement of Comprehensive Income as an integral part <span class=\"_ _2\"></span>of the total lease income.<span class=\"_ _421\"> </span>The in<span class=\"_ _2\"></span>vestment return in respect <span class=\"_ _2\"></span>of assets backing inv<span class=\"_ _2\"></span>estment contracts is presented separately from the investment return f<span class=\"_ _2\"></span>or those assets backing insurance<span class=\"_ _421\"> </span>contracts in order to meet the IFR<span class=\"_ _2\"></span>S 1<span class=\"_ _a\"></span>7 requirement to illustrate the relationship between insurance finance income or <span class=\"_ _2\"></span>expenses and the corresponding return<span class=\"_ _421\"> </span>on the assets. <span class=\"_ _e\"> </span>(d) <span class=\"_ _3\"></span>Fee,<span class=\"_ _2\"></span> commission income and other operating income<span class=\"_ _421\"> </span>F<span class=\"_ _2\"></span>ee and commission income for in<span class=\"_ _2\"></span>vestment contracts:<span class=\"_ _421\"> </span>In accordance with IFRS <span class=\"_ _a\"></span>15, f<span class=\"_ _a\"></span>ees charged for investment management services pro<span class=\"_ _2\"></span>vided in connection with inv<span class=\"_ _2\"></span>estment contracts are recognised as rev<span class=\"_ _2\"></span>enue<span class=\"_ _421\"> </span>ov<span class=\"_ _2\"></span>er time, as the services are provided. Initial f<span class=\"_ _2\"></span>ees which e<span class=\"_ _2\"></span>xceed the le<span class=\"_ _2\"></span>vel of recur<span class=\"_ _2\"></span>ring f<span class=\"_ _2\"></span>ees and relate to the future provision of services are def<span class=\"_ _a\"></span>erred and<span class=\"_ _421\"> </span>amortised o<span class=\"_ _2\"></span>ver the anticipated period o<span class=\"_ _2\"></span>ver time in which services will be pro<span class=\"_ _2\"></span>vided.<span class=\"_ _421\"> </span>Initial f<span class=\"_ _2\"></span>ees, annual management charges and contract administration charges are recognised o<span class=\"_ _2\"></span>ver time as re<span class=\"_ _2\"></span>venue on an accr<span class=\"_ _2\"></span>uals basis. <span class=\"_ _2\"></span>Surrender charges are<span class=\"_ _421\"> </span>recognised as a reduction to policyholder claims and benefits incurred when the surrender benefits are paid.<span class=\"_ _421\"> </span>Commissions received <span class=\"_ _2\"></span>or receivable which do not require the group to render further services are recognised at the point at which the commission becomes<span class=\"_ _421\"> </span>due. How<span class=\"_ _2\"></span>ev<span class=\"_ _2\"></span>er<span class=\"_ _a\"></span>, when it is probable that the group will be required to render further services during the life <span class=\"_ _2\"></span>of the contract, the commission, or part thereof<span class=\"_ _a\"></span>, is<span class=\"_ _421\"> </span>def<span class=\"_ _2\"></span>erred and recognised o<span class=\"_ _2\"></span>ver time as re<span class=\"_ _2\"></span>venue o<span class=\"_ _2\"></span>ver the period in which services are rendered.<span class=\"_ _421\"> </span>All f<span class=\"_ _2\"></span>ees in respect of insurance contracts are no<span class=\"_ _2\"></span>w recognised within insurance revenue.<span class=\"_ _421\"> </span>Other operating income:<span class=\"_ _421\"> </span>F<span class=\"_ _2\"></span>ee income from inv<span class=\"_ _2\"></span>estment managers, which is in relation to Movestic, is recognised in accordance with IFR<span class=\"_ _2\"></span>S 1<span class=\"_ _2\"></span>5. <span class=\"_ _0\"></span>The income is receiv<span class=\"_ _2\"></span>ed from the fund companies<span class=\"_ _421\"> </span>based on the v<span class=\"_ _2\"></span>alue of the managed assets. <span class=\"_ _0\"></span>T<span class=\"_ _2\"></span>he fee income is recognised and adjusted <span class=\"_ _2\"></span>on an ongoing basis, as Mo<span class=\"_ _2\"></span>vestic meets its commitments.<span class=\"_ _421\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
    "language": "en",
    "entity": "scheme:213800VFRMBRTSZ3SJ06",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-419": {
   "value": "F<span class=\"_ _2\"></span>ee and commission income for in<span class=\"_ _2\"></span>vestment contracts:<span class=\"_ _421\"> </span>In accordance with IFRS <span class=\"_ _a\"></span>15, f<span class=\"_ _a\"></span>ees charged for investment management services pro<span class=\"_ _2\"></span>vided in connection with inv<span class=\"_ _2\"></span>estment contracts are recognised as rev<span class=\"_ _2\"></span>enue<span class=\"_ _421\"> </span>ov<span class=\"_ _2\"></span>er time, as the services are provided. Initial f<span class=\"_ _2\"></span>ees which e<span class=\"_ _2\"></span>xceed the le<span class=\"_ _2\"></span>vel of recur<span class=\"_ _2\"></span>ring f<span class=\"_ _2\"></span>ees and relate to the future provision of services are def<span class=\"_ _a\"></span>erred and<span class=\"_ _421\"> </span>amortised o<span class=\"_ _2\"></span>ver the anticipated period o<span class=\"_ _2\"></span>ver time in which services will be pro<span class=\"_ _2\"></span>vided.<span class=\"_ _421\"> </span>Initial f<span class=\"_ _2\"></span>ees, annual management charges and contract administration charges are recognised o<span class=\"_ _2\"></span>ver time as re<span class=\"_ _2\"></span>venue on an accr<span class=\"_ _2\"></span>uals basis. <span class=\"_ _2\"></span>Surrender charges are<span class=\"_ _421\"> </span>recognised as a reduction to policyholder claims and benefits incurred when the surrender benefits are paid.<span class=\"_ _421\"> </span>Commissions received <span class=\"_ _2\"></span>or receivable which do not require the group to render further services are recognised at the point at which the commission becomes<span class=\"_ _421\"> </span>due. How<span class=\"_ _2\"></span>ev<span class=\"_ _2\"></span>er<span class=\"_ _a\"></span>, when it is probable that the group will be required to render further services during the life <span class=\"_ _2\"></span>of the contract, the commission, or part thereof<span class=\"_ _a\"></span>, is<span class=\"_ _421\"> </span>def<span class=\"_ _2\"></span>erred and recognised o<span class=\"_ _2\"></span>ver time as re<span class=\"_ _2\"></span>venue o<span class=\"_ _2\"></span>ver the period in which services are rendered.<span class=\"_ _421\"> </span>All f<span class=\"_ _2\"></span>ees in respect of insurance contracts are no<span class=\"_ _2\"></span>w recognised within insurance revenue.<span class=\"_ _421\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFeeAndCommissionIncomeAndExpenseExplanatory",
    "language": "en",
    "entity": "scheme:213800VFRMBRTSZ3SJ06",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-12": {
   "value": "  (e) <span class=\"_ _3\"></span>Other operating expenses<span class=\"_ _421\"> </span>Actual incur<span class=\"_ _2\"></span>red expenses within the group are assessed according to the group\u2019<span class=\"_ _0\"></span>s guidelines to consider whether they are attributable to fulfilling insurance contracts and those meeting this requirement are reported as \u2018insurance service e<span class=\"_ _2\"></span>xpenses<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>. As part <span class=\"_ _2\"></span>of this assessment, the eligible <span class=\"_ _2\"></span>expenses are apportioned between in<span class=\"_ _2\"></span>vestment and insurance contracts <span class=\"_ _2\"></span>on a systematic and rational basis. Certain e<span class=\"_ _2\"></span>xpenses such as project e<span class=\"_ _2\"></span>xpenses and one-off e<span class=\"_ _2\"></span>xpenses are considered to be non-attributable and are therefore <span class=\"_ _2\"></span>ex<span class=\"_ _2\"></span>cluded from the apportionment and directly allocated to \u2018<span class=\"_ _a\"></span>other operating expenses<span class=\"_ _a\"></span>\u2019<span class=\"_ _0\"></span>. <span class=\"_ _0\"></span>The \u2018<span class=\"_ _a\"></span>other operating <span class=\"_ _2\"></span>expenses<span class=\"_ _a\"></span>\u2019 therefore include all <span class=\"_ _2\"></span>expenses that are not attributable to insurance contracts, as they are <span class=\"_ _2\"></span>either not eligible <span class=\"_ _2\"></span>or hav<span class=\"_ _2\"></span>e been apportioned to investment contracts.<span class=\"_ _421\"> </span>Operating lease payments<span class=\"_ _421\"> </span>Under IFRS 1<span class=\"_ _a\"></span>6, the deprecation of right-of-use assets is recognised in the <span class=\"_ _2\"></span>Statement of Comprehensiv<span class=\"_ _2\"></span>e Income as an administration expense. P<span class=\"_ _a\"></span>ayments made in relation to lease commitments are reflected in the balance sheet as a reduction to the corresponding lease liability",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
    "language": "en",
    "entity": "scheme:213800VFRMBRTSZ3SJ06",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-421": {
   "value": "<span class=\"_ _10\"> </span>(f) <span class=\"_ _4\"></span>Financing costs<span class=\"_ _421\"> </span>Financing costs comprise interest pay<span class=\"_ _2\"></span>able on borro<span class=\"_ _2\"></span>wings and on reinsurance claims deposits included within reinsurance pa<span class=\"_ _2\"></span>yables, calculated using the eff<span class=\"_ _a\"></span>ective interest rate method. Under IFRS 1<span class=\"_ _a\"></span>6, interest on lease liabilities is recognised in the <span class=\"_ _2\"></span>Statement of Comprehensiv<span class=\"_ _2\"></span>e Income as finance costs",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
    "language": "en",
    "entity": "scheme:213800VFRMBRTSZ3SJ06",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-13": {
   "value": "<span class=\"_ _10\"> </span>(f) <span class=\"_ _4\"></span>Financing costs<span class=\"_ _421\"> </span>Financing costs comprise interest pay<span class=\"_ _2\"></span>able on borro<span class=\"_ _2\"></span>wings and on reinsurance claims deposits included within reinsurance pa<span class=\"_ _2\"></span>yables, calculated using the eff<span class=\"_ _a\"></span>ective interest rate method. Under IFRS 1<span class=\"_ _a\"></span>6, interest on lease liabilities is recognised in the <span class=\"_ _2\"></span>Statement of Comprehensiv<span class=\"_ _2\"></span>e Income as finance costs",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
    "language": "en",
    "entity": "scheme:213800VFRMBRTSZ3SJ06",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-14": {
   "value": " <span class=\"_ _e\"> </span>(g) <span class=\"_ _3\"></span>Income taxes<span class=\"_ _421\"> </span>Income tax on the profit <span class=\"_ _2\"></span>or loss for the <span class=\"_ _a\"></span>year comprises cur<span class=\"_ _2\"></span>rent and defer<span class=\"_ _2\"></span>red tax and is recognised in the Consolidated Statement <span class=\"_ _2\"></span>of Comprehensive Income. <span class=\"_ _7\"></span>T<span class=\"_ _a\"></span>ax that relates directly to transactions reflected within equity is also presented within <span class=\"_ _2\"></span>equity<span class=\"_ _a\"></span>.<span class=\"_ _421\"> </span>(i) <span class=\"_ _79\"> </span>Current tax<span class=\"_ _421\"> </span>Current tax is the e<span class=\"_ _2\"></span>xpected tax pay<span class=\"_ _2\"></span>able on the taxable income f<span class=\"_ _2\"></span>or the <span class=\"_ _a\"></span>year<span class=\"_ _a\"></span>, using tax rates enacted or substantiv<span class=\"_ _2\"></span>ely enacted at the balance sheet date, and an<span class=\"_ _2\"></span>y adjustment to tax pay<span class=\"_ _2\"></span>able in respect of pre<span class=\"_ _2\"></span>vious <span class=\"_ _a\"></span>years.<span class=\"_ _421\"> </span>(ii) <span class=\"_ _10\"> </span>Def<span class=\"_ _2\"></span>erred tax<span class=\"_ _421\"> </span>Def<span class=\"_ _2\"></span>erred tax is provided using the balance sheet liability method, pro<span class=\"_ _2\"></span>viding for temporary diff<span class=\"_ _a\"></span>erences between the carrying amounts of assets and liabilities f<span class=\"_ _2\"></span>or<span class=\"_ _421\"> </span> financial reporting purposes and the amounts used for taxation purposes. <span class=\"_ _0\"></span>T<span class=\"_ _2\"></span>he amount of def<span class=\"_ _2\"></span>erred tax pro<span class=\"_ _2\"></span>vided is based on the e<span class=\"_ _2\"></span>xpected manner of realisation<span class=\"_ _421\"> </span> or settlement of the carrying amount <span class=\"_ _2\"></span>of assets and liabilities, using tax rates enacted <span class=\"_ _2\"></span>or substantively enacted at the balance sheet date.<span class=\"_ _421\"> </span>A def<span class=\"_ _2\"></span>erred tax asset is recognised only to the <span class=\"_ _2\"></span>extent that it is probable that future taxable profits will be a<span class=\"_ _2\"></span>vailable against which the asset can be utilised.<span class=\"_ _421\"> </span> Def<span class=\"_ _2\"></span>erred tax assets are reduced to the e<span class=\"_ _2\"></span>xtent that it is no longer probable that the related tax benefit will be realised.<span class=\"_ _421\"> </span>In accordance with IAS 1<span class=\"_ _a\"></span>2, defer<span class=\"_ _2\"></span>red tax assets and def<span class=\"_ _2\"></span>erred tax liabilities arising from diff<span class=\"_ _2\"></span>erent tax jurisdictions in which the group operates are not offset<span class=\"_ _421\"> </span> against each other<span class=\"_ _a\"></span>.<span class=\"_ _421\"> </span>(iii)  P<span class=\"_ _a\"></span>olicyholders\u2019 fund <span class=\"_ _0\"></span>yield tax<span class=\"_ _421\"> </span>Certain of the group\u2019<span class=\"_ _0\"></span>s policyholders within the <span class=\"_ _2\"></span>Swedish business are subject to a <span class=\"_ _0\"></span>yield tax which is calculated based on an estimate <span class=\"_ _2\"></span>of the inv<span class=\"_ _2\"></span>estment return <span class=\"_ _19\"></span><span class=\"ls2 ws2\"> </span>on underlying inv<span class=\"_ _2\"></span>estments within their unitised funds. <span class=\"_ _0\"></span>The group is under an <span class=\"_ _2\"></span>obligation to deduct the <span class=\"_ _a\"></span>yield tax from the policyholders\u2019 unitised funds and to remit these deductions to the tax authorities. <span class=\"_ _0\"></span>The remittance <span class=\"_ _2\"></span>of this tax payment is included in other <span class=\"_ _2\"></span>operating e<span class=\"_ _2\"></span>xpenses as it does not comprise a tax charge on group profits.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
    "language": "en",
    "entity": "scheme:213800VFRMBRTSZ3SJ06",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-420": {
   "value": "(ii) <span class=\"_ _10\"> </span>Def<span class=\"_ _2\"></span>erred tax<span class=\"_ _421\"> </span>Def<span class=\"_ _2\"></span>erred tax is provided using the balance sheet liability method, pro<span class=\"_ _2\"></span>viding for temporary diff<span class=\"_ _a\"></span>erences between the carrying amounts of assets and liabilities f<span class=\"_ _2\"></span>or<span class=\"_ _421\"> </span>financial reporting purposes and the amounts used for taxation purposes. <span class=\"_ _0\"></span>T<span class=\"_ _2\"></span>he amount of def<span class=\"_ _2\"></span>erred tax pro<span class=\"_ _2\"></span>vided is based on the e<span class=\"_ _2\"></span>xpected manner of realisation<span class=\"_ _421\"> </span>or settlement of the carrying amount <span class=\"_ _2\"></span>of assets and liabilities, using tax rates enacted <span class=\"_ _2\"></span>or substantively enacted at the balance sheet date.<span class=\"_ _421\"> </span>A def<span class=\"_ _2\"></span>erred tax asset is recognised only to the <span class=\"_ _2\"></span>extent that it is probable that future taxable profits will be a<span class=\"_ _2\"></span>vailable against which the asset can be utilised.<span class=\"_ _421\"> </span>Def<span class=\"_ _2\"></span>erred tax assets are reduced to the e<span class=\"_ _2\"></span>xtent that it is no longer probable that the related tax benefit will be realised.<span class=\"_ _421\"> </span>In accordance with IAS 1<span class=\"_ _a\"></span>2, defer<span class=\"_ _2\"></span>red tax assets and def<span class=\"_ _2\"></span>erred tax liabilities arising from diff<span class=\"_ _2\"></span>erent tax jurisdictions in which the group operates are not offset<span class=\"_ _421\"> </span>against each other<span class=\"_ _a\"></span>.<span class=\"_ _421\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
    "language": "en",
    "entity": "scheme:213800VFRMBRTSZ3SJ06",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-422": {
   "value": " <span class=\"_ _e\"></span><span class=\"_ _e\"> </span>(h) <span class=\"_ _3\"></span>Intangible assets<span class=\"_ _421\"> </span>(i) <span class=\"_ _79\"> </span>Acquired value <span class=\"_ _2\"></span>of in-force business<span class=\"_ _421\"> </span>Acquired in-f<span class=\"_ _2\"></span>orce inv<span class=\"_ _2\"></span>estment contracts arising from business combinations are measured at fair value at the time <span class=\"_ _2\"></span>of acquisition.<span class=\"_ _421\"> </span>The present v<span class=\"_ _2\"></span>alue of in-f<span class=\"_ _2\"></span>orce investment contracts recognised under IFR<span class=\"_ _2\"></span>S 9 is stated at cost less accumulated amortisation and impairment losses. <span class=\"_ _0\"></span>The initia<span class=\"_ _421\"> </span>cost is deemed to be the fair v<span class=\"_ _2\"></span>alue of the contractual customer relationships acquired. <span class=\"_ _7\"></span>The acquired present value <span class=\"_ _2\"></span>of the in-force inv<span class=\"_ _2\"></span>estment contracts is carried<span class=\"_ _421\"> </span>gross of tax and is amortised against income <span class=\"_ _2\"></span>on a time profile which, it is intended, will broadly match the profile of the underlying emergence <span class=\"_ _2\"></span>of profit from<span class=\"_ _421\"> </span>the contracts. <span class=\"_ _0\"></span>The reco<span class=\"_ _2\"></span>verable amount is <span class=\"_ _2\"></span>estimated at each balance sheet date. If the recov<span class=\"_ _2\"></span>erable amount is less than the carrying amount, an impairmen<span class=\"_ _421\"> </span>loss is recognised in the Consolidated <span class=\"_ _2\"></span>Statement of Comprehensiv<span class=\"_ _2\"></span>e Income and the carrying amount is reduced to its recov<span class=\"_ _2\"></span>erable amount.<span class=\"_ _421\"> </span>Under IFRS <span class=\"_ _a\"></span>1<span class=\"_ _a\"></span>7, the difference between the fair value of insurance contracts and the fulfilment cash flows pertaining to those contracts is recognised as the<span class=\"_ _421\"> </span>CSM under IFRS <span class=\"_ _a\"></span>1<span class=\"_ _a\"></span>7. This has been applied retrospectively in these financial statements and therefore the asset held on the balance sheet for the acquired<span class=\"_ _421\"> </span>value of in-force business is in respect of investment contracts only.<span class=\"_ _421\"> </span>(ii) <span class=\"_ _10\"> </span>Acquired v<span class=\"_ _2\"></span>alue of customer relationships<span class=\"_ _421\"> </span>The acquired v<span class=\"_ _2\"></span>alue of customer relationships arising from business combinations is measured at f<span class=\"_ _2\"></span>air value at the time of acquisition. <span class=\"_ _7\"></span>This comprises the<span class=\"_ _421\"> </span>discounted cash flows relating to ne<span class=\"_ _2\"></span>w insurance and investment contracts which are <span class=\"_ _2\"></span>expected to arise from <span class=\"_ _2\"></span>existing customer relationships. <span class=\"_ _0\"></span>T<span class=\"_ _2\"></span>hese are carried<span class=\"_ _421\"> </span>gross of tax, are amortised in accordance with the <span class=\"_ _2\"></span>expected emergence <span class=\"_ _2\"></span>of profit from the new contracts and are tested periodically f<span class=\"_ _2\"></span>or recov<span class=\"_ _2\"></span>erability<span class=\"_ _a\"></span>.<span class=\"_ _421\"> </span>(iii)  Software assets<span class=\"_ _421\"> </span>An intangible asset in respect of internal de<span class=\"_ _2\"></span>velopment softw<span class=\"_ _2\"></span>are costs is only recognised if all of the f<span class=\"_ _2\"></span>ollowing conditions are met: <span class=\"_ _92\"> </span>(i) <span class=\"_ _12\"> </span>an asset is created that can be identified; <span class=\"_ _92\"> </span>(ii) <span class=\"_ _10\"> </span>it is probable that the asset created will generate future economic benefits; and <span class=\"_ _92\"> </span>(iii)  the development costs <span class=\"_ _2\"></span>of the asset can be measured reliably<span class=\"_ _a\"></span>.<span class=\"_ _421\"> </span>Where no internally generated intangible asset can be recognised, dev<span class=\"_ _2\"></span>elopment e<span class=\"_ _2\"></span>xpenditure is recognised as an e<span class=\"_ _2\"></span>xpense in the period in which it is incurred<span class=\"_ _421\"> </span>Software assets, including internally de<span class=\"_ _2\"></span>veloped software, are amortised <span class=\"_ _2\"></span>on a straight-line basis o<span class=\"_ _2\"></span>ver their <span class=\"_ _2\"></span>estimated useful life, which typically v<span class=\"_ _2\"></span>aries between<span class=\"_ _421\"> </span>3 and 5 <span class=\"_ _a\"></span>years.<span class=\"_ _421\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
    "language": "en",
    "entity": "scheme:213800VFRMBRTSZ3SJ06",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-15": {
   "value": "<span class=\"_ _e\"> </span>(h) <span class=\"_ _3\"></span>Intangible assets<span class=\"_ _421\"> </span>(i) <span class=\"_ _79\"> </span>Acquired value <span class=\"_ _2\"></span>of in-force business<span class=\"_ _421\"> </span>Acquired in-f<span class=\"_ _2\"></span>orce inv<span class=\"_ _2\"></span>estment contracts arising from business combinations are measured at fair value at the time <span class=\"_ _2\"></span>of acquisition.<span class=\"_ _421\"> </span>The present v<span class=\"_ _2\"></span>alue of in-f<span class=\"_ _2\"></span>orce investment contracts recognised under IFR<span class=\"_ _2\"></span>S 9 is stated at cost less accumulated amortisation and impairment losses. <span class=\"_ _0\"></span>The initia<span class=\"_ _421\"> </span>l<span class=\"_ _421\"> </span>cost is deemed to be the fair v<span class=\"_ _2\"></span>alue of the contractual customer relationships acquired. <span class=\"_ _7\"></span>The acquired present value <span class=\"_ _2\"></span>of the in-force inv<span class=\"_ _2\"></span>estment contracts is carried<span class=\"_ _421\"> </span>gross of tax and is amortised against income <span class=\"_ _2\"></span>on a time profile which, it is intended, will broadly match the profile of the underlying emergence <span class=\"_ _2\"></span>of profit from<span class=\"_ _421\"> </span>the contracts. <span class=\"_ _0\"></span>The reco<span class=\"_ _2\"></span>verable amount is <span class=\"_ _2\"></span>estimated at each balance sheet date. If the recov<span class=\"_ _2\"></span>erable amount is less than the carrying amount, an impairmen<span class=\"_ _421\"> </span>t<span class=\"_ _421\"> </span>loss is recognised in the Consolidated <span class=\"_ _2\"></span>Statement of Comprehensiv<span class=\"_ _2\"></span>e Income and the carrying amount is reduced to its recov<span class=\"_ _2\"></span>erable amount.<span class=\"_ _421\"> </span>Under IFRS <span class=\"_ _a\"></span>1<span class=\"_ _a\"></span>7, the difference between the fair value of insurance contracts and the fulfilment cash flows pertaining to those contracts is recognised as the<span class=\"_ _421\"> </span>CSM under IFRS <span class=\"_ _a\"></span>1<span class=\"_ _a\"></span>7. This has been applied retrospectively in these financial statements and therefore the asset held on the balance sheet for the acquired<span class=\"_ _421\"> </span>value of in-force business is in respect of investment contracts only.<span class=\"_ _421\"> </span>(ii) <span class=\"_ _10\"> </span>Acquired v<span class=\"_ _2\"></span>alue of customer relationships<span class=\"_ _421\"> </span>The acquired v<span class=\"_ _2\"></span>alue of customer relationships arising from business combinations is measured at f<span class=\"_ _2\"></span>air value at the time of acquisition. <span class=\"_ _7\"></span>This comprises the<span class=\"_ _421\"> </span>discounted cash flows relating to ne<span class=\"_ _2\"></span>w insurance and investment contracts which are <span class=\"_ _2\"></span>expected to arise from <span class=\"_ _2\"></span>existing customer relationships. <span class=\"_ _0\"></span>T<span class=\"_ _2\"></span>hese are carried<span class=\"_ _421\"> </span>gross of tax, are amortised in accordance with the <span class=\"_ _2\"></span>expected emergence <span class=\"_ _2\"></span>of profit from the new contracts and are tested periodically f<span class=\"_ _2\"></span>or recov<span class=\"_ _2\"></span>erability<span class=\"_ _a\"></span>.<span class=\"_ _421\"> </span>(iii)  Software assets<span class=\"_ _421\"> </span>An intangible asset in respect of internal de<span class=\"_ _2\"></span>velopment softw<span class=\"_ _2\"></span>are costs is only recognised if all of the f<span class=\"_ _2\"></span>ollowing conditions are met: <span class=\"_ _92\"> </span>(i) <span class=\"_ _12\"> </span>an asset is created that can be identified; <span class=\"_ _92\"> </span>(ii) <span class=\"_ _10\"> </span>it is probable that the asset created will generate future economic benefits; and <span class=\"_ _92\"> </span>(iii)  the development costs <span class=\"_ _2\"></span>of the asset can be measured reliably<span class=\"_ _a\"></span>.<span class=\"_ _421\"> </span>Where no internally generated intangible asset can be recognised, dev<span class=\"_ _2\"></span>elopment e<span class=\"_ _2\"></span>xpenditure is recognised as an e<span class=\"_ _2\"></span>xpense in the period in which it is incurred<span class=\"_ _421\"> </span>.<span class=\"_ _421\"> </span>Software assets, including internally de<span class=\"_ _2\"></span>veloped software, are amortised <span class=\"_ _2\"></span>on a straight-line basis o<span class=\"_ _2\"></span>ver their <span class=\"_ _2\"></span>estimated useful life, which typically v<span class=\"_ _2\"></span>aries between<span class=\"_ _421\"> </span>3 and 5 <span class=\"_ _a\"></span>years.<span class=\"_ _421\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
    "language": "en",
    "entity": "scheme:213800VFRMBRTSZ3SJ06",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-17": {
   "value": "(i) <span class=\"_ _4\"></span>Proper<span class=\"_ _2\"></span>ty and equipment<span class=\"_ _421\"> </span>Items of property and <span class=\"_ _2\"></span>equipment are stated at cost less accumulated depreciation and impairment losses.<span class=\"_ _421\"> </span>Depreciation is charged to the Consolidated <span class=\"_ _2\"></span>Statement of Comprehensive Income <span class=\"_ _2\"></span>on a straight-line basis o<span class=\"_ _2\"></span>ver the <span class=\"_ _2\"></span>estimated useful economic lives <span class=\"_ _2\"></span>of the property<span class=\"_ _421\"> </span>and equipment <span class=\"_ _2\"></span>on the follo<span class=\"_ _2\"></span>wing basis:<span class=\"_ _421\"> </span>Computers and similar equipment <span class=\"_ _39\"> </span>3 to 5 <span class=\"_ _a\"></span>years<span class=\"_ _421\"> </span>Fixtures and other equipment <span class=\"_ _112\"> </span>5 <span class=\"_ _2\"></span>years<span class=\"_ _421\"> </span>Assets held under leases, as right-of-use assets, are depreciated <span class=\"_ _2\"></span>over their useful <span class=\"_ _2\"></span>economic lives <span class=\"_ _2\"></span>on the same basis as o<span class=\"_ _2\"></span>wned assets, or where shorter<span class=\"_ _a\"></span>, o<span class=\"_ _2\"></span>ver the<span class=\"_ _421\"> </span>term of the rele<span class=\"_ _2\"></span>vant lease. <span class=\"_ _0\"></span>T<span class=\"_ _2\"></span>hese include office buildings, office and IT <span class=\"_ _2\"></span>equipment and motor vehicles.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
    "language": "en",
    "entity": "scheme:213800VFRMBRTSZ3SJ06",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-424": {
   "value": "Depreciation is charged to the Consolidated <span class=\"_ _2\"></span>Statement of Comprehensive Income <span class=\"_ _2\"></span>on a straight-line basis o<span class=\"_ _2\"></span>ver the <span class=\"_ _2\"></span>estimated useful economic lives <span class=\"_ _2\"></span>of the property<span class=\"_ _421\"> </span> and equipment <span class=\"_ _2\"></span>on the follo<span class=\"_ _2\"></span>wing basis:<span class=\"_ _421\"> </span>Computers and similar equipment <span class=\"_ _39\"> </span>3 to 5 <span class=\"_ _a\"></span>years<span class=\"_ _421\"> </span>Fixtures and other equipment <span class=\"_ _112\"> </span>5 <span class=\"_ _2\"></span>years<span class=\"_ _421\"> </span>Assets held under leases, as right-of-use assets, are depreciated <span class=\"_ _2\"></span>over their useful <span class=\"_ _2\"></span>economic lives <span class=\"_ _2\"></span>on the same basis as o<span class=\"_ _2\"></span>wned assets, or where shorter<span class=\"_ _a\"></span>, o<span class=\"_ _2\"></span>ver the<span class=\"_ _421\"> </span> term of the rele<span class=\"_ _2\"></span>vant lease. <span class=\"_ _0\"></span>T<span class=\"_ _2\"></span>hese include office buildings, office and IT <span class=\"_ _2\"></span>equipment and motor vehicles",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
    "language": "en",
    "entity": "scheme:213800VFRMBRTSZ3SJ06",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-18": {
   "value": " <span class=\"_ _d\"> </span>(j) <span class=\"_ _4\"></span>Inv<span class=\"_ _2\"></span>estment proper<span class=\"_ _2\"></span>ties<span class=\"_ _421\"> </span>Inv<span class=\"_ _2\"></span>estment properties consist of properties held in the Unit-Link<span class=\"_ _2\"></span>ed Property Inv<span class=\"_ _2\"></span>estment F<span class=\"_ _a\"></span>und and SIPP Commercial P<span class=\"_ _2\"></span>roperty (Directly Held) in our UK division, as described below<span class=\"_ _0\"></span>. Unit-Linked P<span class=\"_ _2\"></span>roperty Inv<span class=\"_ _2\"></span>estment F<span class=\"_ _2\"></span>und<span class=\"_ _421\"> </span>The properties held in the unit-link<span class=\"_ _2\"></span>ed property fund are valued on a monthly basis b<span class=\"_ _2\"></span>y Jones Lang Lasalle (JLL), an independent property v<span class=\"_ _2\"></span>aluer<span class=\"_ _a\"></span>, on an open-mark<span class=\"_ _2\"></span>et basis. <span class=\"_ _0\"></span>Their v<span class=\"_ _2\"></span>aluation is prepared in accordance with the Practice <span class=\"_ _2\"></span>Statements in the RICS Appraisal and <span class=\"_ _0\"></span>V<span class=\"_ _2\"></span>aluation Standards (5th Edition).<span class=\"_ _421\"> </span>The properties are measured initially at cost. <span class=\"_ _7\"></span>The carrying amount includes the cost of replacing part <span class=\"_ _2\"></span>of an e<span class=\"_ _2\"></span>xisting property at the time that cost is incurred if the recognition criteria are met; and e<span class=\"_ _2\"></span>xcludes the costs of da<span class=\"_ _2\"></span>y-to-da<span class=\"_ _2\"></span>y servicing of a property<span class=\"_ _0\"></span>. Subsequent to initial recognition, properties are stated at fair v<span class=\"_ _2\"></span>alue, which reflects market conditions at the reporting date. Gains <span class=\"_ _2\"></span>or losses arising from changes in the fair values <span class=\"_ _2\"></span>of properties are included within inv<span class=\"_ _2\"></span>estment income in the <span class=\"_ _2\"></span>Statement of Comprehensiv<span class=\"_ _2\"></span>e Income in the <span class=\"_ _a\"></span>year in which they arise.<span class=\"_ _421\"> </span>Fair v<span class=\"_ _2\"></span>alue is the price that would be received to sell an asset <span class=\"_ _2\"></span>or paid to transf<span class=\"_ _2\"></span>er a liability in an orderly transaction betw<span class=\"_ _2\"></span>een market participants at the measurement date.<span class=\"_ _421\"> </span>Fair v<span class=\"_ _2\"></span>alue is understood as the value <span class=\"_ _2\"></span>of a property estimated without regard to costs of sale <span class=\"_ _2\"></span>or purchase, and without offset f<span class=\"_ _2\"></span>or any associated taxes. <span class=\"_ _a\"></span>All such valuations are prepared and <span class=\"_ _2\"></span>expressed <span class=\"_ _2\"></span>exclusiv<span class=\"_ _2\"></span>e of <span class=\"_ _0\"></span>VA<span class=\"_ _0\"></span>T payments, unless otherwise stated.<span class=\"_ _421\"> </span>The properties are derecognised <span class=\"_ _2\"></span>either when they hav<span class=\"_ _2\"></span>e been disposed of<span class=\"_ _a\"></span>, or when the in<span class=\"_ _2\"></span>vestment property is permanently withdrawn from use and no future<span class=\"_ _2\"></span> economic benefit is e<span class=\"_ _2\"></span>xpected from its disposal. An<span class=\"_ _2\"></span>y gains or losses on the retirement <span class=\"_ _2\"></span>or disposal of an in<span class=\"_ _2\"></span>vestment property are recognised within in<span class=\"_ _2\"></span>vestment income in the <span class=\"_ _2\"></span>Statement of Comprehensiv<span class=\"_ _2\"></span>e Income in the <span class=\"_ _a\"></span>year of retirement <span class=\"_ _2\"></span>or disposal.<span class=\"_ _421\"> </span>SIPP Commercial Property (Directly Held)<span class=\"_ _421\"> </span>The self-in<span class=\"_ _2\"></span>vested fund properties are initially recorded at purchase price and then valued triennially<span class=\"_ _0\"></span>, by an independent prof<span class=\"_ _2\"></span>essional valuer<span class=\"_ _0\"></span>, on an open mark<span class=\"_ _2\"></span>et basis, using valuation models in accordance with the P<span class=\"_ _2\"></span>ractice Statements in the RICS <span class=\"_ _a\"></span>Appraisal and <span class=\"_ _2\"></span>V<span class=\"_ _a\"></span>aluation Standards (5th Edition). <span class=\"_ _0\"></span>The portf<span class=\"_ _2\"></span>olio is rev<span class=\"_ _2\"></span>alued annually using an index v<span class=\"_ _2\"></span>aluation on <span class=\"_ _2\"></span>each property<span class=\"_ _a\"></span>. Any funds in receipt <span class=\"_ _2\"></span>of the sale of the property are f<span class=\"_ _2\"></span>or the benefit of the respective pension fund members.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory",
    "language": "en",
    "entity": "scheme:213800VFRMBRTSZ3SJ06",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-423": {
   "value": "<div class=\"t m0 h11 ff63 fsd fc1 sc0 ls2 ws2 gs1c4\">  (k) <span class=\"_ _3\"></span>Financial investments,<span class=\"_ _2\"></span> assets and liabilities<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls0 ws2c gs1c5\">The f<span class=\"_ _2\"></span>air values reflect mark<span class=\"_ _2\"></span>et values at the balance sheet date, being the estimated amount f<span class=\"_ _2\"></span>or which a property could be e<span class=\"_ _2\"></span>xchanged on the date <span class=\"_ _2\"></span>of valuation<span class=\"_ _421\"> </span> </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws8c gs1c6\">between a willing bu<span class=\"_ _2\"></span>yer and a willing seller in an arm\u2019<span class=\"_ _0\"></span>s length transaction after proper marketing wherein the parties had each acted kno<span class=\"_ _2\"></span>wledgeably<span class=\"_ _a\"></span>, prudently<span class=\"_ _421\"> </span> </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs1c7\">and without compulsion.<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws13 gs1c8\">Any gain <span class=\"_ _2\"></span>or loss arising from a change in fair v<span class=\"_ _2\"></span>alue is recognised in the profit and loss. Rental income from inv<span class=\"_ _2\"></span>estment property is accounted for as described in<span class=\"_ _421\"> </span> </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs1c9\">Accounting P<span class=\"_ _a\"></span>olicy (l).<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls6d ws6c gs1ca\">IFRS 9 requires financial in<span class=\"_ _2\"></span>vestments to be classified into measurement categories using the \u2018business model\u2019 test and the \u2018solely payment <span class=\"_ _2\"></span>of principal and<span class=\"_ _421\"> </span> </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs1cb\">interest\u2019 test. <span class=\"_ _0\"></span>The measurement categories under IFR<span class=\"_ _2\"></span>S 9 are:<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs1cc\">(i) <span class=\"_ _79\"> </span>Amortised Cost (AC);<span class=\"_ _421\"> </span> </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs1cd\">(ii) <span class=\"_ _10\"> </span>Fair <span class=\"_ _0\"></span>Value <span class=\"_ _7\"></span>Through Other Comprehensive Income (FVOCI); and<span class=\"_ _421\"> </span> </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs1ce\">(iii)  Fair <span class=\"_ _0\"></span>V<span class=\"_ _2\"></span>alue <span class=\"_ _0\"></span>Through Profit <span class=\"_ _2\"></span>or Loss (FVTPL).<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 wsff gs1cf\">IFRS 9 also permits the application <span class=\"_ _2\"></span>of a \u2018fair value <span class=\"_ _2\"></span>option<span class=\"_ _a\"></span>\u2019 whereby the outcome <span class=\"_ _2\"></span>of the business model and SPPI tests w<span class=\"_ _2\"></span>ould lead to a classification of financial<span class=\"_ _421\"> </span> </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs1d0\">assets that would result in an accounting mismatch with the corresponding liabilities.<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls42 ws44 gs1d1\">The group has accordingly classified all financial assets held f<span class=\"_ _2\"></span>or inv<span class=\"_ _2\"></span>estment purposes and derivative financial instr<span class=\"_ _2\"></span>uments as FVTPL either mandatorily as a result of<span class=\"_ _421\"> </span> </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws79 gs1d2\">the business model and <span class=\"_ _2\"></span>SPPI tests or has designated as FVTPL as permitted b<span class=\"_ _2\"></span>y the \u2018fair value <span class=\"_ _2\"></span>option<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>. <span class=\"_ _0\"></span>The f<span class=\"_ _2\"></span>air values <span class=\"_ _2\"></span>of financial assets quoted in an active mark<span class=\"_ _2\"></span>et<span class=\"_ _421\"> </span> </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs1d3\">are their bid prices at the balance sheet date.<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls22 ws72 gs1d4\">Asset groups to which the f<span class=\"_ _2\"></span>air value option has been applied are debt securities, the mortgage loan portf<span class=\"_ _2\"></span>olio and cash and cash equiv<span class=\"_ _2\"></span>alents. <span class=\"_ _0\"></span>The present value <span class=\"_ _2\"></span>of<span class=\"_ _421\"> </span> </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls42 ws11e gs1d5\">the insurance liabilities associated with the mortgage loan and debt securities are strongly dependent on discount rates sourced from mark<span class=\"_ _2\"></span>et data and therefore<span class=\"_ _421\"> </span> <span class=\"_ _19\"></span><span class=\"ls2 ws2\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs1d6\">a classification of <span class=\"_ _2\"></span>AC for these assets w<span class=\"_ _2\"></span>ould lead to a large mismatch with the insurance liability<span class=\"_ _a\"></span>.<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs1d7\">Inv<span class=\"_ _2\"></span>estments in subsidiaries are carried in the Company B<span class=\"_ _2\"></span>alance <span class=\"_ _2\"></span>Sheet at cost less impairment and all short-term receivables are classified as <span class=\"_ _2\"></span>AC.<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls68 ws48 gs1d8\">Financial assets are derecognised when contractual rights to receive cash flo<span class=\"_ _2\"></span>ws from the financial assets e<span class=\"_ _2\"></span>xpire, or where the financial assets hav<span class=\"_ _2\"></span>e been transf<span class=\"_ _2\"></span>erred<span class=\"_ _421\"> </span> </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs1d9\">together with substantially all the risks and rew<span class=\"_ _2\"></span>ards of o<span class=\"_ _2\"></span>wnership.<span class=\"_ _421\"> </span></div><div class=\"t m0 h40 ff69 fsd fc1 sc0 ls2 ws2 gs1da\">Financial liabilities<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls42 wsd6 gs1db\"> <span class=\"_ _68\"></span>\u2018Investment contract liabilities<span class=\"_ _a\"></span>\u2019 and \u2018Liabilities relating to policyholder funds held by the group\u2019 are designated as FVTPL, since the liabilities are managed together<span class=\"_ _421\"> </span> </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws86 gs1dc\">with the inv<span class=\"_ _2\"></span>estment assets on a f<span class=\"_ _2\"></span>air value basis as part of the documented risk management strategy<span class=\"_ _0\"></span>. Purchases and sales of \u2018regular w<span class=\"_ _2\"></span>ay\u2019 financial assets are<span class=\"_ _421\"> </span> </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs1dd\">recognised on the trade date, which is when the group commits to purchase, <span class=\"_ _2\"></span>or sell, the assets.<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs1de\">Borro<span class=\"_ _2\"></span>wings and short-term pay<span class=\"_ _2\"></span>ables are classified as AC.<span class=\"_ _421\"> </span></div>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
    "language": "en",
    "entity": "scheme:213800VFRMBRTSZ3SJ06",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-16": {
   "value": "(k) <span class=\"_ _3\"></span>Financial investments,<span class=\"_ _2\"></span> assets and liabilities<span class=\"_ _421\"> </span>The f<span class=\"_ _2\"></span>air values reflect mark<span class=\"_ _2\"></span>et values at the balance sheet date, being the estimated amount f<span class=\"_ _2\"></span>or which a property could be e<span class=\"_ _2\"></span>xchanged on the date <span class=\"_ _2\"></span>of valuation<span class=\"_ _421\"> </span>between a willing bu<span class=\"_ _2\"></span>yer and a willing seller in an arm\u2019<span class=\"_ _0\"></span>s length transaction after proper marketing wherein the parties had each acted kno<span class=\"_ _2\"></span>wledgeably<span class=\"_ _a\"></span>, prudently<span class=\"_ _421\"> </span>and without compulsion.<span class=\"_ _421\"> </span>Any gain <span class=\"_ _2\"></span>or loss arising from a change in fair v<span class=\"_ _2\"></span>alue is recognised in the profit and loss. Rental income from inv<span class=\"_ _2\"></span>estment property is accounted for as described in<span class=\"_ _421\"> </span>Accounting P<span class=\"_ _a\"></span>olicy (l).<span class=\"_ _421\"> </span>IFRS 9 requires financial in<span class=\"_ _2\"></span>vestments to be classified into measurement categories using the \u2018business model\u2019 test and the \u2018solely payment <span class=\"_ _2\"></span>of principal and<span class=\"_ _421\"> </span>interest\u2019 test. <span class=\"_ _0\"></span>The measurement categories under IFR<span class=\"_ _2\"></span>S 9 are:<span class=\"_ _421\"> </span>(i) <span class=\"_ _79\"> </span>Amortised Cost (AC);<span class=\"_ _421\"> </span>(ii) <span class=\"_ _10\"> </span>Fair <span class=\"_ _0\"></span>Value <span class=\"_ _7\"></span>Through Other Comprehensive Income (FVOCI); and<span class=\"_ _421\"> </span>(iii)  Fair <span class=\"_ _0\"></span>V<span class=\"_ _2\"></span>alue <span class=\"_ _0\"></span>Through Profit <span class=\"_ _2\"></span>or Loss (FVTPL).<span class=\"_ _421\"> </span>IFRS 9 also permits the application <span class=\"_ _2\"></span>of a \u2018fair value <span class=\"_ _2\"></span>option<span class=\"_ _a\"></span>\u2019 whereby the outcome <span class=\"_ _2\"></span>of the business model and SPPI tests w<span class=\"_ _2\"></span>ould lead to a classification of financial<span class=\"_ _421\"> </span>assets that would result in an accounting mismatch with the corresponding liabilities.<span class=\"_ _421\"> </span>The group has accordingly classified all financial assets held f<span class=\"_ _2\"></span>or inv<span class=\"_ _2\"></span>estment purposes and derivative financial instr<span class=\"_ _2\"></span>uments as FVTPL either mandatorily as a result of<span class=\"_ _421\"> </span>the business model and <span class=\"_ _2\"></span>SPPI tests or has designated as FVTPL as permitted b<span class=\"_ _2\"></span>y the \u2018fair value <span class=\"_ _2\"></span>option<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>. <span class=\"_ _0\"></span>The f<span class=\"_ _2\"></span>air values <span class=\"_ _2\"></span>of financial assets quoted in an active mark<span class=\"_ _2\"></span>et<span class=\"_ _421\"> </span>are their bid prices at the balance sheet date.<span class=\"_ _421\"> </span>Asset groups to which the f<span class=\"_ _2\"></span>air value option has been applied are debt securities, the mortgage loan portf<span class=\"_ _2\"></span>olio and cash and cash equiv<span class=\"_ _2\"></span>alents. <span class=\"_ _0\"></span>The present value <span class=\"_ _2\"></span>of<span class=\"_ _421\"> </span>the insurance liabilities associated with the mortgage loan and debt securities are strongly dependent on discount rates sourced from mark<span class=\"_ _2\"></span>et data and therefore<span class=\"_ _421\"> </span>a classification of <span class=\"_ _2\"></span>AC for these assets w<span class=\"_ _2\"></span>ould lead to a large mismatch with the insurance liability<span class=\"_ _a\"></span>.<span class=\"_ _421\"> </span>Inv<span class=\"_ _2\"></span>estments in subsidiaries are carried in the Company B<span class=\"_ _2\"></span>alance <span class=\"_ _2\"></span>Sheet at cost less impairment and all short-term receivables are classified as <span class=\"_ _2\"></span>AC.<span class=\"_ _421\"> </span>Financial assets are derecognised when contractual rights to receive cash flo<span class=\"_ _2\"></span>ws from the financial assets e<span class=\"_ _2\"></span>xpire, or where the financial assets hav<span class=\"_ _2\"></span>e been transf<span class=\"_ _2\"></span>erred<span class=\"_ _421\"> </span>together with substantially all the risks and rew<span class=\"_ _2\"></span>ards of o<span class=\"_ _2\"></span>wnership.<span class=\"_ _421\"> </span>Financial liabilities<span class=\"_ _421\"> </span>\u2018Investment contract liabilities<span class=\"_ _a\"></span>\u2019 and \u2018Liabilities relating to policyholder funds held by the group\u2019 are designated as FVTPL, since the liabilities are managed together<span class=\"_ _421\"> </span>with the inv<span class=\"_ _2\"></span>estment assets on a f<span class=\"_ _2\"></span>air value basis as part of the documented risk management strategy<span class=\"_ _0\"></span>. Purchases and sales of \u2018regular w<span class=\"_ _2\"></span>ay\u2019 financial assets are<span class=\"_ _421\"> </span>recognised on the trade date, which is when the group commits to purchase, <span class=\"_ _2\"></span>or sell, the assets.<span class=\"_ _421\"> </span>Borro<span class=\"_ _2\"></span>wings and short-term pay<span class=\"_ _2\"></span>ables are classified as AC.<span class=\"_ _421\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
    "language": "en",
    "entity": "scheme:213800VFRMBRTSZ3SJ06",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-445": {
   "value": "Inv<span class=\"_ _2\"></span>estments in subsidiaries are carried in the Company B<span class=\"_ _2\"></span>alance <span class=\"_ _2\"></span>Sheet at cost less impairment and all short-term receivables are classified as <span class=\"_ _2\"></span>AC.<span class=\"_ _421\"> </span>Financial assets are derecognised when contractual rights to receive cash flo<span class=\"_ _2\"></span>ws from the financial assets e<span class=\"_ _2\"></span>xpire, or where the financial assets hav<span class=\"_ _2\"></span>e been transf<span class=\"_ _2\"></span>erred<span class=\"_ _421\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
    "language": "en",
    "entity": "scheme:213800VFRMBRTSZ3SJ06",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-425": {
   "value": "(l) <span class=\"_ _4\"></span>Impair<span class=\"_ _2\"></span>ment and Expected Cr<span class=\"_ _2\"></span>edit Loss pro<span class=\"_ _2\"></span>visioning<span class=\"_ _421\"> </span>IFRS 9 replaces the \u2018incurred loss<span class=\"_ _a\"></span>\u2019 model in IAS 39 with a forw<span class=\"_ _2\"></span>ard-looking Expected Credit Loss (ECL) model. <span class=\"_ _7\"></span>The new impairment model applies to financial assets measured at amortised cost, debt inv<span class=\"_ _2\"></span>estments at FVOCI and lease receivables.<span class=\"_ _421\"> </span>As stated abo<span class=\"_ _2\"></span>ve, for the group all financial assets held f<span class=\"_ _2\"></span>or inv<span class=\"_ _2\"></span>estment purposes are classified as FVTPL. Financial assets that are subject to ECL provisioning are limited to short-term receivables <span class=\"_ _2\"></span>only<span class=\"_ _a\"></span>. <span class=\"_ _0\"></span>The simplified approach under IFRS 9 has been applied in assessing full lif<span class=\"_ _a\"></span>etime loss provisions for these assets. Due to the short-term nature of these instr<span class=\"_ _2\"></span>uments and the minimal historical losses on these asset classes, the resulting provisions that w<span class=\"_ _2\"></span>ould be required are not considered to be material and therefore no pro<span class=\"_ _2\"></span>vision is made",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
    "language": "en",
    "entity": "scheme:213800VFRMBRTSZ3SJ06",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-19": {
   "value": "(l) <span class=\"_ _4\"></span>Impair<span class=\"_ _2\"></span>ment and Expected Cr<span class=\"_ _2\"></span>edit Loss pro<span class=\"_ _2\"></span>visioning<span class=\"_ _421\"> </span>IFRS 9 replaces the \u2018incurred loss<span class=\"_ _a\"></span>\u2019 model in IAS 39 with a forw<span class=\"_ _2\"></span>ard-looking Expected Credit Loss (ECL) model. <span class=\"_ _7\"></span>The new impairment model applies to financial assets measured at amortised cost, debt inv<span class=\"_ _2\"></span>estments at FVOCI and lease receivables.<span class=\"_ _421\"> </span>As stated abo<span class=\"_ _2\"></span>ve, for the group all financial assets held f<span class=\"_ _2\"></span>or inv<span class=\"_ _2\"></span>estment purposes are classified as FVTPL. Financial assets that are subject to ECL provisioning are limited to short-term receivables <span class=\"_ _2\"></span>only<span class=\"_ _a\"></span>. <span class=\"_ _0\"></span>The simplified approach under IFRS 9 has been applied in assessing full lif<span class=\"_ _a\"></span>etime loss provisions for these assets. Due to the short-term nature of these instr<span class=\"_ _2\"></span>uments and the minimal historical losses on these asset classes, the resulting provisions that w<span class=\"_ _2\"></span>ould be required are not considered to be material and therefore no pro<span class=\"_ _2\"></span>vision is made",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
    "language": "en",
    "entity": "scheme:213800VFRMBRTSZ3SJ06",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-23": {
   "value": "m) <span class=\"_ _4\"></span>P<span class=\"_ _2\"></span>olicyholders\u2019 funds held by the gr<span class=\"_ _2\"></span>oup and liabilities r<span class=\"_ _2\"></span>elating to policyholders\u2019 funds held by the gr<span class=\"_ _2\"></span>oup<span class=\"_ _421\"> </span>P<span class=\"_ _a\"></span>olicyholders\u2019 funds held by the group and liabilities relating to policyholders<span class=\"_ _a\"></span>\u2019 funds held by the group are recognised at fair v<span class=\"_ _2\"></span>alue.<span class=\"_ _421\"> </span>(i) <span class=\"_ _79\"> </span>Policyholders<span class=\"_ _a\"></span>\u2019 funds held by the group<span class=\"_ _421\"> </span>The policyholders<span class=\"_ _a\"></span>\u2019 funds held by the group represent the assets associated with an inv<span class=\"_ _2\"></span>estment product in the S<span class=\"_ _2\"></span>wedish business, where the assets are held on behalf of the policyholder and where all the risks and re<span class=\"_ _2\"></span>wards associated with the assets are the policyholders<span class=\"_ _2\"></span>\u2019 not the groups.<span class=\"_ _421\"> </span>The policyholders<span class=\"_ _a\"></span>\u2019 funds held by the group are held for in<span class=\"_ _2\"></span>vestment purposes on behalf <span class=\"_ _2\"></span>of the policyholders and are designated as at fair v<span class=\"_ _2\"></span>alue through profit or loss. <span class=\"_ _0\"></span>The f<span class=\"_ _2\"></span>air values <span class=\"_ _2\"></span>of the policyholders\u2019 funds held b<span class=\"_ _2\"></span>y the group are the accumulation of the bid prices <span class=\"_ _2\"></span>of the underlying assets at the balance sheet date. T<span class=\"_ _0\"></span>ransactions in these financial assets are recognised on the trade date, which is when the group commits (on behalf <span class=\"_ _2\"></span>of the policyholder) to purchase or sell the assets.<span class=\"_ _421\"> </span>(ii) <span class=\"_ _10\"> </span> <span class=\"_ _f\"></span>Liabilities relating to policyholders<span class=\"_ _2\"></span>\u2019 funds held by the group<span class=\"_ _421\"> </span>The liability relating to policyholders<span class=\"_ _a\"></span>\u2019 funds held by the group represents the liability that matches the asset policyholders\u2019 funds held b<span class=\"_ _2\"></span>y the group. A<span class=\"_ _2\"></span>s stated previously<span class=\"_ _0\"></span>, the risk and rewards associated with the in<span class=\"_ _2\"></span>vestment product (and its underlying assets and matching liability) lie with the policyholders, not <span class=\"_ _19\"></span><span class=\"ls2 ws2\"> </span>the group<span class=\"_ _421\"> </span>(i) <span class=\"_ _79\"> </span>Share capital<span class=\"_ _421\"> </span>Shares are classified as equity when there is no <span class=\"_ _2\"></span>obligation to transfer cash <span class=\"_ _2\"></span>or other assets. Incremental costs directly attributable to the issue <span class=\"_ _2\"></span>of equity<span class=\"_ _421\"> </span>instruments are sho<span class=\"_ _2\"></span>wn in equity as a deduction from the proceeds, net of tax. Incremental costs directly attributable to the issue <span class=\"_ _2\"></span>of equity instruments, as<span class=\"_ _421\"> </span>consideration for the acquisition <span class=\"_ _2\"></span>of a business, are included in the cost of acquisition.<span class=\"_ _421\"> </span><span class=\"_ _18\"> </span>E6 <span class=\"_ _4\"></span>Other assets<span class=\"_ _421\"> </span>31 December <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14b\"> </span>20<span class=\"_ _2\"></span>23  <span class=\"_ _14b\"> </span>2022 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Receivab<span class=\"_ _3\"></span>les arising from investment contract<span class=\"_ _3\"></span>s<span class=\"_ _421\"> </span>Reinsurers <span class=\"_ _3\"></span>share <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>accrued <span class=\"_ _3\"></span>policyholder <span class=\"_ _3\"></span>claims <span class=\"_ _14e\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _20b\"> </span>1.9  <span class=\"_ _10e\"> </span>0.9<span class=\"_ _421\"> </span>Receivables <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>rom <span class=\"_ _3\"></span>policyholders <span class=\"_ _231\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b1\"> </span>3.5  <span class=\"_ _1b1\"> </span>3.2<span class=\"_ _421\"> </span>Commission <span class=\"_ _3\"></span>receiv<span class=\"_ _2\"></span>ables <span class=\"_ _cd\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5a\"> </span>0.1  <span class=\"_ _5a\"> </span>0.1<span class=\"_ _421\"> </span>Sub-<span class=\"_ _3\"></span>total <span class=\"_ _102\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _10f\"> </span>5<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5  <span class=\"_ _12e\"> </span>4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2<span class=\"_ _421\"> </span>Other receivable<span class=\"_ _3\"></span>s<span class=\"_ _421\"> </span>Accrued <span class=\"_ _3\"></span>interest income <span class=\"_ _205\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b7\"> </span>10.2  <span class=\"_ _57\"> </span>8.5<span class=\"_ _421\"> </span>Receivables <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>rom <span class=\"_ _3\"></span>fund <span class=\"_ _3\"></span>management <span class=\"_ _4\"></span>companies <span class=\"_ _150\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b1\"> </span>3.<span class=\"_ _3\"></span>3  <span class=\"_ _5a\"> </span>1.4<span class=\"_ _421\"> </span>Pr<span class=\"_ _2\"></span>epayments <span class=\"_ _b6\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12e\"> </span>13.7  <span class=\"_ _10e\"> </span>8<span class=\"_ _3\"></span>.5<span class=\"_ _421\"> </span>Income <span class=\"_ _3\"></span>tax <span class=\"_ _3\"></span>balances <span class=\"_ _121\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _20a\"> </span>16.4  <span class=\"_ _57\"> </span>5.8<span class=\"_ _421\"> </span>Other <span class=\"_ _8b\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _10e\"> </span>8.6  <span class=\"_ _20a\"> </span>18.0<span class=\"_ _421\"> </span>Sub-<span class=\"_ _3\"></span>total <span class=\"_ _102\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _2d\"> </span>5<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.2  <span class=\"_ _11b\"> </span>42<span class=\"_ _3\"></span>.2<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5b\"> </span>57.<span class=\"_ _2\"></span>7  <span class=\"_ _44\"> </span>4<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4<span class=\"_ _421\"> </span>Curr<span class=\"_ _2\"></span>ent <span class=\"_ _1f4\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _c2\"> </span>54<span class=\"_ _3\"></span>.9  <span class=\"_ _5b\"> </span>45.6<span class=\"_ _421\"> </span>Non-current <span class=\"_ _1a9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _57\"> </span>2.<span class=\"_ _3\"></span>8  <span class=\"_ _fe\"> </span>0.8<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5b\"> </span>57.<span class=\"_ _2\"></span>7  <span class=\"_ _44\"> </span>4<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4<span class=\"_ _421\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory",
    "language": "en",
    "entity": "scheme:213800VFRMBRTSZ3SJ06",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-20": {
   "value": "(n) <span class=\"_ _3\"></span>Deriv<span class=\"_ _a\"></span>ative financial instr<span class=\"_ _2\"></span>uments<span class=\"_ _421\"> </span>Derivativ<span class=\"_ _2\"></span>e financial instruments are recognised at fair v<span class=\"_ _2\"></span>alue. <span class=\"_ _0\"></span>The gain <span class=\"_ _2\"></span>or loss on re-measurement to f<span class=\"_ _2\"></span>air value is recognised immediately in profit or loss. Hedge<span class=\"_ _421\"> </span>accounting has not been applied.<span class=\"_ _421\"> </span>The f<span class=\"_ _2\"></span>air value <span class=\"_ _2\"></span>of interest rate swaps is the estimated amount that the group w<span class=\"_ _2\"></span>ould receive <span class=\"_ _2\"></span>or pay to terminate the swap at the balance sheet date, taking into<span class=\"_ _421\"> </span>account current interest rates and the current creditw<span class=\"_ _2\"></span>orthiness of the swap counterparties. <span class=\"_ _7\"></span>The fair v<span class=\"_ _2\"></span>alue of f<span class=\"_ _2\"></span>orward e<span class=\"_ _2\"></span>xchange contracts is their quoted mark<span class=\"_ _2\"></span>e<span class=\"_ _421\"> </span>price at the balance sheet date, being the present value <span class=\"_ _2\"></span>of the quoted forward price.<span class=\"_ _421\"> </span>Embedded derivativ<span class=\"_ _2\"></span>es which are not closely related to their host contracts, and which meet the definition of a derivativ<span class=\"_ _2\"></span>e are separated and fair v<span class=\"_ _2\"></span>alued through<span class=\"_ _421\"> </span>profit or loss.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
    "language": "en",
    "entity": "scheme:213800VFRMBRTSZ3SJ06",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-21": {
   "value": "<span class=\"_ _e\"> </span>(o) <span class=\"_ _3\"></span>Other assets <span class=\"_ _49\"></span>\u2018<span class=\"_ _2\"></span>Other assets<span class=\"_ _2\"></span>\u2019 comprise receivables arising from inv<span class=\"_ _2\"></span>estment contracts and other receiv<span class=\"_ _2\"></span>ables such as accrued interest, receivables from fund management companies and income tax balances. Financial assets classified as \u2018<span class=\"_ _a\"></span>other assets\u2019 are stated at amortised cost less impairment losses. <span class=\"_ _a\"></span>A provision for the impairment of loans and receivables is <span class=\"_ _2\"></span>established when there is objective <span class=\"_ _2\"></span>evidence that the group will not be able to collect all the amounts due according to the <span class=\"_ _2\"></span>original contract terms after the date of the initial recognition <span class=\"_ _2\"></span>of the asset and when the impact on the estimated cash flo<span class=\"_ _2\"></span>ws of the financial asset can be reliably measured.<span class=\"_ _421\"> </span>Prepa<span class=\"_ _2\"></span>yments are held at cost and are amortised o<span class=\"_ _2\"></span>ver the relev<span class=\"_ _2\"></span>ant time period.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
    "language": "en",
    "entity": "scheme:213800VFRMBRTSZ3SJ06",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-24": {
   "value": "<span class=\"_ _e\"> </span>(p) <span class=\"_ _3\"></span>Cash and cash equivalents<span class=\"_ _421\"> </span>Cash and cash equiv<span class=\"_ _2\"></span>alents include cash in hand, deposits held at call with banks and other short-term highly liquid inv<span class=\"_ _2\"></span>estments. Highly liquid is defined as having <span class=\"_ _19\"></span><span class=\"ls2 ws2\"> </span>a short maturity of 3 months <span class=\"_ _2\"></span>or less at their acquisition. Operating activities cash flows include loans and financial in<span class=\"_ _2\"></span>vestments. <span class=\"_ _0\"></span>T<span class=\"_ _2\"></span>he purchases are funded from cash flows associated with the origination <span class=\"_ _2\"></span>of insurance and inv<span class=\"_ _2\"></span>estment contracts, net of pa<span class=\"_ _2\"></span>yments of related benefits and claims. <span class=\"_ _0\"></span>This is due to the cash receipts and pa<span class=\"_ _2\"></span>yments made on behalf <span class=\"_ _2\"></span>of the customers for which their funds are held by the <span class=\"_ _2\"></span>entity<span class=\"_ _a\"></span>. Dividends and interest received from the financial inv<span class=\"_ _2\"></span>estments are captured within the operating activities.<span class=\"_ _421\"> </span>Inv<span class=\"_ _2\"></span>esting activities cash flows include cash payments to acquire property<span class=\"_ _0\"></span>, plant and equipment, intangibles, and other long-term assets. <span class=\"_ _7\"></span>These payments include those relating to capitalised dev<span class=\"_ _2\"></span>elopment costs.<span class=\"_ _421\"> </span>Financing activities cash flows include cash proceeds from issuing share capital, cash pa<span class=\"_ _2\"></span>yments to o<span class=\"_ _2\"></span>wners to acquire or redeem the entity\u2019<span class=\"_ _0\"></span>s shares, cash repayments <span class=\"_ _2\"></span>of amounts borrow<span class=\"_ _2\"></span>ed, cash payments b<span class=\"_ _2\"></span>y a lessee for the reduction of the <span class=\"_ _2\"></span>outstanding liability relating to a finance lease, dividends paid out to shareholders, and interest paid on the borro<span class=\"_ _2\"></span>wings. <span class=\"_ _18\"> </span>E7 <span class=\"_ _4\"></span>Cash and cash equiv<span class=\"_ _2\"></span>alents<span class=\"_ _421\"> </span>31 December <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14b\"> </span>20<span class=\"_ _2\"></span>23  <span class=\"_ _14b\"> </span>2022 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Bank <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>cash <span class=\"_ _4\"></span>balances <span class=\"_ _d1\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _11b\"> </span>135.<span class=\"_ _2\"></span>7  <span class=\"_ _14b\"> </span>144<span class=\"_ _3\"></span>.7<span class=\"_ _421\"> </span>Call <span class=\"_ _3\"></span>deposits <span class=\"_ _3\"></span>due <span class=\"_ _3\"></span>within <span class=\"_ _4\"></span>1 <span class=\"_ _3\"></span>month <span class=\"_ _109\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _14e\"> </span>59.9<span class=\"_ _421\"> </span>Call <span class=\"_ _3\"></span>deposits <span class=\"_ _3\"></span>due <span class=\"_ _3\"></span>after <span class=\"_ _3\"></span>1 <span class=\"_ _3\"></span>m<span class=\"_ _3\"></span>onth <span class=\"_ _164\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b7\"> </span>10.3  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ash <span class=\"_ _4\"></span>an<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ash <span class=\"_ _4\"></span>eq<span class=\"_ _3\"></span>uiv<span class=\"_ _3\"></span>alen<span class=\"_ _3\"></span>ts <span class=\"_ _232\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _42\"> </span>1<span class=\"_ _3\"></span>46<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>0  <span class=\"_ _2a\"> </span>2<span class=\"_ _3\"></span>04<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>6<span class=\"_ _421\"> </span>Bank <span class=\"_ _3\"></span>overdr<span class=\"_ _2\"></span>afts <span class=\"_ _172\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b7\"> </span>(0.2 <span class=\"_ _0\"></span>) <span class=\"_ _15b\"> </span>\u2013<span class=\"_ _421\"> </span>Ca<span class=\"_ _3\"></span>sh and c<span class=\"_ _3\"></span>as<span class=\"_ _3\"></span>h equ<span class=\"_ _3\"></span>ival<span class=\"_ _3\"></span>ent<span class=\"_ _3\"></span>s in th<span class=\"_ _3\"></span>e stat<span class=\"_ _3\"></span>eme<span class=\"_ _3\"></span>nt of c<span class=\"_ _3\"></span>ash fl<span class=\"_ _3\"></span>ows <span class=\"_ _99\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _119\"> </span>14<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8 <span class=\"_ _a\"></span> <span class=\"_ _112\"> </span>20<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>.6<span class=\"_ _421\"> </span>Short-term bank deposits are subject to a combination of fix<span class=\"_ _2\"></span>ed and variable interest rates, with an a<span class=\"_ _2\"></span>verage maturity of 1 <span class=\"_ _7\"></span>day (2022: <span class=\"_ _0\"></span>1<span class=\"_ _31\"></span> <span class=\"_ _3\"></span>day). All deposits included in cash and cash equiv<span class=\"_ _2\"></span>alents were due to mature within <span class=\"_ _a\"></span>1 <span class=\"_ _a\"></span>month of their acquisition. <span class=\"_ _2\"></span>All balances are current and av<span class=\"_ _2\"></span>ailable on demand.<span class=\"_ _421\"> </span>Included in cash and cash equiv<span class=\"_ _2\"></span>alents held by the group are balances totalling \u00a352.6m (2022: \u00a38<span class=\"_ _a\"></span>1<span class=\"_ _0\"></span>.6m) held in unit-linked policyholders<span class=\"_ _a\"></span>\u2019 funds.<span class=\"_ _421\"> </span>31 December <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _123\"> </span>Foreign  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _17d\"> </span>exc<span class=\"_ _3\"></span>han<span class=\"_ _3\"></span>ge  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1f9\"> </span>1 <span class=\"_ _3\"></span>Januar<span class=\"_ _3\"></span>y  <span class=\"_ _7f\"> </span>Financing  <span class=\"_ _15d\"> </span>translation  <span class=\"_ _3e\"> </span>Other  <span class=\"_ _79\"> </span>3<span class=\"_ _3\"></span>1 <span class=\"_ _3\"></span>Dec<span class=\"_ _3\"></span>ember <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14b\"> </span>202<span class=\"_ _3\"></span>3  <span class=\"_ _ef\"> </span>c<span class=\"_ _3\"></span>ash <span class=\"_ _4\"></span>flow<span class=\"_ _3\"></span>s  <span class=\"_ _8\"> </span>dif<span class=\"_ _3\"></span>fer<span class=\"_ _3\"></span>ences  <span class=\"_ _14d\"> </span>ch<span class=\"_ _3\"></span>ange<span class=\"_ _3\"></span>s <span class=\"_ _3\"></span>(<span class=\"_ _3\"></span>ii <span class=\"_ _7\"></span>) <span class=\"_ _e7\"> </span>20<span class=\"_ _3\"></span>23 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m<span class=\"_ _421\"> </span>Tier <span class=\"_ _3\"></span>2 <span class=\"_ _3\"></span>debt <span class=\"_ _218\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _15c\"> </span>200.4  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _57\"> </span>0.2  <span class=\"_ _15c\"> </span>200.6<span class=\"_ _421\"> </span>Financial <span class=\"_ _3\"></span>reinsurance <span class=\"_ _3\"></span> <span class=\"_ _1a8\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1a1\"> </span>9.6  <span class=\"_ _165\"> </span>(3.9 <span class=\"_ _0\"></span>) <span class=\"_ _5b\"> </span>(0.4 <span class=\"_ _7\"></span>) <span class=\"_ _97\"> </span>\u2013  <span class=\"_ _1a1\"> </span>5.3<span class=\"_ _421\"> </span>Lease <span class=\"_ _3\"></span>liabilities <span class=\"_ _1b5\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _56\"> </span>1.<span class=\"_ _3\"></span>2  <span class=\"_ _12b\"> </span>(0.6 <span class=\"_ _7\"></span>) <span class=\"_ _12e\"> </span>(0.1 <span class=\"_ _7\"></span>) <span class=\"_ _179\"> </span>0.7  <span class=\"_ _5a\"> </span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _150\"> </span>2<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2  <span class=\"_ _114\"> </span>(4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5 <span class=\"_ _7\"></span>) <span class=\"_ _f0\"> </span>(0<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5 <span class=\"_ _7\"></span>) <span class=\"_ _12b\"> </span>0<span class=\"_ _3\"></span>.9  <span class=\"_ _46\"> </span>2<span class=\"_ _3\"></span>07.1<span class=\"_ _421\"> </span>31 December <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _123\"> </span>Foreign  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _17d\"> </span>exc<span class=\"_ _3\"></span>han<span class=\"_ _3\"></span>ge  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1f9\"> </span>1 <span class=\"_ _3\"></span>Januar<span class=\"_ _3\"></span>y  <span class=\"_ _7f\"> </span>Financing  <span class=\"_ _15d\"> </span>translation  <span class=\"_ _3e\"> </span>Other  <span class=\"_ _79\"> </span>3<span class=\"_ _3\"></span>1 <span class=\"_ _3\"></span>Dec<span class=\"_ _3\"></span>ember <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14b\"> </span>20<span class=\"_ _3\"></span>22  <span class=\"_ _ef\"> </span>c<span class=\"_ _3\"></span>ash <span class=\"_ _4\"></span>flow<span class=\"_ _3\"></span>s  <span class=\"_ _8\"> </span>dif<span class=\"_ _3\"></span>fe<span class=\"_ _3\"></span>rence<span class=\"_ _3\"></span>s  <span class=\"_ _15d\"> </span>cha<span class=\"_ _3\"></span>nge<span class=\"_ _3\"></span>s <span class=\"_ _3\"></span>(<span class=\"_ _3\"></span>ii <span class=\"_ _7\"></span>) <span class=\"_ _e7\"> </span>20<span class=\"_ _3\"></span>22 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m<span class=\"_ _421\"> </span>Tier <span class=\"_ _3\"></span>2 <span class=\"_ _3\"></span>debt <span class=\"_ _218\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _29\"> </span>200.0  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _fe\"> </span>0.4  <span class=\"_ _29\"> </span>200.4<span class=\"_ _421\"> </span>Bank <span class=\"_ _3\"></span>loan <span class=\"_ _3\"></span>(i) <span class=\"_ _1a9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>3<span class=\"_ _3\"></span>1.3  <span class=\"_ _5b\"> </span>(31.2 <span class=\"_ _0\"></span>) <span class=\"_ _12e\"> </span>(0.<span class=\"_ _2\"></span>1 <span class=\"_ _7\"></span>) <span class=\"_ _97\"> </span>\u2013  <span class=\"_ _e9\"> </span>\u2013<span class=\"_ _421\"> </span>Financial <span class=\"_ _3\"></span>reinsurance <span class=\"_ _1c5\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _165\"> </span>15.9  <span class=\"_ _12b\"> </span>(6<span class=\"_ _3\"></span>.0 <span class=\"_ _7\"></span>) <span class=\"_ _14e\"> </span>(0.3 <span class=\"_ _0\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _57\"> </span>9.6<span class=\"_ _421\"> </span>Lease <span class=\"_ _3\"></span>liabilities <span class=\"_ _1b5\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _57\"> </span>2.0  <span class=\"_ _1b7\"> </span>(0.3 <span class=\"_ _0\"></span>) <span class=\"_ _14e\"> </span>(0.5 <span class=\"_ _0\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _56\"> </span>1.2<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _7b\"> </span>4<span class=\"_ _3\"></span>9.<span class=\"_ _3\"></span>2  <span class=\"_ _e7\"> </span>1<span class=\"_ _3\"></span>62<span class=\"_ _4\"></span>.<span class=\"_ _3\"></span>5  <span class=\"_ _5b\"> </span>(<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>9 <span class=\"_ _7\"></span>) <span class=\"_ _20a\"> </span>0.<span class=\"_ _3\"></span>4  <span class=\"_ _150\"> </span>2<span class=\"_ _3\"></span>1<span class=\"_ _4\"></span>1.<span class=\"_ _4\"></span>2<span class=\"_ _421\"> </span>(i) <span class=\"_ _3d\"> </span> <span class=\"_ _19\"></span>The cash flows from bank loans and <span class=\"_ _2\"></span>other borrowings mak<span class=\"_ _2\"></span>e up the net amount of proceeds from borro<span class=\"_ _2\"></span>wings and repayments <span class=\"_ _2\"></span>of borrowings in the cash<span class=\"_ _2\"></span> flow statement.<span class=\"_ _421\"> </span>(ii) <span class=\"_ _10\"> </span>Other changes include interest accruals and payments",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
    "language": "en",
    "entity": "scheme:213800VFRMBRTSZ3SJ06",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-22": {
   "value": "q) <span class=\"_ _3\"></span>Other pro<span class=\"_ _2\"></span>visions<span class=\"_ _421\"> </span>Pro<span class=\"_ _2\"></span>visions are recognised when the group has a present, legal or constructiv<span class=\"_ _2\"></span>e obligation as a result <span class=\"_ _2\"></span>of past e<span class=\"_ _2\"></span>vents such that it is probable that an outflo<span class=\"_ _2\"></span>w of economic benefits will be required to settle the obligation and a reliable <span class=\"_ _2\"></span>estimate of the amount of the <span class=\"_ _2\"></span>obligation can be made. <span class=\"_ _0\"></span>Where the eff<span class=\"_ _2\"></span>ect of the time<span class=\"_ _2\"></span> value <span class=\"_ _2\"></span>of money is material, the amount <span class=\"_ _2\"></span>of the provision is the present value <span class=\"_ _2\"></span>of the e<span class=\"_ _2\"></span>xpenditure e<span class=\"_ _2\"></span>xpected to be required to settle the obligation. <span class=\"_ _0\"></span>The group<span class=\"_ _2\"></span> recognises provisions f<span class=\"_ _2\"></span>or onerous contracts when the <span class=\"_ _2\"></span>expected benefits to be deriv<span class=\"_ _2\"></span>ed from a contract are less than the unavoidable costs <span class=\"_ _2\"></span>of meeting the obligations under the contract.<span class=\"_ _421\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
    "language": "en",
    "entity": "scheme:213800VFRMBRTSZ3SJ06",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-26": {
   "value": "<span class=\"_ _14c\"> </span>(r) <span class=\"_ _4\"></span>Lease contract liabilities The group assesses whether a contract is <span class=\"_ _2\"></span>or contains a lease, at inception of the contract. <span class=\"_ _0\"></span>The group recognises a right-of-use asset and a cor<span class=\"_ _2\"></span>responding lease liability with respect to all lease arrangements in which it is the lessee, e<span class=\"_ _2\"></span>xcept f<span class=\"_ _2\"></span>or short-term leases (defined as leases with a lease term of 1<span class=\"_ _a\"></span>2 months or less) and leases of lo<span class=\"_ _2\"></span>w value assets (such as tablets and personal computers, small items <span class=\"_ _2\"></span>of office furniture and telephones). F<span class=\"_ _2\"></span>or these leases, the group recognises the lease payments as an <span class=\"_ _2\"></span>operating expense <span class=\"_ _2\"></span>on a straight-line basis o<span class=\"_ _2\"></span>ver the term <span class=\"_ _2\"></span>of the lease unless another systematic basis is more representative <span class=\"_ _2\"></span>of the time pattern in which economic benefits from the leased assets are consumed.<span class=\"_ _421\"> </span>The lease liability is initially measured at the present v<span class=\"_ _2\"></span>alue of the lease payments that are not paid at the commencement date, discounted b<span class=\"_ _2\"></span>y using the rate implicit in the lease. If this rate cannot be readily determined, the group uses its incremental borrowing rate. L<span class=\"_ _2\"></span>ease payments included in the measurement <span class=\"_ _2\"></span>of the lease liability comprise: <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>Fixed lease pa<span class=\"_ _2\"></span>yments <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>V<span class=\"_ _a\"></span>ariable lease payments  <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>The amount <span class=\"_ _2\"></span>expected to be pa<span class=\"_ _2\"></span>yable by the lessee under residual v<span class=\"_ _2\"></span>alue guarantees <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _5\"> </span>T<span class=\"_ _2\"></span>he ex<span class=\"_ _2\"></span>ercise <span class=\"_ _3\"></span>price of purchase options <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>The pa<span class=\"_ _2\"></span>yments of penalties f<span class=\"_ _2\"></span>or terminating the lease, if the lease term reflects the ex<span class=\"_ _2\"></span>ercise of an <span class=\"_ _2\"></span>option to terminate the lease<span class=\"_ _421\"> </span>The lease liability is presented as a separate line in the Consolidated B<span class=\"_ _2\"></span>alance Sheet. The lease liability is subsequently measured b<span class=\"_ _2\"></span>y increasing the carrying amount to reflect interest on the lease liability (using the <span class=\"_ _2\"></span>effectiv<span class=\"_ _2\"></span>e interest method) and by reducing the carrying amount to reflect the lease payments made.<span class=\"_ _421\"> </span>The group re-measures the lease liability (and mak<span class=\"_ _2\"></span>es a corresponding adjustment to the related right-of-use asset) whenev<span class=\"_ _2\"></span>er: <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>The lease term has changed <span class=\"_ _2\"></span>or there is a change in the assessment of e<span class=\"_ _2\"></span>xercise <span class=\"_ _2\"></span>of a purchase option, in which case the lease liability is re-measured by discounting the revised lease pa<span class=\"_ _2\"></span>yments using a revised discount rate. <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>The lease pa<span class=\"_ _2\"></span>yments change due to changes in an index rate <span class=\"_ _2\"></span>or a change in e<span class=\"_ _2\"></span>xpected payment under a guaranteed residual v<span class=\"_ _2\"></span>alue, in which cases the lease liability is re-measured by discounting the re<span class=\"_ _2\"></span>vised 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).  <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>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 b<span class=\"_ _2\"></span>y discounting the revised lease pa<span class=\"_ _2\"></span>yments using a revised discount rate. The group did not mak<span class=\"_ _2\"></span>e any such adjustments during the periods presented. The right-of-use assets comprise the initial measurement <span class=\"_ _2\"></span>of the corresponding lease liability<span class=\"_ _a\"></span>, lease payments made at or bef<span class=\"_ _2\"></span>ore the commencement day and an<span class=\"_ _2\"></span>y initial direct costs. <span class=\"_ _0\"></span>The<span class=\"_ _2\"></span>y are subsequently measured at cost less accumulated depreciation and impairment losses. The right-of-use assets are depreciated <span class=\"_ _2\"></span>ov<span class=\"_ _2\"></span>er the shorter of the lease term and the useful lif<span class=\"_ _2\"></span>e of the underlying asset. If a lease transf<span class=\"_ _a\"></span>ers ownership <span class=\"_ _2\"></span>of the underlying asset or the cost <span class=\"_ _2\"></span>of the right-of-use asset reflects that the group expects to <span class=\"_ _2\"></span>ex<span class=\"_ _2\"></span>ercise a purchase option, the related right-of-use asset is depreciated <span class=\"_ _2\"></span>over the useful lif<span class=\"_ _2\"></span>e of the underlying asset. <span class=\"_ _0\"></span>T<span class=\"_ _2\"></span>he depreciation starts at the commencement date of the lease. <span class=\"_ _0\"></span>The group does not ha<span class=\"_ _2\"></span>ve an<span class=\"_ _2\"></span>y leases that include purchase options or transf<span class=\"_ _2\"></span>er o<span class=\"_ _2\"></span>wnership of the underlying asset. <span class=\"_ _0\"></span>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 w<span class=\"_ _2\"></span>ere o<span class=\"_ _2\"></span>wned. For the group this is \u2018P<span class=\"_ _2\"></span>roperty and Equipment\u2019<span class=\"_ _0\"></span>. F<span class=\"_ _2\"></span>or short-term leases (lease of than 1<span class=\"_ _a\"></span>2 months or less) and leases of lo<span class=\"_ _2\"></span>w<span class=\"_ _2\"></span>-value assets (such as personal computers and office furnit<span class=\"_ _2\"></span>ure) the group has opted to recognise a lease e<span class=\"_ _2\"></span>xpense on a straight-line basis as permitted b<span class=\"_ _2\"></span>y IFRS 1<span class=\"_ _a\"></span>6. <span class=\"_ _0\"></span>This e<span class=\"_ _2\"></span>xpense is presented within \u2018Other operating e<span class=\"_ _2\"></span>xpenses<span class=\"_ _2\"></span>\u2019 in the Consolidated Income Statement. As a practical <span class=\"_ _2\"></span>expedient, IFRS 1<span class=\"_ _a\"></span>6 permits a lessee not to separate non-lease components, and instead account for an<span class=\"_ _2\"></span>y lease and associated non-lease components as a single arrangement. <span class=\"_ _0\"></span>The group has not used this practical <span class=\"_ _2\"></span>expedient.<span class=\"_ _421\"> </span>The groups<span class=\"_ _a\"></span>\u2019 weighted av<span class=\"_ _2\"></span>erage incremental borrowing rate applied to lease liabilities during 2022 is 5.2% f<span class=\"_ _2\"></span>or the UK division, 2.8% or the <span class=\"_ _2\"></span>Sw<span class=\"_ _2\"></span>edish division and 2.0% for the Dutch division",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
    "language": "en",
    "entity": "scheme:213800VFRMBRTSZ3SJ06",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-25": {
   "value": " <span class=\"_ _e\"> </span>(s) Borr<span class=\"_ _2\"></span>owings<span class=\"_ _421\"> </span>Borro<span class=\"_ _2\"></span>wings are recognised initially at fair v<span class=\"_ _2\"></span>alue, less transaction costs, and are subsequently measured at amortised cost using the eff<span class=\"_ _2\"></span>ective interest rate method,<span class=\"_ _421\"> </span>with interest e<span class=\"_ _2\"></span>xpense recognised in the Consolidated <span class=\"_ _2\"></span>Statement of Comprehensive Income <span class=\"_ _2\"></span>on an eff<span class=\"_ _a\"></span>ective <span class=\"_ _a\"></span>yield basis. <span class=\"_ _0\"></span>The eff<span class=\"_ _a\"></span>ective interest rate method is a<span class=\"_ _421\"> </span>method of calculating the amortised cost <span class=\"_ _2\"></span>of a financial liability and of allocating interest e<span class=\"_ _2\"></span>xpense o<span class=\"_ _2\"></span>ver the rele<span class=\"_ _2\"></span>vant period. <span class=\"_ _0\"></span>The <span class=\"_ _2\"></span>eff<span class=\"_ _2\"></span>ective interest rate is the rate<span class=\"_ _421\"> </span>that e<span class=\"_ _2\"></span>xactly discounts future cash payments through the <span class=\"_ _2\"></span>expected lif<span class=\"_ _2\"></span>e of the financial liability<span class=\"_ _0\"></span>.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
    "language": "en",
    "entity": "scheme:213800VFRMBRTSZ3SJ06",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-27": {
   "value": "<span class=\"_ _e\"> </span>(u) <span class=\"_ _3\"></span>Other curr<span class=\"_ _a\"></span>ent liabilities <span class=\"_ _68\"></span>\u2018Other current liabilities,<span class=\"_ _7\"></span>\u2019 comprising investment contract pa<span class=\"_ _2\"></span>yables and <span class=\"_ _2\"></span>other pay<span class=\"_ _2\"></span>ables, are recognised when due and are measured on initial recognition at the fair value <span class=\"_ _2\"></span>of the consideration paid. Current liabilities in respect of insurance contracts are reported as part <span class=\"_ _2\"></span>of the Liability for Incurred Claims.<span class=\"_ _421\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
    "language": "en",
    "entity": "scheme:213800VFRMBRTSZ3SJ06",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-29": {
   "value": " (v) <span class=\"_ _3\"></span>Employee benefits<span class=\"_ _421\"> </span>(i) <span class=\"_ _12\"> </span>P<span class=\"_ _2\"></span>ension obligations<span class=\"_ _421\"> </span>UK businesses<span class=\"_ _421\"> </span>Group companies operate defined contribution pension schemes, which are funded through pa<span class=\"_ _2\"></span>yments to insurance companies, to which group companies pay fix<span class=\"_ _2\"></span>ed contributions. <span class=\"_ _0\"></span>There are no legal <span class=\"_ _2\"></span>or constructive <span class=\"_ _2\"></span>obligations on group companies to pay further contributions if the fund does not hold sufficient assets to pay <span class=\"_ _2\"></span>employ<span class=\"_ _2\"></span>ee benefits relating to service in current and prior periods. A<span class=\"_ _2\"></span>ccordingly<span class=\"_ _a\"></span>, group companies have no further pa<span class=\"_ _2\"></span>yment obligations <span class=\"_ _2\"></span>once the contributions hav<span class=\"_ _2\"></span>e been paid. Contributions to defined contribution pension schemes are recognised in the Consolidated Statement <span class=\"_ _2\"></span>of Comprehensive Income when due.<span class=\"_ _421\"> </span>Sw<span class=\"_ _2\"></span>edish business<span class=\"_ _421\"> </span>The group participates in a combined defined benefit and defined contribution scheme f<span class=\"_ _2\"></span>or the benefit of its emplo<span class=\"_ _2\"></span>yees. Ho<span class=\"_ _2\"></span>we<span class=\"_ _2\"></span>ver<span class=\"_ _a\"></span>, the <span class=\"_ _2\"></span>Scheme is a multi-<span class=\"_ _421\"> </span>emplo<span class=\"_ _2\"></span>yer<span class=\"_ _2\"></span> scheme, with the associated assets and liabilities maintained on a pooled basis. <span class=\"_ _0\"></span>There is limited inf<span class=\"_ _2\"></span>ormation av<span class=\"_ _2\"></span>ailable to the group to allow it to account for the <span class=\"_ _a\"></span>Scheme as a defined benefit scheme and, in accordance with IAS 1<span class=\"_ _2\"></span>9 Employ<span class=\"_ _2\"></span>ee Benefits, it is, theref<span class=\"_ _2\"></span>ore, accounted for as a defined contribution scheme. Contributions paid to the <span class=\"_ _2\"></span>Scheme are recognised in the Consolidated Statement <span class=\"_ _2\"></span>of Comprehensive Income when due.<span class=\"_ _421\"> </span>Dutc<span class=\"_ _2\"></span>h business (W<span class=\"_ _2\"></span>aard)<span class=\"_ _421\"> </span>Group companies operate defined contribution pension schemes, which are funded through pa<span class=\"_ _2\"></span>yments to insurance companies, to which group companies pay fix<span class=\"_ _2\"></span>ed contributions. <span class=\"_ _0\"></span>There are no legal <span class=\"_ _2\"></span>or constructive <span class=\"_ _2\"></span>obligations on group companies to pay further contributions if the fund does not hold sufficient assets to pay <span class=\"_ _2\"></span>employ<span class=\"_ _2\"></span>ee benefits relating to service in current and prior periods. A<span class=\"_ _2\"></span>ccordingly<span class=\"_ _a\"></span>, group companies have no further pa<span class=\"_ _2\"></span>yment obligations <span class=\"_ _2\"></span>once the contributions hav<span class=\"_ _2\"></span>e been paid. Contributions to defined contribution pension schemes are recognised in the Consolidated Statement <span class=\"_ _2\"></span>of Comprehensive Income when due.<span class=\"_ _421\"> </span>As a result <span class=\"_ _2\"></span>of the Conservatrix acquisition, <span class=\"_ _0\"></span>W<span class=\"_ _2\"></span>aard Le<span class=\"_ _2\"></span>ven assumed the obligations under a defined benefit pension scheme f<span class=\"_ _2\"></span>or a small number of f<span class=\"_ _2\"></span>ormer Conservatrix <span class=\"_ _2\"></span>employ<span class=\"_ _2\"></span>ees. <span class=\"_ _0\"></span>This scheme is closed to new <span class=\"_ _2\"></span>entrants with no further benefits accruing and as such the <span class=\"_ _2\"></span>exposure f<span class=\"_ _2\"></span>or <span class=\"_ _0\"></span>Waard L<span class=\"_ _2\"></span>ev<span class=\"_ _2\"></span>en is limited to the longevity risk <span class=\"_ _2\"></span>of the contracts. <span class=\"_ _0\"></span>The liability is v<span class=\"_ _2\"></span>alued under IAS 1<span class=\"_ _a\"></span>9 and reported under \u2018Other provisions<span class=\"_ _2\"></span>\u2019 in the balance sheet.<span class=\"_ _421\"> </span>Dutc<span class=\"_ _2\"></span>h business (Scildon)<span class=\"_ _421\"> </span>Scildon had a defined benefit plan which was closed and transf<span class=\"_ _a\"></span>erred into a defined contribution pension plan during 20<span class=\"_ _a\"></span>1<span class=\"_ _2\"></span>9. <span class=\"_ _0\"></span>The defined benefit pension<span class=\"_ _2\"></span> scheme was administered b<span class=\"_ _2\"></span>y <span class=\"_ _2\"></span>Stichting P<span class=\"_ _2\"></span>ensionfonds L<span class=\"_ _2\"></span>egal &amp; General Nederland. <span class=\"_ _0\"></span>The company had agreed to contribute to the premium f<span class=\"_ _2\"></span>or the unconditional part of the pension. <span class=\"_ _7\"></span>The company paid a contribution to the <span class=\"_ _2\"></span>Scheme and subsequently had no further financial obligations with respect to this part <span class=\"_ _2\"></span>of the Scheme. During 20<span class=\"_ _a\"></span>1<span class=\"_ _2\"></span>9, a new defined contribution pension scheme w<span class=\"_ _2\"></span>as established for the benefit <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>Scildon emplo<span class=\"_ _2\"></span>yees.<span class=\"_ _421\"> </span>(ii) <span class=\"_ _10\"> </span>Bonus plans<span class=\"_ _421\"> </span>The group recognises a liability and an <span class=\"_ _2\"></span>expense f<span class=\"_ _2\"></span>or bonuses based on a formula that tak<span class=\"_ _2\"></span>es into consideration the profit attributable to the company\u2019<span class=\"_ _0\"></span>s shareholders after certain adjustments. <span class=\"_ _0\"></span>The <span class=\"_ _2\"></span>expense is recognised in the Consolidated <span class=\"_ _2\"></span>Statement of Comprehensiv<span class=\"_ _2\"></span>e Income on an accruals basis",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
    "language": "en",
    "entity": "scheme:213800VFRMBRTSZ3SJ06",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-28": {
   "value": "w) <span class=\"_ _5\"> </span>Shar<span class=\"_ _2\"></span>e-based <span class=\"_ _3\"></span>payments<span class=\"_ _421\"> </span>The v<span class=\"_ _2\"></span>alue of <span class=\"_ _2\"></span>employee share <span class=\"_ _2\"></span>options and other <span class=\"_ _2\"></span>equity settled share-based payments is calculated at fair v<span class=\"_ _2\"></span>alue at the grant date using appropriate and recognised option pricing models. <span class=\"_ _a\"></span>V<span class=\"_ _a\"></span>esting conditions, which comprise service conditions and performance conditions, other than those based upon market conditions, are not taken into account when <span class=\"_ _2\"></span>estimating the fair value <span class=\"_ _2\"></span>of such aw<span class=\"_ _2\"></span>ards but are taken into account b<span class=\"_ _2\"></span>y adjusting the number of equity instr<span class=\"_ _2\"></span>uments included in the ultimate measurement of the transaction amount. <span class=\"_ _0\"></span>T<span class=\"_ _2\"></span>he value of the a<span class=\"_ _2\"></span>wards is recognised as an <span class=\"_ _2\"></span>expense <span class=\"_ _2\"></span>on a systematic basis o<span class=\"_ _2\"></span>ver the period during which the employment services are pro<span class=\"_ _2\"></span>vided. <span class=\"_ _0\"></span>Where an award <span class=\"_ _2\"></span>of options is cancelled b<span class=\"_ _2\"></span>y an emplo<span class=\"_ _2\"></span>yee, the full value <span class=\"_ _2\"></span>of the aw<span class=\"_ _2\"></span>ard (less any value pre<span class=\"_ _2\"></span>viously recognised) is recognised at the cancellation dat",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
    "language": "en",
    "entity": "scheme:213800VFRMBRTSZ3SJ06",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-30": {
   "value": "(ii) <span class=\"_ _10\"> </span>Shares held in treasury<span class=\"_ _421\"> </span>Where the company purchases its <span class=\"_ _2\"></span>own <span class=\"_ _2\"></span>equity share capital, the consideration paid, including directly attributable costs, is deducted from total shareholders<span class=\"_ _421\"> </span>equity and shown separately as \u2018treasury shares<span class=\"_ _a\"></span>\u2019 until they are cancelled. <span class=\"_ _0\"></span>Where such shares are subsequently sold, any consideration received is credited to<span class=\"_ _421\"> </span>the share premium account.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory",
    "language": "en",
    "entity": "scheme:213800VFRMBRTSZ3SJ06",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-31": {
   "value": "y) Dividends<span class=\"_ _421\"> </span>Dividend distributions to the company\u2019<span class=\"_ _0\"></span>s shareholders are recognised in the period in which the dividends are paid, and, for the final dividend, when approv<span class=\"_ _2\"></span>ed by the company\u2019<span class=\"_ _0\"></span>s shareholders at the Annual General Meeting",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
    "language": "en",
    "entity": "scheme:213800VFRMBRTSZ3SJ06",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-32": {
   "value": " <span class=\"_ _18\"> </span>(z) <span class=\"_ _4\"></span>Investment in subsidiar<span class=\"_ _a\"></span>ies<span class=\"_ _421\"> </span>Inv<span class=\"_ _2\"></span>estments in subsidiaries are carried in the balance sheet at cost less impairment. <span class=\"_ _0\"></span>The compan<span class=\"_ _2\"></span>y assesses at each reporting date whether an in<span class=\"_ _2\"></span>vestment is impaired by assessing whether an<span class=\"_ _2\"></span>y indicators of impairment <span class=\"_ _2\"></span>exist. If objectiv<span class=\"_ _2\"></span>e e<span class=\"_ _2\"></span>vidence of impairment <span class=\"_ _2\"></span>exists, the company calculates the amount <span class=\"_ _2\"></span>of impairment as the diff<span class=\"_ _2\"></span>erence between the recov<span class=\"_ _2\"></span>erable amount of the group <span class=\"_ _2\"></span>entity and its carrying value and recognises the amount as an <span class=\"_ _2\"></span>expense in the income statement. The reco<span class=\"_ _2\"></span>verable amount is determined based <span class=\"_ _2\"></span>on the cash flow projections of the underlying <span class=\"_ _2\"></span>entities.<span class=\"_ _421\"> </span>Group subsidiary companies <span class=\"_ _fd\"> </span>Countr<span class=\"_ _3\"></span>y of <span class=\"_ _10f\"> </span>O<span class=\"_ _3\"></span>wnership interest <span class=\"_ _2d\"> </span>Owne<span class=\"_ _3\"></span>rship interest <span class=\"_ _2d\"> </span>Functional<span class=\"_ _421\"> </span>Name <span class=\"_ _252\"> </span>incorporati<span class=\"_ _2\"></span>on <span class=\"_ _1c0\"> </span>31 December 202<span class=\"_ _3\"></span>3 <span class=\"_ _179\"> </span>31 December 202<span class=\"_ _3\"></span>2 <span class=\"_ _179\"> </span>Currency<span class=\"_ _421\"> </span>Countrywide Assured plc <span class=\"_ _106\"> </span>United Kingdom <span class=\"_ _5d\"> </span>1<span class=\"_ _3\"></span>00% of all share capital (1) <span class=\"_ _93\"> </span>100% of all share capital (1) <span class=\"_ _1f9\"> </span>Sterling<span class=\"_ _421\"> </span>Countrywide Assured Lif<span class=\"_ _2\"></span>e Holdings Limited <span class=\"_ _3f\"> </span>United Kingdom <span class=\"_ _bf\"> </span>100% of all share capital <span class=\"_ _7c\"> </span>100% of all share capital <span class=\"_ _7c\"> </span>Sterling<span class=\"_ _421\"> </span>Countrywide Assured Services Limit<span class=\"_ _2\"></span>ed <span class=\"_ _97\"> </span>United Kingdom <span class=\"_ _5d\"> </span>100% of all share capital (1) <span class=\"_ _93\"> </span>1<span class=\"_ _3\"></span>00% of all share capital (1) <span class=\"_ _93\"> </span>Sterling<span class=\"_ _421\"> </span>C<span class=\"_ _2\"></span>ount<span class=\"_ _2\"></span>rywi<span class=\"_ _2\"></span>de A<span class=\"_ _2\"></span>ssu<span class=\"_ _2\"></span>red<span class=\"_ _2\"></span> T<span class=\"_ _2\"></span>rust<span class=\"_ _a\"></span>ee C<span class=\"_ _2\"></span>omp<span class=\"_ _2\"></span>any<span class=\"_ _2\"></span> Li<span class=\"_ _2\"></span>mit<span class=\"_ _2\"></span>ed <span class=\"_ _7d\"> </span>United Kingdom <span class=\"_ _5d\"> </span>1<span class=\"_ _3\"></span>00% of all shar<span class=\"_ _2\"></span>e capital (1) <span class=\"_ _1f9\"> </span>100% of all share capital (1) <span class=\"_ _93\"> </span>Sterling<span class=\"_ _421\"> </span>Regis<span class=\"_ _3\"></span>tered address<span class=\"_ _421\"> </span>2nd Floor, <span class=\"_ _4\"></span>Building 4<span class=\"_ _3\"></span>, W<span class=\"_ _2\"></span>est Strand Business Park, <span class=\"ls2\"> </span>W<span class=\"_ _2\"></span>est Strand Road, Prest<span class=\"_ _2\"></span>on, Lancashire PR1 8UY<span class=\"_ _421\"> </span>CASLP Limit<span class=\"_ _2\"></span>ed <span class=\"_ _216\"> </span>United Kingdom <span class=\"_ _1c6\"> </span>100% of all share capital <span class=\"_ _14f\"> </span>100% of all share capital <span class=\"_ _76\"> </span>Sterling<span class=\"_ _421\"> </span>CASFS Limit<span class=\"_ _2\"></span>ed <span class=\"_ _111\"> </span>United Kingdom <span class=\"_ _1c6\"> </span>100% of all share capital (2) <span class=\"_ _1e3\"> </span>100% of all share capital (2) <span class=\"_ _93\"> </span>Sterling<span class=\"_ _421\"> </span>CASLP<span class=\"_ _2\"></span>TS Limited <span class=\"_ _d6\"> </span>United Kingdom <span class=\"_ _1c6\"> </span>100% of all share capital (2) <span class=\"_ _1e3\"> </span>100% of all share capital (2) <span class=\"_ _93\"> </span>Sterling<span class=\"_ _421\"> </span>Regis<span class=\"_ _3\"></span>tered address<span class=\"_ _421\"> </span>Third Floor, One T<span class=\"_ _a\"></span>emple Quay, 1 T<span class=\"_ _a\"></span>emple Back East, <span class=\"ls2\"> </span>Bristol, England, BS1 6D<span class=\"_ _2\"></span>Z<span class=\"_ _421\"> </span>Movestic Livf<span class=\"_ _2\"></span>\u00f6rs\u00e4kring AB <span class=\"_ _239\"> </span>Sweden <span class=\"_ _1d0\"> </span>1<span class=\"_ _3\"></span>00% of all shar<span class=\"_ _2\"></span>e capital <span class=\"_ _3b\"> </span>100% of all share capital <span class=\"_ _7c\"> </span>Swedish kr<span class=\"_ _2\"></span>ona<span class=\"_ _421\"> </span>Movestic F<span class=\"_ _2\"></span>onder AB <span class=\"_ _ee\"> </span>Sweden <span class=\"_ _1d0\"> </span>1<span class=\"_ _3\"></span>00% of all share capital (3) <span class=\"_ _1c7\"> </span>100% of all share capital (3) <span class=\"_ _1c7\"> </span>Swedish kr<span class=\"_ _2\"></span>ona<span class=\"_ _421\"> </span>Regis<span class=\"_ _3\"></span>tered address<span class=\"_ _421\"> </span>Box 7<span class=\"_ _2\"></span>853, S<span class=\"_ _4\"></span>-103 99 St<span class=\"_ _2\"></span>ockholm, Sweden<span class=\"_ _421\"> </span>Movestic F<span class=\"_ _2\"></span>und Management S.<span class=\"_ _3\"></span>A<span class=\"_ _3\"></span>. (6) <span class=\"_ _a4\"> </span>Luxembourg <span class=\"_ _7b\"> </span>\u2013 <span class=\"_ _100\"> </span>\u2013 <span class=\"_ _253\"> </span>Swedish kr<span class=\"_ _2\"></span>ona Regis<span class=\"_ _3\"></span>tered address<span class=\"_ _421\"> </span>12 Rue Gabriel Lippmann, L-5365 Munsbach,  Luxembour<span class=\"_ _2\"></span>g<span class=\"_ _421\"> </span>Chesnara Holdings B.<span class=\"_ _2\"></span>V. <span class=\"_ _17b\"> </span>Neth<span class=\"_ _3\"></span>erlands <span class=\"_ _5b\"> </span>100% of all share capital (4) <span class=\"_ _f6\"> </span>100% of all share capital (4) <span class=\"_ _1fc\"> </span>Euro<span class=\"_ _421\"> </span>W<span class=\"_ _2\"></span>aard Lev<span class=\"_ _2\"></span>en N.V<span class=\"_ _a\"></span>. <span class=\"_ _d6\"> </span>Netherlands <span class=\"_ _114\"> </span>100% of all share capital <span class=\"_ _76\"> </span>100% of all share capital <span class=\"_ _14f\"> </span>Euro<span class=\"_ _421\"> </span>W<span class=\"_ _2\"></span>aard Schade N.<span class=\"_ _2\"></span>V<span class=\"_ _2\"></span>. <span class=\"_ _177\"> </span>Netherlands <span class=\"_ _114\"> </span>100% of all share capital <span class=\"_ _14f\"> </span>100% of all share capital <span class=\"_ _76\"> </span>Euro<span class=\"_ _421\"> </span>W<span class=\"_ _2\"></span>aard V<span class=\"_ _a\"></span>erzekeringen B.<span class=\"_ _2\"></span>V. <span class=\"_ _122\"> </span>Netherlands <span class=\"_ _14e\"> </span>100% of all share capital (5) <span class=\"_ _1e3\"> </span>100% of all share capital (5) <span class=\"_ _1e3\"> </span>Euro<span class=\"_ _421\"> </span>Robein Leven N.<span class=\"_ _a\"></span>V. <span class=\"_ _d1\"> </span>Netherlands <span class=\"_ _114\"> </span>100% of all share capital (5) <span class=\"_ _93\"> </span>100% of all share capital (5) <span class=\"_ _1e3\"> </span>Euro<span class=\"_ _421\"> </span>Robein Effectendienstv<span class=\"_ _2\"></span>eriening N.V<span class=\"_ _a\"></span>. <span class=\"_ _3a\"> </span>Netherlands <span class=\"_ _114\"> </span>100% of all share capital (5) <span class=\"_ _93\"> </span>100% of all share capital (5) <span class=\"_ _1e3\"> </span>Euro<span class=\"_ _421\"> </span>Regis<span class=\"_ _3\"></span>tered address<span class=\"_ _421\"> </span>Geert Scholtenslaan II 1687 CL W<span class=\"_ _2\"></span>ognum, <span class=\"ls2\"> </span>Netherlands<span class=\"_ _421\"> </span>Scildon N.<span class=\"_ _2\"></span>V <span class=\"_ _1a2\"> </span>Netherlands <span class=\"_ _5b\"> </span>100% of all share capital <span class=\"_ _7c\"> </span>100% of all share capital <span class=\"_ _7c\"> </span>Euro<span class=\"_ _421\"> </span>Regis<span class=\"_ _3\"></span>tered address<span class=\"_ _421\"> </span>Laapersveld 68 Hilv<span class=\"_ _2\"></span>ersum, Netherlands<span class=\"_ _421\"> </span>(1) <span class=\"_ _74\"> </span>Held indirectly through Countrywide Assured Lif<span class=\"_ _a\"></span>e Holdings Limited.<span class=\"_ _421\"> </span>(2) <span class=\"_ _74\"> </span>Held indirectly through CASLP Limited.<span class=\"_ _421\"> </span>(3) <span class=\"_ _74\"> </span>Held indirectly through Movestic Livf<span class=\"_ _2\"></span>\u00f6rs\u00e4kring AB<span class=\"_ _2\"></span>.<span class=\"_ _421\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
    "language": "en",
    "entity": "scheme:213800VFRMBRTSZ3SJ06",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-427": {
   "value": "<div class=\"t m0 h11 ff63 fsd fc1 sc0 ls2 ws2 gs1e0\">(aa) <span class=\"_ _3\"></span>Business combinations<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls42 ws3f gs1e1\">Acquisitions meeting the definition of a \u2018business\u2019 are accounted for under IFRS 3 \u2018Business combinations\u2018<span class=\"_ _7\"></span>. This requires management to perform an assessment<span class=\"_ _421\"> </span> </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls42 ws12 gs1e2\">of the fair value of the assets and liabilities acquired and consideration paid at the point of acquisition. The acquiree\u2019s identifiable assets, liabilities, and contingent<span class=\"_ _421\"> </span> </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls6d ws2c gs1e3\">liabilities, are classified according to the relevant accounting standard and are measured initially at their fair values at the acquisition date. Expenses directly<span class=\"_ _421\"> </span> </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws116 gs1e4\">attributable to the acquisition are expensed as incurred unless determined to be attributable to future insurance contracts. Gains arising on a bargain purchase,<span class=\"_ _421\"> </span> </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls0 wsff gs1e5\">where the net fair value of the identifiable assets acquired and the liabilities and contingent liabilities assumed exceeds the fair value of the consideration for<span class=\"_ _421\"> </span> </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls1c ws118 gs1e6\">the acquisition, are recognised in the Consolidated Statement of Comprehensive Income. Where the fair value of the consideration exceeds the fair value of the<span class=\"_ _421\"> </span> </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs1e7\">assets and liabilities acquired it is recognised as a goodwill intangible asset on the group balance sheet.<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls6d ws153 gs1e8\">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<span class=\"_ _421\"> </span> </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs1e9\">contingent liabilities recognised. </div>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
    "language": "en",
    "entity": "scheme:213800VFRMBRTSZ3SJ06",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-33": {
   "value": "(aa) <span class=\"_ _3\"></span>Business combinations<span class=\"_ _421\"> </span>Acquisitions meeting the definition of a \u2018business\u2019 are accounted for under IFRS 3 \u2018Business combinations\u2018<span class=\"_ _7\"></span>. This requires management to perform an assessment<span class=\"_ _421\"> </span>of the fair value of the assets and liabilities acquired and consideration paid at the point of acquisition. The acquiree\u2019s identifiable assets, liabilities, and contingent<span class=\"_ _421\"> </span>liabilities, are classified according to the relevant accounting standard and are measured initially at their fair values at the acquisition date. Expenses directly<span class=\"_ _421\"> </span>attributable to the acquisition are expensed as incurred unless determined to be attributable to future insurance contracts. Gains arising on a bargain purchase,<span class=\"_ _421\"> </span>where the net fair value of the identifiable assets acquired and the liabilities and contingent liabilities assumed exceeds the fair value of the consideration for<span class=\"_ _421\"> </span>the acquisition, are recognised in the Consolidated Statement of Comprehensive Income. Where the fair value of the consideration exceeds the fair value of the<span class=\"_ _421\"> </span>assets and liabilities acquired it is recognised as a goodwill intangible asset on the group balance sheet.<span class=\"_ _421\"> </span>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<span class=\"_ _421\"> </span>contingent liabilities recognised.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
    "language": "en",
    "entity": "scheme:213800VFRMBRTSZ3SJ06",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-37": {
   "value": "ab) <span class=\"_ _1\"> </span>Portfolio <span class=\"_ _1\"> </span>transfers<span class=\"_ _421\"> </span>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 recognises 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 transaction to 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 <span class=\"_ _18\"> </span>E1 <span class=\"_ _4\"></span>Intangible assets<span class=\"_ _421\"> </span>Y<span class=\"_ _2\"></span>ear ended<span class=\"_ _2\"></span> 31 December 202<span class=\"_ _3\"></span>3 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _62\"> </span>Sof<span class=\"_ _3\"></span>tware   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14b\"> </span>AVIF  <span class=\"_ _43\"> </span>AVCR  <span class=\"_ _153\"> </span>as<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>ts  <span class=\"_ _28\"> </span>Total <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Cost<span class=\"_ _3\"></span>:<span class=\"_ _421\"> </span>Ba<span class=\"_ _3\"></span>lance <span class=\"_ _4\"></span>at <span class=\"_ _4\"></span>1 <span class=\"_ _4\"></span>Janu<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y <span class=\"_ _1b0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _150\"> </span>1<span class=\"_ _3\"></span>13<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9  <span class=\"_ _10f\"> </span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3  <span class=\"_ _2d\"> </span>2<span class=\"_ _3\"></span>9.<span class=\"_ _4\"></span>5  <span class=\"_ _e7\"> </span>14<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>.7<span class=\"_ _421\"> </span>Additions <span class=\"_ _229\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span>Additions <span class=\"_ _3\"></span>\u2013 <span class=\"_ _3\"></span>arising <span class=\"_ _3\"></span>on <span class=\"_ _4\"></span>acquisition <span class=\"_ _f5\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _1a1\"> </span>2.<span class=\"_ _3\"></span>3  <span class=\"_ _1a1\"> </span>2.3<span class=\"_ _421\"> </span>Foreign exchange <span class=\"_ _3\"></span>translation <span class=\"_ _3\"></span>difference <span class=\"_ _175\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _fe\"> </span>(<span class=\"_ _3\"></span>1.6 <span class=\"_ _7\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _165\"> </span>(0.7 <span class=\"_ _7\"></span>) <span class=\"_ _20a\"> </span>(2.3 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>Ba<span class=\"_ _3\"></span>lance <span class=\"_ _4\"></span>at <span class=\"_ _4\"></span>31 <span class=\"_ _4\"></span>D<span class=\"_ _3\"></span>ecem<span class=\"_ _3\"></span>ber <span class=\"_ _d9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _150\"> </span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3  <span class=\"_ _10f\"> </span>2<span class=\"_ _4\"></span>.<span class=\"_ _3\"></span>3  <span class=\"_ _12e\"> </span>31<span class=\"_ _3\"></span>.1  <span class=\"_ _28\"> </span>145<span class=\"_ _3\"></span>.7<span class=\"_ _421\"> </span>Ba<span class=\"_ _3\"></span>lance <span class=\"_ _4\"></span>at <span class=\"_ _4\"></span>1 <span class=\"_ _4\"></span>Janu<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y <span class=\"_ _1b0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _45\"> </span>4<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5  <span class=\"_ _1b1\"> </span>2<span class=\"_ _4\"></span>.1  <span class=\"_ _11b\"> </span>2<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>2  <span class=\"_ _7b\"> </span>70<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8<span class=\"_ _421\"> </span>Amortisation <span class=\"_ _3\"></span>for <span class=\"_ _3\"></span>the <span class=\"_ _4\"></span>year <span class=\"_ _177\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _94\"> </span>7.5  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _57\"> </span>2.0  <span class=\"_ _1a1\"> </span>9.5<span class=\"_ _421\"> </span>Impairment <span class=\"_ _3\"></span>for <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>year <span class=\"_ _1ad\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b7\"> </span>21.0  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _1b7\"> </span>21.0<span class=\"_ _421\"> </span>Foreign exchange <span class=\"_ _3\"></span>translation <span class=\"_ _3\"></span>difference <span class=\"_ _175\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b7\"> </span>(0.9 <span class=\"_ _7\"></span>) <span class=\"_ _97\"> </span>\u2013  <span class=\"_ _1b7\"> </span>(0.5 <span class=\"_ _7\"></span>) <span class=\"_ _12e\"> </span>(1.4 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Ba<span class=\"_ _3\"></span>lance <span class=\"_ _4\"></span>at <span class=\"_ _4\"></span>31 <span class=\"_ _4\"></span>D<span class=\"_ _3\"></span>ecem<span class=\"_ _3\"></span>ber <span class=\"_ _d9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14e\"> </span>76<span class=\"_ _3\"></span>.1  <span class=\"_ _94\"> </span>2<span class=\"_ _3\"></span>.1  <span class=\"_ _152\"> </span>2<span class=\"_ _3\"></span>1.7  <span class=\"_ _11b\"> </span>99<span class=\"_ _3\"></span>.9<span class=\"_ _421\"> </span>Carr<span class=\"_ _3\"></span>ying amounts:<span class=\"_ _421\"> </span>At <span class=\"_ _4\"></span>1 <span class=\"_ _3\"></span>J<span class=\"_ _3\"></span>anuar<span class=\"_ _3\"></span>y <span class=\"_ _f8\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _7b\"> </span>6<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>.4  <span class=\"_ _10f\"> </span>0.<span class=\"_ _3\"></span>2  <span class=\"_ _10f\"> </span>9<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3  <span class=\"_ _7b\"> </span>74<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9<span class=\"_ _421\"> </span>At <span class=\"_ _4\"></span>31 <span class=\"_ _4\"></span>De<span class=\"_ _3\"></span>cemb<span class=\"_ _3\"></span>er <span class=\"_ _59\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _2d\"> </span>36<span class=\"_ _3\"></span>.<span class=\"_ _4\"></span>3  <span class=\"_ _8f\"> </span>0<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2  <span class=\"_ _10f\"> </span>9.<span class=\"_ _4\"></span>3  <span class=\"_ _1e1\"> </span>45<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8<span class=\"_ _421\"> </span>Y<span class=\"_ _2\"></span>ear ended<span class=\"_ _2\"></span> 31 December 2022 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _62\"> </span>Sof<span class=\"_ _3\"></span>tware   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14b\"> </span>AVIF  <span class=\"_ _43\"> </span>AVCR  <span class=\"_ _153\"> </span>as<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>ts  <span class=\"_ _28\"> </span>Total <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Cost<span class=\"_ _3\"></span>:<span class=\"_ _421\"> </span>Ba<span class=\"_ _3\"></span>lance <span class=\"_ _4\"></span>at <span class=\"_ _4\"></span>1 <span class=\"_ _4\"></span>Janu<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y <span class=\"_ _1b0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _7b\"> </span>60<span class=\"_ _3\"></span>.6  <span class=\"_ _10f\"> </span>2<span class=\"_ _3\"></span>.<span class=\"_ _4\"></span>3  <span class=\"_ _5b\"> </span>27<span class=\"_ _2\"></span>.7  <span class=\"_ _7b\"> </span>9<span class=\"_ _3\"></span>0.6<span class=\"_ _421\"> </span>Additions <span class=\"_ _229\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span>Additions <span class=\"_ _3\"></span>\u2013 <span class=\"_ _3\"></span>arising <span class=\"_ _3\"></span>on <span class=\"_ _4\"></span>acquisition <span class=\"_ _f5\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5b\"> </span>54.7  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _57\"> </span>2.4  <span class=\"_ _8f\"> </span>57<span class=\"_ _a\"></span>.1<span class=\"_ _421\"> </span>Foreign exchange <span class=\"_ _3\"></span>translation <span class=\"_ _3\"></span>difference <span class=\"_ _175\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _10f\"> </span>(1.4 <span class=\"_ _0\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _1b7\"> </span>(0.6 <span class=\"_ _7\"></span>) <span class=\"_ _14e\"> </span>(2<span class=\"_ _3\"></span>.0 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Ba<span class=\"_ _3\"></span>lance <span class=\"_ _4\"></span>at <span class=\"_ _4\"></span>31 <span class=\"_ _4\"></span>D<span class=\"_ _3\"></span>ecem<span class=\"_ _3\"></span>ber <span class=\"_ _d9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _150\"> </span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9  <span class=\"_ _179\"> </span>2<span class=\"_ _4\"></span>.<span class=\"_ _3\"></span>3  <span class=\"_ _11b\"> </span>2<span class=\"_ _3\"></span>9<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5  <span class=\"_ _e7\"> </span>1<span class=\"_ _3\"></span>45<span class=\"_ _3\"></span>.7<span class=\"_ _421\"> </span>Ba<span class=\"_ _3\"></span>lance <span class=\"_ _4\"></span>at <span class=\"_ _4\"></span>1 <span class=\"_ _4\"></span>Janu<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y <span class=\"_ _1b0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _7b\"> </span>42<span class=\"_ _4\"></span>.<span class=\"_ _3\"></span>3  <span class=\"_ _1b1\"> </span>2<span class=\"_ _4\"></span>.1  <span class=\"_ _c2\"> </span>1<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>.8  <span class=\"_ _2d\"> </span>6<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2<span class=\"_ _421\"> </span>Amortisation <span class=\"_ _3\"></span>for <span class=\"_ _3\"></span>the <span class=\"_ _4\"></span>year <span class=\"_ _177\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _94\"> </span>7<span class=\"_ _2\"></span>.2  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _5a\"> </span>1.<span class=\"_ _3\"></span>8  <span class=\"_ _10e\"> </span>9.0<span class=\"_ _421\"> </span>Foreign exchange <span class=\"_ _3\"></span>translation <span class=\"_ _3\"></span>difference <span class=\"_ _175\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _10f\"> </span>(1.0 <span class=\"_ _0\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _20a\"> </span>(0.4 <span class=\"_ _7\"></span>) <span class=\"_ _12e\"> </span>(1.4 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Ba<span class=\"_ _3\"></span>lance <span class=\"_ _4\"></span>at <span class=\"_ _4\"></span>31 <span class=\"_ _4\"></span>D<span class=\"_ _3\"></span>ecem<span class=\"_ _3\"></span>ber <span class=\"_ _d9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1e1\"> </span>4<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5  <span class=\"_ _1b1\"> </span>2<span class=\"_ _4\"></span>.1  <span class=\"_ _11b\"> </span>20<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2  <span class=\"_ _7b\"> </span>70<span class=\"_ _3\"></span>.8<span class=\"_ _421\"> </span>Carr<span class=\"_ _3\"></span>ying amounts:<span class=\"_ _421\"> </span>At <span class=\"_ _4\"></span>1 <span class=\"_ _3\"></span>J<span class=\"_ _3\"></span>anuar<span class=\"_ _3\"></span>y <span class=\"_ _f8\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5b\"> </span>1<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3  <span class=\"_ _179\"> </span>0<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2  <span class=\"_ _8f\"> </span>8<span class=\"_ _3\"></span>.9  <span class=\"_ _f0\"> </span>27.4<span class=\"_ _421\"> </span>At <span class=\"_ _4\"></span>31 <span class=\"_ _4\"></span>De<span class=\"_ _3\"></span>cemb<span class=\"_ _3\"></span>er <span class=\"_ _59\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _7b\"> </span>6<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4  <span class=\"_ _8f\"> </span>0<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2  <span class=\"_ _10f\"> </span>9.<span class=\"_ _3\"></span>3  <span class=\"_ _11b\"> </span>74.<span class=\"_ _3\"></span>9<span class=\"_ _421\"> </span>The amortisation charged to the Consolidated <span class=\"_ _a\"></span>Statement of Comprehensive Income is recognised in <span class=\"_ _2\"></span>other operating e<span class=\"_ _2\"></span>xpenses (see Note D4) <span class=\"_ _18\"> </span>E1 <span class=\"_ _4\"></span>Intangible assets (continued)<span class=\"_ _421\"> </span>Def<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>red acquisition costs<span class=\"_ _421\"> </span>Y<span class=\"_ _2\"></span>ear ended<span class=\"_ _2\"></span> 31 December <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14b\"> </span>20<span class=\"_ _2\"></span>23  <span class=\"_ _14b\"> </span>2022 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Ba<span class=\"_ _3\"></span>lance <span class=\"_ _4\"></span>at <span class=\"_ _4\"></span>1 <span class=\"_ _4\"></span>Janu<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y <span class=\"_ _1b0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14e\"> </span>51<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2  <span class=\"_ _11b\"> </span>5<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>.0<span class=\"_ _421\"> </span>Additions <span class=\"_ _229\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _57\"> </span>8.3  <span class=\"_ _1b1\"> </span>7<span class=\"_ _2\"></span>.9<span class=\"_ _421\"> </span>Amortisation <span class=\"_ _3\"></span>charged <span class=\"_ _3\"></span>to <span class=\"_ _3\"></span>income <span class=\"_ _109\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _8f\"> </span>(7<span class=\"_ _2\"></span>.6 <span class=\"_ _7\"></span>) <span class=\"_ _152\"> </span>(8.5 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>Foreign exchange <span class=\"_ _3\"></span>translation <span class=\"_ _3\"></span>difference <span class=\"_ _175\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _fe\"> </span>(<span class=\"_ _3\"></span>1.3 <span class=\"_ _0\"></span>) <span class=\"_ _12e\"> </span>(1.<span class=\"_ _3\"></span>2 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Ba<span class=\"_ _3\"></span>lance <span class=\"_ _4\"></span>at <span class=\"_ _4\"></span>31 <span class=\"_ _4\"></span>D<span class=\"_ _3\"></span>ecem<span class=\"_ _3\"></span>ber <span class=\"_ _d9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _11b\"> </span>5<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>6  <span class=\"_ _114\"> </span>5<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2<span class=\"_ _421\"> </span>Curr<span class=\"_ _2\"></span>ent <span class=\"_ _1f4\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _1a1\"> </span>1<span class=\"_ _3\"></span>1.1  <span class=\"_ _10f\"> </span>1<span class=\"_ _3\"></span>1.2<span class=\"_ _421\"> </span>Non-current <span class=\"_ _1a9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _152\"> </span>39.5  <span class=\"_ _2d\"> </span>40.0<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _11b\"> </span>50<span class=\"_ _3\"></span>.6  <span class=\"_ _14e\"> </span>5<span class=\"_ _3\"></span>1.<span class=\"_ _3\"></span>2<span class=\"_ _421\"> </span>The amortisation charged to income is recognised in <span class=\"_ _2\"></span>other operating e<span class=\"_ _2\"></span>xpenses (see Note D4)<span class=\"_ _421\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
    "language": "en",
    "entity": "scheme:213800VFRMBRTSZ3SJ06",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-34": {
   "value": " (ac) <span class=\"_ _1\"> </span>Foreign <span class=\"_ _9\"> </span>curr<span class=\"_ _2\"></span>encies<span class=\"_ _421\"> </span>The individual financial statements <span class=\"_ _2\"></span>of each group compan<span class=\"_ _2\"></span>y are presented in the currency of the primary <span class=\"_ _2\"></span>economic en<span class=\"_ _2\"></span>vironment in which it operates, being its functional currency<span class=\"_ _a\"></span>. F<span class=\"_ _2\"></span>or the purpose of these Consolidated Financial <span class=\"_ _2\"></span>Statements, the results and balance sheet of <span class=\"_ _2\"></span>each group company are <span class=\"_ _2\"></span>expressed in pounds sterling, which is the functional currency of the parent company and the presentation cur<span class=\"_ _2\"></span>rency of the Consolidated Financial <span class=\"_ _2\"></span>Statements.<span class=\"_ _421\"> </span>In preparing the financial statements of the individual companies, transactions in currencies <span class=\"_ _2\"></span>other than the entity\u2019<span class=\"_ _0\"></span>s functional currency<span class=\"_ _a\"></span>, being foreign currencies, are recorded at the rates of <span class=\"_ _2\"></span>ex<span class=\"_ _2\"></span>change prevailing <span class=\"_ _2\"></span>on the dates of the transactions. Income and <span class=\"_ _2\"></span>expense items are translated at the av<span class=\"_ _2\"></span>erage e<span class=\"_ _2\"></span>xchange rates f<span class=\"_ _2\"></span>or the <span class=\"_ _a\"></span>year<span class=\"_ _a\"></span>, unless e<span class=\"_ _2\"></span>xchange rates fluctuate significantly during the period, in which case the <span class=\"_ _2\"></span>exchange rates at the dates <span class=\"_ _2\"></span>of transactions are used. At <span class=\"_ _2\"></span>each balance sheet date, monetary assets and liabilities which are denominated in foreign currencies are retranslated at the rates pre<span class=\"_ _2\"></span>vailing <span class=\"_ _2\"></span>on the balance sheet date and ex<span class=\"_ _2\"></span>change diff<span class=\"_ _2\"></span>erences are recognised in profit or loss. Non-monetary items carried at f<span class=\"_ _2\"></span>air value, which are denominated in foreign cur<span class=\"_ _2\"></span>rencies, are translated at the rates prev<span class=\"_ _2\"></span>ailing when the fair value w<span class=\"_ _2\"></span>as determined. F<span class=\"_ _2\"></span>or the purpose of presenting Consolidated Financial <span class=\"_ _2\"></span>Statements, the assets and liabilities of the group\u2019<span class=\"_ _0\"></span>s foreign <span class=\"_ _2\"></span>operations are translated at ex<span class=\"_ _2\"></span>change rates prev<span class=\"_ _2\"></span>ailing on the balance sheet date. Income and e<span class=\"_ _2\"></span>xpense items are translated at the av<span class=\"_ _2\"></span>erage ex<span class=\"_ _2\"></span>change rates for the <span class=\"_ _0\"></span>year<span class=\"_ _a\"></span>, unless ex<span class=\"_ _2\"></span>change rates fluctuate significantly during the period, in which case the e<span class=\"_ _2\"></span>xchange rates at the dates of transactions are used. Ex<span class=\"_ _2\"></span>change diff<span class=\"_ _2\"></span>erences arising are classified as other comprehensiv<span class=\"_ _2\"></span>e income and are recognised in the group\u2019<span class=\"_ _0\"></span>s foreign currency translation reserve. <span class=\"_ _a\"></span>Such translation differences are recognised as income <span class=\"_ _2\"></span>or as expense in the <span class=\"_ _0\"></span>year in which the operation is disposed <span class=\"_ _2\"></span>of<span class=\"_ _2\"></span>.<span class=\"_ _421\"> </span>T<span class=\"_ _0\"></span>ransactions relating to business combinations denominated in foreign currencies are translated into sterling at the <span class=\"_ _2\"></span>ex<span class=\"_ _2\"></span>change rates prevailing <span class=\"_ _2\"></span>on the transaction date",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
    "language": "en",
    "entity": "scheme:213800VFRMBRTSZ3SJ06",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-426": {
   "value": " (ac) <span class=\"_ _1\"> </span>Foreign <span class=\"_ _9\"> </span>curr<span class=\"_ _2\"></span>encies<span class=\"_ _421\"> </span>The individual financial statements <span class=\"_ _2\"></span>of each group compan<span class=\"_ _2\"></span>y are presented in the currency of the primary <span class=\"_ _2\"></span>economic en<span class=\"_ _2\"></span>vironment in which it operates, being its functional currency<span class=\"_ _a\"></span>. F<span class=\"_ _2\"></span>or the purpose of these Consolidated Financial <span class=\"_ _2\"></span>Statements, the results and balance sheet of <span class=\"_ _2\"></span>each group company are <span class=\"_ _2\"></span>expressed in pounds sterling, which is the functional currency of the parent company and the presentation cur<span class=\"_ _2\"></span>rency of the Consolidated Financial <span class=\"_ _2\"></span>Statements",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
    "language": "en",
    "entity": "scheme:213800VFRMBRTSZ3SJ06",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-35": {
   "value": "ad) <span class=\"_ _1\"> </span>Climate <span class=\"_ _1\"> </span>chang<span class=\"_ _2\"></span>e<span class=\"_ _421\"> </span>In our Climate-related Financial Disclosures <span class=\"_ _2\"></span>on pages 76 and 77 we identify that climate change related risks hav<span class=\"_ _2\"></span>e the potential to manif<span class=\"_ _2\"></span>est as an \u2018Inv<span class=\"_ _2\"></span>estment and liquidity risk\u2019 (Principal Risk 1<span class=\"_ _0\"></span>) or a \u2018R<span class=\"_ _2\"></span>egulatory change risk\u2019 (Principal Risk 2). <span class=\"_ _0\"></span>Whilst climate change risk is one <span class=\"_ _2\"></span>of the most significant challenges facing the w<span class=\"_ _2\"></span>orld, with Chesnara having its part to pla<span class=\"_ _2\"></span>y in shaping policies and practices that contribute to managing climate risk challenges, the <span class=\"_ _a\"></span>year end balance sheet does not include any significant judgements that are underpinned b<span class=\"_ _2\"></span>y a particular climate change scenario. Consequently<span class=\"_ _a\"></span>, we do not believ<span class=\"_ _2\"></span>e that climate change risk is currently a ke<span class=\"_ _2\"></span>y source of <span class=\"_ _2\"></span>estimation uncertainty",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForEnvironmentRelatedExpenseExplanatory",
    "language": "en",
    "entity": "scheme:213800VFRMBRTSZ3SJ06",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-36": {
   "value": " <span class=\"_ _e\"> </span>A6 <span class=\"_ _3\"></span>Significant accounting judgements and estimates<span class=\"_ _421\"> </span>In preparing the financial statements the group makes judgements and applies <span class=\"_ _2\"></span>estimates and assumptions that aff<span class=\"_ _2\"></span>ect the application of accounting policies and reported amounts of assets and liabilities, income and <span class=\"_ _2\"></span>expenses. Disclosures of judgements made b<span class=\"_ _2\"></span>y the group in applying the accounting policies include those that hav<span class=\"_ _2\"></span>e the most significant eff<span class=\"_ _2\"></span>ect on the amounts that are recognised in the Consolidated Financial <span class=\"_ _a\"></span>Statements. Such estimates and judgements are continually <span class=\"_ _2\"></span>evaluated and are based <span class=\"_ _2\"></span>on historical e<span class=\"_ _2\"></span>xperience and other f<span class=\"_ _2\"></span>actors, including expectations <span class=\"_ _2\"></span>of future e<span class=\"_ _2\"></span>vents that are believ<span class=\"_ _2\"></span>ed to be reasonable. <span class=\"_ _0\"></span>W<span class=\"_ _3\"></span>ith the introduction of IFR<span class=\"_ _2\"></span>S 1<span class=\"_ _a\"></span>7 and IFRS 9 the ke<span class=\"_ _2\"></span>y areas of judgement ha<span class=\"_ _2\"></span>ve been reassessed f<span class=\"_ _2\"></span>or insurance and reinsurance contracts and for financial instr<span class=\"_ _2\"></span>uments. Details of all critical accounting judgements and estimates are set <span class=\"_ _2\"></span>out in the notes that follo<span class=\"_ _2\"></span>w<span class=\"_ _a\"></span>.<span class=\"_ _421\"> </span>IFRS 1<span class=\"_ _2\"></span>7 significant judgements applied in det<span class=\"_ _2\"></span>ermining the tr<span class=\"_ _2\"></span>ansition amounts  (a) <span class=\"_ _3\"></span>Judgement in applying the IFRS 1<span class=\"_ _2\"></span>7 fair v<span class=\"_ _a\"></span>alue approach at tr<span class=\"_ _2\"></span>ansition<span class=\"_ _421\"> </span>Where it is practical to do so, the group has applied the full retrospective approach to measure <span class=\"_ _2\"></span>each group of insurance contracts which means IFRS 1<span class=\"_ _0\"></span>7 has been applied since acquisition into the group. <span class=\"_ _0\"></span>Where it was impractical to apply the full retrospective approach a f<span class=\"_ _2\"></span>air value approach w<span class=\"_ _2\"></span>as used. <span class=\"_ _0\"></span>The transition approach was determined at the le<span class=\"_ _2\"></span>vel <span class=\"_ _2\"></span>of a group of insurance contracts, how<span class=\"_ _2\"></span>ev<span class=\"_ _2\"></span>er due to the factors under consideration (such as the length of time since acquisition and av<span class=\"_ _2\"></span>ailability of data) the <span class=\"_ _2\"></span>outcome of the practicability assessment resulted in a transition approach being applied for the <span class=\"_ _2\"></span>operating segment as a whole, with the ex<span class=\"_ _2\"></span>ception of Movestic<span class=\"_ _421\"> </span>IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS<span class=\"_ _421\"> </span>Operating <span class=\"_ _4\"></span>segment <span class=\"_ _21\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _e7\"> </span>Transition <span class=\"_ _3\"></span>approach<span class=\"_ _421\"> </span>UK <span class=\"_ _3\"></span>\u2013 <span class=\"_ _3\"></span>CA <span class=\"_ _1dc\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1dd\"> </span>Fair <span class=\"_ _3\"></span>value<span class=\"_ _421\"> </span>Movestic <span class=\"_ _120\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _1dd\"> </span>F<span class=\"_ _2\"></span>air <span class=\"_ _3\"></span>value <span class=\"_ _7\"></span>*<span class=\"_ _421\"> </span>W<span class=\"_ _2\"></span>aard <span class=\"_ _3\"></span>Group <span class=\"_ _b6\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _97\"> </span>Full <span class=\"_ _3\"></span>retrospective<span class=\"_ _421\"> </span>Scildon <span class=\"_ _1de\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _97\"> </span>Full <span class=\"_ _3\"></span>retrospectiv<span class=\"_ _2\"></span>e<span class=\"_ _421\"> </span>Other <span class=\"_ _3\"></span>group <span class=\"_ _3\"></span>activities <span class=\"_ _1ba\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _1cc\"> </span>N/<span class=\"_ _2\"></span>A <span class=\"_ _16\"></span>*F<span class=\"_ _2\"></span>or P<span class=\"_ _a\"></span>AA contracts in Mov<span class=\"_ _2\"></span>estic the group has concluded that it is practicable to apply the full retrospective approach and hence this was applied. How<span class=\"_ _2\"></span>ev<span class=\"_ _2\"></span>er<span class=\"_ _a\"></span>, it was concluded that the full retrospective approach could not be applied to the majority <span class=\"_ _2\"></span>of the pension benefits in scope of IFRS 1<span class=\"_ _0\"></span>7<span class=\"_ _31\"></span>, and hence the fair value approach has been applied to all <span class=\"_ _2\"></span>of the pension savings benefits on the grounds <span class=\"_ _2\"></span>of materiality<span class=\"_ _a\"></span>.<span class=\"_ _421\"> </span>The group determined that it w<span class=\"_ _2\"></span>ould be impracticable to apply the full retrospective approach where the follo<span class=\"_ _2\"></span>wing applied:<span class=\"_ _421\"> </span>(i) <span class=\"_ _79\"> </span>Historical cash flow information w<span class=\"_ _2\"></span>as unavailable at the required le<span class=\"_ _2\"></span>vel <span class=\"_ _2\"></span>of aggregation<span class=\"_ _421\"> </span>(ii) <span class=\"_ _10\"> </span>Historical actuarial models were una<span class=\"_ _2\"></span>vailable<span class=\"_ _421\"> </span>(iii)   <span class=\"_ _19\"></span>Information relating to historical assumptions that reflected the conditions <span class=\"_ _2\"></span>existing at the relev<span class=\"_ _2\"></span>ant date was una<span class=\"_ _2\"></span>vailable <span class=\"_ _2\"></span>or not possible to create without the use of hindsight Chesnara has been able to apply the full retrospective approach to all material business acquired <span class=\"_ _2\"></span>or written since 20<span class=\"_ _a\"></span>16 when <span class=\"_ _a\"></span>SII was introduced. In addition the full retrospective approach has been applied to all <span class=\"_ _2\"></span>of the contracts within <span class=\"_ _0\"></span>Waard, which includes business acquired in 20<span class=\"_ _0\"></span>15. In applying the fair v<span class=\"_ _2\"></span>alue approach, the group determined the CSM to be the difference betw<span class=\"_ _2\"></span>een the fair v<span class=\"_ _2\"></span>alue of a group <span class=\"_ _2\"></span>of insurance contracts, measured in accordance with IFRS 1<span class=\"_ _a\"></span>3, \u2018Fair <span class=\"_ _a\"></span>V<span class=\"_ _2\"></span>alue Measurement\u2019 (IFRS 1<span class=\"_ _a\"></span>3), and its FCF at the transition date. <span class=\"_ _0\"></span>The fair v<span class=\"_ _2\"></span>alue of an insurance liability is the price that a mark<span class=\"_ _2\"></span>et participant would be willing to pa<span class=\"_ _2\"></span>y to assume the obligation and the remaining risks of the in-f<span class=\"_ _2\"></span>orce contracts as at the transition date. In the absence of recent mark<span class=\"_ _2\"></span>et transactions for similar contracts, a present value technique w<span class=\"_ _2\"></span>as used to determine the fair v<span class=\"_ _2\"></span>alue of the groups <span class=\"_ _2\"></span>of contracts. IFRS 1<span class=\"_ _a\"></span>3 defines fair value accounting techniques according to the inputs used. <span class=\"_ _7\"></span>The lack of <span class=\"_ _2\"></span>observable market prices f<span class=\"_ _2\"></span>or the liabilities under consideration and hence the reliance on significant judgement to determine a mark<span class=\"_ _2\"></span>et participant\u2019<span class=\"_ _a\"></span>s view results in the present v<span class=\"_ _2\"></span>alue technique being considered a Le<span class=\"_ _2\"></span>vel 3 technique. The significant judgements to determine a mark<span class=\"_ _2\"></span>et participant\u2019<span class=\"_ _a\"></span>s view include:<span class=\"_ _421\"> </span>(a) <span class=\"_ _14c\"> </span>a market particip<span class=\"_ _2\"></span>ant\u2019<span class=\"_ _0\"></span>s view of the <span class=\"_ _2\"></span>expected future cash flo<span class=\"_ _2\"></span>ws and risk allow<span class=\"_ _2\"></span>ances would align to Chesnara\u2019<span class=\"_ _0\"></span>s view;<span class=\"_ _421\"> </span>(b) <span class=\"_ _74\"> </span>only future cash flows within the boundaries of the insurance contracts w<span class=\"_ _2\"></span>ere included in the market par<span class=\"_ _2\"></span>ticipant\u2019<span class=\"_ _0\"></span>s fair v<span class=\"_ _2\"></span>alue estimation;<span class=\"_ _421\"> </span>(c) <span class=\"_ _10\"> </span> <span class=\"_ _31\"></span>a mark<span class=\"_ _2\"></span>et participant would require a compensation for the cost <span class=\"_ _2\"></span>of holding capital in respect of the liabilities which has been determined based <span class=\"_ _2\"></span>on market rates; and<span class=\"_ _421\"> </span>(d) <span class=\"_ _74\"> </span> <span class=\"_ _f\"></span>a market participant w<span class=\"_ _2\"></span>ould determine the compensation for the cost <span class=\"_ _2\"></span>of holding capital based on a buff<span class=\"_ _2\"></span>er in e<span class=\"_ _2\"></span>xcess <span class=\"_ _2\"></span>of the SII regulatory capital requirements. The buff<span class=\"_ _a\"></span>er assumed is in the range of 1<span class=\"_ _2\"></span>30% <span class=\"_ _7\"></span>-1<span class=\"_ _a\"></span>40% reflecting the specifics of the underlying business.<span class=\"_ _421\"> </span>A number of specific modifications are permitted when using the f<span class=\"_ _2\"></span>air value approach. <span class=\"_ _0\"></span>The group has adopted the f<span class=\"_ _2\"></span>ollowing modifications:<span class=\"_ _421\"> </span>(i) <span class=\"_ _79\"> </span>Lev<span class=\"_ _2\"></span>el of aggregation \u2013 to use information at the transition date to identify groups <span class=\"_ _2\"></span>of insurance contracts;<span class=\"_ _421\"> </span>(ii) <span class=\"_ _10\"> </span>Le<span class=\"_ _2\"></span>vel of aggregation \u2013 to group annual cohorts <span class=\"_ _2\"></span>of business;<span class=\"_ _421\"> </span>(iii)  Le<span class=\"_ _2\"></span>vel <span class=\"_ _2\"></span>of aggregation \u2013 the assessment for profitability was made at the transition date; and<span class=\"_ _421\"> </span>(iv) <span class=\"_ _e\"> </span>Measurement model \u2013 to use inf<span class=\"_ _2\"></span>ormation at the transition date to assess eligibility for the <span class=\"_ _0\"></span>VF<span class=\"_ _a\"></span>A.<span class=\"_ _421\"> </span>F<span class=\"_ _a\"></span>ulfilment cash flows were estimated prospectiv<span class=\"_ _2\"></span>ely at the transition date and discount rates were determined at the transition date.<span class=\"_ _421\"> </span>IFRS 1<span class=\"_ _2\"></span>7 significant accounting judgements <span class=\"_ _e\"> </span>(b) <span class=\"_ _3\"></span>Separation of contracts and classification<span class=\"_ _421\"> </span>Judgement has been <span class=\"_ _2\"></span>ex<span class=\"_ _2\"></span>ercised across the group in determining whether contracts issued contain significant insurance risk and whether contracts including inv<span class=\"_ _2\"></span>estment components and insurance components can be separated. Once any in<span class=\"_ _2\"></span>vestment components are separated, the group assesses whether the contract should be separated into sev<span class=\"_ _2\"></span>eral insurance components that, in substance, should be treated as separate contracts to reflect the substance of the transaction. T<span class=\"_ _0\"></span>o determine whether insurance components should be recognised and measured separately<span class=\"_ _a\"></span>, the group considers whether there is an interdependency between the diff<span class=\"_ _2\"></span>erent risks cov<span class=\"_ _2\"></span>ered, whether components can lapse independently of each <span class=\"_ _2\"></span>other and whether the components can be priced and sold separately<span class=\"_ _a\"></span>. <span class=\"_ _0\"></span>When the group enters into <span class=\"_ _2\"></span>one legal contract with different insurance components <span class=\"_ _2\"></span>operating independently of <span class=\"_ _2\"></span>each other<span class=\"_ _0\"></span>, insurance components are recognised and measured separately applying IFRS 1<span class=\"_ _0\"></span>7<span class=\"_ _7\"></span>.<span class=\"_ _421\"> </span>Generally<span class=\"_ _a\"></span>, the contracts identified as insurance contracts under IFRS 1<span class=\"_ _a\"></span>7 are the same as those under IFRS 4. Ho<span class=\"_ _2\"></span>wev<span class=\"_ _2\"></span>er<span class=\"_ _a\"></span>, there are some contracts, in the S<span class=\"_ _a\"></span>wedish business, where under IFRS 1<span class=\"_ _0\"></span>7 the investment and insurance components can no longer be separated resulting in certain pension benefits becoming in scope o<span class=\"_ _2\"></span>f IFRS 1<span class=\"_ _0\"></span>7<span class=\"_ _7\"></span>. No contracts ha<span class=\"_ _2\"></span>ve been switched from insurance to inv<span class=\"_ _2\"></span>estment contracts. Many contracts issued include \u2018rider\u2019 benefits in addition to the base policy<span class=\"_ _a\"></span>, how<span class=\"_ _2\"></span>ev<span class=\"_ _2\"></span>er having considered the facts and circumstances <span class=\"_ _2\"></span>of these products it has been determined that these components should not be separated and that the contract is measured as one contract. The assessment as to whether insurance contracts ha<span class=\"_ _2\"></span>ve direct participating f<span class=\"_ _2\"></span>eatures qualify for the <span class=\"_ _0\"></span>VF<span class=\"_ _a\"></span>A requires an element <span class=\"_ _2\"></span>of judgement to determine whether the proportion of the underlying item to be paid to the policyholder is substantial and whether the policyholder liability varies substantially with the<span class=\"_ _2\"></span> mov<span class=\"_ _2\"></span>ement in the fair v<span class=\"_ _2\"></span>alue of the underlying item.<span class=\"_ _421\"> </span><span class=\"ff65 ls3 ws2\">CHES<span class=\"_ _277\"></span>NAR<span class=\"_ _277\"></span>A<span class=\"_ _278\"></span>AN<span class=\"_ _277\"></span>NUAL<span class=\"_ _379\"></span>REPO<span class=\"_ _277\"></span>RT<span class=\"_ _27f\"></span>AND<span class=\"_ _3b0\"></span>ACCOUNT<span class=\"_ _27a\"></span>S<span class=\"_ _27b\"></span>20<span class=\"_ _2b5\"></span>23</span><span class=\"_ _3b4\"></span>165<span class=\"_ _421\"> </span>IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS<span class=\"_ _421\"> </span>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<span class=\"_ _421\"> </span>SECTION A \u2013 GENERAL INFORMA<span class=\"_ _a\"></span>TION AND ACCOUNTING POLICIES AND JUDGEMENT<span class=\"_ _2\"></span>S <span class=\"_ _e\"> </span>A6 <span class=\"_ _3\"></span>Significant accounting judgements and estimates (continued)<span class=\"_ _421\"> </span>IFRS 1<span class=\"_ _2\"></span>7 significant accounting judgements (continued) <span class=\"_ _18\"> </span>(c) <span class=\"_ _4\"></span>Level of aggr<span class=\"_ _2\"></span>egation<span class=\"_ _421\"> </span>Judgement is required in applying the requirement to group portf<span class=\"_ _2\"></span>olios that have similar risks and are managed together<span class=\"_ _0\"></span>. <span class=\"_ _0\"></span>The group has considered the follo<span class=\"_ _2\"></span>wing factors (to the <span class=\"_ _2\"></span>extent that they are rele<span class=\"_ _2\"></span>vant f<span class=\"_ _2\"></span>or the entity) in <span class=\"_ _2\"></span>order to group contracts by similar risks and those that are managed together: principal insurance risk, product type, tax status, legacy book<span class=\"_ _3\"></span>/outsource provider and measurement model.  F<span class=\"_ _a\"></span>urther judgement is required in determining the profitability grouping that appl<span class=\"_ _3\"></span>ies to portf<span class=\"_ _2\"></span>olios of contracts. F<span class=\"_ _2\"></span>or the new business cohorts in <span class=\"_ _a\"></span>Scildon, a policy lev<span class=\"_ _2\"></span>el test is applied and contracts are allocated to the relevant profitability group. <span class=\"_ _7\"></span>T<span class=\"_ _0\"></span>o date, this has not resulted in any contracts being classified as \u2018no significant risk of becoming <span class=\"_ _2\"></span>onerous<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>. <span class=\"_ _0\"></span>Where portfolios of contracts are acquired in a business combination <span class=\"_ _2\"></span>or a portfolio transf<span class=\"_ _a\"></span>er<span class=\"_ _2\"></span>, the purchase terms hav<span class=\"_ _2\"></span>e been such that to date all contracts hav<span class=\"_ _2\"></span>e been allocated to the \u2018<span class=\"_ _a\"></span>other<span class=\"_ _3\"></span>\u2019 profitable cohort. <span class=\"_ _e\"> </span>(d) <span class=\"_ _3\"></span>Discount rates<span class=\"_ _421\"> </span>Cash flows are discounted using currency<span class=\"_ _2\"></span>-specific, risk-free <span class=\"_ _a\"></span>yield curves adjusted f<span class=\"_ _2\"></span>or the characteristics of the cash flows and the liquidity <span class=\"_ _2\"></span>of the insurance contracts. <span class=\"_ _0\"></span>The group applies a \u2018bottom-up\u2019 approach to determining discount rates and f<span class=\"_ _2\"></span>ollows the methodology used by the PRA and EIOP<span class=\"_ _0\"></span>A to determine risk-free <span class=\"_ _a\"></span>yield curves and ultimate forw<span class=\"_ _2\"></span>ard rates for regulatory solv<span class=\"_ _2\"></span>ency calculations. <span class=\"_ _0\"></span>T<span class=\"_ _0\"></span>o reflect the liquidity or otherwise <span class=\"_ _2\"></span>of the insurance contracts, the risk-free yield curves are adjusted b<span class=\"_ _2\"></span>y an illiquidity premium. F<span class=\"_ _2\"></span>or certain Dutch \u2018savings mortgage<span class=\"_ _2\"></span>\u2019 products, there is a direct connection to the policyholder<span class=\"_ _3\"></span>\u2019<span class=\"_ _0\"></span>s mortgage loan and the premiums to repay the loan in that the crediting rate is set such that the account value will be <span class=\"_ _2\"></span>equal to the balance on the loan at maturity<span class=\"_ _a\"></span>. F<span class=\"_ _2\"></span>or this product, the cash flows are discounted using the same curve used to v<span class=\"_ _2\"></span>alue the corresponding mortgage assets which itself is derived from mortgage rates a<span class=\"_ _2\"></span>vailable in the mark<span class=\"_ _2\"></span>et.<span class=\"_ _421\"> </span>When the present value <span class=\"_ _2\"></span>of future cash flows is <span class=\"_ _2\"></span>estimated using stochastic modelling<span class=\"_ _3\"></span>, the cash flows are discounted at scenario-specific rates calibrated, <span class=\"_ _2\"></span>on av<span class=\"_ _2\"></span>erage, to be the risk free rates as adjusted for illiquidity<span class=\"_ _a\"></span>.<span class=\"_ _421\"> </span>Inflation rates mainly relate to e<span class=\"_ _2\"></span>xpense inflation. <span class=\"_ _0\"></span>The assumptions in respect <span class=\"_ _2\"></span>of expense inflation reflect the group\u2019<span class=\"_ _0\"></span>s best estimate vie<span class=\"_ _2\"></span>w incorporating market consistent data such as earnings indices and central bank inflation targets.<span class=\"_ _421\"> </span>The <span class=\"_ _0\"></span>yield curves that were used to discount the <span class=\"_ _2\"></span>estimates of future cash flo<span class=\"_ _2\"></span>ws that were modelled deterministically are shown in the table belo<span class=\"_ _2\"></span>w: <span class=\"_ _1db\"> </span>2023 2022<span class=\"_ _421\"> </span>Yi<span class=\"_ _3\"></span>eld c<span class=\"_ _3\"></span>ur<span class=\"_ _3\"></span>ve <span class=\"_ _8\"> </span>Bro<span class=\"_ _3\"></span>ad pro<span class=\"_ _3\"></span>duc<span class=\"_ _3\"></span>t ca<span class=\"_ _3\"></span>tego<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>y <span class=\"_ _107\"> </span>Curren<span class=\"_ _3\"></span>cy <span class=\"_ _1c1\"> </span>1 yr <span class=\"_ _8c\"> </span>5 y<span class=\"_ _3\"></span>rs <span class=\"_ _4a\"> </span>10 y<span class=\"_ _3\"></span>rs <span class=\"_ _79\"> </span>2<span class=\"_ _3\"></span>0 yrs <span class=\"_ _79\"> </span>3<span class=\"_ _3\"></span>0 yr<span class=\"_ _3\"></span>s <span class=\"_ _1c1\"> </span>1 yr <span class=\"_ _8c\"> </span>5 yr<span class=\"_ _3\"></span>s <span class=\"_ _4a\"> </span>10 yr<span class=\"_ _3\"></span>s <span class=\"_ _79\"> </span>20 y<span class=\"_ _3\"></span>rs <span class=\"_ _79\"> </span>3<span class=\"_ _3\"></span>0 yrs<span class=\"_ _421\"> </span>RFR <span class=\"_ _f0\"> </span>Unit-linked/index-link<span class=\"_ _2\"></span>ed/with-pr<span class=\"_ _2\"></span>ofits \u2013 VFA <span class=\"_ _129\"> </span>EUR <span class=\"_ _30\"> </span>3.36% <span class=\"_ _32\"> </span>2.32% <span class=\"_ _30\"> </span>2.<span class=\"_ _3\"></span>39% <span class=\"_ _6d\"> </span>2.41% <span class=\"_ _32\"> </span>2.53% <span class=\"_ _128\"> </span>3.18% <span class=\"_ _146\"> </span>3.13% <span class=\"_ _2f\"> </span>3.09% <span class=\"_ _30\"> </span>2.77% <span class=\"_ _32\"> </span>2<span class=\"_ _3\"></span>.73<span class=\"_ _2\"></span>% <span class=\"_ _73\"> </span>Unit-linked/inde<span class=\"_ _2\"></span>x-linked/<span class=\"_ _2\"></span>with-profits \u2013 GMM GBP <span class=\"_ _a\"></span>4.7<span class=\"_ _2\"></span>4% 3.36<span class=\"_ _2\"></span>% 3.28% <span class=\"_ _2\"></span>3.43<span class=\"_ _2\"></span>% 3.36% <span class=\"_ _7\"></span>4.46% <span class=\"_ _7\"></span>4.06% <span class=\"_ _5\"> </span>3.71% 3.54<span class=\"_ _2\"></span>% <span class=\"_ _3\"></span>3.35% <span class=\"_ _138\"> </span><span class=\"ff6a\">(with high liquidity)</span> <span class=\"_ _138\"> </span>Shor<span class=\"_ _3\"></span>t-term pr<span class=\"_ _2\"></span>otection <span class=\"_ _17b\"> </span>SEK <span class=\"_ _30\"> </span>3.03<span class=\"_ _2\"></span>% <span class=\"_ _30\"> </span>2.<span class=\"_ _3\"></span>26% <span class=\"_ _30\"> </span>2.25% <span class=\"_ _32\"> </span>2.76% <span class=\"_ _2f\"> </span>2.99% <span class=\"_ _30\"> </span>3.4<span class=\"_ _2\"></span>7% <span class=\"_ _146\"> </span>3.16% <span class=\"_ _6d\"> </span>3.01% <span class=\"_ _6d\"> </span>3.18% <span class=\"_ _30\"> </span>3.<span class=\"_ _3\"></span>27%<span class=\"_ _421\"> </span>RFR + V<span class=\"_ _2\"></span>A <span class=\"_ _33\"> </span>Immediat<span class=\"_ _2\"></span>e annuities <span class=\"_ _145\"> </span>EUR <span class=\"_ _32\"> </span>3.56% <span class=\"_ _32\"> </span>2.52% <span class=\"_ _30\"> </span>2.59% <span class=\"_ _146\"> </span>2.61% <span class=\"_ _2f\"> </span>2.70% <span class=\"_ _30\"> </span>3.<span class=\"_ _3\"></span>37% <span class=\"_ _30\"> </span>3.32<span class=\"_ _3\"></span>% <span class=\"_ _30\"> </span>3.28% <span class=\"_ _2f\"> </span>2.96% <span class=\"_ _2f\"> </span>2.89% <span class=\"_ _138\"> </span>Term assur<span class=\"_ _2\"></span>ance and other non-linked <span class=\"_ _73\"> </span>Unit-linked/inde<span class=\"_ _2\"></span>x-linked/<span class=\"_ _2\"></span>with-profits \u2013 GMM <span class=\"_ _7c\"> </span>GB<span class=\"_ _3\"></span>P <span class=\"_ _30\"> </span>5.05% <span class=\"_ _32\"> </span>3.67%<span class=\"_ _3\"></span> <span class=\"_ _30\"> </span>3.5<span class=\"_ _3\"></span>9% <span class=\"_ _32\"> </span>3<span class=\"_ _3\"></span>.7<span class=\"_ _a\"></span>4% <span class=\"_ _32\"> </span>3.67%<span class=\"_ _3\"></span> <span class=\"_ _2f\"> </span>4<span class=\"_ _3\"></span>.75% <span class=\"_ _2f\"> </span>4<span class=\"_ _3\"></span>.35%<span class=\"_ _3\"></span> <span class=\"_ _13\"> </span>4<span class=\"_ _3\"></span>.00% <span class=\"_ _30\"> </span>3.<span class=\"_ _3\"></span>83% <span class=\"_ _30\"> </span>3.64% <span class=\"_ _138\"> </span><span class=\"ff6a\">(with medium liquidity)<span class=\"_ _421\"> </span></span>Market <span class=\"_ _3b\"> </span>W<span class=\"_ _2\"></span>aard Savings Mortgage <span class=\"_ _f5\"> </span>EUR <span class=\"_ _13c\"> </span>4<span class=\"_ _3\"></span>.77% <span class=\"_ _32\"> </span>3.73% <span class=\"_ _132\"> </span>3.80% <span class=\"_ _30\"> </span>3.82% <span class=\"_ _2f\"> </span>3.94% <span class=\"_ _2f\"> </span>4.<span class=\"_ _3\"></span>23% <span class=\"_ _f9\"> </span>4.18% <span class=\"_ _f9\"> </span>4.14% <span class=\"_ _2f\"> </span>3.82% <span class=\"_ _30\"> </span>3.78%<span class=\"_ _421\"> </span>Mortgage<span class=\"_ _421\"> </span>Rates<span class=\"_ _421\"> </span>The sensitivity <span class=\"_ _2\"></span>of the income statement and balance sheet to mov<span class=\"_ _2\"></span>ements in the <span class=\"_ _a\"></span>yield curve is shown in Note B3(a)(ii).  (e) <span class=\"_ _3\"></span>Methods used to measure the r<span class=\"_ _a\"></span>isk adjustment for non-financial r<span class=\"_ _2\"></span>isk<span class=\"_ _421\"> </span>The group calculates the risk adjustment using a Cost <span class=\"_ _2\"></span>of Capital (CoC) methodology similar to the PRA and EIOP<span class=\"_ _a\"></span>A Solv<span class=\"_ _2\"></span>ency II Risk Margin approach. <span class=\"_ _0\"></span>The diff<span class=\"_ _a\"></span>erences<span class=\"_ _3\"></span> between the <span class=\"_ _a\"></span>Solvency II Risk Margin and the IFRS 1<span class=\"_ _a\"></span>7 risk adjustment for non-financial risk include: (a) <span class=\"_ _14c\"> </span> <span class=\"_ _f\"></span>the risk adjustment for non-financial risk only includes risks within the IFR<span class=\"_ _2\"></span>S 1<span class=\"_ _a\"></span>7 contract boundary which may diff<span class=\"_ _2\"></span>er to the contract boundary assumed  in Solvency II;<span class=\"_ _421\"> </span>(b) <span class=\"_ _74\"> </span> <span class=\"_ _f\"></span>the Solv<span class=\"_ _2\"></span>ency II risk margin makes allo<span class=\"_ _2\"></span>wance f<span class=\"_ _2\"></span>or counterparty default risk and operational risk, but these are not required in the risk adjustment f<span class=\"_ _2\"></span>or  non-financial risk.<span class=\"_ _421\"> </span>In determining the risk adjustment for non-financial risk <span class=\"_ _2\"></span>each entity allows f<span class=\"_ _2\"></span>or diversification betw<span class=\"_ _2\"></span>een the risks in a consistent manner to that applied in the Solvency II risk margin. Div<span class=\"_ _2\"></span>ersification is allow<span class=\"_ _2\"></span>ed for within each <span class=\"_ _2\"></span>entity<span class=\"_ _a\"></span>, but not across the entities, and is allocated to groups of insurance contracts in proportion to the undiversified risk capital amounts. <span class=\"_ _7\"></span>The risk adjustment is then determined by applying a CoC rate to the amount of capital required f<span class=\"_ _2\"></span>or each future reporting date and discounting the result using the appropriate portfolio le<span class=\"_ _2\"></span>vel risk free rates adjusted for illiquidity<span class=\"_ _0\"></span>. The required capital is determined using stresses and div<span class=\"_ _2\"></span>ersification factors aligned to the relev<span class=\"_ _2\"></span>ant <span class=\"_ _2\"></span>Solvency II methodologies and allocated to groups <span class=\"_ _2\"></span>of contracts in a wa<span class=\"_ _2\"></span>y that is consistent with the risk profiles of the groups. <span class=\"_ _0\"></span>The CoC rate reflects that used in the group\u2019<span class=\"_ _0\"></span>s o<span class=\"_ _2\"></span>wn EcV reporting, currently 3.25%pa (2022: 3.25%).<span class=\"_ _421\"> </span>T<span class=\"_ _0\"></span>o determine the risk adjustments for non-financial risk f<span class=\"_ _2\"></span>or reinsurance contracts, the group applies these techniques both gross and net of reinsurance and derives the amount of risk being transf<span class=\"_ _a\"></span>erred to the reinsurer as the difference betw<span class=\"_ _2\"></span>een the two results.<span class=\"_ _421\"> </span>166<span class=\"_ _10\"> </span><span class=\"ff67 ls3 ws2\">CHE<span class=\"_ _3\"></span>SNA<span class=\"_ _3\"></span>R<span class=\"_ _3\"></span>A ANNUAL R<span class=\"_ _3\"></span>EPORT A<span class=\"_ _3\"></span>ND ACCO<span class=\"_ _3\"></span>UNTS 2023<span class=\"_ _421\"> </span></span>IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS<span class=\"_ _421\"> </span>Ov<span class=\"_ _2\"></span>er a 1 <span class=\"_ _7\"></span>year time horizon and on a net <span class=\"_ _2\"></span>of reinsurance basis, this risk adjustment corresponds to a confidence lev<span class=\"_ _2\"></span>el of 75.9% (2022: 7<span class=\"_ _a\"></span>4.6%). <span class=\"_ _0\"></span>This is equiv<span class=\"_ _2\"></span>alent to estimating that the probability that an<span class=\"_ _2\"></span>y changes in best estimate liabilities from non-financial risk o<span class=\"_ _2\"></span>ver the ne<span class=\"_ _2\"></span>xt <span class=\"_ _a\"></span>year e<span class=\"_ _2\"></span>xceed the amount of the risk adjustment is less than 24.<span class=\"_ _0\"></span>1<span class=\"_ _7\"></span>%. Using statistical approximations, the 1 <span class=\"_ _0\"></span>year figure can be transformed into an <span class=\"_ _2\"></span>equivalent confidence le<span class=\"_ _2\"></span>vel o<span class=\"_ _2\"></span>ver the <span class=\"_ _2\"></span>expected lif<span class=\"_ _a\"></span>et<span class=\"_ _3\"></span>ime <span class=\"_ _2\"></span>of in-force policies of 61<span class=\"_ _7\"></span>.9% (2022: 61<span class=\"_ _31\"></span>%). <span class=\"_ _10\"> </span>(f) <span class=\"_ _4\"></span>Expense allocations<span class=\"_ _421\"> </span>Expenses cash flows are assessed as to whether the<span class=\"_ _2\"></span>y are attributable to the fulfilment or acquisition of insurance contracts. <span class=\"_ _7\"></span>Where estimates of <span class=\"_ _2\"></span>expenses-related cash flows are determined at the portf<span class=\"_ _2\"></span>olio level <span class=\"_ _2\"></span>or higher<span class=\"_ _a\"></span>, they are allocated to groups <span class=\"_ _2\"></span>of contracts on a systematic basis, such as activity<span class=\"_ _2\"></span>-based costing method. The group has determined that this method results in a sy<span class=\"_ _2\"></span>stematic and rational allocation. <span class=\"_ _e\"> </span>(g) <span class=\"_ _3\"></span>Cover<span class=\"_ _2\"></span>age per<span class=\"_ _a\"></span>iod and units<span class=\"_ _421\"> </span>Judgement is required in determining the <span class=\"_ _2\"></span>expected co<span class=\"_ _2\"></span>verage period o<span class=\"_ _2\"></span>ver which the CSM is allocated into profit <span class=\"_ _2\"></span>or loss for the services provided <span class=\"_ _2\"></span>or received. F<span class=\"_ _2\"></span>or contracts issued, the group determines the cov<span class=\"_ _2\"></span>erage period for the CSM recognition as follo<span class=\"_ _2\"></span>ws: (a) <span class=\"_ _14c\"> </span>for non-participating contracts, the cov<span class=\"_ _2\"></span>erage period corresponds to the policy cov<span class=\"_ _2\"></span>erage for mortality and/or morbidity risk and inv<span class=\"_ _2\"></span>estment return services; (b) <span class=\"_ _74\"> </span> <span class=\"_ _f\"></span>for contracts with direct participating feat<span class=\"_ _2\"></span>ures, the coverage period cor<span class=\"_ _2\"></span>responds to the period in which insurance or inv<span class=\"_ _2\"></span>estment related services are e<span class=\"_ _2\"></span>xpected to be provided.<span class=\"_ _421\"> </span>The co<span class=\"_ _2\"></span>verage period f<span class=\"_ _2\"></span>or reinsurance contracts is determined based on the cov<span class=\"_ _2\"></span>erage period of all underlying contracts whose cash flo<span class=\"_ _2\"></span>ws are included in the reinsurance contract boundary<span class=\"_ _a\"></span>.<span class=\"_ _421\"> </span>The CSM at the <span class=\"_ _2\"></span>end of the reporting period is allocated to profit and loss based <span class=\"_ _2\"></span>on the relevant underlying co<span class=\"_ _2\"></span>verage units where the number <span class=\"_ _2\"></span>of cov<span class=\"_ _2\"></span>erage units in a group is determined by considering, for <span class=\"_ _2\"></span>each contract, the quantity of the benefits pro<span class=\"_ _2\"></span>vided under a contract and its e<span class=\"_ _2\"></span>xpected coverage period. <span class=\"_ _7\"></span>The quantity of benefits provided includes insurance, in<span class=\"_ _2\"></span>vestment return and in<span class=\"_ _2\"></span>vestment-related services and hence the co<span class=\"_ _2\"></span>verage unit is based on the maximum benefit pa<span class=\"_ _2\"></span>yment which may become due in a period.<span class=\"_ _421\"> </span>F<span class=\"_ _2\"></span>or contracts that provide an in<span class=\"_ _2\"></span>vestment return <span class=\"_ _2\"></span>or investment-related service, the account balance is generally considered the main driv<span class=\"_ _2\"></span>er for determining the amount of service pro<span class=\"_ _2\"></span>vided in a period. F<span class=\"_ _2\"></span>or products that provide an insurance service the sum assured, in e<span class=\"_ _2\"></span>xcess <span class=\"_ _2\"></span>of any account balance, is considered the main driver f<span class=\"_ _2\"></span>or determining the amount of insurance service pro<span class=\"_ _2\"></span>vided in a period.<span class=\"_ _421\"> </span>The f<span class=\"_ _2\"></span>ollowing table pro<span class=\"_ _2\"></span>vides details of the cov<span class=\"_ _2\"></span>erage units applied for the broad product categories:<span class=\"_ _421\"> </span>Product category <span class=\"_ _72\"> </span>T<span class=\"_ _2\"></span>ypical coverage<span class=\"_ _2\"></span> unit<span class=\"_ _421\"> </span>Immediate annuities <span class=\"_ _1d9\"> </span>Annuity face amount<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>erm assurance and other non-link<span class=\"_ _2\"></span>ed <span class=\"_ _b2\"> </span>T<span class=\"_ _2\"></span>erm assurance: Sum insured <span class=\"_ _1da\"> </span>Other non-linked: Higher of death and maturit<span class=\"_ _2\"></span>y benefit<span class=\"_ _421\"> </span>Unit-linked/inde<span class=\"_ _2\"></span>x-linked/<span class=\"_ _2\"></span>with-profits \u2013 GMM <span class=\"_ _ee\"> </span>Higher of death benefit, account value and maturity benefit<span class=\"_ _421\"> </span>Unit-linked/inde<span class=\"_ _2\"></span>x-linked/<span class=\"_ _2\"></span>with-profits \u2013 VF<span class=\"_ _a\"></span>A <span class=\"_ _177\"> </span>Higher of death benefit, account value and maturit<span class=\"_ _2\"></span>y benefit<span class=\"_ _421\"> </span>Short-term prot<span class=\"_ _2\"></span>ection <span class=\"_ _1db\"> </span>N/<span class=\"_ _2\"></span>A<span class=\"_ _421\"> </span>Notes F2 to F5 provide inf<span class=\"_ _2\"></span>ormation regarding the timing of the future release <span class=\"_ _2\"></span>of the CSM to the profit and loss account, based on the CSM at the balance sheet date. <span class=\"_ _e\"> </span>(h) <span class=\"_ _3\"></span>Non-distinct investment components<span class=\"_ _421\"> </span>Insurance rev<span class=\"_ _2\"></span>enue and insurance service e<span class=\"_ _2\"></span>xpenses ex<span class=\"_ _2\"></span>clude any NDIC. <span class=\"_ _7\"></span>The group identifies the investment component <span class=\"_ _2\"></span>of a contract by determining the amount that it would be required to repa<span class=\"_ _2\"></span>y to the policyholder in all scenarios with commercial substance. <span class=\"_ _0\"></span>These include circumstances in which an insured e<span class=\"_ _2\"></span>vent <span class=\"_ _2\"></span>occurs or the contract matures or is terminated without an insured <span class=\"_ _2\"></span>ev<span class=\"_ _2\"></span>ent occurring. Inv<span class=\"_ _2\"></span>estment components are e<span class=\"_ _2\"></span>xcluded from insurance rev<span class=\"_ _2\"></span>enue and insurance service expenses. <span class=\"_ _0\"></span>Where the required inf<span class=\"_ _2\"></span>ormation for the actual NDIC is una<span class=\"_ _2\"></span>vailable at a policy lev<span class=\"_ _2\"></span>el the group applies estimation techniques based <span class=\"_ _2\"></span>on expected data.<span class=\"_ _2\"></span> T<span class=\"_ _0\"></span>ypical non-distinct inv<span class=\"_ _2\"></span>estment components are outlined in Note A5(a)(xiv).<span class=\"_ _421\"> </span>Other accounting judgements <span class=\"_ _d\"> </span>(i) <span class=\"_ _4\"></span>Mortg<span class=\"_ _2\"></span>age asset v<span class=\"_ _2\"></span>aluation<span class=\"_ _421\"> </span>The mortgage sa<span class=\"_ _2\"></span>vings assets within the <span class=\"_ _0\"></span>Waard Group, pre<span class=\"_ _2\"></span>viously valued at amortised cost under IA<span class=\"_ _2\"></span>S 39, are now designated as FVTPL and v<span class=\"_ _2\"></span>alued at fair value in order to av<span class=\"_ _2\"></span>oid an accounting mismatch with the corresponding liability valued under IFR<span class=\"_ _2\"></span>S 1<span class=\"_ _a\"></span>7<span class=\"_ _31\"></span>. The mortgage portf<span class=\"_ _2\"></span>olio acquired by <span class=\"_ _0\"></span>W<span class=\"_ _2\"></span>aard Le<span class=\"_ _2\"></span>ven as part <span class=\"_ _2\"></span>of the Argenta acquisition in 2020 contains both a savings <span class=\"_ _2\"></span>element and risk element. F<span class=\"_ _a\"></span>or the savings part of the mortgage, the asset cash flows are projected to the mortgage <span class=\"_ _2\"></span>end date and discounted using a risk free rate plus a spread. <span class=\"_ _0\"></span>The e<span class=\"_ _2\"></span>xpected future cash flows are determined from the product characteristics and best estimate actuarial assumptions with the credit spread being sourced primarily from a w<span class=\"_ _2\"></span>eighted av<span class=\"_ _2\"></span>erage of mortgage rates av<span class=\"_ _2\"></span>ailable in the market at <span class=\"_ _2\"></span>each duration. In principle, the spread should only be applied to the future inv<span class=\"_ _2\"></span>estment-related part of the cash flo<span class=\"_ _2\"></span>ws but since this is impracticable the group has applied a spread to all cash flows. <span class=\"_ _0\"></span>T<span class=\"_ _2\"></span>his results in a close approximation to the corresponding liability and reflects the true economic offset of asset and <span class=\"_ _3\"></span>liability<span class=\"_ _a\"></span>. <span class=\"_ _d\"> </span>(j) <span class=\"_ _4\"></span>Acquir<span class=\"_ _2\"></span>ed v<span class=\"_ _2\"></span>alue of in-for<span class=\"_ _2\"></span>ce business (CASLP)<span class=\"_ _421\"> </span>The group applies accounting <span class=\"_ _2\"></span>estimates and judgements in determining the fair value, amortisation and reco<span class=\"_ _2\"></span>verability <span class=\"_ _2\"></span>of acquired in-force business, which f<span class=\"_ _2\"></span>ollowing the introduction of IFR<span class=\"_ _2\"></span>S 1<span class=\"_ _a\"></span>7 relates to investment contracts <span class=\"_ _2\"></span>only<span class=\"_ _a\"></span>. <span class=\"_ _0\"></span>The A<span class=\"_ _a\"></span>VIF previously recognised in respect <span class=\"_ _2\"></span>of insurance contracts has now been derecognised in these financial statements. In the initial determination of the acquired v<span class=\"_ _2\"></span>alue of in-force business, the group uses act<span class=\"_ _2\"></span>uarial models to determine the expected n<span class=\"_ _2\"></span>et cash flows (on a discounted basis) <span class=\"_ _2\"></span>of the policies acquired. <span class=\"_ _0\"></span>The k<span class=\"_ _2\"></span>ey assumptions applied in the models are driven b<span class=\"_ _2\"></span>y the e<span class=\"_ _2\"></span>xpected behaviour of policyholders <span class=\"_ _2\"></span>on termination rates, e<span class=\"_ _2\"></span>xpenses of management and age <span class=\"_ _2\"></span>of individual contract holders as well as global estimates <span class=\"_ _2\"></span>of inv<span class=\"_ _2\"></span>estment growth, based on recent <span class=\"_ _2\"></span>experience at the date of acquisition. <span class=\"_ _7\"></span>The assumptions applied within the models are considered against historical experience <span class=\"_ _2\"></span>of each <span class=\"_ _2\"></span>of the relev<span class=\"_ _2\"></span>ant factors. Ref<span class=\"_ _a\"></span>er to accounting policy Note A5(h).<span class=\"_ _421\"> </span><span class=\"ff65 ls3\">CHES<span class=\"_ _277\"></span>NAR<span class=\"_ _277\"></span>A<span class=\"_ _278\"></span>A<span class=\"_ _277\"></span>NNUAL<span class=\"_ _278\"></span>REPO<span class=\"_ _279\"></span>RT<span class=\"_ _278\"></span>AND<span class=\"_ _3b0\"></span>ACCOUN<span class=\"_ _27a\"></span>TS<span class=\"_ _27b\"></span>2023</span><span class=\"_ _3b8\"></span>167<span class=\"_ _421\"> </span> <span class=\"_ _e\"> </span>A6 <span class=\"_ _3\"></span>Significant accounting judgements and estimates (continued)<span class=\"_ _421\"> </span>Other accounting judgements (continued) <span class=\"_ _d\"> </span>(j) <span class=\"_ _4\"></span>Acquir<span class=\"_ _2\"></span>ed v<span class=\"_ _2\"></span>alue of in-for<span class=\"_ _2\"></span>ce business (CASLP) (continued)<span class=\"_ _421\"> </span>The acquired v<span class=\"_ _2\"></span>alue of in-f<span class=\"_ _2\"></span>orce business is amortised on a basis that reflects the e<span class=\"_ _2\"></span>xpected profit stream arising from the inv<span class=\"_ _2\"></span>estment contracts acquired at the date of acquisition. <span class=\"_ _2\"></span>Acquired v<span class=\"_ _2\"></span>alue of in-force business is tested f<span class=\"_ _2\"></span>or recov<span class=\"_ _2\"></span>erability by ref<span class=\"_ _a\"></span>erence to expected future income and <span class=\"_ _2\"></span>expense lev<span class=\"_ _2\"></span>els. <span class=\"_ _2\"></span>Such impairment testing requires a degree of <span class=\"_ _2\"></span>estimation and judgement. In particular<span class=\"_ _a\"></span>, the value is sensitive to the rate at which future cash flo<span class=\"_ _2\"></span>ws are discounted and to the rates of return on in<span class=\"_ _2\"></span>vested assets, based <span class=\"_ _2\"></span>on applying a range of discount rates, which hav<span class=\"_ _2\"></span>e been determined with ref<span class=\"_ _2\"></span>erence to our re<span class=\"_ _2\"></span>view of the cur<span class=\"_ _2\"></span>rent market assessment of the tr<span class=\"_ _2\"></span>ue value of mone<span class=\"_ _2\"></span>y and the risks specific to the asset for which the cash flo<span class=\"_ _2\"></span>ws hav<span class=\"_ _2\"></span>e not been adjusted. <span class=\"_ _0\"></span>The rates used f<span class=\"_ _2\"></span>or the purpose of the impairment testing range from 4% to <span class=\"_ _2\"></span>1<span class=\"_ _a\"></span>2% and the actual rate applied was 1<span class=\"_ _0\"></span>1<span class=\"_ _7\"></span>.45% (31 December 2022: 8%).<span class=\"_ _421\"> </span>The <span class=\"_ _2\"></span>A<span class=\"_ _a\"></span>VIF for CASLP has been tested f<span class=\"_ _2\"></span>or recoverability as at 3<span class=\"_ _a\"></span>1 December 2023 and as a result of that test an impairment of \u00a32<span class=\"_ _a\"></span>1<span class=\"_ _0\"></span>.0m has been applied (\u00a36.<span class=\"_ _0\"></span>1m net of tax). <span class=\"_ _0\"></span>The carrying v<span class=\"_ _2\"></span>alue of the <span class=\"_ _2\"></span>A<span class=\"_ _a\"></span>VIF in CASLP follo<span class=\"_ _2\"></span>wing the impairment and net of amortisation is \u00a32<span class=\"_ _a\"></span>1<span class=\"_ _7\"></span>.9m at 31 December 2023 (3<span class=\"_ _a\"></span>1 December 2022: \u00a349.6m).<span class=\"_ _421\"> </span>A 400 bps increase in the eff<span class=\"_ _2\"></span>ective discount rate would reduce the underlying v<span class=\"_ _2\"></span>alue of in-f<span class=\"_ _2\"></span>orce business in CASLP b<span class=\"_ _2\"></span>y \u00a33.7m (31 December 2022: \u00a31<span class=\"_ _7\"></span>1<span class=\"_ _0\"></span>.3m). A 1<span class=\"_ _0\"></span>0%<span class=\"_ _3\"></span> fall in projected future profits w<span class=\"_ _2\"></span>ould reduce the underlying value <span class=\"_ _2\"></span>of in-force business in CA<span class=\"_ _2\"></span>SLP by \u00a32.2m (3<span class=\"_ _a\"></span>1 December 2022: \u00a35.7m).  (k) <span class=\"_ _3\"></span>Investment in subsidiary CA The group applies accounting <span class=\"_ _2\"></span>estimates and judgements in determining the holding value and recov<span class=\"_ _2\"></span>erability of its in<span class=\"_ _2\"></span>vestment in subsidiaries, in particular that <span class=\"_ _19\"></span><span class=\"ls2 ws2\"> </span>of Countrywide A<span class=\"_ _2\"></span>ssured plc. An annual impairment test is perf<span class=\"_ _2\"></span>ormed which requires a degree of <span class=\"_ _2\"></span>estimation and judgement, and for which management has determined that the reported EcV of the UK business is appropriate to be used as a pro<span class=\"_ _2\"></span>xy for the IA<span class=\"_ _2\"></span>S 36 \u2018value in use<span class=\"_ _2\"></span>\u2019 assessment, as this value takes into account the future cash flows and hence fut<span class=\"_ _2\"></span>ure profitability of the business. <span class=\"_ _0\"></span>This assessment sho<span class=\"_ _2\"></span>wed that as at the balance sheet date, there w<span class=\"_ _2\"></span>as a deficit of \u00a31<span class=\"_ _a\"></span>4.4m against the carrying value <span class=\"_ _2\"></span>of the inv<span class=\"_ _2\"></span>estment in subsidiary value and hence the carrying v<span class=\"_ _2\"></span>alue has been impaired by this amount, thereb<span class=\"_ _2\"></span>y impacting the parent company income statement and balance sheet but no impact to the group Consolidated Financial <span class=\"_ _a\"></span>Statements. A 400 bps increase in interest rates would reduce the EcV<span class=\"_ _7\"></span>, and hence the carrying value, by \u00a35.4m (31 December 2022: \u00a31<span class=\"_ _a\"></span>4.6m). A 1<span class=\"_ _0\"></span>0% fall in equity v<span class=\"_ _2\"></span>alues would reduce the carrying value b<span class=\"_ _2\"></span>y \u00a37<span class=\"_ _a\"></span>.<span class=\"_ _3\"></span>9m (31 December 2022: \u00a38.2m). <span class=\"_ _2\"></span>A 1<span class=\"_ _a\"></span>0% mass lapse of policyholders would reduce the carrying v<span class=\"_ _2\"></span>alue by \u00a31<span class=\"_ _0\"></span>1<span class=\"_ _a\"></span>.<span class=\"_ _2\"></span>1m (31 December 2022: \u00a36.<span class=\"_ _0\"></span>1m).<span class=\"_ _421\"> </span>Significant accounting estimates and assumptions <span class=\"_ _c\"> </span>(l) Mortality/Longevity/Morbidity<span class=\"_ _421\"> </span>Best <span class=\"_ _2\"></span>estimate assumptions about mortality<span class=\"_ _a\"></span>, longevity and morbidity used in estimating future cash flo<span class=\"_ _2\"></span>ws are dev<span class=\"_ _2\"></span>eloped for homogeneous product types and groups of policyholders at a local <span class=\"_ _2\"></span>entity level. <span class=\"_ _a\"></span>Assumptions are generally based on a combination of national data, standard industry tables, the local <span class=\"_ _2\"></span>entity\u2019<span class=\"_ _0\"></span>s recent<span class=\"_ _3\"></span> experience and also future <span class=\"_ _2\"></span>expectations. Experience is monitored through regular studies, the results <span class=\"_ _2\"></span>of which are reflected both in the pricing of ne<span class=\"_ _2\"></span>w products and in the measurement of <span class=\"_ _2\"></span>existing contracts. Note B2 pro<span class=\"_ _2\"></span>vides more information on mortality rates used and the sensitivity <span class=\"_ _2\"></span>of the income statement and balance sheet to changes in mortality and morbidity assumptions. (m)  Persistency<span class=\"_ _421\"> </span>Best <span class=\"_ _2\"></span>estimate assumptions about policyholder behaviour<span class=\"_ _a\"></span>, such as surrenders and lapses, used in estimating fut<span class=\"_ _2\"></span>ure cash flows, are dev<span class=\"_ _2\"></span>eloped for homogeneous product types and groups of policyholders at a local <span class=\"_ _2\"></span>entity level. <span class=\"_ _a\"></span>Assumptions are generally based on a combination of the local <span class=\"_ _2\"></span>entity\u2019<span class=\"_ _0\"></span>s recent experience and future e<span class=\"_ _2\"></span>xpectations. Experience is monitored through regular studies, the results of which are reflected both in the pricing <span class=\"_ _2\"></span>of new products and in the measurement <span class=\"_ _19\"></span><span class=\"ls2 ws2\"> </span>of existing contracts.<span class=\"_ _421\"> </span>Surrenders and lapses depend on the product and policy duration in f<span class=\"_ _2\"></span>orce. Note B2 provides more inf<span class=\"_ _2\"></span>ormation on lapse rates and the sensitivity <span class=\"_ _2\"></span>of the income statement and balance sheet to changes in persistency assumptions. <span class=\"_ _e\"> </span>(n) <span class=\"_ _3\"></span>Futur<span class=\"_ _2\"></span>e expenses<span class=\"_ _421\"> </span>Best <span class=\"_ _2\"></span>estimate assumptions regarding expenses used in the <span class=\"_ _2\"></span>estimation of future cash flo<span class=\"_ _2\"></span>ws are set at a lev<span class=\"_ _2\"></span>el that reflects the group\u2019<span class=\"_ _a\"></span>s e<span class=\"_ _2\"></span>xpectations as to future expenditure based <span class=\"_ _2\"></span>on each <span class=\"_ _2\"></span>entity\u2019<span class=\"_ _a\"></span>s cost base and annual budgeting process along with longer<span class=\"_ _0\"></span>-term expectations as to ho<span class=\"_ _2\"></span>w the business will run off net <span class=\"_ _2\"></span>of any new business. <span class=\"_ _7\"></span>T<span class=\"_ _a\"></span>ransition costs and major project e<span class=\"_ _2\"></span>xpenses are revie<span class=\"_ _2\"></span>wed on a case-b<span class=\"_ _2\"></span>y-case basis as to whether the<span class=\"_ _2\"></span>y should be treated as non-attributable. Costs which are borne centrally for group-wide projects, such as IFR<span class=\"_ _2\"></span>S 1<span class=\"_ _a\"></span>7 implementation for e<span class=\"_ _2\"></span>xample, have been considered non-attributable. Expenses pertaining to in<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>est<span class=\"_ _2\"></span>men<span class=\"_ _2\"></span>t costs <span class=\"_ _2\"></span>on assets backing liabilities where no inv<span class=\"_ _2\"></span>estment related service is provided to policyholders, generally term assurance and annuities, are also excluded. Note B2 provides more information <span class=\"_ _2\"></span>on the sensitivity of the income statement and balance sheet to changes in future <span class=\"_ _2\"></span>expense assumptions. <span class=\"_ _e\"> </span>(o) <span class=\"_ _3\"></span>Time value of options and guar<span class=\"_ _2\"></span>antees The group has <span class=\"_ _2\"></span>off<span class=\"_ _2\"></span>ered guaranteed annuity options within certain contracts. Estimates hav<span class=\"_ _2\"></span>e been made of the number <span class=\"_ _2\"></span>of contract holders who will ex<span class=\"_ _2\"></span>ercise these options, in order to measure their v<span class=\"_ _2\"></span>alue. Changes in inv<span class=\"_ _2\"></span>estment conditions could result in significantly more contract holders ex<span class=\"_ _2\"></span>ercising their options than the group has assumed in determining the liabilities arising from these contracts. UK with-profits contracts contain a Discretionary Participation F<span class=\"_ _a\"></span>eature (DPF) which entitles the holder to receive, as a supplement to guaranteed benefits, additional benefits or bonuses. <span class=\"_ _7\"></span>The terms and conditions of these contracts, together with UK regulations, set out the bases f<span class=\"_ _2\"></span>or the determination of the amounts <span class=\"_ _2\"></span>on which the additional discretionary benefits are based and within which the group may <span class=\"_ _2\"></span>exercise its discretion as to the quantum and timing <span class=\"_ _2\"></span>of their payment to contract holders. <span class=\"_ _e\"> </span>(p) <span class=\"_ _3\"></span>Non-perfor<span class=\"_ _2\"></span>mance of reinsur<span class=\"_ _a\"></span>ers<span class=\"_ _421\"> </span>Where appropriate, reinsurance cash flows are adjusted f<span class=\"_ _2\"></span>or the possibility of loss due to reinsurer default using an approach <span class=\"_ _2\"></span>equivalent to the PRA and EIOP<span class=\"_ _0\"></span>A methodology for the <span class=\"_ _a\"></span>Solvency II Credit Default <span class=\"_ _2\"></span>Adjustment",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
    "language": "en",
    "entity": "scheme:213800VFRMBRTSZ3SJ06",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-38": {
   "value": " B2 <span class=\"_ _3\"></span>Underwriting r<span class=\"_ _a\"></span>isk General<span class=\"_ _421\"> </span>Underwriting risk consists of insurance risk, persistency risk (together demographic <span class=\"_ _2\"></span>experience risk) and <span class=\"_ _2\"></span>expense risk: \u2013 <span class=\"_ _86\"></span><span class=\"ff63 ws11f\">Insurance r<span class=\"_ _2\"></span>isk:<span class=\"ff64\"> the risk transf<span class=\"_ _2\"></span>erred from the policyholder to the group, other than financial risk. Insurance risk arises from uncertainty regarding the <span class=\"_ _2\"></span>occurrence, </span></span>timing and amount of future claims. \u2013 <span class=\"_ _86\"></span><span class=\"ff63 ws10a\">Persist<span class=\"_ _2\"></span>ency (or lapse) r<span class=\"_ _2\"></span>isk:<span class=\"ff64\"> the risk that a policyholder will cancel a contract, increase or reduce premiums, withdraw deposits <span class=\"_ _2\"></span>or annuitise a contract earlier <span class=\"_ _2\"></span>or </span></span>later than expected. \u2013 <span class=\"_ _86\"></span><span class=\"ff63 ws2\">Expense risk:<span class=\"ff64\"> the risk <span class=\"_ _2\"></span>of unexpected increases in the administrativ<span class=\"_ _2\"></span>e costs of servicing contracts.<span class=\"_ _421\"> </span></span></span>The group is <span class=\"_ _2\"></span>exposed to diff<span class=\"_ _2\"></span>erent aspects of insurance risk f<span class=\"_ _2\"></span>or lif<span class=\"_ _2\"></span>e insurance policies issued: <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>Mortality risk \u2013 the risk of losses arising from death <span class=\"_ _2\"></span>of lif<span class=\"_ _2\"></span>e insurance policyholders being earlier than e<span class=\"_ _2\"></span>xpected <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>Morbidity risk \u2013 the risk of medical claims arising from the diagnosis <span class=\"_ _2\"></span>of illness being higher than expected <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>Longe<span class=\"_ _2\"></span>vity risk \u2013 the risk of losses due to policyholders living longer than <span class=\"_ _2\"></span>expected<span class=\"_ _421\"> </span>The group\u2019<span class=\"_ _0\"></span>s management of insurance risk is a critical aspect <span class=\"_ _2\"></span>of its business. <span class=\"_ _0\"></span>The primary insurance activity carried <span class=\"_ _2\"></span>out by the group comprises the assumption o<span class=\"_ _2\"></span>f the risk of loss from persons that are directly subject to the risk. <span class=\"_ _2\"></span>As such, the group is e<span class=\"_ _2\"></span>xposed to the uncertainty surrounding the timing and sev<span class=\"_ _2\"></span>erity of claims under the related contracts. <span class=\"_ _0\"></span>The principal risk is that the frequency and se<span class=\"_ _2\"></span>verity <span class=\"_ _2\"></span>of claims is greater than expected. The theory <span class=\"_ _2\"></span>of probability is applied to the pricing and provisioning for a portf<span class=\"_ _2\"></span>olio of insurance contracts. Insured <span class=\"_ _2\"></span>ev<span class=\"_ _2\"></span>ents are, by their nature, random, and the actual number and size <span class=\"_ _2\"></span>of e<span class=\"_ _2\"></span>vents during any 1 <span class=\"_ _0\"></span>year may v<span class=\"_ _2\"></span>ary from those estimated using <span class=\"_ _2\"></span>established statistical techniques. It is noted that the annuity policies give exposure to longe<span class=\"_ _2\"></span>vity risk, which provides a partial natural hedge to the <span class=\"_ _2\"></span>exposure to mortality risk.<span class=\"_ _421\"> </span>The group manages its insurance risk through adoption <span class=\"_ _2\"></span>of underwriting strategies, the aim of which is to av<span class=\"_ _2\"></span>oid undue concentration of risk, appro<span class=\"_ _2\"></span>val procedures for ne<span class=\"_ _2\"></span>w products, pricing guidelines and adoption of reinsurance strategies, the aim of which is to reinf<span class=\"_ _2\"></span>orce the underwriting strategy by a<span class=\"_ _2\"></span>voiding the retention of undue concentration of risk.<span class=\"_ _421\"> </span>Notwithstanding that the group pursues common o<span class=\"_ _2\"></span>verarching objectiv<span class=\"_ _2\"></span>es and emplo<span class=\"_ _2\"></span>ys similar techniques in managing these risks, the range <span class=\"_ _2\"></span>of product characteristics and the diff<span class=\"_ _2\"></span>ering market and regulatory en<span class=\"_ _2\"></span>vironments of the UK, <span class=\"_ _a\"></span>Swedish and Dutch businesses are such that insurance risk is managed separately f<span class=\"_ _2\"></span>or the separate operating segments and concentration of insurance risk is mitigated. <span class=\"_ _0\"></span>T<span class=\"_ _2\"></span>he UK segment consists of largely closed legacy books of business that are in r<span class=\"_ _2\"></span>un-off<span class=\"_ _2\"></span>. <span class=\"_ _0\"></span>Within<span class=\"_ _3\"></span> the Dutch business, the <span class=\"_ _0\"></span>W<span class=\"_ _2\"></span>aard Group operates as an acquisitive v<span class=\"_ _2\"></span>ehicle with a number of acquisitions <span class=\"_ _2\"></span>of closed books in recent <span class=\"_ _a\"></span>years whereas <span class=\"_ _2\"></span>Scildon is a writer of new business. <span class=\"_ _7\"></span>The <span class=\"_ _2\"></span>Swedish segment, Mo<span class=\"_ _2\"></span>vestic, also writes ne<span class=\"_ _2\"></span>w business how<span class=\"_ _2\"></span>ever this predominantly comprises <span class=\"_ _2\"></span>of inv<span class=\"_ _2\"></span>estment contracts valued under IFR<span class=\"_ _2\"></span>S 9. Accordingly<span class=\"_ _0\"></span>, the information which follo<span class=\"_ _2\"></span>ws (and also the quantitative disclosures in <span class=\"_ _2\"></span>Section F of the notes to the financial statements) diff<span class=\"_ _2\"></span>erentiates these segments and sets out f<span class=\"_ _2\"></span>or each the k<span class=\"_ _2\"></span>ey risks arising from insurance contracts and how those risks are measured and managed.  (a) <span class=\"_ _3\"></span>UK business<span class=\"_ _421\"> </span>The main insurance contract portf<span class=\"_ _2\"></span>olios within the UK and the associated risks that have a material <span class=\"_ _2\"></span>eff<span class=\"_ _2\"></span>ect on the amount, timing and uncertainty <span class=\"_ _2\"></span>of future cash flows arising from the insurance contracts issued are as follo<span class=\"_ _2\"></span>ws: <span class=\"_ _d\"> </span>(i) <span class=\"_ _4\"></span>Immediate annuities<span class=\"_ _421\"> </span>Immediate annuities provide regular income pa<span class=\"_ _2\"></span>yments generally during the outstanding lif<span class=\"_ _2\"></span>e of the policyholder<span class=\"_ _0\"></span>, and in some cases that of a surviving spouse or partner<span class=\"_ _a\"></span>. In certain cases, payments ma<span class=\"_ _2\"></span>y be guaranteed for a minimum period. <span class=\"_ _0\"></span>These contracts <span class=\"_ _2\"></span>expose the business to longe<span class=\"_ _2\"></span>vity risk B2 <span class=\"_ _3\"></span>Underwriting r<span class=\"_ _a\"></span>isk (continued) <span class=\"fc1\">(a) <span class=\"_ _3\"></span>UK business (continued)</span> (ii) <span class=\"_ _3\"></span>T<span class=\"_ _0\"></span>er<span class=\"_ _2\"></span>m assurances and other non-link<span class=\"_ _a\"></span>ed<span class=\"_ _421\"> </span>The principal insurance risk f<span class=\"_ _2\"></span>or these portfolios is mortality risk with some morbidity risk arising from critical illness benefits. <span class=\"_ _0\"></span>T<span class=\"_ _2\"></span>he policies generally provide fixed<span class=\"_ _421\"> </span>and guaranteed benefits and hav<span class=\"_ _2\"></span>e fixed future premiums.<span class=\"_ _421\"> </span>(iii) <span class=\"_ _3\"></span>Unit-linked/Index<span class=\"_ _a\"></span>-linked/With-pr<span class=\"_ _2\"></span>ofits \u2013 GMM<span class=\"_ _421\"> </span>The contracts in these portf<span class=\"_ _2\"></span>olios are with-profits or unit-linked pensions and sa<span class=\"_ _2\"></span>vings products which, due to the presence of in the mone<span class=\"_ _2\"></span>y guarantees or the<span class=\"_ _421\"> </span>charges applied, did not meet the criteria for measurement under <span class=\"_ _0\"></span>VF<span class=\"_ _a\"></span>A. <span class=\"_ _0\"></span>The with-profits policies comprise a guaranteed sum assured pay<span class=\"_ _2\"></span>able on death <span class=\"_ _2\"></span>or at<span class=\"_ _421\"> </span>maturity<span class=\"_ _a\"></span>, to which may be added a discretionary terminal bonus. <span class=\"_ _0\"></span>T<span class=\"_ _2\"></span>he unit-linked policies include guarantees in e<span class=\"_ _2\"></span>xcess <span class=\"_ _2\"></span>of the unit fund. <span class=\"_ _0\"></span>The principal insurance<span class=\"_ _421\"> </span>risk for these contracts is mortality risk ho<span class=\"_ _2\"></span>we<span class=\"_ _2\"></span>ver some contracts also contain morbidity risk.<span class=\"_ _421\"> </span>(iv) <span class=\"_ _e\"> </span>Unit-link<span class=\"_ _2\"></span>ed/Index<span class=\"_ _2\"></span>-link<span class=\"_ _2\"></span>ed/With-profits <span class=\"_ _4\"></span>\u2013 VF<span class=\"_ _a\"></span>A<span class=\"_ _421\"> </span>These portf<span class=\"_ _2\"></span>olios contain unit-linked pensions, endo<span class=\"_ _2\"></span>wments and whole of lif<span class=\"_ _a\"></span>e contracts and a small number of with-profits policies. <span class=\"_ _0\"></span>The contracts passed the criteria<span class=\"_ _421\"> </span>for measurements under <span class=\"_ _0\"></span>VF<span class=\"_ _a\"></span>A. <span class=\"_ _0\"></span>The principal insurance risk for these contracts is mortality risk ho<span class=\"_ _2\"></span>we<span class=\"_ _2\"></span>ver some contracts also contain morbidity risk.<span class=\"_ _421\"> </span>Management of insurance risks<span class=\"_ _421\"> </span>The risk at <span class=\"_ _2\"></span>outset of a contract is managed through the pricing basis. <span class=\"_ _0\"></span>T<span class=\"_ _2\"></span>hereafter the risks associated with these products are managed by reinsurance and, in some<span class=\"_ _421\"> </span>cases, by the ability to charge the policyholder f<span class=\"_ _2\"></span>or the mortality benefits provided.<span class=\"_ _421\"> </span>F<span class=\"_ _2\"></span>or unit-linked contracts there is <span class=\"_ _2\"></span>exposure to insurance risk only insof<span class=\"_ _2\"></span>ar as the value <span class=\"_ _2\"></span>of the unit-<span class=\"_ _2\"></span>link<span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>fund <span class=\"_ _2\"></span>is l<span class=\"_ _2\"></span>ow<span class=\"_ _2\"></span>er t<span class=\"_ _2\"></span>han <span class=\"_ _2\"></span>the g<span class=\"_ _2\"></span>uaran<span class=\"_ _2\"></span>teed <span class=\"_ _2\"></span>mini<span class=\"_ _2\"></span>mum d<span class=\"_ _2\"></span>eath <span class=\"_ _2\"></span>bene<span class=\"_ _2\"></span>fit.<span class=\"_ _421\"> </span>The with-profits business which is measured using the <span class=\"_ _0\"></span>VF<span class=\"_ _a\"></span>A is reinsured to ReAssure Limited and hence the <span class=\"_ _2\"></span>only risk retained for this business is the risk <span class=\"_ _2\"></span>of <span class=\"_ _3\"></span>default<span class=\"_ _421\"> </span>by the reinsurer and some <span class=\"_ _2\"></span>expense risk.<span class=\"_ _421\"> </span>The f<span class=\"_ _2\"></span>ollowing table sho<span class=\"_ _2\"></span>ws the breakdown of insurance and reinsurance contract v<span class=\"_ _2\"></span>alues by major product type f<span class=\"_ _2\"></span>or contracts in the UK:<span class=\"_ _421\"> </span>31 December<span class=\"_ _421\"> </span>T<span class=\"_ _a\"></span>ype of cont<span class=\"_ _2\"></span>racts <span class=\"_ _1df\"> </span>2023 2022 <span class=\"_ _19e\"> </span>  <span class=\"_ _2a\"> </span>Gros<span class=\"_ _3\"></span>s  <span class=\"_ _3c\"> </span>R<span class=\"_ _3\"></span>einsurance  <span class=\"_ _28\"> </span>T<span class=\"_ _a\"></span>o<span class=\"_ _3\"></span>tal  <span class=\"_ _2a\"> </span>Gross  <span class=\"_ _13\"> </span>Rein<span class=\"_ _3\"></span>surance  <span class=\"_ _28\"> </span>T<span class=\"_ _a\"></span>o<span class=\"_ _3\"></span>tal <span class=\"_ _19e\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Immediate <span class=\"_ _3\"></span>annuities <span class=\"_ _21\"> </span>  <span class=\"_ _7b\"> </span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>3.4  <span class=\"_ _14b\"> </span>(48.8 <span class=\"_ _0\"></span>) <span class=\"_ _7b\"> </span>64<span class=\"_ _3\"></span>.6  <span class=\"_ _5b\"> </span>1<span class=\"_ _3\"></span>18<span class=\"_ _3\"></span>.1  <span class=\"_ _45\"> </span>(50.7 <span class=\"_ _7\"></span>) <span class=\"_ _f0\"> </span>67<span class=\"_ _2\"></span>.4<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>erm <span class=\"_ _3\"></span>assurance <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>other <span class=\"_ _3\"></span>non-linked <span class=\"_ _15a\"> </span>  <span class=\"_ _14e\"> </span>92.7  <span class=\"_ _150\"> </span>(68.0 <span class=\"_ _7\"></span>) <span class=\"_ _2d\"> </span>24.7  <span class=\"_ _11b\"> </span>106<span class=\"_ _3\"></span>.1  <span class=\"_ _7b\"> </span>(73.2 <span class=\"_ _7\"></span>) <span class=\"_ _c2\"> </span>32.9<span class=\"_ _421\"> </span>Unit-linked/Inde<span class=\"_ _2\"></span>x-linked/With-profits \u2013 <span class=\"_ _4\"></span>GMM <span class=\"_ _158\"> </span>  <span class=\"_ _150\"> </span>223.3  <span class=\"_ _1b7\"> </span>(0.2 <span class=\"_ _0\"></span>) <span class=\"_ _150\"> </span>223.1  <span class=\"_ _7b\"> </span>229.<span class=\"_ _2\"></span>1  <span class=\"_ _1b7\"> </span>(0.2 <span class=\"_ _0\"></span>) <span class=\"_ _42\"> </span>228<span class=\"_ _3\"></span>.9<span class=\"_ _421\"> </span>Unit-linked/Inde<span class=\"_ _2\"></span>x-linked/With-profits \u2013 <span class=\"_ _4\"></span>VF<span class=\"_ _2\"></span>A <span class=\"_ _84\"> </span>  <span class=\"_ _e7\"> </span>949.7  <span class=\"_ _11b\"> </span>(<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>.7 <span class=\"_ _7\"></span>) <span class=\"_ _119\"> </span>902.0  <span class=\"_ _15c\"> </span>994<span class=\"_ _3\"></span>.3  <span class=\"_ _150\"> </span>(48.5 <span class=\"_ _0\"></span>) <span class=\"_ _a3\"> </span>945.<span class=\"_ _3\"></span>8<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _129\"> </span>1<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>37<span class=\"_ _3\"></span>9.1  <span class=\"_ _3e\"> </span>(<span class=\"_ _3\"></span>16<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>.7 <span class=\"_ _7\"></span>) <span class=\"_ _11c\"> </span>1<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>14<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4  <span class=\"_ _7c\"> </span>1,<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>47.6  <span class=\"_ _3e\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>72<span class=\"_ _4\"></span>.6 <span class=\"_ _7\"></span>) <span class=\"_ _7e\"> </span>1<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>275<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>0<span class=\"_ _421\"> </span>Concentration of insurance risk<span class=\"_ _421\"> </span>The UK does not underwrite group insurance co<span class=\"_ _2\"></span>vers which tends to naturally limit geographic concentrations. Exposures to material insurance risks, <span class=\"_ _2\"></span>on individual<span class=\"_ _421\"> </span>cases, are av<span class=\"_ _2\"></span>oided through the use of quota share and surplus reinsurance and retained sums assured <span class=\"_ _2\"></span>on any one lif<span class=\"_ _a\"></span>e are generally under \u00a3250,0<span class=\"_ _3\"></span>00.<span class=\"_ _421\"> </span>Mortalit<span class=\"_ _3\"></span>y assumptions<span class=\"_ _421\"> </span>A base mortality table is selected which is most appropriate for <span class=\"_ _2\"></span>each type of contract taking into account historical <span class=\"_ _2\"></span>experience and where appropriate, reinsurers<span class=\"_ _421\"> </span>rates. <span class=\"_ _0\"></span>The mortality rates reflected in these tables are periodically adjusted, allo<span class=\"_ _2\"></span>wing for emerging <span class=\"_ _2\"></span>experience. <span class=\"_ _7\"></span>The mortality assumptions used on the blocks <span class=\"_ _2\"></span>of<span class=\"_ _421\"> </span>business most sensitive to changes in mortality assumptions are disclosed belo<span class=\"_ _2\"></span>w<span class=\"_ _a\"></span>.<span class=\"_ _421\"> </span>T<span class=\"_ _0\"></span>erm assurance e<span class=\"_ _2\"></span>x<span class=\"_ _a\"></span>-Protection Lif<span class=\"_ _2\"></span>e, Lif<span class=\"_ _2\"></span>e Business: 65% <span class=\"_ _0\"></span>TMN00 select (2022: 65%) and 65% <span class=\"_ _0\"></span>TFN0<span class=\"_ _3\"></span>0 select (non-smokers) (2022: 65%), 65% <span class=\"_ _7\"></span>TMS0<span class=\"_ _3\"></span>0 select (2022:<span class=\"_ _421\"> </span>65%) and 65% <span class=\"_ _0\"></span>TFS00 select (smokers) (2022: 65%).<span class=\"_ _421\"> </span>Annuitant mortality (CA): <span class=\"_ _a\"></span>1<span class=\"_ _a\"></span>04<span class=\"_ _a\"></span>% PMA08 table (2022: 1<span class=\"_ _2\"></span>04%) and 1<span class=\"_ _a\"></span>04% PF<span class=\"_ _a\"></span>A08 table (2022: 1<span class=\"_ _a\"></span>04%), with 1<span class=\"_ _a\"></span>0<span class=\"_ _3\"></span>0% CMI_2022 improv<span class=\"_ _2\"></span>ements (with zero w<span class=\"_ _2\"></span>eighting to<span class=\"_ _421\"> </span>2020, 202<span class=\"_ _a\"></span>1 and 2022 data) with a 1<span class=\"_ _0\"></span>.5% long-term conv<span class=\"_ _2\"></span>ergence rate from 3<span class=\"_ _a\"></span>1 December 2023 (2022: 1<span class=\"_ _0\"></span>.5%).<span class=\"_ _421\"> </span>Annuitant mortality (CASLP con<span class=\"_ _2\"></span>ventional annuities): <span class=\"_ _0\"></span>1<span class=\"_ _a\"></span>20% PMA08 table (2022: <span class=\"_ _2\"></span>1<span class=\"_ _a\"></span>20%) and 1<span class=\"_ _2\"></span>20% PF<span class=\"_ _0\"></span>A08 table (2022: 1<span class=\"_ _a\"></span>20%), with 1<span class=\"_ _a\"></span>0<span class=\"_ _3\"></span>0% CMI_2022 improv<span class=\"_ _2\"></span>ements<span class=\"_ _421\"> </span>(with zero w<span class=\"_ _2\"></span>eighting to 2020, 202<span class=\"_ _a\"></span>1 and 2022 data) with a 1<span class=\"_ _0\"></span>.5% long-term conv<span class=\"_ _2\"></span>ergence rate from 31 December 2023 (2022: 2%).<span class=\"_ _421\"> </span>Other underwr<span class=\"_ _2\"></span>iting r<span class=\"_ _2\"></span>isks on insurance contracts<span class=\"_ _421\"> </span>Expense risk<span class=\"_ _421\"> </span>The UK business <span class=\"_ _2\"></span>outsources the majority of <span class=\"_ _2\"></span>operational activities to third party administrators in order to reduce the e<span class=\"_ _2\"></span>xpense inefficiencies that would arise with<span class=\"_ _421\"> </span>fixed and semi-fix<span class=\"_ _2\"></span>ed costs on a reducing policy base, although this is mitigated by acquisitions <span class=\"_ _2\"></span>of business. <span class=\"_ _0\"></span>There are, ho<span class=\"_ _2\"></span>we<span class=\"_ _2\"></span>ver<span class=\"_ _a\"></span>, risks associated with the use <span class=\"_ _a\"></span>of<span class=\"_ _421\"> </span>outsourcing. In particular<span class=\"_ _a\"></span>, there wil<span class=\"_ _3\"></span>l be a need f<span class=\"_ _2\"></span>or periodic renegotiations of the terms of the <span class=\"_ _2\"></span>outsourcing arrangements as the e<span class=\"_ _2\"></span>xisting agreements e<span class=\"_ _2\"></span>xpire, the<span class=\"_ _421\"> </span>outcome of which could potentially impact <span class=\"_ _2\"></span>ongoing maintenance expenses and in<span class=\"_ _2\"></span>volv<span class=\"_ _2\"></span>e transition costs. <span class=\"_ _0\"></span>There is also a risk that, at some point in the future, third<span class=\"_ _421\"> </span>party administrators could default <span class=\"_ _2\"></span>on their obligations. <span class=\"_ _0\"></span>T<span class=\"_ _2\"></span>he UK business monitors the financial soundness of third-party administrators and has retained ste<span class=\"_ _2\"></span>p-in<span class=\"_ _421\"> </span>rights on the more significant <span class=\"_ _2\"></span>of these agreements. <span class=\"_ _0\"></span>There are also contractual arrangements in place which pro<span class=\"_ _2\"></span>vide for financial penalties in the <span class=\"_ _2\"></span>ev<span class=\"_ _2\"></span>ent of default<span class=\"_ _421\"> </span>by the administration service pro<span class=\"_ _2\"></span>vider<span class=\"_ _a\"></span>.<span class=\"_ _421\"> </span>P<span class=\"_ _a\"></span>ersistency risk<span class=\"_ _421\"> </span>P<span class=\"_ _a\"></span>ersistency risk is the risk that the investor cancels the contract <span class=\"_ _2\"></span>or discontinues paying new premiums into the contract, thereb<span class=\"_ _2\"></span>y e<span class=\"_ _2\"></span>xposing the UK business to<span class=\"_ _421\"> </span>the risk of a reduction in profits. P<span class=\"_ _a\"></span>ersistency experience is activ<span class=\"_ _2\"></span>ely monitored to allow <span class=\"_ _2\"></span>early identification of trends. In addition, reinsurance is in place to limit the<span class=\"_ _421\"> </span>impact arising from a mass lapse e<span class=\"_ _2\"></span>vent <span class=\"_ _2\"></span>on the long-term contracts.<span class=\"_ _e\"> </span>(b) <span class=\"_ _3\"></span>Swedish business<span class=\"_ _421\"> </span>The Mo<span class=\"_ _2\"></span>vestic business is f<span class=\"_ _2\"></span>ocused predominantly on unit-linked sa<span class=\"_ _2\"></span>vings and pensions in the local <span class=\"_ _2\"></span>Sw<span class=\"_ _2\"></span>edish market. IFRS <span class=\"_ _a\"></span>1<span class=\"_ _0\"></span>7 requires that contracts are separated according to the benefits selected. <span class=\"_ _0\"></span>The majority <span class=\"_ _2\"></span>of the benefits in Mov<span class=\"_ _2\"></span>estic are classified as investment contracts, with no significant insurance risk, and are<span class=\"_ _2\"></span> therefore measured under IFR<span class=\"_ _2\"></span>S 9, how<span class=\"_ _2\"></span>ever some <span class=\"_ _2\"></span>of the savings benefits do ho<span class=\"_ _2\"></span>we<span class=\"_ _2\"></span>ver fall within the scope <span class=\"_ _2\"></span>of IFRS <span class=\"_ _a\"></span>1<span class=\"_ _0\"></span>7 \u2018Insurance Contracts\u2019<span class=\"_ _7\"></span>. In addition, there is some short-term protection business, measured under P<span class=\"_ _a\"></span>AA. <span class=\"_ _79\"> </span>(i) <span class=\"_ _9\"> </span>Unit-linked/Index<span class=\"_ _a\"></span>-link<span class=\"_ _2\"></span>ed/With-profits <span class=\"_ _4\"></span>\u2013 VF<span class=\"_ _a\"></span>A<span class=\"_ _421\"> </span>The insurance benefits within scope <span class=\"_ _2\"></span>of IFRS <span class=\"_ _a\"></span>1<span class=\"_ _0\"></span>7 are unit-linked pension savings contracts where the policyholder has selected to receiv<span class=\"_ _2\"></span>e a payment on surviv<span class=\"_ _2\"></span>al to a specified date but there are no payments to beneficiaries <span class=\"_ _2\"></span>on death before this date, with inv<span class=\"_ _2\"></span>ested amounts instead becoming the property of Mo<span class=\"_ _2\"></span>vestic. <span class=\"_ _19\"></span><span class=\"ls2 ws2\"> </span>T<span class=\"_ _0\"></span>o compensate the insured for this risk, Mo<span class=\"_ _2\"></span>vestic allocates inheritance gains on a monthly basis to surviving policyholders such that the gains broadly match the long-term av<span class=\"_ _2\"></span>erage values retained due to death. <span class=\"_ _2\"></span>At the individual beneficiary level there is insurance risk as significant additional amounts are paid to the<span class=\"_ _2\"></span> beneficiary on surviv<span class=\"_ _2\"></span>al compared to receiving no payment <span class=\"_ _2\"></span>on death.  (ii) <span class=\"_ _3\"></span>Short-ter<span class=\"_ _a\"></span>m protection These portf<span class=\"_ _2\"></span>olios primarily include insurance contracts providing: <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>Lif<span class=\"_ _2\"></span>e cov<span class=\"_ _2\"></span>er on an individual or group contract basis <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>Accident and sickness co<span class=\"_ _2\"></span>ver f<span class=\"_ _2\"></span>or group contracts <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>Income protection benefits separated from group pension schemes <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>W<span class=\"_ _2\"></span>aiver <span class=\"_ _2\"></span>of premium separated from group pension schemes<span class=\"_ _421\"> </span>The principal risk f<span class=\"_ _2\"></span>or the lif<span class=\"_ _2\"></span>e cover is mortality risk and the principal risk f<span class=\"_ _2\"></span>or the remaining products is morbidity risk. <span class=\"_ _0\"></span>The abo<span class=\"_ _2\"></span>ve are 1<span class=\"_ _0\"></span>-year contracts as Movestic has the practical ability to re-price all benefits within 1 <span class=\"_ _a\"></span>year<span class=\"_ _a\"></span>. Management of insurance risks<span class=\"_ _421\"> </span>F<span class=\"_ _2\"></span>or linked contracts the in<span class=\"_ _2\"></span>vestment risk is borne by the policyholder and there is limited <span class=\"_ _2\"></span>exposure to insurance risk. In addition, the allocation <span class=\"_ _2\"></span>of inheritance gains are revie<span class=\"_ _2\"></span>wed regularly and are subject to change in <span class=\"_ _2\"></span>order that the inheritance gains allocated broadly equals the amount paid to Mov<span class=\"_ _2\"></span>estic on death, thereb<span class=\"_ _2\"></span>y reducing the risk to Mov<span class=\"_ _2\"></span>estic. F<span class=\"_ _2\"></span>or the contracts measured under the P<span class=\"_ _a\"></span>AA the key risks are managed through appropriate product design and pricing <span class=\"_ _2\"></span>of the policies to ensure that the potential cost to Mov<span class=\"_ _2\"></span>estic of these <span class=\"_ _2\"></span>events (and associated <span class=\"_ _2\"></span>expenses <span class=\"_ _2\"></span>of underwriting and administration) are reflected in the price charged to the policyholder<span class=\"_ _a\"></span>. <span class=\"_ _0\"></span>These contracts are either 1<span class=\"_ _0\"></span>-year contracts or Mo<span class=\"_ _2\"></span>vestic has the practical ability to re-price all benefits within 1 <span class=\"_ _a\"></span>year<span class=\"_ _0\"></span>, which allows Movestic to manage its risk <span class=\"_ _2\"></span>exposure. In addition, risk is further mitigated by the use <span class=\"_ _2\"></span>of reinsurance. The f<span class=\"_ _2\"></span>ollowing table sho<span class=\"_ _2\"></span>ws the breakdown of insurance and reinsurance contract v<span class=\"_ _2\"></span>alues by major product type f<span class=\"_ _2\"></span>or contracts in S<span class=\"_ _a\"></span>weden:<span class=\"_ _421\"> </span>31 December<span class=\"_ _421\"> </span>T<span class=\"_ _a\"></span>ype of cont<span class=\"_ _2\"></span>racts <span class=\"_ _1df\"> </span>2023 2022 <span class=\"_ _19e\"> </span>  <span class=\"_ _2a\"> </span>Gros<span class=\"_ _3\"></span>s  <span class=\"_ _3c\"> </span>R<span class=\"_ _3\"></span>einsurance  <span class=\"_ _28\"> </span>T<span class=\"_ _a\"></span>o<span class=\"_ _3\"></span>tal  <span class=\"_ _2a\"> </span>Gross  <span class=\"_ _13\"> </span>Rein<span class=\"_ _3\"></span>surance  <span class=\"_ _28\"> </span>T<span class=\"_ _a\"></span>o<span class=\"_ _3\"></span>tal <span class=\"_ _19e\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Long-term <span class=\"_ _3\"></span>with <span class=\"_ _3\"></span>direct <span class=\"_ _3\"></span>participating <span class=\"_ _3\"></span>features <span class=\"_ _186\"> </span>  <span class=\"_ _c2\"> </span>1<span class=\"_ _3\"></span>31.5  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _c2\"> </span>13<span class=\"_ _3\"></span>1.5  <span class=\"_ _7b\"> </span>1<span class=\"_ _4\"></span>1<span class=\"_ _3\"></span>7<span class=\"_ _2\"></span>.0  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _7b\"> </span>1<span class=\"_ _4\"></span>1<span class=\"_ _3\"></span>7.<span class=\"_ _2\"></span>0<span class=\"_ _421\"> </span>Short-term <span class=\"_ _3\"></span>protection <span class=\"_ _55\"> </span>  <span class=\"_ _c2\"> </span>40.3  <span class=\"_ _f0\"> </span>(14<span class=\"_ _3\"></span>.5 <span class=\"_ _7\"></span>) <span class=\"_ _f0\"> </span>25.8  <span class=\"_ _c2\"> </span>42<span class=\"_ _3\"></span>.0  <span class=\"_ _2d\"> </span>(1<span class=\"_ _3\"></span>5.8 <span class=\"_ _0\"></span>) <span class=\"_ _f0\"> </span>26.2<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _14b\"> </span>1<span class=\"_ _3\"></span>7<span class=\"_ _3\"></span>1.<span class=\"_ _3\"></span>8  <span class=\"_ _150\"> </span>(<span class=\"_ _3\"></span>14<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5 <span class=\"_ _7\"></span>) <span class=\"_ _15c\"> </span>1<span class=\"_ _3\"></span>57.<span class=\"_ _3\"></span>3  <span class=\"_ _e7\"> </span>15<span class=\"_ _3\"></span>9.<span class=\"_ _3\"></span>0  <span class=\"_ _150\"> </span>(<span class=\"_ _3\"></span>15<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8 <span class=\"_ _7\"></span>) <span class=\"_ _119\"> </span>14<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2<span class=\"_ _421\"> </span>Concentration of insurance risk<span class=\"_ _421\"> </span>Regarding benefits assured f<span class=\"_ _2\"></span>or individual contracts, the combined eff<span class=\"_ _2\"></span>ect of reinsurance and the f<span class=\"_ _2\"></span>act that the vast majority <span class=\"_ _2\"></span>of the total benefit assured relates to numerous small value contracts limits the le<span class=\"_ _2\"></span>vel of concentration risk. <span class=\"_ _7\"></span>The use of reinsurance means that <span class=\"_ _2\"></span>exposures to material insurance risks <span class=\"_ _2\"></span>on individual cases are av<span class=\"_ _2\"></span>oided, with 97<span class=\"_ _31\"></span>.5% of the business having retained sums assured <span class=\"_ _2\"></span>of less than \u00a3250,00<span class=\"_ _3\"></span>0.<span class=\"_ _421\"> </span>In respect of group contracts, the business is <span class=\"_ _2\"></span>exposed to multiple emplo<span class=\"_ _2\"></span>yees <span class=\"_ _2\"></span>of the same organisation being in<span class=\"_ _2\"></span>volved in a single loss <span class=\"_ _2\"></span>ev<span class=\"_ _2\"></span>ent. Mov<span class=\"_ _2\"></span>estic forecasts that its maximum loss would be <span class=\"_ _2\"></span>of the order of <span class=\"_ _a\"></span>SEK 61<span class=\"_ _2\"></span>4m (approximately \u00a348.0m) gross of reinsurance and <span class=\"_ _a\"></span>SEK 1<span class=\"_ _2\"></span>5m (approximately \u00a31<span class=\"_ _7\"></span>.2m) after reinsurance. The <span class=\"_ _2\"></span>equivalent retention f<span class=\"_ _2\"></span>or 2022 was <span class=\"_ _2\"></span>SEK 5m (approximately \u00a30.4m).<span class=\"_ _421\"> </span>Mortalit<span class=\"_ _3\"></span>y assumptions<span class=\"_ _421\"> </span>These are not material f<span class=\"_ _2\"></span>or the long-term <span class=\"_ _2\"></span>Swedish contracts as the inheritance gains allocated b<span class=\"_ _2\"></span>y Mov<span class=\"_ _2\"></span>estic to the surviving policyholders are such that they broadly match the long-term av<span class=\"_ _2\"></span>erage of the amounts retained <span class=\"_ _2\"></span>on death. Mortality assumptions are not material to the protection products due to the short-term nature of these contracts.<span class=\"_ _421\"> </span>Other underwr<span class=\"_ _2\"></span>iting r<span class=\"_ _2\"></span>isks on insurance contracts<span class=\"_ _421\"> </span>Expense risk<span class=\"_ _421\"> </span>Expense risk is the risk that e<span class=\"_ _2\"></span>xpenses are higher than expected hence leading to a reduction in profits. Expenses are activ<span class=\"_ _2\"></span>ely monitored and managed to reduce this risk. P<span class=\"_ _a\"></span>ersistency risk<span class=\"_ _421\"> </span>P<span class=\"_ _a\"></span>ersistency risk is the risk that t<span class=\"_ _3\"></span>he in<span class=\"_ _2\"></span>vestor cancels the contract or discontinues pa<span class=\"_ _2\"></span>ying new premiums into the contract, thereb<span class=\"_ _2\"></span>y exposing the <span class=\"_ _a\"></span>Swedish business to the risk of a reduction in profits. P<span class=\"_ _a\"></span>ersistency experience is activ<span class=\"_ _2\"></span>ely monitored to allow <span class=\"_ _2\"></span>early identification of trends. In addition, reinsurance is in place to limit the impact arising from a mass lapse e<span class=\"_ _2\"></span>vent <span class=\"_ _2\"></span>on the long-term contracts<span class=\"_ _421\"> </span>B2 <span class=\"_ _3\"></span>Underwriting r<span class=\"_ _a\"></span>isk (continued) <span class=\"_ _18\"> </span>(c) <span class=\"_ _4\"></span>W<span class=\"_ _2\"></span>aard Gr<span class=\"_ _2\"></span>oup<span class=\"_ _421\"> </span>The <span class=\"_ _0\"></span>W<span class=\"_ _a\"></span>aard Group comprises the original business acquired by the Chesnara group in 20<span class=\"_ _a\"></span>1<span class=\"_ _2\"></span>5 and the subsequent acquisitions of portf<span class=\"_ _2\"></span>olios of business made b<span class=\"_ _2\"></span>y the W<span class=\"_ _2\"></span>aard Group from 20<span class=\"_ _a\"></span>1<span class=\"_ _2\"></span>9 onw<span class=\"_ _2\"></span>ards (see Note C1 for details). <span class=\"_ _0\"></span>With the recent acquisitions there is now a mix <span class=\"_ _2\"></span>of protection and savings business in the <span class=\"_ _0\"></span>W<span class=\"_ _2\"></span>aard Group and both the GMM and <span class=\"_ _a\"></span>VF<span class=\"_ _a\"></span>A measurement models are applied. <span class=\"_ _0\"></span>The acquisition <span class=\"_ _2\"></span>of Conservatrix <span class=\"_ _2\"></span>on 1 January 2023 also contained contracts where no significant insurance risk remained at the date of acquisition and these contracts ha<span class=\"_ _2\"></span>ve consequently been classified as inv<span class=\"_ _2\"></span>estment contacts.  <span class=\"_ _d\"> </span>(i) <span class=\"_ _4\"></span>Immediate annuities<span class=\"_ _421\"> </span>The acquisitions <span class=\"_ _2\"></span>of Robein and Conserv<span class=\"_ _2\"></span>atrix contain immediate annuities, where the risk is longevity<span class=\"_ _a\"></span>.   (ii) <span class=\"_ _3\"></span>T<span class=\"_ _0\"></span>er<span class=\"_ _2\"></span>m assurance and other non-link<span class=\"_ _a\"></span>ed<span class=\"_ _421\"> </span>W<span class=\"_ _2\"></span>aard\u2019<span class=\"_ _a\"></span>s original business includes term assurances, with further contracts added in subsequent acquisitions most significantly f<span class=\"_ _2\"></span>or Argenta and Brand Ne<span class=\"_ _2\"></span>w Day<span class=\"_ _a\"></span>. These portf<span class=\"_ _2\"></span>olios are e<span class=\"_ _2\"></span>xposed to mortality risk.<span class=\"_ _421\"> </span>The portf<span class=\"_ _2\"></span>olio acquired from Monuta contained endo<span class=\"_ _2\"></span>wment and savings business, some with-profit sharing conditions how<span class=\"_ _2\"></span>ev<span class=\"_ _2\"></span>er there are separate portfolios for mortality and longevity risk depending <span class=\"_ _2\"></span>on which is considered to be the predominant risk.<span class=\"_ _421\"> </span>The R<span class=\"_ _2\"></span>obein acquisition also included term assurance business.<span class=\"_ _421\"> </span>The Conserv<span class=\"_ _2\"></span>atrix acquisition also included pension, endo<span class=\"_ _2\"></span>wment and funeral plans all of which are e<span class=\"_ _2\"></span>xposed to mortality risk.  (iii) <span class=\"_ _3\"></span>Unit-linked/Index<span class=\"_ _a\"></span>-linked/With-pr<span class=\"_ _2\"></span>ofits \u2013 GMM<span class=\"_ _421\"> </span>The <span class=\"_ _2\"></span>Argenta acquisition included a significant amount of mortgage sa<span class=\"_ _2\"></span>vings which contain mortality risk. The R<span class=\"_ _2\"></span>obein acquisition contains unit-linked sa<span class=\"_ _2\"></span>vings products with death cover as a percentage <span class=\"_ _2\"></span>of fund value. <span class=\"_ _2\"></span>A significant amount of these policies had no insurance risk on acquisition (as <span class=\"_ _2\"></span>ov<span class=\"_ _2\"></span>er time the death cover mo<span class=\"_ _2\"></span>ves to 1<span class=\"_ _0\"></span>0<span class=\"_ _3\"></span>0% of the fund v<span class=\"_ _2\"></span>alue) howe<span class=\"_ _2\"></span>ver as the acquisition w<span class=\"_ _2\"></span>as before the <span class=\"_ _2\"></span>effectiv<span class=\"_ _2\"></span>e date of IFR<span class=\"_ _2\"></span>S 1<span class=\"_ _a\"></span>7<span class=\"_ _31\"></span>, the scope is determined at inception of the contract. F<span class=\"_ _a\"></span>or those policies with insurance risk, the predominant risk is considered to be longevity risk. <span class=\"_ _0\"></span>The unit-link<span class=\"_ _2\"></span>ed savings products hav<span class=\"_ _2\"></span>e been allocated to two portf<span class=\"_ _2\"></span>olios as only certain types of policy (e<span class=\"_ _2\"></span>xecution <span class=\"_ _2\"></span>only) passed all criteria of the <span class=\"_ _a\"></span>VF<span class=\"_ _0\"></span>A eligibility test. The Conserv<span class=\"_ _2\"></span>atrix acquisition includes \u2018Natural Guarantee Plans<span class=\"_ _2\"></span>\u2019 which provide v<span class=\"_ _2\"></span>arying degrees of death benefit cov<span class=\"_ _2\"></span>er<span class=\"_ _a\"></span>, ranging from 0% to 1<span class=\"_ _0\"></span>1<span class=\"_ _a\"></span>0%. <span class=\"_ _0\"></span>These policies hav<span class=\"_ _2\"></span>e been split between those with mortality risk (where the death cov<span class=\"_ _2\"></span>er e<span class=\"_ _2\"></span>xceeds the fund v<span class=\"_ _2\"></span>alue) and those with longevity risk (where the death cov<span class=\"_ _2\"></span>er is low<span class=\"_ _2\"></span>er than fund value). In addition Conserv<span class=\"_ _2\"></span>atrix also includes unit-linked products with mortality being the predominant risk.  <span class=\"_ _4\"></span>(iv) <span class=\"_ _e\"> </span>Unit-link<span class=\"_ _2\"></span>ed/Index<span class=\"_ _2\"></span>-link<span class=\"_ _2\"></span>ed/With-profits <span class=\"_ _4\"></span>\u2013 VF<span class=\"_ _a\"></span>A<span class=\"_ _421\"> </span>As noted abo<span class=\"_ _2\"></span>ve the acquisition of R<span class=\"_ _2\"></span>obein contains unit-linked sa<span class=\"_ _2\"></span>vings contracts, for which the criteria f<span class=\"_ _2\"></span>or measurement under <span class=\"_ _a\"></span>VF<span class=\"_ _a\"></span>A are met. <span class=\"_ _0\"></span>The principal insurance risk for these contracts is longe<span class=\"_ _2\"></span>vity risk.<span class=\"_ _421\"> </span>Management of insurance risks<span class=\"_ _421\"> </span>The portf<span class=\"_ _2\"></span>olio is closed to new business and is in run-off and hence no significant underwriting <span class=\"_ _2\"></span>occurs. F<span class=\"_ _2\"></span>or the existing portf<span class=\"_ _2\"></span>olio, the division entered into an <span class=\"_ _2\"></span>excess of loss and catastrophe (Lif<span class=\"_ _2\"></span>e) and quota share (Health) reinsurance agreement to mitigate the risk in ex<span class=\"_ _2\"></span>cess of risk appetite f<span class=\"_ _2\"></span>or mortality<span class=\"_ _a\"></span>, disability and unemployment.<span class=\"_ _421\"> </span>The f<span class=\"_ _2\"></span>ollowing table sho<span class=\"_ _2\"></span>ws the breakdown of insurance and reinsurance contract v<span class=\"_ _2\"></span>alues by major product type f<span class=\"_ _2\"></span>or contracts in the <span class=\"_ _0\"></span>Waard Group:<span class=\"_ _421\"> </span>31 December<span class=\"_ _421\"> </span>T<span class=\"_ _a\"></span>ype of cont<span class=\"_ _2\"></span>racts <span class=\"_ _1df\"> </span>2023 2022 <span class=\"_ _19e\"> </span>  <span class=\"_ _2a\"> </span>Gros<span class=\"_ _3\"></span>s  <span class=\"_ _3c\"> </span>R<span class=\"_ _3\"></span>einsurance  <span class=\"_ _28\"> </span>T<span class=\"_ _a\"></span>o<span class=\"_ _3\"></span>tal  <span class=\"_ _2a\"> </span>Gross  <span class=\"_ _13\"> </span>Rein<span class=\"_ _3\"></span>surance  <span class=\"_ _28\"> </span>T<span class=\"_ _a\"></span>o<span class=\"_ _3\"></span>tal <span class=\"_ _19e\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Immediate <span class=\"_ _3\"></span>annuities <span class=\"_ _21\"> </span>  <span class=\"_ _5b\"> </span>67<span class=\"_ _2\"></span>.8  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _14e\"> </span>67<span class=\"_ _a\"></span>.8  <span class=\"_ _fe\"> </span>4.4  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _fe\"> </span>4.4<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>erm <span class=\"_ _3\"></span>assurance <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>other <span class=\"_ _3\"></span>non-linked <span class=\"_ _15a\"> </span>  <span class=\"_ _7b\"> </span>153.7  <span class=\"_ _12b\"> </span>(4.4 <span class=\"_ _7\"></span>) <span class=\"_ _46\"> </span>149.3  <span class=\"_ _14e\"> </span>75.2  <span class=\"_ _12e\"> </span>(3.5 <span class=\"_ _0\"></span>) <span class=\"_ _14e\"> </span>7<span class=\"_ _3\"></span>1.7<span class=\"_ _421\"> </span>Unit-linked/Inde<span class=\"_ _2\"></span>x-linked/With-profits \u2013 <span class=\"_ _4\"></span>GMM <span class=\"_ _158\"> </span>  <span class=\"_ _e7\"> </span>496.9  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _e7\"> </span>496.9  <span class=\"_ _46\"> </span>305.5  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _46\"> </span>305.5<span class=\"_ _421\"> </span>Unit-linked/Inde<span class=\"_ _2\"></span>x-linked/With-profits \u2013 <span class=\"_ _4\"></span>VF<span class=\"_ _2\"></span>A <span class=\"_ _84\"> </span>  <span class=\"_ _114\"> </span>67<span class=\"_ _2\"></span>.0  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _114\"> </span>67<span class=\"_ _2\"></span>.0  <span class=\"_ _5b\"> </span>78.6  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _114\"> </span>78.6<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _43\"> </span>785<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4  <span class=\"_ _c2\"> </span>(4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4 <span class=\"_ _7\"></span>) <span class=\"_ _a3\"> </span>78<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.0  <span class=\"_ _a3\"> </span>4<span class=\"_ _3\"></span>63<span class=\"_ _3\"></span>.7  <span class=\"_ _14e\"> </span>(<span class=\"_ _3\"></span>3.<span class=\"_ _4\"></span>5 <span class=\"_ _7\"></span>) <span class=\"_ _1c0\"> </span>4<span class=\"_ _3\"></span>60<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2<span class=\"_ _421\"> </span>Concentration of insurance risk<span class=\"_ _421\"> </span>The <span class=\"_ _0\"></span>W<span class=\"_ _a\"></span>aard portfolios do not include group contracts and hence do not have the concentration <span class=\"_ _2\"></span>of risk which may be presented b<span class=\"_ _2\"></span>y these contracts. F<span class=\"_ _2\"></span>or individual lif<span class=\"_ _2\"></span>e contracts an e<span class=\"_ _2\"></span>xcess of loss limit <span class=\"_ _2\"></span>of \u20ac1<span class=\"_ _a\"></span>00,0<span class=\"_ _3\"></span>00 is applied for lif<span class=\"_ _2\"></span>e risk, hence concentration risk is limited.<span class=\"_ _421\"> </span>Mortalit<span class=\"_ _3\"></span>y assumptions<span class=\"_ _421\"> </span>Diff<span class=\"_ _2\"></span>erent assumptions are used for <span class=\"_ _2\"></span>each portfolio. A<span class=\"_ _2\"></span>s an e<span class=\"_ _2\"></span>xample, the most material portfolio (Argenta <span class=\"_ _2\"></span>Savings Mortgages) uses the f<span class=\"_ _2\"></span>ollowing mortality assumptions: 80% of the generational prognosis table <span class=\"_ _2\"></span>AG20<span class=\"_ _a\"></span>18.<span class=\"_ _421\"> </span>The assumptions are subject to regular re<span class=\"_ _2\"></span>view to <span class=\"_ _2\"></span>ensure that the assumption reflects the experience incur<span class=\"_ _2\"></span>red on the specific book.<span class=\"_ _421\"> </span>P<span class=\"_ _a\"></span>ersistency and expense risk<span class=\"_ _421\"> </span>The <span class=\"_ _0\"></span>W<span class=\"_ _a\"></span>aard portfolio is small relative to the group which limits the risks presented to the group. <span class=\"_ _0\"></span>T<span class=\"_ _0\"></span>o mitigate the e<span class=\"_ _2\"></span>xpense risk, management actively monitors the expenses incurred to k<span class=\"_ _2\"></span>eep costs to an appropriate lev<span class=\"_ _2\"></span>el. In addition, management will continue with the current acquisition strategy to maintain e<span class=\"_ _2\"></span>xpenses efficiencies. P<span class=\"_ _a\"></span>ersistency levels are moderate and largely depend <span class=\"_ _2\"></span>on investment perf<span class=\"_ _2\"></span>ormance.<span class=\"_ _5\"> </span>(d) Scildon<span class=\"_ _421\"> </span>Scildon contains a mixture of unit-link<span class=\"_ _2\"></span>ed and traditional savings contracts with lif<span class=\"_ _a\"></span>e cover<span class=\"_ _a\"></span>, term assurance, annuities and group pension business.  <span class=\"_ _d\"> </span>(i) <span class=\"_ _4\"></span>Immediate annuities<span class=\"_ _421\"> </span>Immediate annuities provide regular income pa<span class=\"_ _2\"></span>yments for <span class=\"_ _2\"></span>either the outstanding lif<span class=\"_ _2\"></span>etime of the policyholder and in some cases the outstanding lif<span class=\"_ _a\"></span>etime of a surviving spouse or partner <span class=\"_ _2\"></span>or for the fix<span class=\"_ _2\"></span>ed term chosen by the policyholder<span class=\"_ _a\"></span>. Pa<span class=\"_ _2\"></span>yments are guaranteed for a minimum period. <span class=\"_ _0\"></span>T<span class=\"_ _2\"></span>hese contracts e<span class=\"_ _2\"></span>xpose the business to longevity risk.  (ii) <span class=\"_ _3\"></span>T<span class=\"_ _0\"></span>er<span class=\"_ _2\"></span>m assurance and other non-link<span class=\"_ _a\"></span>ed<span class=\"_ _421\"> </span>Scildon mainly writes term lif<span class=\"_ _2\"></span>e contracts, sold as a regular premium policy<span class=\"_ _a\"></span>. <span class=\"_ _0\"></span>The current mass mark<span class=\"_ _2\"></span>et product has no surrender value <span class=\"_ _2\"></span>or profit sharing. <span class=\"_ _0\"></span>The most significant factors that could increase risk are <span class=\"_ _2\"></span>epidemics and changes in lif<span class=\"_ _2\"></span>estyle leading to higher mortality<span class=\"_ _a\"></span>. There are also <span class=\"_ _2\"></span>older traditional policies with-profit sharing conditions (before 20<span class=\"_ _a\"></span>1<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>) that allow for a surrender v<span class=\"_ _2\"></span>alue at lapse or profit sharing at maturity<span class=\"_ _0\"></span>. <span class=\"_ _0\"></span>These are split into separate portfolios reflecting the principal risks <span class=\"_ _2\"></span>of mortality or longevity<span class=\"_ _0\"></span>.  (iii) <span class=\"_ _3\"></span>Unit-linked/Index<span class=\"_ _a\"></span>-linked/With-pr<span class=\"_ _2\"></span>ofits \u2013 GMM<span class=\"_ _421\"> </span>Scildon writes unit-linked and inde<span class=\"_ _2\"></span>x<span class=\"_ _a\"></span>-linked business, with most policies paying <span class=\"_ _2\"></span>out 0%, 90% or 1<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>0% of the unit-value at death of the policyholder and 1<span class=\"_ _0\"></span>0<span class=\"_ _3\"></span>0% at maturity<span class=\"_ _a\"></span>. <span class=\"_ _0\"></span>When the death benefit is greater than 1<span class=\"_ _a\"></span>0<span class=\"_ _3\"></span>0% of the unit fund v<span class=\"_ _2\"></span>alue the principal risk is mortality and if the death benefit is less than 1<span class=\"_ _a\"></span>0<span class=\"_ _3\"></span>0% of the unit<span class=\"_ _2\"></span> fund value the principal risk is longe<span class=\"_ _2\"></span>vity<span class=\"_ _a\"></span>. <span class=\"_ _0\"></span>These are allocated to two portf<span class=\"_ _2\"></span>olios as only policies allocating the majority of premiums to unit-link<span class=\"_ _2\"></span>ed holdings passed the criteria of the <span class=\"_ _0\"></span>VF<span class=\"_ _a\"></span>A eligibility test. <span class=\"_ _4\"></span>(iv) <span class=\"_ _e\"> </span>Unit-link<span class=\"_ _2\"></span>ed/Index<span class=\"_ _2\"></span>-link<span class=\"_ _2\"></span>ed/With-profits <span class=\"_ _4\"></span>\u2013 VF<span class=\"_ _a\"></span>A As noted abo<span class=\"_ _2\"></span>ve, <span class=\"_ _2\"></span>Scildon contains unit-linked and inde<span class=\"_ _2\"></span>x<span class=\"_ _a\"></span>-linked savings contracts, f<span class=\"_ _2\"></span>or which the criteria for measurement under <span class=\"_ _0\"></span>VF<span class=\"_ _a\"></span>A are met. The group pension contracts are also unit-link<span class=\"_ _2\"></span>ed in nature and pass the <span class=\"_ _a\"></span>VF<span class=\"_ _a\"></span>A eligibility criteria. <span class=\"_ _7\"></span>The principal risk for these contracts is mortality risk. Management of insurance risks<span class=\"_ _421\"> </span>T<span class=\"_ _0\"></span>erm assurances are the main new business product type and significant underwriting <span class=\"_ _2\"></span>occurs.<span class=\"_ _421\"> </span>F<span class=\"_ _2\"></span>or linked contracts the in<span class=\"_ _2\"></span>vestment risk is borne by the policyholder<span class=\"_ _0\"></span>, therefore there is e<span class=\"_ _2\"></span>xposure to insurance risk only insofar as the v<span class=\"_ _2\"></span>alue of the unit-link<span class=\"_ _2\"></span>ed fund <span class=\"_ _19\"></span><span class=\"ls2 ws2\"> </span>is low<span class=\"_ _2\"></span>er than any guaranteed benefits.<span class=\"_ _421\"> </span>Quota share reinsurance agreements are in place with a maximum retention per policy<span class=\"_ _a\"></span>, to mitigate the risk in ex<span class=\"_ _2\"></span>cess of risk appetite f<span class=\"_ _2\"></span>or mortality at the moment of underwriting. Catastrophe reinsurance is in place to mitigate the loss arising from a catastrophe risk ev<span class=\"_ _2\"></span>ent. The f<span class=\"_ _2\"></span>ollowing table sho<span class=\"_ _2\"></span>ws the breakdown of insurance and reinsurance contract v<span class=\"_ _2\"></span>alues by major product type f<span class=\"_ _2\"></span>or contracts in Scildon:<span class=\"_ _421\"> </span>31 December<span class=\"_ _421\"> </span>T<span class=\"_ _a\"></span>ype of cont<span class=\"_ _2\"></span>racts <span class=\"_ _1df\"> </span>2023 2022 <span class=\"_ _19e\"> </span>  <span class=\"_ _2a\"> </span>Gros<span class=\"_ _3\"></span>s  <span class=\"_ _3c\"> </span>R<span class=\"_ _3\"></span>einsurance  <span class=\"_ _28\"> </span>T<span class=\"_ _a\"></span>o<span class=\"_ _3\"></span>tal  <span class=\"_ _2a\"> </span>Gross  <span class=\"_ _13\"> </span>Rein<span class=\"_ _3\"></span>surance  <span class=\"_ _28\"> </span>T<span class=\"_ _a\"></span>o<span class=\"_ _3\"></span>tal <span class=\"_ _19e\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Immediate <span class=\"_ _3\"></span>annuities <span class=\"_ _21\"> </span>  <span class=\"_ _150\"> </span>146.7  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _150\"> </span>146<span class=\"_ _3\"></span>.7  <span class=\"_ _150\"> </span>129.0  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _44\"> </span>129.0<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>erm <span class=\"_ _3\"></span>assurance <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>other <span class=\"_ _3\"></span>non-linked <span class=\"_ _15a\"> </span>  <span class=\"_ _7b\"> </span>173.3  <span class=\"_ _12b\"> </span>14.9  <span class=\"_ _150\"> </span>188.2  <span class=\"_ _7b\"> </span>167.3  <span class=\"_ _165\"> </span>15.2  <span class=\"_ _1e1\"> </span>182.5<span class=\"_ _421\"> </span>Unit-linked/Inde<span class=\"_ _2\"></span>x-linked/With-profits \u2013 <span class=\"_ _4\"></span>GMM <span class=\"_ _158\"> </span>  <span class=\"_ _28\"> </span>278.8  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _e7\"> </span>278.8  <span class=\"_ _46\"> </span>299.7  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _46\"> </span>299.7<span class=\"_ _421\"> </span>Unit-linked/Inde<span class=\"_ _2\"></span>x-linked/With-profits \u2013 <span class=\"_ _4\"></span>VF<span class=\"_ _2\"></span>A <span class=\"_ _84\"> </span>  <span class=\"_ _129\"> </span>1,<span class=\"_ _3\"></span>264.0  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _48\"> </span>1,264.0  <span class=\"_ _43\"> </span>1,1<span class=\"_ _3\"></span>55.3  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _a3\"> </span>1,1<span class=\"_ _3\"></span>55.3<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _11c\"> </span>1<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>86<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8  <span class=\"_ _c2\"> </span>14<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9  <span class=\"_ _14f\"> </span>1<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>87<span class=\"_ _3\"></span>7.<span class=\"_ _2\"></span>7  <span class=\"_ _48\"> </span>1,75<span class=\"_ _3\"></span>1.<span class=\"_ _4\"></span>3  <span class=\"_ _114\"> </span>1<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2  <span class=\"_ _3b\"> </span>1<span class=\"_ _3\"></span>,76<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5<span class=\"_ _421\"> </span>Concentration of insurance risk<span class=\"_ _421\"> </span>Scildon does write group pensions contracts with an e<span class=\"_ _2\"></span>xcess <span class=\"_ _2\"></span>of loss limit of \u20ac200,0<span class=\"_ _3\"></span>00 per life, hence concentration risk is limited. R<span class=\"_ _2\"></span>egarding benefits assured for individual contracts, the combined eff<span class=\"_ _a\"></span>ect of reinsurance and the fact that the v<span class=\"_ _2\"></span>ast majority of the total benefit assured relates to numerous small value contracts, limit the lev<span class=\"_ _2\"></span>el of concentration risk. Mortalit<span class=\"_ _3\"></span>y assumptions<span class=\"_ _421\"> </span>The assumptions diff<span class=\"_ _a\"></span>er by product type, and there are also diff<span class=\"_ _2\"></span>erent assumptions applied within each product type depending on when the contract w<span class=\"_ _2\"></span>as written. The unit-link<span class=\"_ _2\"></span>ed contracts are the largest product group and an e<span class=\"_ _2\"></span>xample of the mortality tables used are the GBM 1<span class=\"_ _a\"></span>976<span class=\"_ _4\"></span>-<span class=\"_ _2\"></span>1<span class=\"_ _a\"></span>980 (males) and the GB<span class=\"_ _2\"></span>V 1<span class=\"_ _a\"></span>976<span class=\"_ _4\"></span>-1<span class=\"_ _0\"></span>980 (f<span class=\"_ _2\"></span>emales). F<span class=\"_ _2\"></span>or annuities, an example <span class=\"_ _2\"></span>of the mortality tables applied are the GBM 1<span class=\"_ _2\"></span>980<span class=\"_ _4\"></span>-<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>985 (males) and GB<span class=\"_ _2\"></span>V 1<span class=\"_ _a\"></span>980<span class=\"_ _4\"></span>-<span class=\"_ _2\"></span>1<span class=\"_ _a\"></span>985 (females) tables. P<span class=\"_ _a\"></span>ersistency and expense risk<span class=\"_ _421\"> </span>T<span class=\"_ _0\"></span>o mitigate the e<span class=\"_ _2\"></span>xpense risk, management actively monitor the e<span class=\"_ _2\"></span>xpenses incurred to keep costs to an appropriate le<span class=\"_ _2\"></span>vel. P<span class=\"_ _a\"></span>ersistency lev<span class=\"_ _2\"></span>els are moderate howe<span class=\"_ _2\"></span>ver they are activ<span class=\"_ _2\"></span>ely monitored to allow early identification <span class=\"_ _2\"></span>of trends<span class=\"_ _421\"> </span>B2 <span class=\"_ _3\"></span>Underwriting r<span class=\"_ _a\"></span>isk (continued)  (e) <span class=\"_ _3\"></span>Sensitivity analysis<span class=\"_ _421\"> </span>The f<span class=\"_ _2\"></span>ollowing tables sho<span class=\"_ _2\"></span>w the impact to the CSM, profit or loss after tax and shareholders<span class=\"_ _2\"></span>\u2019 equity if changes in underwriting risk v<span class=\"_ _2\"></span>ariables that were reasonably possible at the reporting date had occurred. <span class=\"_ _7\"></span>The analysis has been prepared f<span class=\"_ _2\"></span>or a change in the stated variable, with all other assumptions remaining constant<span class=\"_ _2\"></span> and presents the impact both before and after reinsurance.<span class=\"_ _421\"> </span>31 December 2023 <span class=\"_ _19e\"> </span>  <span class=\"_ _44\"> </span>C<span class=\"_ _3\"></span>S<span class=\"_ _3\"></span>M  <span class=\"_ _45\"> </span>C<span class=\"_ _3\"></span>SM<span class=\"_ _3\"></span>  <span class=\"_ _2e\"> </span>Profi<span class=\"_ _3\"></span>t <span class=\"_ _3\"></span>or  <span class=\"_ _2e\"> </span>Pr<span class=\"_ _3\"></span>ofit <span class=\"_ _4\"></span>or  <span class=\"_ _153\"> </span>Equ<span class=\"_ _3\"></span>it<span class=\"_ _3\"></span>y  <span class=\"_ _153\"> </span>Equ<span class=\"_ _3\"></span>it<span class=\"_ _3\"></span>y <span class=\"_ _19e\"> </span>  <span class=\"_ _43\"> </span>gr<span class=\"_ _3\"></span>oss  <span class=\"_ _1b7\"> </span>n<span class=\"_ _3\"></span>et  <span class=\"_ _f2\"> </span>los<span class=\"_ _3\"></span>s <span class=\"_ _3\"></span>gro<span class=\"_ _3\"></span>ss  <span class=\"_ _89\"> </span>lo<span class=\"_ _3\"></span>ss <span class=\"_ _3\"></span>ne<span class=\"_ _3\"></span>t  <span class=\"_ _43\"> </span>gro<span class=\"_ _3\"></span>ss  <span class=\"_ _1b7\"> </span>n<span class=\"_ _3\"></span>et<span class=\"_ _421\"> </span>Variat<span class=\"_ _3\"></span>ion <span class=\"_ _4\"></span>in/ari<span class=\"_ _3\"></span>sin<span class=\"_ _3\"></span>g <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>rom <span class=\"_ _1a0\"> </span>  <span class=\"_ _165\"> </span>\u00a3<span class=\"_ _3\"></span>m  <span class=\"_ _165\"> </span>\u00a3<span class=\"_ _3\"></span>m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3<span class=\"_ _3\"></span>m  <span class=\"_ _165\"> </span>\u00a3<span class=\"_ _3\"></span>m<span class=\"_ _421\"> </span>Mortality and morbidity combined \u2013 10% incre<span class=\"_ _2\"></span>ase <span class=\"_ _42\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _14b\"> </span>(34<span class=\"_ _3\"></span>.8 <span class=\"_ _31\"></span>) <span class=\"_ _14e\"> </span>(9.9 <span class=\"_ _31\"></span>) <span class=\"_ _150\"> </span>(1<span class=\"_ _3\"></span>9.4 <span class=\"_ _31\"></span>) <span class=\"_ _11b\"> </span>(1<span class=\"_ _4\"></span>1.9 <span class=\"_ _31\"></span>) <span class=\"_ _44\"> </span>(1<span class=\"_ _3\"></span>9.4 <span class=\"_ _31\"></span>) <span class=\"_ _11b\"> </span>(1<span class=\"_ _4\"></span>1.9 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Expenses <span class=\"_ _9\"> </span>\u2013 <span class=\"_ _9\"> </span>10% <span class=\"_ _e\"> </span>increase <span class=\"_ _1b9\"> </span> <span class=\"_ _5\"> </span> <span class=\"_ _152\"> </span>(13. 3 ) <span class=\"_ _c2\"> </span>(13.9 ) <span class=\"_ _12e\"> </span>(5.9 ) <span class=\"_ _12e\"> </span>(5.5 ) <span class=\"_ _12e\"> </span>(5.9 ) <span class=\"_ _12e\"> </span>(5.5 )<span class=\"_ _421\"> </span>Lapse <span class=\"_ _9\"> </span>\u2013 <span class=\"_ _e\"> </span>10% <span class=\"_ _9\"> </span>decrease <span class=\"_ _21\"> </span> <span class=\"_ _5\"> </span> <span class=\"_ _179\"> </span>(2.4 ) <span class=\"_ _12e\"> </span>(3.5 ) <span class=\"_ _fe\"> </span>(1. 2 ) <span class=\"_ _1b7\"> </span>(0. 5 ) <span class=\"_ _10e\"> </span>(1.2 ) <span class=\"_ _1b7\"> </span>(0. 5 )<span class=\"_ _421\"> </span>31 December 2022 <span class=\"_ _19e\"> </span>  <span class=\"_ _44\"> </span>C<span class=\"_ _3\"></span>S<span class=\"_ _3\"></span>M  <span class=\"_ _45\"> </span>C<span class=\"_ _3\"></span>SM<span class=\"_ _3\"></span>  <span class=\"_ _2e\"> </span>Profi<span class=\"_ _3\"></span>t <span class=\"_ _3\"></span>or  <span class=\"_ _2e\"> </span>Pr<span class=\"_ _3\"></span>ofit <span class=\"_ _4\"></span>or  <span class=\"_ _153\"> </span>Equ<span class=\"_ _3\"></span>it<span class=\"_ _3\"></span>y  <span class=\"_ _153\"> </span>Equ<span class=\"_ _3\"></span>it<span class=\"_ _3\"></span>y <span class=\"_ _19e\"> </span>  <span class=\"_ _43\"> </span>gr<span class=\"_ _3\"></span>oss  <span class=\"_ _1b7\"> </span>n<span class=\"_ _3\"></span>et  <span class=\"_ _f2\"> </span>los<span class=\"_ _3\"></span>s <span class=\"_ _3\"></span>gro<span class=\"_ _3\"></span>ss  <span class=\"_ _89\"> </span>lo<span class=\"_ _3\"></span>ss <span class=\"_ _3\"></span>ne<span class=\"_ _3\"></span>t  <span class=\"_ _43\"> </span>gro<span class=\"_ _3\"></span>ss  <span class=\"_ _1b7\"> </span>n<span class=\"_ _3\"></span>et<span class=\"_ _421\"> </span>Variat<span class=\"_ _3\"></span>ion <span class=\"_ _4\"></span>in/ari<span class=\"_ _3\"></span>sin<span class=\"_ _3\"></span>g <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>rom <span class=\"_ _1a0\"> </span>  <span class=\"_ _165\"> </span>\u00a3<span class=\"_ _3\"></span>m  <span class=\"_ _165\"> </span>\u00a3<span class=\"_ _3\"></span>m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3<span class=\"_ _3\"></span>m  <span class=\"_ _165\"> </span>\u00a3<span class=\"_ _3\"></span>m<span class=\"_ _421\"> </span>Mortality and morbidity combined \u2013 10% incre<span class=\"_ _2\"></span>ase <span class=\"_ _42\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _11b\"> </span>(41.8 <span class=\"_ _31\"></span>) <span class=\"_ _1e1\"> </span>(<span class=\"_ _3\"></span>12.7 <span class=\"_ _31\"></span>) <span class=\"_ _2d\"> </span>(1<span class=\"_ _4\"></span>1.5 <span class=\"_ _31\"></span>) <span class=\"_ _12b\"> </span>(7<span class=\"_ _a\"></span>.2 <span class=\"_ _7\"></span>) <span class=\"_ _2d\"> </span>(1<span class=\"_ _4\"></span>1.5 <span class=\"_ _31\"></span>) <span class=\"_ _12b\"> </span>(7<span class=\"_ _a\"></span>.2 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Expenses <span class=\"_ _9\"> </span>\u2013 <span class=\"_ _9\"> </span>10% <span class=\"_ _e\"> </span>increase <span class=\"_ _1b9\"> </span> <span class=\"_ _5\"> </span> <span class=\"_ _c2\"> </span>( 14.0 ) <span class=\"_ _f0\"> </span>(14.5 ) <span class=\"_ _165\"> </span>(4.5 ) <span class=\"_ _10f\"> </span>(4.1 ) <span class=\"_ _1b7\"> </span>(4.5 ) <span class=\"_ _fe\"> </span>(4.1 )<span class=\"_ _421\"> </span>Lapse <span class=\"_ _3\"></span>\u2013 <span class=\"_ _3\"></span>10% <span class=\"_ _4\"></span>decre<span class=\"_ _2\"></span>ase <span class=\"_ _111\"> </span>  <span class=\"_ _1b7\"> </span>(2<span class=\"_ _3\"></span>.0 <span class=\"_ _7\"></span>) <span class=\"_ _8f\"> </span>(3.1 <span class=\"_ _0\"></span>) <span class=\"_ _57\"> </span>1.4  <span class=\"_ _56\"> </span>2.1  <span class=\"_ _5a\"> </span>1.4  <span class=\"_ _96\"> </span>2.1<span class=\"_ _421\"> </span>The sensitivities to mortality and morbidity (critical illness) rates sho<span class=\"_ _2\"></span>wn above are calculated <span class=\"_ _2\"></span>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 <span class=\"_ _2\"></span>of the change is significant and subject to treating customers fairly<span class=\"_ _0\"></span>.<span class=\"_ _421\"> </span>A <span class=\"_ _a\"></span>1<span class=\"_ _a\"></span>0% increase in mortality and morbidity rates in 2023 is expected to result in a greater f<span class=\"_ _2\"></span>all in profits compared to 2022 as <span class=\"_ _2\"></span>Scildon, which has the highest e<span class=\"_ _2\"></span>xposure to mortality and morbidity<span class=\"_ _a\"></span>, has a lower CSM in 2023. <span class=\"_ _7\"></span>This means that the CSM would absorb less <span class=\"_ _2\"></span>of the impact of the stress. <span class=\"_ _2\"></span>Some additional risk also comes from the Canada Lif<span class=\"_ _2\"></span>e policies that CA acquired during 2023.<span class=\"_ _421\"> </span>The impact <span class=\"_ _2\"></span>of a 1<span class=\"_ _a\"></span>0% increase in expenses has increased from 2022 to 2023 due to an increased cost base f<span class=\"_ _2\"></span>ollowing the acquisitions <span class=\"_ _2\"></span>of Conservatrix and policies from Canada Lif<span class=\"_ _2\"></span>e.<span class=\"_ _421\"> </span>The group has increased <span class=\"_ _2\"></span>exposure to a 1<span class=\"_ _0\"></span>0% decrease in lapse rates in 2023 following <span class=\"_ _0\"></span>W<span class=\"_ _2\"></span>aard\u2019<span class=\"_ _0\"></span>s acquisition of Conservatrix, which includes some policies with onerous guarantees. If f<span class=\"_ _2\"></span>ew<span class=\"_ _2\"></span>er such policies lapse, then the group would incur more guarantee costs, hence the profit and loss impact of a reduction in lapses is worse. Con<span class=\"_ _2\"></span>versely a 1<span class=\"_ _0\"></span>0% increase in lapse rates is now lower<span class=\"_ _0\"></span>.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfNatureAndExtentOfRisksArisingFromInsuranceContractsExplanatory",
    "language": "en",
    "entity": "scheme:213800VFRMBRTSZ3SJ06",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-39": {
   "value": "  B3 <span class=\"_ _3\"></span>Financial risk General<span class=\"_ _421\"> </span>The group is <span class=\"_ _2\"></span>exposed to a range <span class=\"_ _2\"></span>of financial risks, principally through its insurance contracts, financial assets, including assets representing shareholder assets, financial liabilities, including inv<span class=\"_ _2\"></span>estment contracts and borrowings, and its reinsurance assets. T<span class=\"_ _2\"></span>hese risks are described at a high lev<span class=\"_ _2\"></span>el in the Risk Management section of the <span class=\"_ _2\"></span>Annual Report and <span class=\"_ _2\"></span>Accounts under \u2018PR1 <span class=\"_ _7\"></span>\u2013 Inv<span class=\"_ _2\"></span>estment and Liquidity Risk\u2019<span class=\"_ _0\"></span>.<span class=\"_ _421\"> </span>In particular<span class=\"_ _a\"></span>, the key financial risk is that, in the long-term, proceeds from financial assets are not sufficient to fund the <span class=\"_ _2\"></span>obligations arising from its insurance and inv<span class=\"_ _2\"></span>estment contracts and borrowings. <span class=\"_ _7\"></span>The most important components of this financial risk are mark<span class=\"_ _2\"></span>et risk (interest rate risk, equity and property price risk and foreign currency <span class=\"_ _2\"></span>ex<span class=\"_ _2\"></span>change risk), liquidity risk and credit risk (including the risk of reinsurer def<span class=\"_ _2\"></span>ault). The risks related to insurance contracts that ha<span class=\"_ _2\"></span>ve a material <span class=\"_ _2\"></span>effect <span class=\"_ _2\"></span>on the amount, timing and uncertainty of future cash flo<span class=\"_ _2\"></span>ws arising are set out in Note B2. The group pro<span class=\"_ _2\"></span>vides two types <span class=\"_ _2\"></span>of investment contract: unit-link<span class=\"_ _2\"></span>ed savings and unit-link<span class=\"_ _2\"></span>ed pensions predominantly written in the UK and S<span class=\"_ _a\"></span>weden.<span class=\"_ _421\"> </span>(i) <span class=\"_ _12\"> </span> <span class=\"_ _f\"></span>Unit-linked sa<span class=\"_ _2\"></span>vings are single or regular premium contracts, with the premiums inv<span class=\"_ _2\"></span>ested in a pooled inv<span class=\"_ _2\"></span>estment fund, where the policyholder<span class=\"_ _3\"></span>\u2019<span class=\"_ _0\"></span>s investment is represented by units <span class=\"_ _2\"></span>or trust accounts where the policyholder decides where to inv<span class=\"_ _2\"></span>est. On certain contracts there is a small additional benefit pay<span class=\"_ _2\"></span>able on death which is deemed not to transf<span class=\"_ _2\"></span>er significant insurance risk to the business for these contracts. <span class=\"_ _0\"></span>The benefits pa<span class=\"_ _2\"></span>yable at maturity <span class=\"_ _2\"></span>or surrender <span class=\"_ _2\"></span>of the contracts are the underlying value <span class=\"_ _2\"></span>of the inv<span class=\"_ _2\"></span>estment in the unit-linked funds or tr<span class=\"_ _2\"></span>ust accounts, less surrender charges where applicable.<span class=\"_ _421\"> </span>(ii) <span class=\"_ _10\"> </span> <span class=\"_ _f\"></span>Unit-linked pensions are single or regular premium contracts with f<span class=\"_ _a\"></span>eatures similar to unit-linked savings contracts. B<span class=\"_ _2\"></span>enefits are pay<span class=\"_ _2\"></span>able on transf<span class=\"_ _a\"></span>er<span class=\"_ _2\"></span>, retirement or death.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
    "language": "en",
    "entity": "scheme:213800VFRMBRTSZ3SJ06",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-40": {
   "value": " (a) <span class=\"_ _3\"></span>Mark<span class=\"_ _2\"></span>et r<span class=\"_ _2\"></span>isk <span class=\"_ _d\"> </span>(i) <span class=\"_ _4\"></span>Management of mar<span class=\"_ _a\"></span>ket r<span class=\"_ _2\"></span>isk<span class=\"_ _421\"> </span>The group businesses manage their mark<span class=\"_ _2\"></span>et risks within Asset Liability Matching (ALM) frame<span class=\"_ _2\"></span>works that ha<span class=\"_ _2\"></span>ve been de<span class=\"_ _2\"></span>veloped to achiev<span class=\"_ _2\"></span>e long-term inv<span class=\"_ _2\"></span>estment returns at least equal to their <span class=\"_ _2\"></span>obligations under insurance and inv<span class=\"_ _2\"></span>estment contracts, with minimal risk. <span class=\"_ _0\"></span>W<span class=\"_ _3\"></span>ithin the <span class=\"_ _2\"></span>ALM frameworks the businesses produce<span class=\"_ _2\"></span> quarterly reports at legal entity and asset and liability class le<span class=\"_ _2\"></span>vel, which are circulated to the businesses<span class=\"_ _2\"></span>\u2019 ke<span class=\"_ _2\"></span>y management. <span class=\"_ _0\"></span>The principal technique <span class=\"_ _2\"></span>of the ALM framew<span class=\"_ _2\"></span>orks is to match assets to the liabilities arising from insurance and investment contracts b<span class=\"_ _2\"></span>y ref<span class=\"_ _2\"></span>erence to the type of benefits pa<span class=\"_ _2\"></span>yable to policyholders, with separate portfolios <span class=\"_ _2\"></span>of assets being maintained for linked and non-link<span class=\"_ _2\"></span>ed liabilities.<span class=\"_ _421\"> </span>F<span class=\"_ _2\"></span>or non-unit-linked business, the group\u2019<span class=\"_ _0\"></span>s objective is to match the timing and nature <span class=\"_ _2\"></span>of cash flows from insurance and in<span class=\"_ _2\"></span>vestment contract liabilities with the timing of cash flo<span class=\"_ _2\"></span>ws from assets subject to identical or similar risks. By matching the cash flows <span class=\"_ _2\"></span>of liabilities with those of suitable assets, mark<span class=\"_ _2\"></span>et risk is managed eff<span class=\"_ _2\"></span>ectively<span class=\"_ _a\"></span>, whilst liquidity risk is minimised. <span class=\"_ _0\"></span>These processes to manage the risks, which the group has not changed from pre<span class=\"_ _2\"></span>vious periods, ensure that the group is able to meet its obligations under its contractual liabilities as the<span class=\"_ _2\"></span>y fall due<span class=\"_ _421\"> </span>Unit-link<span class=\"_ _2\"></span>ed and index<span class=\"_ _2\"></span>-link<span class=\"_ _2\"></span>ed insurance contracts and in<span class=\"_ _2\"></span>vestment contr<span class=\"_ _2\"></span>acts<span class=\"_ _421\"> </span>The group matches the financial liabilities relating to these contracts with units in the financial assets <span class=\"_ _2\"></span>of the funds to which the value of the liabilities is link<span class=\"_ _2\"></span>ed, such that the policyholders bear the principal market risk (being interest rate, <span class=\"_ _2\"></span>equity price and foreign currency risks) and credit risk. <span class=\"_ _2\"></span>Accordingly<span class=\"_ _0\"></span>, this approach results in the group having no significant direct mark<span class=\"_ _2\"></span>et or credit risk on these contracts. Its primary <span class=\"_ _2\"></span>exposure to mark<span class=\"_ _2\"></span>et risk is the risk of v<span class=\"_ _2\"></span>olatility in asset-related f<span class=\"_ _2\"></span>ees due to the impact of interest rate, <span class=\"_ _2\"></span>equity price and foreign e<span class=\"_ _2\"></span>xchange rate mo<span class=\"_ _2\"></span>vements <span class=\"_ _2\"></span>on the fair value <span class=\"_ _2\"></span>of the assets held in the linked funds, <span class=\"_ _2\"></span>on which asset-related f<span class=\"_ _2\"></span>ees are based.<span class=\"_ _421\"> </span>There is residual <span class=\"_ _2\"></span>exposure to mark<span class=\"_ _2\"></span>et risk on certain unit-linked contracts where the group pro<span class=\"_ _2\"></span>vides to policyholders guarantees as to fund performance <span class=\"_ _2\"></span>or additional benefits which are not dependent on fund perf<span class=\"_ _2\"></span>ormance. <span class=\"_ _0\"></span>This <span class=\"_ _2\"></span>exposure is mitigated to the e<span class=\"_ _2\"></span>xtent that the group matches the obligations with suitable financial assets e<span class=\"_ _2\"></span>xternal to the unit-linked funds, such that the residual e<span class=\"_ _2\"></span>xposure is not considered to be material.<span class=\"_ _421\"> </span>With-profits contr<span class=\"_ _2\"></span>acts<span class=\"_ _421\"> </span>Some non-linked insurance contracts within the UK businesses include discretionary participation f<span class=\"_ _a\"></span>eatures in the form of with-profits policies. F<span class=\"_ _2\"></span>or 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 ReA<span class=\"_ _2\"></span>ssure Limited and hence there is no market risk f<span class=\"_ _2\"></span>or this class of business. F<span class=\"_ _2\"></span>or the CA (S&amp;P) business, the primary inv<span class=\"_ _2\"></span>estment objectiv<span class=\"_ _2\"></span>e of the with-profits policyholder funds is that the guaranteed minimum benefits of the with-profits policyholders should be met <span class=\"_ _2\"></span>entirely from the policyholder funds.<span class=\"_ _421\"> </span>The secondary in<span class=\"_ _2\"></span>vestment <span class=\"_ _2\"></span>objective is, where possible, to provide a surplus in <span class=\"_ _2\"></span>ex<span class=\"_ _2\"></span>cess of the guaranteed minimum benefits. <span class=\"_ _0\"></span>T<span class=\"_ _2\"></span>he entire surplus in the policyholder fund accrues to the with-profits policyholders. <span class=\"_ _2\"></span>Any deficit in the policyholder fund is ultimately borne by shareholders. <span class=\"_ _7\"></span>Therefore, the group has a significant exposure to mark<span class=\"_ _2\"></span>et risk in relation to with-profits business should the with-profits policyholder assets be unable to fully meet the cost of guarantees. <span class=\"_ _0\"></span>T<span class=\"_ _0\"></span>o achiev<span class=\"_ _2\"></span>e the inv<span class=\"_ _2\"></span>estment objectives, the funds ma<span class=\"_ _2\"></span>y inv<span class=\"_ _2\"></span>est in a range of asset classes including property<span class=\"_ _0\"></span>, equities, fixed interest securities, conv<span class=\"_ _2\"></span>ertibles, cash and derivativ<span class=\"_ _2\"></span>es, both in UK and o<span class=\"_ _2\"></span>verseas.<span class=\"_ _421\"> </span>Other insurance contr<span class=\"_ _2\"></span>acts<span class=\"_ _421\"> </span>Other non-linked contracts include contracts which pa<span class=\"_ _2\"></span>y guaranteed benefits on insured e<span class=\"_ _2\"></span>vents, the terms being fix<span class=\"_ _2\"></span>ed at the inception of the contract. Exposure to market price risk is minimised b<span class=\"_ _2\"></span>y generally inv<span class=\"_ _2\"></span>esting in fixed-interest debt securities, while interest rate risk is generally managed by closely matching contracts written with financial assets of suitable nature, <span class=\"_ _0\"></span>yield, duration and currency<span class=\"_ _a\"></span>. <span class=\"_ _0\"></span>T<span class=\"_ _0\"></span>o the extent that the group is unable to fully match its interest rate risk, it mak<span class=\"_ _2\"></span>es provision in respect <span class=\"_ _2\"></span>of assumed shortfalls <span class=\"_ _2\"></span>on guaranteed returns to policyholders.<span class=\"_ _421\"> </span>Shareholder funds<span class=\"_ _421\"> </span>Shareholder funds at both group parent company and <span class=\"_ _2\"></span>operating subsidiary level, in accordance with corporate <span class=\"_ _2\"></span>objectives and, in some instances, in accordance with local statutory solvency requirements, are in<span class=\"_ _2\"></span>vested in <span class=\"_ _2\"></span>order to protect capital and to minimise market and credit risk. <span class=\"_ _2\"></span>Accordingly<span class=\"_ _a\"></span>, they are generally in<span class=\"_ _2\"></span>vested in assets of a shorter<span class=\"_ _0\"></span>-term liquid nature, which gives rise to the risk <span class=\"_ _2\"></span>of low<span class=\"_ _2\"></span>er returns on these in<span class=\"_ _2\"></span>vestments due to changes in short-term interest rates.  (ii) <span class=\"_ _3\"></span>Interest r<span class=\"_ _2\"></span>ate r<span class=\"_ _a\"></span>isk<span class=\"_ _421\"> </span>As discussed in the Management <span class=\"_ _2\"></span>of Market Risk section on page 1<span class=\"_ _0\"></span>74, the group is <span class=\"_ _2\"></span>exposed to interest rate risks in regards to the assets backing non-linked<span class=\"_ _2\"></span> contracts. <span class=\"_ _0\"></span>The <span class=\"_ _2\"></span>exposure is managed b<span class=\"_ _2\"></span>y closely matching contracts written with financial assets of suitable nature, <span class=\"_ _a\"></span>yield, duration and currency<span class=\"_ _a\"></span>.<span class=\"_ _421\"> </span>The tables belo<span class=\"_ _2\"></span>w show the impact <span class=\"_ _2\"></span>of movements in per annum mark<span class=\"_ _2\"></span>et rates of interest <span class=\"_ _2\"></span>on the CSM, profit or loss after tax and on shareholder <span class=\"_ _2\"></span>equity as at the balance sheet dates. <span class=\"_ _0\"></span>W<span class=\"_ _2\"></span>e believe these interest rate risk v<span class=\"_ _2\"></span>ariables, to which the group results are sensitive, represent the <span class=\"_ _2\"></span>ones that might reasonably occur in the future.<span class=\"_ _421\"> </span>31 December 2023 <span class=\"_ _19e\"> </span>  <span class=\"_ _33\"> </span>Increase  <span class=\"_ _f6\"> </span>Decreas<span class=\"_ _3\"></span>e  <span class=\"_ _1e2\"> </span>Increase  <span class=\"_ _1e3\"> </span>Decrease  <span class=\"_ _33\"> </span>Increase  <span class=\"_ _f6\"> </span>D<span class=\"_ _3\"></span>ecrease <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _112\"> </span>Profit  <span class=\"_ _112\"> </span>Profit<span class=\"_ _2\"></span>  <span class=\"_ _13c\"> </span>Sharehold<span class=\"_ _3\"></span>er  <span class=\"_ _132\"> </span>S<span class=\"_ _3\"></span>hareholder<span class=\"_ _421\"> </span>Variat<span class=\"_ _3\"></span>ion <span class=\"_ _4\"></span>in/ari<span class=\"_ _3\"></span>sin<span class=\"_ _3\"></span>g <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>rom <span class=\"_ _4\"></span>10<span class=\"_ _3\"></span>0 <span class=\"_ _3\"></span>b<span class=\"_ _3\"></span>asi<span class=\"_ _3\"></span>s <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>oint<span class=\"_ _3\"></span>s <span class=\"_ _156\"> </span>  <span class=\"_ _44\"> </span>C<span class=\"_ _3\"></span>S<span class=\"_ _3\"></span>M  <span class=\"_ _44\"> </span>C<span class=\"_ _3\"></span>SM  <span class=\"_ _9d\"> </span>or <span class=\"_ _3\"></span>lo<span class=\"_ _3\"></span>ss  <span class=\"_ _153\"> </span>or <span class=\"_ _4\"></span>loss  <span class=\"_ _153\"> </span>equ<span class=\"_ _3\"></span>ity  <span class=\"_ _153\"> </span>e<span class=\"_ _3\"></span>qui<span class=\"_ _3\"></span>ty<span class=\"_ _421\"> </span>in <span class=\"_ _4\"></span>market <span class=\"_ _4\"></span>rat<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>f <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>ntere<span class=\"_ _3\"></span>st <span class=\"_ _c9\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3<span class=\"_ _3\"></span>m  <span class=\"_ _165\"> </span>\u00a3<span class=\"_ _3\"></span>m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Insurance <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>reinsurance <span class=\"_ _3\"></span>contracts <span class=\"_ _50\"> </span>  <span class=\"_ _56\"> </span>1.9  <span class=\"_ _165\"> </span>(2<span class=\"_ _3\"></span>.6 <span class=\"_ _7\"></span>) <span class=\"_ _1e1\"> </span>84<span class=\"_ _3\"></span>.9  <span class=\"_ _29\"> </span>(<span class=\"_ _3\"></span>102.3 <span class=\"_ _7\"></span>) <span class=\"_ _7b\"> </span>84<span class=\"_ _3\"></span>.9  <span class=\"_ _29\"> </span>(102.<span class=\"_ _3\"></span>3 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Financial <span class=\"_ _3\"></span>instruments <span class=\"_ _1ba\"> </span>  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _c2\"> </span>(9<span class=\"_ _3\"></span>1.2 <span class=\"_ _7\"></span>) <span class=\"_ _45\"> </span>1<span class=\"_ _3\"></span>01.5  <span class=\"_ _c2\"> </span>(91.<span class=\"_ _3\"></span>2 <span class=\"_ _7\"></span>) <span class=\"_ _45\"> </span>1<span class=\"_ _3\"></span>01.5 T<span class=\"_ _2\"></span>ota l <span class=\"_ _1e4\"> </span> <span class=\"_ _5\"> </span> <span class=\"_ _56\"> </span>1.<span class=\"_ _3\"></span>9 <span class=\"_ _5\"> </span> <span class=\"_ _165\"> </span>(2<span class=\"_ _4\"></span>.6 ) <span class=\"_ _14e\"> </span>(6 .<span class=\"_ _4\"></span>3 ) <span class=\"_ _5b\"> </span>(0 .<span class=\"_ _3\"></span>8 ) <span class=\"_ _14e\"> </span>(6 .<span class=\"_ _4\"></span>3 ) <span class=\"_ _5b\"> </span>(0 .<span class=\"_ _3\"></span>8 )<span class=\"_ _421\"> </span>31 December 2022 <span class=\"_ _19e\"> </span>  <span class=\"_ _1e2\"> </span>Increas<span class=\"_ _3\"></span>e  <span class=\"_ _f6\"> </span>Decreas<span class=\"_ _3\"></span>e  <span class=\"_ _1e2\"> </span>Increase  <span class=\"_ _1e3\"> </span>Decrease  <span class=\"_ _33\"> </span>Increase  <span class=\"_ _f6\"> </span>D<span class=\"_ _3\"></span>ecrease <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _112\"> </span>Profit  <span class=\"_ _112\"> </span>Profit<span class=\"_ _2\"></span>  <span class=\"_ _13c\"> </span>Sharehold<span class=\"_ _3\"></span>er  <span class=\"_ _132\"> </span>S<span class=\"_ _3\"></span>hareholder<span class=\"_ _421\"> </span>Variat<span class=\"_ _3\"></span>ion <span class=\"_ _4\"></span>in/ari<span class=\"_ _3\"></span>sin<span class=\"_ _3\"></span>g <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>rom <span class=\"_ _4\"></span>10<span class=\"_ _3\"></span>0 <span class=\"_ _3\"></span>b<span class=\"_ _3\"></span>asi<span class=\"_ _3\"></span>s <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>oint<span class=\"_ _3\"></span>s <span class=\"_ _156\"> </span>  <span class=\"_ _44\"> </span>C<span class=\"_ _3\"></span>S<span class=\"_ _3\"></span>M  <span class=\"_ _44\"> </span>C<span class=\"_ _3\"></span>SM  <span class=\"_ _9d\"> </span>or <span class=\"_ _3\"></span>lo<span class=\"_ _3\"></span>ss  <span class=\"_ _153\"> </span>or <span class=\"_ _4\"></span>loss  <span class=\"_ _153\"> </span>equ<span class=\"_ _3\"></span>ity  <span class=\"_ _153\"> </span>e<span class=\"_ _3\"></span>qui<span class=\"_ _3\"></span>ty<span class=\"_ _421\"> </span>in <span class=\"_ _4\"></span>market <span class=\"_ _4\"></span>rat<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>f <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>ntere<span class=\"_ _3\"></span>st <span class=\"_ _c9\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3<span class=\"_ _3\"></span>m  <span class=\"_ _165\"> </span>\u00a3<span class=\"_ _3\"></span>m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Insurance <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>reinsurance <span class=\"_ _3\"></span>contracts <span class=\"_ _50\"> </span>  <span class=\"_ _1b1\"> </span>2.5  <span class=\"_ _12e\"> </span>(2.7 <span class=\"_ _7\"></span>) <span class=\"_ _2d\"> </span>66.6  <span class=\"_ _44\"> </span>(78.4 <span class=\"_ _7\"></span>) <span class=\"_ _2d\"> </span>66.6  <span class=\"_ _44\"> </span>(78.4 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Financial <span class=\"_ _3\"></span>instruments <span class=\"_ _1ba\"> </span>  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _1e1\"> </span>(78.2 <span class=\"_ _0\"></span>) <span class=\"_ _7b\"> </span>89.0  <span class=\"_ _45\"> </span>(78.2 <span class=\"_ _0\"></span>) <span class=\"_ _7b\"> </span>89.0<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota l <span class=\"_ _1e4\"> </span> <span class=\"_ _5\"> </span> <span class=\"_ _1a1\"> </span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5 <span class=\"_ _9\"> </span> <span class=\"_ _165\"> </span>( 2<span class=\"_ _4\"></span>.7 ) <span class=\"_ _11b\"> </span>( 1<span class=\"_ _4\"></span>1. 6 ) <span class=\"_ _5b\"> </span>1<span class=\"_ _3\"></span>0. 6 <span class=\"_ _9\"> </span> <span class=\"_ _5b\"> </span>( 1<span class=\"_ _4\"></span>1 . 6 ) <span class=\"_ _5b\"> </span>1<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>6<span class=\"_ _421\"> </span>The group\u2019<span class=\"_ _0\"></span>s e<span class=\"_ _2\"></span>xposure to interest rate risk principally comes from non-linked liabilities and the assets backing them. <span class=\"_ _0\"></span>The change in <span class=\"_ _2\"></span>exposure from 2022 to 2023 is driven b<span class=\"_ _2\"></span>y the Conservatrix acquisition, which has had a more significant <span class=\"_ _2\"></span>effect <span class=\"_ _2\"></span>on liabilities than assets, o<span class=\"_ _2\"></span>wing to the very long-term nature <span class=\"_ _2\"></span>of its funeral plan policies. <span class=\"_ _0\"></span>This has subsequently impro<span class=\"_ _2\"></span>ved the profit and loss impact of a 1<span class=\"_ _0\"></span>0<span class=\"_ _3\"></span>0 bps rise in interest rates and w<span class=\"_ _2\"></span>orsened the profit and loss impact of a 1<span class=\"_ _a\"></span>00 bps fall in interest rates (iii) <span class=\"_ _3\"></span>Equity price r<span class=\"_ _a\"></span>isk<span class=\"_ _421\"> </span>As discussed in the Management <span class=\"_ _2\"></span>of Market Risk section on page 1<span class=\"_ _0\"></span>74, the group is <span class=\"_ _2\"></span>exposed to <span class=\"_ _2\"></span>equity and property price risks in regards to the asset related fees from the assets backing its unit-linked and inde<span class=\"_ _2\"></span>x<span class=\"_ _a\"></span>-linked insurance contracts and inv<span class=\"_ _2\"></span>estment contracts and also in regards to policyholder guarantees for these contracts. <span class=\"_ _0\"></span>The <span class=\"_ _2\"></span>exposure is mitigated some<span class=\"_ _2\"></span>what by inv<span class=\"_ _2\"></span>esting in suitable financial assets outside <span class=\"_ _2\"></span>of the unit-linked and index<span class=\"_ _0\"></span>-linked funds. As also in the Management <span class=\"_ _2\"></span>of Market Risk section on page 1<span class=\"_ _0\"></span>7<span class=\"_ _2\"></span>4, the group is <span class=\"_ _2\"></span>exposed to <span class=\"_ _2\"></span>equity and property price risks in regards to the UK with-profits. <span class=\"_ _0\"></span>The exposure is mitigated b<span class=\"_ _2\"></span>y limiting these investments to back the surplus in the rele<span class=\"_ _2\"></span>vant funds and not the guaranteed minimum benefits. The tables belo<span class=\"_ _2\"></span>w show the impact <span class=\"_ _2\"></span>of movements in <span class=\"_ _2\"></span>equity and property values <span class=\"_ _2\"></span>on the CSM, profit or loss after tax and on shareholder <span class=\"_ _2\"></span>equity as at the balance sheet date. <span class=\"_ _0\"></span>W<span class=\"_ _2\"></span>e believe these <span class=\"_ _2\"></span>equity and property risk variables, to which the group results are sensitiv<span class=\"_ _2\"></span>e, represent the ones that might reasonably occur in<span class=\"_ _2\"></span> <span class=\"_ _19\"></span><span class=\"ls2 ws2\"> </span>the future.<span class=\"_ _421\"> </span>31 December 2023 <span class=\"_ _19e\"> </span>  <span class=\"_ _1e2\"> </span>Increas<span class=\"_ _3\"></span>e  <span class=\"_ _f6\"> </span>Decreas<span class=\"_ _3\"></span>e  <span class=\"_ _1e2\"> </span>Increase  <span class=\"_ _1e3\"> </span>Decrease  <span class=\"_ _33\"> </span>Increase  <span class=\"_ _f6\"> </span>D<span class=\"_ _3\"></span>ecrease <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _112\"> </span>Profit  <span class=\"_ _112\"> </span>Profit<span class=\"_ _2\"></span>  <span class=\"_ _13c\"> </span>Sharehold<span class=\"_ _3\"></span>er  <span class=\"_ _132\"> </span>S<span class=\"_ _3\"></span>hareholder<span class=\"_ _421\"> </span>Variat<span class=\"_ _3\"></span>ion <span class=\"_ _4\"></span>in/ari<span class=\"_ _3\"></span>sin<span class=\"_ _3\"></span>g <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>rom <span class=\"_ _4\"></span>10<span class=\"_ _3\"></span>% <span class=\"_ _3\"></span>in <span class=\"_ _4\"></span>eq<span class=\"_ _3\"></span>uit<span class=\"_ _3\"></span>y <span class=\"_ _9e\"> </span>  <span class=\"_ _45\"> </span>CS<span class=\"_ _3\"></span>M  <span class=\"_ _45\"> </span>CS<span class=\"_ _3\"></span>M  <span class=\"_ _153\"> </span>or <span class=\"_ _4\"></span>loss  <span class=\"_ _9d\"> </span>or <span class=\"_ _3\"></span>los<span class=\"_ _3\"></span>s  <span class=\"_ _153\"> </span>equi<span class=\"_ _3\"></span>ty  <span class=\"_ _153\"> </span>eq<span class=\"_ _3\"></span>uit<span class=\"_ _3\"></span>y<span class=\"_ _421\"> </span>and <span class=\"_ _4\"></span>pro<span class=\"_ _3\"></span>per<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>rice <span class=\"_ _ba\"> </span>  <span class=\"_ _12e\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3<span class=\"_ _3\"></span>m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3<span class=\"_ _3\"></span>m  <span class=\"_ _165\"> </span>\u00a3<span class=\"_ _3\"></span>m<span class=\"_ _421\"> </span>Insurance <span class=\"_ _9\"> </span>and <span class=\"_ _9\"> </span>reinsurance <span class=\"_ _9\"> </span>contracts <span class=\"_ _103\"> </span> <span class=\"_ _5\"> </span> <span class=\"_ _56\"> </span>3.5 <span class=\"_ _4\"> </span> <span class=\"_ _12e\"> </span>(4. 8 ) <span class=\"_ _119\"> </span>(14 0.5 ) <span class=\"_ _2d\"> </span>141. 3 <span class=\"_ _5\"> </span> <span class=\"_ _e7\"> </span>(14 0.5 ) <span class=\"_ _2d\"> </span>141. 3<span class=\"_ _421\"> </span>Financial <span class=\"_ _3\"></span>instruments <span class=\"_ _1ba\"> </span>  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _c2\"> </span>161.7  <span class=\"_ _150\"> </span>(161.7 <span class=\"_ _7\"></span>) <span class=\"_ _7b\"> </span>161.7  <span class=\"_ _14b\"> </span>(<span class=\"_ _3\"></span>161.7 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _10f\"> </span>3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5  <span class=\"_ _5b\"> </span>(4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8 <span class=\"_ _7\"></span>) <span class=\"_ _f0\"> </span>2<span class=\"_ _3\"></span>1.<span class=\"_ _4\"></span>2  <span class=\"_ _15c\"> </span>(<span class=\"_ _3\"></span>20<span class=\"_ _3\"></span>.4 <span class=\"_ _0\"></span>) <span class=\"_ _f0\"> </span>21<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2  <span class=\"_ _e7\"> </span>(20<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>31 December 2022 <span class=\"_ _19e\"> </span>  <span class=\"_ _1e2\"> </span>Increas<span class=\"_ _3\"></span>e  <span class=\"_ _f6\"> </span>Decreas<span class=\"_ _3\"></span>e  <span class=\"_ _1e2\"> </span>Increase  <span class=\"_ _1e3\"> </span>Decrease  <span class=\"_ _33\"> </span>Increase  <span class=\"_ _f6\"> </span>D<span class=\"_ _3\"></span>ecrease <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _112\"> </span>Profit  <span class=\"_ _112\"> </span>Profit<span class=\"_ _2\"></span>  <span class=\"_ _13c\"> </span>Sharehold<span class=\"_ _3\"></span>er  <span class=\"_ _132\"> </span>S<span class=\"_ _3\"></span>hareholder<span class=\"_ _421\"> </span>Variat<span class=\"_ _3\"></span>ion <span class=\"_ _4\"></span>in/ari<span class=\"_ _3\"></span>sin<span class=\"_ _3\"></span>g <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>rom <span class=\"_ _4\"></span>10<span class=\"_ _3\"></span>% <span class=\"_ _3\"></span>in <span class=\"_ _4\"></span>eq<span class=\"_ _3\"></span>uit<span class=\"_ _3\"></span>y <span class=\"_ _9e\"> </span>  <span class=\"_ _45\"> </span>CS<span class=\"_ _3\"></span>M  <span class=\"_ _45\"> </span>CS<span class=\"_ _3\"></span>M  <span class=\"_ _153\"> </span>or <span class=\"_ _4\"></span>loss  <span class=\"_ _9d\"> </span>or <span class=\"_ _3\"></span>los<span class=\"_ _3\"></span>s  <span class=\"_ _153\"> </span>equi<span class=\"_ _3\"></span>ty  <span class=\"_ _153\"> </span>eq<span class=\"_ _3\"></span>uit<span class=\"_ _3\"></span>y<span class=\"_ _421\"> </span>and <span class=\"_ _4\"></span>pro<span class=\"_ _3\"></span>per<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>rice <span class=\"_ _ba\"> </span>  <span class=\"_ _12e\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3<span class=\"_ _3\"></span>m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3<span class=\"_ _3\"></span>m  <span class=\"_ _165\"> </span>\u00a3<span class=\"_ _3\"></span>m<span class=\"_ _421\"> </span>Insurance <span class=\"_ _9\"> </span>and <span class=\"_ _9\"> </span>reinsurance <span class=\"_ _9\"> </span>contracts <span class=\"_ _103\"> </span> <span class=\"_ _5\"> </span> <span class=\"_ _1b1\"> </span>6.0 <span class=\"_ _5\"> </span> <span class=\"_ _10f\"> </span>(5.9 ) <span class=\"_ _14b\"> </span>(1 31.8 ) <span class=\"_ _c2\"> </span>131.6 <span class=\"_ _5\"> </span> <span class=\"_ _1e1\"> </span>(13 1.8 ) <span class=\"_ _c2\"> </span>131.6<span class=\"_ _421\"> </span>Financial <span class=\"_ _3\"></span>instruments <span class=\"_ _1ba\"> </span>  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _45\"> </span>145.2  <span class=\"_ _15c\"> </span>(<span class=\"_ _3\"></span>145.2 <span class=\"_ _7\"></span>) <span class=\"_ _14b\"> </span>145.2  <span class=\"_ _29\"> </span>(<span class=\"_ _3\"></span>145.2 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _8f\"> </span>6<span class=\"_ _3\"></span>.0  <span class=\"_ _14e\"> </span>(<span class=\"_ _3\"></span>5.<span class=\"_ _3\"></span>9 <span class=\"_ _7\"></span>) <span class=\"_ _2d\"> </span>13<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4  <span class=\"_ _45\"> </span>(<span class=\"_ _3\"></span>13<span class=\"_ _3\"></span>.6 <span class=\"_ _0\"></span>) <span class=\"_ _11b\"> </span>13<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4  <span class=\"_ _44\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>3.<span class=\"_ _3\"></span>6 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>A fall in <span class=\"_ _2\"></span>equity and property values reduces policyholder fund values and so reduces the v<span class=\"_ _2\"></span>alue of charge income. <span class=\"_ _7\"></span>Thus, the profit and loss impact of a 1<span class=\"_ _0\"></span>0% decrease<span class=\"_ _3\"></span> in equity and property v<span class=\"_ _2\"></span>alues is negative. <span class=\"_ _0\"></span>T<span class=\"_ _2\"></span>his impact has increased in 2023 due to an increase in equity e<span class=\"_ _2\"></span>xposures follo<span class=\"_ _2\"></span>wing strong equity growth. Con<span class=\"_ _2\"></span>versely<span class=\"_ _0\"></span>, <span class=\"_ _f\"></span><span class=\"ls2\"> </span>a 1<span class=\"_ _a\"></span>0% increase in equity and property v<span class=\"_ _2\"></span>alues is now more positive than bef<span class=\"_ _2\"></span>ore.<span class=\"_ _421\"> </span>(iv) <span class=\"_ _4\"></span>Cur<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ency risk<span class=\"_ _421\"> </span>Currency risk is the risk that the fair v<span class=\"_ _2\"></span>alue or future cash flo<span class=\"_ _2\"></span>ws of an asset <span class=\"_ _2\"></span>or liability will change as a result of mov<span class=\"_ _2\"></span>ements in foreign <span class=\"_ _2\"></span>ex<span class=\"_ _2\"></span>change rates. <span class=\"_ _0\"></span>The group\u2019<span class=\"_ _0\"></span>s exposure to currency <span class=\"_ _2\"></span>risk is minimised to the extent that the risk <span class=\"_ _2\"></span>on inv<span class=\"_ _2\"></span>estments denominated in foreign currencies which back unit-link<span class=\"_ _2\"></span>ed inv<span class=\"_ _2\"></span>estment and insurance contracts is borne by policyholders. It is, ho<span class=\"_ _2\"></span>we<span class=\"_ _2\"></span>ver<span class=\"_ _a\"></span>, e<span class=\"_ _2\"></span>xposed to currency risk through:<span class=\"_ _421\"> </span>(i) <span class=\"_ _79\"> </span> <span class=\"_ _f\"></span>its investment in Mo<span class=\"_ _2\"></span>vestic, the assets and liabilities of which are principally denominated in <span class=\"_ _a\"></span>Swedish krona; and (ii) <span class=\"_ _10\"> </span> <span class=\"_ _f\"></span>its inv<span class=\"_ _2\"></span>estment in <span class=\"_ _0\"></span>Waard and <span class=\"_ _a\"></span>Scildon, the assets and liabilities of which are principally denominated in euros. The group\u2019<span class=\"_ _0\"></span>s currency risk through its o<span class=\"_ _2\"></span>wnership of Mo<span class=\"_ _2\"></span>vestic, <span class=\"_ _2\"></span>Scildon and <span class=\"_ _0\"></span>W<span class=\"_ _2\"></span>aard Group is reflected in:<span class=\"_ _421\"> </span>(i) <span class=\"_ _79\"> </span> <span class=\"_ _f\"></span>foreign <span class=\"_ _2\"></span>ex<span class=\"_ _2\"></span>change translation differences arising <span class=\"_ _2\"></span>on the translation into sterling and consolidation of Mo<span class=\"_ _2\"></span>vestic, <span class=\"_ _2\"></span>Scildon and <span class=\"_ _0\"></span>W<span class=\"_ _2\"></span>aard Group\u2019<span class=\"_ _a\"></span>s financial statements; <span class=\"_ _19\"></span><span class=\"ls2 ws2\"> </span>and<span class=\"_ _421\"> </span>(ii) <span class=\"_ _d\"> </span> <span class=\"_ _19\"></span>the impact of adverse <span class=\"_ _2\"></span>ex<span class=\"_ _2\"></span>change rate movements <span class=\"_ _2\"></span>on cash flows betw<span class=\"_ _2\"></span>een Chesnara plc and its foreign subsidiaries: in the short-term these relate to cash flo<span class=\"_ _2\"></span>ws from Mov<span class=\"_ _2\"></span>estic, <span class=\"_ _2\"></span>Scildon and <span class=\"_ _0\"></span>Waard to Chesnara b<span class=\"_ _2\"></span>y wa<span class=\"_ _2\"></span>y of dividend payments. <span class=\"_ _7\"></span>The risk on cash flo<span class=\"_ _2\"></span>ws is reduced by: <span class=\"_ _92\"> </span>(a) <span class=\"_ _c\"> </span> <span class=\"_ _f\"></span>the foreign currency hedge held b<span class=\"_ _2\"></span>y Chesnara plc which mitigates against adverse <span class=\"_ _2\"></span>ex<span class=\"_ _2\"></span>change rate impacts whilst also providing a dampening eff<span class=\"_ _a\"></span>ect to a fa<span class=\"_ _2\"></span>vourable currency mo<span class=\"_ _2\"></span>vement, and; <span class=\"_ _92\"> </span>(b) <span class=\"_ _14c\"> </span>b<span class=\"_ _2\"></span>y closely monitoring ex<span class=\"_ _2\"></span>change rate mov<span class=\"_ _2\"></span>ements and buying f<span class=\"_ _2\"></span>orward foreign <span class=\"_ _2\"></span>ex<span class=\"_ _2\"></span>change contracts, where deemed appropriate<span class=\"_ _421\"> </span>.<span class=\"_ _421\"> </span>The f<span class=\"_ _2\"></span>ollowing tables set <span class=\"_ _2\"></span>out the group\u2019<span class=\"_ _a\"></span>s e<span class=\"_ _2\"></span>xposure to assets and liabilities denominated in foreign currencies, <span class=\"_ _2\"></span>expressed in sterling, at the respective balance sheet date:<span class=\"_ _421\"> </span>31 December <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14b\"> </span>20<span class=\"_ _2\"></span>23  <span class=\"_ _14b\"> </span>2022 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Swedish<span class=\"_ _2\"></span> krona<span class=\"_ _421\"> </span>Assets <span class=\"_ _1e5\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _48\"> </span>4,5<span class=\"_ _3\"></span>07<span class=\"_ _2\"></span>.1  <span class=\"_ _48\"> </span>3,935.5<span class=\"_ _421\"> </span>Liabilities <span class=\"_ _1e6\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1c8\"> </span>(4,442.0 <span class=\"_ _7\"></span>) <span class=\"_ _7e\"> </span>(3,841.8 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Net <span class=\"_ _3\"></span>assets <span class=\"_ _1b3\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14e\"> </span>65.1  <span class=\"_ _f0\"> </span>93.7<span class=\"_ _421\"> </span>Euro<span class=\"_ _421\"> </span>Assets <span class=\"_ _1e5\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _129\"> </span>2,955.9  <span class=\"_ _14f\"> </span>2,540.4<span class=\"_ _421\"> </span>Liabilities <span class=\"_ _1e6\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14f\"> </span>(2<span class=\"_ _3\"></span>,761.6 <span class=\"_ _7\"></span>) <span class=\"_ _82\"> </span>(2,245.<span class=\"_ _2\"></span>7 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Net <span class=\"_ _3\"></span>assets <span class=\"_ _1b3\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _29\"> </span>1<span class=\"_ _3\"></span>94.<span class=\"_ _3\"></span>3  <span class=\"_ _43\"> </span>2<span class=\"_ _3\"></span>94.7<span class=\"_ _421\"> </span>US d<span class=\"_ _3\"></span>ollar<span class=\"_ _421\"> </span>Assets <span class=\"_ _1e5\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _17c\"> </span>1<span class=\"_ _3\"></span>.1  <span class=\"_ _fe\"> </span>0.8<span class=\"_ _421\"> </span>Liabilities <span class=\"_ _1e6\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b7\"> </span>(0.7 <span class=\"_ _7\"></span>) <span class=\"_ _114\"> </span>(0.4 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Ne<span class=\"_ _3\"></span>t <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>sse<span class=\"_ _3\"></span>ts <span class=\"_ _1b3\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12e\"> </span>0.<span class=\"_ _3\"></span>4  <span class=\"_ _12e\"> </span>0.<span class=\"_ _3\"></span>4<span class=\"_ _421\"> </span>The tables belo<span class=\"_ _2\"></span>w show the impact <span class=\"_ _2\"></span>of movements in f<span class=\"_ _2\"></span>oreign currency e<span class=\"_ _2\"></span>xchange rates <span class=\"_ _2\"></span>on profit before tax f<span class=\"_ _2\"></span>or the <span class=\"_ _a\"></span>year under revie<span class=\"_ _2\"></span>w and on shareholder <span class=\"_ _2\"></span>equity as at the balance sheet date. <span class=\"_ _0\"></span>W<span class=\"_ _2\"></span>e believe these cur<span class=\"_ _2\"></span>rency risk variables, to which the group results are sensitive, represent the <span class=\"_ _2\"></span>ones that are most reasonably possible to occur in the future.<span class=\"_ _421\"> </span>31 December 2023 <span class=\"_ _19e\"> </span>  <span class=\"_ _92\"> </span>Favourable  <span class=\"_ _2e\"> </span>Adverse  <span class=\"_ _92\"> </span>Favourable  <span class=\"_ _2e\"> </span>Adverse  <span class=\"_ _92\"> </span>Favourable  <span class=\"_ _2e\"> </span>Adverse <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _112\"> </span>Profit  <span class=\"_ _112\"> </span>Profit<span class=\"_ _2\"></span>  <span class=\"_ _13c\"> </span>Sharehold<span class=\"_ _3\"></span>er  <span class=\"_ _132\"> </span>S<span class=\"_ _3\"></span>hareholder<span class=\"_ _421\"> </span>Variat<span class=\"_ _3\"></span>ion <span class=\"_ _4\"></span>in/ari<span class=\"_ _3\"></span>sin<span class=\"_ _3\"></span>g <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>rom <span class=\"_ _4\"></span>10<span class=\"_ _3\"></span>% <span class=\"_ _3\"></span>in <span class=\"_ _4\"></span>S<span class=\"_ _3\"></span>EK<span class=\"_ _3\"></span>: <span class=\"_ _16b\"> </span>  <span class=\"_ _45\"> </span>C<span class=\"_ _3\"></span>SM  <span class=\"_ _45\"> </span>C<span class=\"_ _3\"></span>SM  <span class=\"_ _9d\"> </span>or <span class=\"_ _3\"></span>lo<span class=\"_ _3\"></span>ss  <span class=\"_ _153\"> </span>or <span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>oss  <span class=\"_ _153\"> </span>equ<span class=\"_ _3\"></span>ity  <span class=\"_ _153\"> </span>e<span class=\"_ _3\"></span>qui<span class=\"_ _3\"></span>ty<span class=\"_ _421\"> </span>ste<span class=\"_ _3\"></span>rlin<span class=\"_ _3\"></span>g <span class=\"_ _3\"></span>exch<span class=\"_ _3\"></span>ange <span class=\"_ _4\"></span>rat<span class=\"_ _3\"></span>e <span class=\"_ _1ad\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3<span class=\"_ _3\"></span>m  <span class=\"_ _165\"> </span>\u00a3<span class=\"_ _3\"></span>m<span class=\"_ _421\"> </span>Insurance <span class=\"_ _9\"> </span>and <span class=\"_ _9\"> </span>reinsurance <span class=\"_ _9\"> </span>contracts <span class=\"_ _103\"> </span> <span class=\"_ _5\"> </span> <span class=\"_ _94\"> </span>0.6 <span class=\"_ _5\"> </span> <span class=\"_ _8f\"> </span>(0.5 ) <span class=\"_ _57\"> </span>0.3 <span class=\"_ _5\"> </span> <span class=\"_ _179\"> </span>(0.3 ) <span class=\"_ _114\"> </span>(17<span class=\"_ _2\"></span>.5 ) <span class=\"_ _12b\"> </span>14. 3<span class=\"_ _421\"> </span>Financial <span class=\"_ _3\"></span>instruments <span class=\"_ _1ba\"> </span>  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _8f\"> </span>(7.2 <span class=\"_ _7\"></span>) <span class=\"_ _fe\"> </span>2.2  <span class=\"_ _5b\"> </span>20.8  <span class=\"_ _150\"> </span>(20.0 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _8f\"> </span>0<span class=\"_ _3\"></span>.6  <span class=\"_ _14e\"> </span>(0.<span class=\"_ _3\"></span>5 <span class=\"_ _0\"></span>) <span class=\"_ _2d\"> </span>(6<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9 <span class=\"_ _7\"></span>) <span class=\"_ _10f\"> </span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9  <span class=\"_ _10f\"> </span>3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3  <span class=\"_ _12b\"> </span>(5.7 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>31 December 2023 <span class=\"_ _19e\"> </span>  <span class=\"_ _92\"> </span>Favourable  <span class=\"_ _2e\"> </span>Adverse  <span class=\"_ _92\"> </span>Favourable  <span class=\"_ _2e\"> </span>Adverse  <span class=\"_ _92\"> </span>Favourable  <span class=\"_ _2e\"> </span>Adverse <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _112\"> </span>Profit  <span class=\"_ _112\"> </span>Profit<span class=\"_ _2\"></span>  <span class=\"_ _13c\"> </span>Sharehold<span class=\"_ _3\"></span>er  <span class=\"_ _132\"> </span>S<span class=\"_ _3\"></span>hareholder<span class=\"_ _421\"> </span>Variat<span class=\"_ _3\"></span>ion <span class=\"_ _4\"></span>in/ari<span class=\"_ _3\"></span>sin<span class=\"_ _3\"></span>g <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>rom <span class=\"_ _4\"></span>10<span class=\"_ _3\"></span>% <span class=\"_ _3\"></span>in <span class=\"_ _4\"></span>EU<span class=\"_ _3\"></span>R<span class=\"_ _3\"></span>: <span class=\"_ _107\"> </span>  <span class=\"_ _45\"> </span>C<span class=\"_ _3\"></span>SM  <span class=\"_ _45\"> </span>C<span class=\"_ _3\"></span>SM  <span class=\"_ _9d\"> </span>or <span class=\"_ _3\"></span>lo<span class=\"_ _3\"></span>ss  <span class=\"_ _153\"> </span>or <span class=\"_ _4\"></span>loss  <span class=\"_ _153\"> </span>equ<span class=\"_ _3\"></span>it<span class=\"_ _3\"></span>y  <span class=\"_ _153\"> </span>equi<span class=\"_ _3\"></span>ty<span class=\"_ _421\"> </span>ste<span class=\"_ _3\"></span>rlin<span class=\"_ _3\"></span>g <span class=\"_ _3\"></span>exch<span class=\"_ _3\"></span>ange <span class=\"_ _4\"></span>rat<span class=\"_ _3\"></span>e <span class=\"_ _1ad\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3<span class=\"_ _3\"></span>m  <span class=\"_ _165\"> </span>\u00a3<span class=\"_ _3\"></span>m<span class=\"_ _421\"> </span>Insurance <span class=\"_ _9\"> </span>and <span class=\"_ _9\"> </span>reinsurance <span class=\"_ _9\"> </span>contracts <span class=\"_ _103\"> </span> <span class=\"_ _5\"> </span> <span class=\"_ _12e\"> </span>14.7 <span class=\"_ _5\"> </span> <span class=\"_ _114\"> </span>(1 2.0 ) <span class=\"_ _1b7\"> </span>(0. 3 ) <span class=\"_ _10e\"> </span>0. 3 <span class=\"_ _5\"> </span> <span class=\"_ _42\"> </span>(295.4 ) <span class=\"_ _1e1\"> </span>241.7<span class=\"_ _421\"> </span>Financial <span class=\"_ _3\"></span>instruments <span class=\"_ _1ba\"> </span>  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _165\"> </span>(8.5 <span class=\"_ _0\"></span>) <span class=\"_ _10f\"> </span>7<span class=\"_ _2\"></span>.4  <span class=\"_ _e7\"> </span>308.2  <span class=\"_ _e7\"> </span>(251.8 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _114\"> </span>14<span class=\"_ _3\"></span>.7  <span class=\"_ _150\"> </span>(<span class=\"_ _3\"></span>12<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>0 <span class=\"_ _7\"></span>) <span class=\"_ _11b\"> </span>(<span class=\"_ _3\"></span>8.<span class=\"_ _3\"></span>8 <span class=\"_ _7\"></span>) <span class=\"_ _179\"> </span>7.<span class=\"_ _2\"></span>7  <span class=\"_ _5b\"> </span>1<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8  <span class=\"_ _2d\"> </span>(<span class=\"_ _3\"></span>10<span class=\"_ _3\"></span>.1 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>31 December 2022 <span class=\"_ _19e\"> </span>  <span class=\"_ _92\"> </span>Favourable  <span class=\"_ _2e\"> </span>Adverse  <span class=\"_ _92\"> </span>Favourable  <span class=\"_ _2e\"> </span>Adverse  <span class=\"_ _92\"> </span>Favourable  <span class=\"_ _2e\"> </span>Adverse <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _112\"> </span>Profit  <span class=\"_ _112\"> </span>Profit<span class=\"_ _2\"></span>  <span class=\"_ _13c\"> </span>Sharehold<span class=\"_ _3\"></span>er  <span class=\"_ _132\"> </span>S<span class=\"_ _3\"></span>hareholder<span class=\"_ _421\"> </span>Variat<span class=\"_ _3\"></span>ion <span class=\"_ _4\"></span>in/ari<span class=\"_ _3\"></span>sin<span class=\"_ _3\"></span>g <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>rom <span class=\"_ _4\"></span>10<span class=\"_ _3\"></span>% <span class=\"_ _3\"></span>in <span class=\"_ _4\"></span>S<span class=\"_ _3\"></span>EK<span class=\"_ _3\"></span>: <span class=\"_ _16b\"> </span>  <span class=\"_ _45\"> </span>C<span class=\"_ _3\"></span>SM  <span class=\"_ _45\"> </span>C<span class=\"_ _3\"></span>SM  <span class=\"_ _9d\"> </span>or <span class=\"_ _3\"></span>lo<span class=\"_ _3\"></span>ss  <span class=\"_ _153\"> </span>or <span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>oss  <span class=\"_ _153\"> </span>equ<span class=\"_ _3\"></span>ity  <span class=\"_ _153\"> </span>e<span class=\"_ _3\"></span>qui<span class=\"_ _3\"></span>ty<span class=\"_ _421\"> </span>ste<span class=\"_ _3\"></span>rlin<span class=\"_ _3\"></span>g <span class=\"_ _3\"></span>exch<span class=\"_ _3\"></span>ange <span class=\"_ _4\"></span>rat<span class=\"_ _3\"></span>e <span class=\"_ _1ad\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3<span class=\"_ _3\"></span>m  <span class=\"_ _165\"> </span>\u00a3<span class=\"_ _3\"></span>m<span class=\"_ _421\"> </span>Insurance <span class=\"_ _9\"> </span>and <span class=\"_ _9\"> </span>reinsurance <span class=\"_ _9\"> </span>contracts <span class=\"_ _103\"> </span> <span class=\"_ _5\"> </span> <span class=\"_ _94\"> </span>0.5 <span class=\"_ _5\"> </span> <span class=\"_ _12e\"> </span>(0.4 ) <span class=\"_ _10e\"> </span>0.6 <span class=\"_ _5\"> </span> <span class=\"_ _179\"> </span>(0.5 ) <span class=\"_ _c2\"> </span>(15.9 ) <span class=\"_ _1b7\"> </span>1 3.0<span class=\"_ _421\"> </span>Financial <span class=\"_ _3\"></span>instruments <span class=\"_ _1ba\"> </span>  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _165\"> </span>(5.0 <span class=\"_ _0\"></span>) <span class=\"_ _12e\"> </span>4.9  <span class=\"_ _152\"> </span>22.5  <span class=\"_ _5b\"> </span>(1<span class=\"_ _3\"></span>7<span class=\"_ _a\"></span>.7 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _8f\"> </span>0<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5  <span class=\"_ _5b\"> </span>(0.<span class=\"_ _3\"></span>4 <span class=\"_ _7\"></span>) <span class=\"_ _11b\"> </span>(4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4 <span class=\"_ _7\"></span>) <span class=\"_ _152\"> </span>4<span class=\"_ _3\"></span>.4  <span class=\"_ _10f\"> </span>6<span class=\"_ _3\"></span>.6  <span class=\"_ _14e\"> </span>(4<span class=\"_ _3\"></span>.7  (iv) <span class=\"_ _3\"></span>Curr<span class=\"_ _2\"></span>ency r<span class=\"_ _2\"></span>isk (continued)<span class=\"_ _421\"> </span>31 December 2022 <span class=\"_ _19e\"> </span>  <span class=\"_ _92\"> </span>Favourable  <span class=\"_ _2e\"> </span>Adverse  <span class=\"_ _92\"> </span>Favourable  <span class=\"_ _2e\"> </span>Adverse  <span class=\"_ _92\"> </span>Favourable  <span class=\"_ _2e\"> </span>Adverse <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _112\"> </span>Profit  <span class=\"_ _112\"> </span>Profit<span class=\"_ _2\"></span>  <span class=\"_ _13c\"> </span>Sharehold<span class=\"_ _3\"></span>er  <span class=\"_ _132\"> </span>S<span class=\"_ _3\"></span>hareholder<span class=\"_ _421\"> </span>Variat<span class=\"_ _3\"></span>ion <span class=\"_ _4\"></span>in/ari<span class=\"_ _3\"></span>sin<span class=\"_ _3\"></span>g <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>rom <span class=\"_ _4\"></span>10<span class=\"_ _3\"></span>% <span class=\"_ _3\"></span>in <span class=\"_ _4\"></span>EU<span class=\"_ _3\"></span>R<span class=\"_ _3\"></span>: <span class=\"_ _107\"> </span>  <span class=\"_ _45\"> </span>C<span class=\"_ _3\"></span>SM  <span class=\"_ _45\"> </span>C<span class=\"_ _3\"></span>SM  <span class=\"_ _9d\"> </span>or <span class=\"_ _3\"></span>lo<span class=\"_ _3\"></span>ss  <span class=\"_ _153\"> </span>or <span class=\"_ _4\"></span>loss  <span class=\"_ _153\"> </span>equ<span class=\"_ _3\"></span>it<span class=\"_ _3\"></span>y  <span class=\"_ _153\"> </span>equi<span class=\"_ _3\"></span>ty<span class=\"_ _421\"> </span>ste<span class=\"_ _3\"></span>rlin<span class=\"_ _3\"></span>g <span class=\"_ _3\"></span>exch<span class=\"_ _3\"></span>ange <span class=\"_ _4\"></span>rat<span class=\"_ _3\"></span>e <span class=\"_ _1ad\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3<span class=\"_ _3\"></span>m  <span class=\"_ _165\"> </span>\u00a3<span class=\"_ _3\"></span>m<span class=\"_ _421\"> </span>Insurance <span class=\"_ _9\"> </span>and <span class=\"_ _9\"> </span>reinsurance <span class=\"_ _9\"> </span>contracts <span class=\"_ _103\"> </span> <span class=\"_ _5\"> </span> <span class=\"_ _1a1\"> </span>8 .8 <span class=\"_ _5\"> </span> <span class=\"_ _10e\"> </span>(7<span class=\"_ _2\"></span>.2 ) <span class=\"_ _57\"> </span>0.3 <span class=\"_ _5\"> </span> <span class=\"_ _179\"> </span>(0.3 ) <span class=\"_ _43\"> </span>(247<span class=\"_ _a\"></span>.4 ) <span class=\"_ _e7\"> </span>202.4<span class=\"_ _421\"> </span>Financial <span class=\"_ _3\"></span>instruments <span class=\"_ _1ba\"> </span>  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _12b\"> </span>(8.<span class=\"_ _3\"></span>8 <span class=\"_ _7\"></span>) <span class=\"_ _179\"> </span>8<span class=\"_ _3\"></span>.5  <span class=\"_ _46\"> </span>262.2  <span class=\"_ _28\"> </span>(21<span class=\"_ _3\"></span>3.5 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>otal <span class=\"_ _1e4\"> </span>  <span class=\"_ _fe\"> </span>8.8  <span class=\"_ _8f\"> </span>(7.2 <span class=\"_ _7\"></span>) <span class=\"_ _152\"> </span>(8.5 <span class=\"_ _7\"></span>) <span class=\"_ _179\"> </span>8<span class=\"_ _3\"></span>.2  <span class=\"_ _152\"> </span>14.8  <span class=\"_ _12e\"> </span>(1<span class=\"_ _4\"></span>1.1 ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
    "language": "en",
    "entity": "scheme:213800VFRMBRTSZ3SJ06",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-428": {
   "value": "(iv) <span class=\"_ _4\"></span>Cur<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ency risk<span class=\"_ _421\"> </span>Currency risk is the risk that the fair v<span class=\"_ _2\"></span>alue or future cash flo<span class=\"_ _2\"></span>ws of an asset <span class=\"_ _2\"></span>or liability will change as a result of mov<span class=\"_ _2\"></span>ements in foreign <span class=\"_ _2\"></span>ex<span class=\"_ _2\"></span>change rates. <span class=\"_ _0\"></span>The group\u2019<span class=\"_ _0\"></span>s exposure to currency <span class=\"_ _2\"></span>risk is minimised to the extent that the risk <span class=\"_ _2\"></span>on inv<span class=\"_ _2\"></span>estments denominated in foreign currencies which back unit-link<span class=\"_ _2\"></span>ed inv<span class=\"_ _2\"></span>estment and insurance contracts is borne by policyholders. It is, ho<span class=\"_ _2\"></span>we<span class=\"_ _2\"></span>ver<span class=\"_ _a\"></span>, e<span class=\"_ _2\"></span>xposed to currency risk through:<span class=\"_ _421\"> </span>(i) <span class=\"_ _79\"> </span> <span class=\"_ _f\"></span>its investment in Mo<span class=\"_ _2\"></span>vestic, the assets and liabilities of which are principally denominated in <span class=\"_ _a\"></span>Swedish krona; and (ii) <span class=\"_ _10\"> </span> <span class=\"_ _f\"></span>its inv<span class=\"_ _2\"></span>estment in <span class=\"_ _0\"></span>Waard and <span class=\"_ _a\"></span>Scildon, the assets and liabilities of which are principally denominated in euros. The group\u2019<span class=\"_ _0\"></span>s currency risk through its o<span class=\"_ _2\"></span>wnership of Mo<span class=\"_ _2\"></span>vestic, <span class=\"_ _2\"></span>Scildon and <span class=\"_ _0\"></span>W<span class=\"_ _2\"></span>aard Group is reflected in:<span class=\"_ _421\"> </span>(i) <span class=\"_ _79\"> </span> <span class=\"_ _f\"></span>foreign <span class=\"_ _2\"></span>ex<span class=\"_ _2\"></span>change translation differences arising <span class=\"_ _2\"></span>on the translation into sterling and consolidation of Mo<span class=\"_ _2\"></span>vestic, <span class=\"_ _2\"></span>Scildon and <span class=\"_ _0\"></span>W<span class=\"_ _2\"></span>aard Group\u2019<span class=\"_ _a\"></span>s financial statements; <span class=\"_ _19\"></span><span class=\"ls2 ws2\"> </span>and<span class=\"_ _421\"> </span>(ii) <span class=\"_ _d\"> </span> <span class=\"_ _19\"></span>the impact of adverse <span class=\"_ _2\"></span>ex<span class=\"_ _2\"></span>change rate movements <span class=\"_ _2\"></span>on cash flows betw<span class=\"_ _2\"></span>een Chesnara plc and its foreign subsidiaries: in the short-term these relate to cash flo<span class=\"_ _2\"></span>ws from Mov<span class=\"_ _2\"></span>estic, <span class=\"_ _2\"></span>Scildon and <span class=\"_ _0\"></span>Waard to Chesnara b<span class=\"_ _2\"></span>y wa<span class=\"_ _2\"></span>y of dividend payments. <span class=\"_ _7\"></span>The risk on cash flo<span class=\"_ _2\"></span>ws is reduced by: <span class=\"_ _92\"> </span>(a) <span class=\"_ _c\"> </span> <span class=\"_ _f\"></span>the foreign currency hedge held b<span class=\"_ _2\"></span>y Chesnara plc which mitigates against adverse <span class=\"_ _2\"></span>ex<span class=\"_ _2\"></span>change rate impacts whilst also providing a dampening eff<span class=\"_ _a\"></span>ect to a fa<span class=\"_ _2\"></span>vourable currency mo<span class=\"_ _2\"></span>vement, and; <span class=\"_ _92\"> </span>(b) <span class=\"_ _14c\"> </span>b<span class=\"_ _2\"></span>y closely monitoring ex<span class=\"_ _2\"></span>change rate mov<span class=\"_ _2\"></span>ements and buying f<span class=\"_ _2\"></span>orward foreign <span class=\"_ _2\"></span>ex<span class=\"_ _2\"></span>change contracts, where deemed appropriate<span class=\"_ _421\"> </span>The f<span class=\"_ _2\"></span>ollowing tables set <span class=\"_ _2\"></span>out the group\u2019<span class=\"_ _a\"></span>s e<span class=\"_ _2\"></span>xposure to assets and liabilities denominated in foreign currencies, <span class=\"_ _2\"></span>expressed in sterling, at the respective balance sheet date:<span class=\"_ _421\"> </span>31 December <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14b\"> </span>20<span class=\"_ _2\"></span>23  <span class=\"_ _14b\"> </span>2022 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Swedish<span class=\"_ _2\"></span> krona<span class=\"_ _421\"> </span>Assets <span class=\"_ _1e5\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _48\"> </span>4,5<span class=\"_ _3\"></span>07<span class=\"_ _2\"></span>.1  <span class=\"_ _48\"> </span>3,935.5<span class=\"_ _421\"> </span>Liabilities <span class=\"_ _1e6\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1c8\"> </span>(4,442.0 <span class=\"_ _7\"></span>) <span class=\"_ _7e\"> </span>(3,841.8 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Net <span class=\"_ _3\"></span>assets <span class=\"_ _1b3\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14e\"> </span>65.1  <span class=\"_ _f0\"> </span>93.7<span class=\"_ _421\"> </span>Euro<span class=\"_ _421\"> </span>Assets <span class=\"_ _1e5\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _129\"> </span>2,955.9  <span class=\"_ _14f\"> </span>2,540.4<span class=\"_ _421\"> </span>Liabilities <span class=\"_ _1e6\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14f\"> </span>(2<span class=\"_ _3\"></span>,761.6 <span class=\"_ _7\"></span>) <span class=\"_ _82\"> </span>(2,245.<span class=\"_ _2\"></span>7 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Net <span class=\"_ _3\"></span>assets <span class=\"_ _1b3\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _29\"> </span>1<span class=\"_ _3\"></span>94.<span class=\"_ _3\"></span>3  <span class=\"_ _43\"> </span>2<span class=\"_ _3\"></span>94.7<span class=\"_ _421\"> </span>US d<span class=\"_ _3\"></span>ollar<span class=\"_ _421\"> </span>Assets <span class=\"_ _1e5\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _17c\"> </span>1<span class=\"_ _3\"></span>.1  <span class=\"_ _fe\"> </span>0.8<span class=\"_ _421\"> </span>Liabilities <span class=\"_ _1e6\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b7\"> </span>(0.7 <span class=\"_ _7\"></span>) <span class=\"_ _114\"> </span>(0.4 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Ne<span class=\"_ _3\"></span>t <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>sse<span class=\"_ _3\"></span>ts <span class=\"_ _1b3\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12e\"> </span>0.<span class=\"_ _3\"></span>4  <span class=\"_ _12e\"> </span>0.<span class=\"_ _3\"></span>4<span class=\"_ _421\"> </span>The tables belo<span class=\"_ _2\"></span>w show the impact <span class=\"_ _2\"></span>of movements in f<span class=\"_ _2\"></span>oreign currency e<span class=\"_ _2\"></span>xchange rates <span class=\"_ _2\"></span>on profit before tax f<span class=\"_ _2\"></span>or the <span class=\"_ _a\"></span>year under revie<span class=\"_ _2\"></span>w and on shareholder <span class=\"_ _2\"></span>equity as at the balance sheet date. <span class=\"_ _0\"></span>W<span class=\"_ _2\"></span>e believe these cur<span class=\"_ _2\"></span>rency risk variables, to which the group results are sensitive, represent the <span class=\"_ _2\"></span>ones that are most reasonably possible to occur in the future.<span class=\"_ _421\"> </span>31 December 2023 <span class=\"_ _19e\"> </span>  <span class=\"_ _92\"> </span>Favourable  <span class=\"_ _2e\"> </span>Adverse  <span class=\"_ _92\"> </span>Favourable  <span class=\"_ _2e\"> </span>Adverse  <span class=\"_ _92\"> </span>Favourable  <span class=\"_ _2e\"> </span>Adverse <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _112\"> </span>Profit  <span class=\"_ _112\"> </span>Profit<span class=\"_ _2\"></span>  <span class=\"_ _13c\"> </span>Sharehold<span class=\"_ _3\"></span>er  <span class=\"_ _132\"> </span>S<span class=\"_ _3\"></span>hareholder<span class=\"_ _421\"> </span>Variat<span class=\"_ _3\"></span>ion <span class=\"_ _4\"></span>in/ari<span class=\"_ _3\"></span>sin<span class=\"_ _3\"></span>g <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>rom <span class=\"_ _4\"></span>10<span class=\"_ _3\"></span>% <span class=\"_ _3\"></span>in <span class=\"_ _4\"></span>S<span class=\"_ _3\"></span>EK<span class=\"_ _3\"></span>: <span class=\"_ _16b\"> </span>  <span class=\"_ _45\"> </span>C<span class=\"_ _3\"></span>SM  <span class=\"_ _45\"> </span>C<span class=\"_ _3\"></span>SM  <span class=\"_ _9d\"> </span>or <span class=\"_ _3\"></span>lo<span class=\"_ _3\"></span>ss  <span class=\"_ _153\"> </span>or <span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>oss  <span class=\"_ _153\"> </span>equ<span class=\"_ _3\"></span>ity  <span class=\"_ _153\"> </span>e<span class=\"_ _3\"></span>qui<span class=\"_ _3\"></span>ty<span class=\"_ _421\"> </span>ste<span class=\"_ _3\"></span>rlin<span class=\"_ _3\"></span>g <span class=\"_ _3\"></span>exch<span class=\"_ _3\"></span>ange <span class=\"_ _4\"></span>rat<span class=\"_ _3\"></span>e <span class=\"_ _1ad\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3<span class=\"_ _3\"></span>m  <span class=\"_ _165\"> </span>\u00a3<span class=\"_ _3\"></span>m<span class=\"_ _421\"> </span>Insurance <span class=\"_ _9\"> </span>and <span class=\"_ _9\"> </span>reinsurance <span class=\"_ _9\"> </span>contracts <span class=\"_ _103\"> </span> <span class=\"_ _5\"> </span> <span class=\"_ _94\"> </span>0.6 <span class=\"_ _5\"> </span> <span class=\"_ _8f\"> </span>(0.5 ) <span class=\"_ _57\"> </span>0.3 <span class=\"_ _5\"> </span> <span class=\"_ _179\"> </span>(0.3 ) <span class=\"_ _114\"> </span>(17<span class=\"_ _2\"></span>.5 ) <span class=\"_ _12b\"> </span>14. 3<span class=\"_ _421\"> </span>Financial <span class=\"_ _3\"></span>instruments <span class=\"_ _1ba\"> </span>  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _8f\"> </span>(7.2 <span class=\"_ _7\"></span>) <span class=\"_ _fe\"> </span>2.2  <span class=\"_ _5b\"> </span>20.8  <span class=\"_ _150\"> </span>(20.0 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _8f\"> </span>0<span class=\"_ _3\"></span>.6  <span class=\"_ _14e\"> </span>(0.<span class=\"_ _3\"></span>5 <span class=\"_ _0\"></span>) <span class=\"_ _2d\"> </span>(6<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9 <span class=\"_ _7\"></span>) <span class=\"_ _10f\"> </span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9  <span class=\"_ _10f\"> </span>3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3  <span class=\"_ _12b\"> </span>(5.7 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>31 December 2023 <span class=\"_ _19e\"> </span>  <span class=\"_ _92\"> </span>Favourable  <span class=\"_ _2e\"> </span>Adverse  <span class=\"_ _92\"> </span>Favourable  <span class=\"_ _2e\"> </span>Adverse  <span class=\"_ _92\"> </span>Favourable  <span class=\"_ _2e\"> </span>Adverse <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _112\"> </span>Profit  <span class=\"_ _112\"> </span>Profit<span class=\"_ _2\"></span>  <span class=\"_ _13c\"> </span>Sharehold<span class=\"_ _3\"></span>er  <span class=\"_ _132\"> </span>S<span class=\"_ _3\"></span>hareholder<span class=\"_ _421\"> </span>Variat<span class=\"_ _3\"></span>ion <span class=\"_ _4\"></span>in/ari<span class=\"_ _3\"></span>sin<span class=\"_ _3\"></span>g <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>rom <span class=\"_ _4\"></span>10<span class=\"_ _3\"></span>% <span class=\"_ _3\"></span>in <span class=\"_ _4\"></span>EU<span class=\"_ _3\"></span>R<span class=\"_ _3\"></span>: <span class=\"_ _107\"> </span>  <span class=\"_ _45\"> </span>C<span class=\"_ _3\"></span>SM  <span class=\"_ _45\"> </span>C<span class=\"_ _3\"></span>SM  <span class=\"_ _9d\"> </span>or <span class=\"_ _3\"></span>lo<span class=\"_ _3\"></span>ss  <span class=\"_ _153\"> </span>or <span class=\"_ _4\"></span>loss  <span class=\"_ _153\"> </span>equ<span class=\"_ _3\"></span>it<span class=\"_ _3\"></span>y  <span class=\"_ _153\"> </span>equi<span class=\"_ _3\"></span>ty<span class=\"_ _421\"> </span>ste<span class=\"_ _3\"></span>rlin<span class=\"_ _3\"></span>g <span class=\"_ _3\"></span>exch<span class=\"_ _3\"></span>ange <span class=\"_ _4\"></span>rat<span class=\"_ _3\"></span>e <span class=\"_ _1ad\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3<span class=\"_ _3\"></span>m  <span class=\"_ _165\"> </span>\u00a3<span class=\"_ _3\"></span>m<span class=\"_ _421\"> </span>Insurance <span class=\"_ _9\"> </span>and <span class=\"_ _9\"> </span>reinsurance <span class=\"_ _9\"> </span>contracts <span class=\"_ _103\"> </span> <span class=\"_ _5\"> </span> <span class=\"_ _12e\"> </span>14.7 <span class=\"_ _5\"> </span> <span class=\"_ _114\"> </span>(1 2.0 ) <span class=\"_ _1b7\"> </span>(0. 3 ) <span class=\"_ _10e\"> </span>0. 3 <span class=\"_ _5\"> </span> <span class=\"_ _42\"> </span>(295.4 ) <span class=\"_ _1e1\"> </span>241.7<span class=\"_ _421\"> </span>Financial <span class=\"_ _3\"></span>instruments <span class=\"_ _1ba\"> </span>  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _165\"> </span>(8.5 <span class=\"_ _0\"></span>) <span class=\"_ _10f\"> </span>7<span class=\"_ _2\"></span>.4  <span class=\"_ _e7\"> </span>308.2  <span class=\"_ _e7\"> </span>(251.8 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _114\"> </span>14<span class=\"_ _3\"></span>.7  <span class=\"_ _150\"> </span>(<span class=\"_ _3\"></span>12<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>0 <span class=\"_ _7\"></span>) <span class=\"_ _11b\"> </span>(<span class=\"_ _3\"></span>8.<span class=\"_ _3\"></span>8 <span class=\"_ _7\"></span>) <span class=\"_ _179\"> </span>7.<span class=\"_ _2\"></span>7  <span class=\"_ _5b\"> </span>1<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8  <span class=\"_ _2d\"> </span>(<span class=\"_ _3\"></span>10<span class=\"_ _3\"></span>.1 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>31 December 2022 <span class=\"_ _19e\"> </span>  <span class=\"_ _92\"> </span>Favourable  <span class=\"_ _2e\"> </span>Adverse  <span class=\"_ _92\"> </span>Favourable  <span class=\"_ _2e\"> </span>Adverse  <span class=\"_ _92\"> </span>Favourable  <span class=\"_ _2e\"> </span>Adverse <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _112\"> </span>Profit  <span class=\"_ _112\"> </span>Profit<span class=\"_ _2\"></span>  <span class=\"_ _13c\"> </span>Sharehold<span class=\"_ _3\"></span>er  <span class=\"_ _132\"> </span>S<span class=\"_ _3\"></span>hareholder<span class=\"_ _421\"> </span>Variat<span class=\"_ _3\"></span>ion <span class=\"_ _4\"></span>in/ari<span class=\"_ _3\"></span>sin<span class=\"_ _3\"></span>g <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>rom <span class=\"_ _4\"></span>10<span class=\"_ _3\"></span>% <span class=\"_ _3\"></span>in <span class=\"_ _4\"></span>S<span class=\"_ _3\"></span>EK<span class=\"_ _3\"></span>: <span class=\"_ _16b\"> </span>  <span class=\"_ _45\"> </span>C<span class=\"_ _3\"></span>SM  <span class=\"_ _45\"> </span>C<span class=\"_ _3\"></span>SM  <span class=\"_ _9d\"> </span>or <span class=\"_ _3\"></span>lo<span class=\"_ _3\"></span>ss  <span class=\"_ _153\"> </span>or <span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>oss  <span class=\"_ _153\"> </span>equ<span class=\"_ _3\"></span>ity  <span class=\"_ _153\"> </span>e<span class=\"_ _3\"></span>qui<span class=\"_ _3\"></span>ty<span class=\"_ _421\"> </span>ste<span class=\"_ _3\"></span>rlin<span class=\"_ _3\"></span>g <span class=\"_ _3\"></span>exch<span class=\"_ _3\"></span>ange <span class=\"_ _4\"></span>rat<span class=\"_ _3\"></span>e <span class=\"_ _1ad\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3<span class=\"_ _3\"></span>m  <span class=\"_ _165\"> </span>\u00a3<span class=\"_ _3\"></span>m<span class=\"_ _421\"> </span>Insurance <span class=\"_ _9\"> </span>and <span class=\"_ _9\"> </span>reinsurance <span class=\"_ _9\"> </span>contracts <span class=\"_ _103\"> </span> <span class=\"_ _5\"> </span> <span class=\"_ _94\"> </span>0.5 <span class=\"_ _5\"> </span> <span class=\"_ _12e\"> </span>(0.4 ) <span class=\"_ _10e\"> </span>0.6 <span class=\"_ _5\"> </span> <span class=\"_ _179\"> </span>(0.5 ) <span class=\"_ _c2\"> </span>(15.9 ) <span class=\"_ _1b7\"> </span>1 3.0<span class=\"_ _421\"> </span>Financial <span class=\"_ _3\"></span>instruments <span class=\"_ _1ba\"> </span>  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _165\"> </span>(5.0 <span class=\"_ _0\"></span>) <span class=\"_ _12e\"> </span>4.9  <span class=\"_ _152\"> </span>22.5  <span class=\"_ _5b\"> </span>(1<span class=\"_ _3\"></span>7<span class=\"_ _a\"></span>.7 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _8f\"> </span>0<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5  <span class=\"_ _5b\"> </span>(0.<span class=\"_ _3\"></span>4 <span class=\"_ _7\"></span>) <span class=\"_ _11b\"> </span>(4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4 <span class=\"_ _7\"></span>) <span class=\"_ _152\"> </span>4<span class=\"_ _3\"></span>.4  <span class=\"_ _10f\"> </span>6<span class=\"_ _3\"></span>.6  <span class=\"_ _14e\"> </span>(4<span class=\"_ _3\"></span>.7 ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
    "language": "en",
    "entity": "scheme:213800VFRMBRTSZ3SJ06",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-41": {
   "value": "(b) <span class=\"_ _3\"></span>Credit r<span class=\"_ _a\"></span>isk <span class=\"_ _d\"> </span>(i) <span class=\"_ _4\"></span>Management of cr<span class=\"_ _2\"></span>edit r<span class=\"_ _2\"></span>isk<span class=\"_ _421\"> </span>The group has <span class=\"_ _2\"></span>exposure to credit risk, which is the risk that a counterparty will be unable to pay amounts in full when due. K<span class=\"_ _2\"></span>ey areas where the group is <span class=\"_ _2\"></span>exposed to credit risk are: <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>Counterparty risk with respect to debt securities and cash deposits; <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>The mortgage loan portf<span class=\"_ _2\"></span>olio held by <span class=\"_ _0\"></span>W<span class=\"_ _2\"></span>aard with respect to the interest and capital repayments due from the bor<span class=\"_ _2\"></span>rowers; <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>Reinsurers<span class=\"_ _a\"></span>\u2019 share of insurance liabilities; <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>Amounts deposited with reinsurers in relation to inv<span class=\"_ _2\"></span>estment contracts; <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>Amounts due from reinsurers in respect of claims already paid; and <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>Other short-term receivables.<span class=\"_ _421\"> </span>In addition, there will be some e<span class=\"_ _2\"></span>xposures to individual policyholders, on amounts due on insurance contracts. <span class=\"_ _7\"></span>These are tightly controlled, with contracts being terminated or benefits amended if amounts <span class=\"_ _2\"></span>ow<span class=\"_ _2\"></span>ed are outstanding for more than a specified period <span class=\"_ _2\"></span>of time, so that there is no significant risk to the results of the businesses.<span class=\"_ _421\"> </span>The group businesses str<span class=\"_ _2\"></span>ucture the levels <span class=\"_ _2\"></span>of credit risk they accept b<span class=\"_ _2\"></span>y placing limits on their <span class=\"_ _2\"></span>exposure to a single counterparty<span class=\"_ _a\"></span>, or group <span class=\"_ _2\"></span>of counterparties. Such risks are subject to at least an annual revie<span class=\"_ _2\"></span>w<span class=\"_ _a\"></span>, while watch lists are maintained for <span class=\"_ _2\"></span>exposures requiring additional re<span class=\"_ _2\"></span>view<span class=\"_ _a\"></span>.<span class=\"_ _421\"> </span>Although the businesses hold a significant proportion of their financial assets in debt securities and cash deposits the risk <span class=\"_ _2\"></span>of default on these is mitigated to the extent that an<span class=\"_ _2\"></span>y losses arising in respect of unit-link<span class=\"_ _2\"></span>ed assets backing the insurance and investment contracts which the businesses issue, w<span class=\"_ _2\"></span>ould eff<span class=\"_ _a\"></span>ectively be passed on to policyholders and in<span class=\"_ _2\"></span>vestors through the unit-linked funds backing the insurance and in<span class=\"_ _2\"></span>vestment contracts.<span class=\"_ _421\"> </span>Reinsurance is used to manage insurance risk in the businesses. <span class=\"_ _7\"></span>This does not, howe<span class=\"_ _2\"></span>ver<span class=\"_ _0\"></span>, discharge the businesses\u2019 liability as primary insurers. If a reinsurer fails to pa<span class=\"_ _2\"></span>y a claim for an<span class=\"_ _2\"></span>y reason, the businesses remain liable for the payment to the policyholder<span class=\"_ _0\"></span>. <span class=\"_ _0\"></span>The group limits its e<span class=\"_ _2\"></span>xposure to reinsurance counterparties with a credit rating low<span class=\"_ _2\"></span>er than BBB- and the creditworthiness of reinsurance <span class=\"_ _2\"></span>exposures is regularly monitored as part <span class=\"_ _2\"></span>of the group\u2019<span class=\"_ _a\"></span>s Risk F<span class=\"_ _a\"></span>ramework.  (ii) <span class=\"_ _3\"></span>Exposure to cr<span class=\"_ _a\"></span>edit risk<span class=\"_ _421\"> </span>The f<span class=\"_ _2\"></span>ollowing table presents the assets <span class=\"_ _2\"></span>of the group which are subject to credit risk and a reconciliation to the balance sheet carrying value of <span class=\"_ _2\"></span>each item:<span class=\"_ _421\"> </span>31 December <span class=\"_ _1a4\"> </span>2023 20<span class=\"_ _2\"></span>22 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1c2\"> </span>Balance  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1c2\"> </span>Balance <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _2e\"> </span>A<span class=\"_ _3\"></span>mount  <span class=\"_ _112\"> </span>s<span class=\"_ _3\"></span>heet  <span class=\"_ _9f\"> </span>  <span class=\"_ _2e\"> </span>Amount  <span class=\"_ _2a\"> </span>s<span class=\"_ _3\"></span>heet <span class=\"_ _19e\"> </span>  <span class=\"_ _4c\"> </span>Policy<span class=\"_ _3\"></span>holder  <span class=\"_ _1c1\"> </span>subje<span class=\"_ _3\"></span>ct <span class=\"_ _4\"></span>to  <span class=\"_ _33\"> </span>carr<span class=\"_ _3\"></span>ying  <span class=\"_ _4c\"> </span>Policy<span class=\"_ _3\"></span>holder  <span class=\"_ _1c1\"> </span>s<span class=\"_ _3\"></span>ubject <span class=\"_ _4\"></span>to  <span class=\"_ _33\"> </span>c<span class=\"_ _3\"></span>arrying <span class=\"_ _19e\"> </span>  <span class=\"_ _129\"> </span>link<span class=\"_ _2\"></span>ed  <span class=\"_ _1c1\"> </span>cred<span class=\"_ _2\"></span>it <span class=\"_ _3\"></span>risk  <span class=\"_ _43\"> </span>value  <span class=\"_ _129\"> </span>link<span class=\"_ _2\"></span>ed  <span class=\"_ _1e7\"> </span>credit<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>risk<span class=\"_ _2\"></span>  <span class=\"_ _a3\"> </span>value <span class=\"_ _19e\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Reinsurance <span class=\"_ _3\"></span>contract assets <span class=\"_ _1e8\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _45\"> </span>18<span class=\"_ _3\"></span>5.7  <span class=\"_ _45\"> </span>18<span class=\"_ _3\"></span>5.7  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _14b\"> </span>194<span class=\"_ _3\"></span>.0  <span class=\"_ _14b\"> </span>194<span class=\"_ _3\"></span>.0<span class=\"_ _421\"> </span>Amounts <span class=\"_ _3\"></span>deposited <span class=\"_ _3\"></span>with <span class=\"_ _3\"></span>reinsurers <span class=\"_ _1a7\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _152\"> </span>32.5  <span class=\"_ _14e\"> </span>32<span class=\"_ _3\"></span>.5  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _114\"> </span>32<span class=\"_ _3\"></span>.8  <span class=\"_ _114\"> </span>32.8<span class=\"_ _421\"> </span>Holdings <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>collective <span class=\"_ _3\"></span>investment <span class=\"_ _3\"></span>schemes <span class=\"_ _eb\"> </span>  <span class=\"_ _14f\"> </span>8,025.4  <span class=\"_ _28\"> </span>350.8  <span class=\"_ _153\"> </span>8,376.2  <span class=\"_ _112\"> </span>7,725.<span class=\"_ _2\"></span>1  <span class=\"_ _29\"> </span>464.6  <span class=\"_ _47\"> </span>8,189.7<span class=\"_ _421\"> </span>Debt securities at fair value thr<span class=\"_ _2\"></span>ough profit or loss <span class=\"_ _e7\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _14e\"> </span>14.<span class=\"_ _3\"></span>8 <span class=\"_ _a\"></span> <span class=\"_ _3f\"> </span>1,222.<span class=\"_ _3\"></span>3 <span class=\"_ _a\"></span> <span class=\"_ _119\"> </span>1,237<span class=\"_ _a\"></span>.1 <span class=\"_ _2\"></span> <span class=\"_ _179\"> </span>19.1 <span class=\"_ _a\"></span> <span class=\"_ _150\"> </span>915.0 <span class=\"_ _a\"></span> <span class=\"_ _150\"> </span>934.1<span class=\"_ _421\"> </span>Policyholders\u2019 <span class=\"_ _3\"></span>funds <span class=\"_ _3\"></span>held <span class=\"_ _3\"></span>by <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>group <span class=\"_ _16f\"> </span>  <span class=\"_ _112\"> </span>1,<span class=\"_ _3\"></span>281.8  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _112\"> </span>1,<span class=\"_ _3\"></span>281.8  <span class=\"_ _29\"> </span>986<span class=\"_ _3\"></span>.8  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _15c\"> </span>986<span class=\"_ _3\"></span>.8<span class=\"_ _421\"> </span>Mortgage <span class=\"_ _3\"></span>loan <span class=\"_ _3\"></span>portfolio <span class=\"_ _d6\"> </span>  <span class=\"_ _15c\"> </span>366<span class=\"_ _3\"></span>.8  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _e7\"> </span>366.8  <span class=\"_ _28\"> </span>266.0  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _28\"> </span>266.0<span class=\"_ _421\"> </span>Derivativ<span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>financial <span class=\"_ _4\"></span>instruments <span class=\"_ _1af\"> </span>  <span class=\"_ _5a\"> </span>0.1  <span class=\"_ _57\"> </span>0.2  <span class=\"_ _10e\"> </span>0.3  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _56\"> </span>0<span class=\"_ _2\"></span>.1  <span class=\"_ _5a\"> </span>0.1<span class=\"_ _421\"> </span>Other <span class=\"_ _3\"></span>assets <span class=\"_ _1a9\"> </span>  <span class=\"_ _165\"> </span>12.6  <span class=\"_ _1b7\"> </span>45.1  <span class=\"_ _152\"> </span>57<span class=\"_ _2\"></span>.7  <span class=\"_ _fe\"> </span>0.8  <span class=\"_ _5b\"> </span>45.6  <span class=\"_ _f0\"> </span>46.4<span class=\"_ _421\"> </span>Cash <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>cash <span class=\"_ _3\"></span>equivalents <span class=\"_ _ee\"> </span>  <span class=\"_ _114\"> </span>78.3  <span class=\"_ _152\"> </span>67<span class=\"_ _2\"></span>.7  <span class=\"_ _14b\"> </span>146.0  <span class=\"_ _12b\"> </span>81.7  <span class=\"_ _1e1\"> </span>122.9  <span class=\"_ _15c\"> </span>204<span class=\"_ _3\"></span>.6<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _82\"> </span>9,77<span class=\"_ _3\"></span>9.<span class=\"_ _3\"></span>8  <span class=\"_ _7e\"> </span>1<span class=\"_ _3\"></span>,9<span class=\"_ _3\"></span>04<span class=\"_ _3\"></span>.<span class=\"_ _4\"></span>3  <span class=\"_ _1c8\"> </span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>68<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>.1  <span class=\"_ _82\"> </span>9,07<span class=\"_ _3\"></span>9.<span class=\"_ _3\"></span>5  <span class=\"_ _14f\"> </span>1<span class=\"_ _3\"></span>,775<span class=\"_ _3\"></span>.0  <span class=\"_ _2e\"> </span>10<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>85<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5<span class=\"_ _421\"> </span>The amounts presented abo<span class=\"_ _2\"></span>ve as policyholder link<span class=\"_ _2\"></span>ed represent unit-linked assets where the risk is borne by the holders <span class=\"_ _2\"></span>of unit-linked insurance and in<span class=\"_ _2\"></span>vestment contracts. (iii) <span class=\"_ _3\"></span>Credit quality analysis<span class=\"_ _421\"> </span>The creditw<span class=\"_ _2\"></span>orthiness of major reinsurers is considered <span class=\"_ _2\"></span>on an annual basis by revie<span class=\"_ _2\"></span>wing their financial strength.<span class=\"_ _421\"> </span>The group\u2019<span class=\"_ _0\"></span>s e<span class=\"_ _2\"></span>xposure to credit risk is summarised as:<span class=\"_ _421\"> </span>Credit rating<span class=\"_ _421\"> </span>A<span class=\"_ _3\"></span>s at 31 D<span class=\"_ _3\"></span>ece<span class=\"_ _3\"></span>mbe<span class=\"_ _3\"></span>r 202<span class=\"_ _3\"></span>3 <span class=\"_ _1e4\"> </span>A<span class=\"_ _3\"></span>A<span class=\"_ _3\"></span>A  <span class=\"_ _10f\"> </span>A<span class=\"_ _3\"></span>A  <span class=\"_ _ae\"> </span>A  <span class=\"_ _45\"> </span>B<span class=\"_ _3\"></span>BB  <span class=\"_ _92\"> </span>B<span class=\"_ _3\"></span>elow <span class=\"_ _4\"></span>BB<span class=\"_ _3\"></span>B  <span class=\"_ _2e\"> </span>Un<span class=\"_ _3\"></span>rate<span class=\"_ _3\"></span>d  <span class=\"_ _28\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1d9\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Reinsurance <span class=\"_ _3\"></span>contract assets <span class=\"_ _1e9\"> </span>\u2013  <span class=\"_ _45\"> </span>138<span class=\"_ _3\"></span>.7  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _3\"></span>  <span class=\"_ _5b\"> </span>47<span class=\"_ _2\"></span>.0  <span class=\"_ _44\"> </span>1<span class=\"_ _3\"></span>85<span class=\"_ _3\"></span>.7<span class=\"_ _421\"> </span>Amounts <span class=\"_ _3\"></span>deposited <span class=\"_ _3\"></span>with <span class=\"_ _3\"></span>reinsurers <span class=\"_ _1ea\"> </span>\u2013  <span class=\"_ _152\"> </span>32.5  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _152\"> </span>32.5<span class=\"_ _421\"> </span>Holdings <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>collective <span class=\"_ _3\"></span>investment <span class=\"_ _3\"></span>schemes <span class=\"_ _114\"> </span>31<span class=\"_ _3\"></span>0.0  <span class=\"_ _e7\"> </span>306.7  <span class=\"_ _153\"> </span>2,27<span class=\"_ _a\"></span>4<span class=\"_ _3\"></span>.8  <span class=\"_ _e7\"> </span>422.0  <span class=\"_ _48\"> </span>1,482.6  <span class=\"_ _47\"> </span>3,580.1  <span class=\"_ _153\"> </span>8,376.2<span class=\"_ _421\"> </span>Debt securities at fair value thr<span class=\"_ _2\"></span>ough profit or loss <span class=\"_ _1c7\"> </span>409.6 <span class=\"_ _a\"></span> <span class=\"_ _44\"> </span>349.1 <span class=\"_ _a\"></span> <span class=\"_ _e7\"> </span>338.4 <span class=\"_ _2\"></span> <span class=\"_ _150\"> </span>1<span class=\"_ _3\"></span>28.2  <span class=\"_ _5a\"> </span>1.2 <span class=\"_ _2\"></span> <span class=\"_ _152\"> </span>1<span class=\"_ _3\"></span>0.6 <span class=\"_ _a\"></span> <span class=\"_ _119\"> </span>1,237<span class=\"_ _2\"></span>.1<span class=\"_ _421\"> </span>Policyholders\u2019 <span class=\"_ _3\"></span>funds <span class=\"_ _3\"></span>held <span class=\"_ _3\"></span>by <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>group <span class=\"_ _189\"> </span>\u2013  <span class=\"_ _2d\"> </span>101.9  <span class=\"_ _150\"> </span>353.3  <span class=\"_ _1e1\"> </span>167.3  <span class=\"_ _46\"> </span>659.<span class=\"_ _2\"></span>7  <span class=\"_ _12b\"> </span>(0.4 <span class=\"_ _7\"></span>) <span class=\"_ _1c0\"> </span>1,281.8<span class=\"_ _421\"> </span>Mortgage <span class=\"_ _3\"></span>loan <span class=\"_ _3\"></span>portfolio <span class=\"_ _c4\"> </span>\u2013  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _1b7\"> </span>10.7  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _7b\"> </span>356.1  <span class=\"_ _e7\"> </span>366.<span class=\"_ _3\"></span>8<span class=\"_ _421\"> </span>Derivativ<span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>financial <span class=\"_ _4\"></span>instruments <span class=\"_ _10b\"> </span>\u2013  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _57\"> </span>0.3  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _57\"> </span>0.3<span class=\"_ _421\"> </span>Other <span class=\"_ _3\"></span>assets <span class=\"_ _1eb\"> </span>0.7  <span class=\"_ _10e\"> </span>0.5  <span class=\"_ _57\"> </span>0.5  <span class=\"_ _57\"> </span>0.2  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _14e\"> </span>55.8  <span class=\"_ _152\"> </span>57<span class=\"_ _2\"></span>.7<span class=\"_ _421\"> </span>Cash <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>cash <span class=\"_ _3\"></span>equivalents <span class=\"_ _81\"> </span>0.1  <span class=\"_ _1a1\"> </span>3.2  <span class=\"_ _5b\"> </span>89.7  <span class=\"_ _12b\"> </span>41.2  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _8f\"> </span>1<span class=\"_ _4\"></span>1.8  <span class=\"_ _14b\"> </span>146.0<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1ec\"> </span>7<span class=\"_ _3\"></span>20<span class=\"_ _3\"></span>.4  <span class=\"_ _119\"> </span>93<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>6  <span class=\"_ _7e\"> </span>3<span class=\"_ _3\"></span>,0<span class=\"_ _3\"></span>67.7  <span class=\"_ _43\"> </span>75<span class=\"_ _3\"></span>8.<span class=\"_ _3\"></span>9  <span class=\"_ _3b\"> </span>2<span class=\"_ _3\"></span>,14<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5  <span class=\"_ _82\"> </span>4<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>06<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.0  <span class=\"_ _ec\"> </span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>,6<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>.1<span class=\"_ _421\"> </span>Credit rating<span class=\"_ _421\"> </span>A<span class=\"_ _3\"></span>s at 31 D<span class=\"_ _3\"></span>ece<span class=\"_ _3\"></span>mbe<span class=\"_ _3\"></span>r 202<span class=\"_ _3\"></span>2 <span class=\"_ _1e4\"> </span>A<span class=\"_ _3\"></span>A<span class=\"_ _3\"></span>A  <span class=\"_ _10f\"> </span>A<span class=\"_ _3\"></span>A  <span class=\"_ _ae\"> </span>A  <span class=\"_ _45\"> </span>B<span class=\"_ _3\"></span>BB  <span class=\"_ _92\"> </span>B<span class=\"_ _3\"></span>elow <span class=\"_ _4\"></span>BB<span class=\"_ _3\"></span>B  <span class=\"_ _2e\"> </span>Un<span class=\"_ _3\"></span>rate<span class=\"_ _3\"></span>d  <span class=\"_ _28\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1d9\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Reinsurers <span class=\"_ _3\"></span>share <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>insurance <span class=\"_ _3\"></span>contract <span class=\"_ _3\"></span>liabilities <span class=\"_ _14b\"> </span>\u2013  <span class=\"_ _11b\"> </span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>9.2  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _1a1\"> </span>2.9  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _1b7\"> </span>7<span class=\"_ _3\"></span>1.9  <span class=\"_ _14b\"> </span>194.0<span class=\"_ _421\"> </span>Amounts <span class=\"_ _3\"></span>deposited <span class=\"_ _3\"></span>with <span class=\"_ _3\"></span>reinsurers <span class=\"_ _1ea\"> </span>\u2013  <span class=\"_ _114\"> </span>32.8  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _14e\"> </span>32.8<span class=\"_ _421\"> </span>Holdings <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>collective <span class=\"_ _3\"></span>investment <span class=\"_ _3\"></span>schemes <span class=\"_ _f0\"> </span>303.6  <span class=\"_ _150\"> </span>190.9  <span class=\"_ _48\"> </span>2,297<span class=\"_ _a\"></span>.5  <span class=\"_ _1e1\"> </span>328.1  <span class=\"_ _114\"> </span>85.<span class=\"_ _3\"></span>3  <span class=\"_ _3b\"> </span>4,984.3  <span class=\"_ _47\"> </span>8,189.7<span class=\"_ _421\"> </span>Debt securities at fair value thr<span class=\"_ _2\"></span>ough profit or loss <span class=\"_ _7d\"> </span>315.8<span class=\"_ _3\"></span> <span class=\"_ _a\"></span> <span class=\"_ _45\"> </span>317.8 <span class=\"_ _a\"></span> <span class=\"_ _45\"> </span>173.9  <span class=\"_ _14b\"> </span>1<span class=\"_ _3\"></span>24.7 <span class=\"_ _a\"></span> <span class=\"_ _e9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _5a\"> </span>1.9 <span class=\"_ _2\"></span> <span class=\"_ _150\"> </span>934.1<span class=\"_ _421\"> </span>Policyholders\u2019 <span class=\"_ _3\"></span>funds <span class=\"_ _3\"></span>held <span class=\"_ _3\"></span>by <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>group <span class=\"_ _189\"> </span>\u2013  <span class=\"_ _165\"> </span>7<span class=\"_ _3\"></span>1.7  <span class=\"_ _29\"> </span>248.4  <span class=\"_ _11b\"> </span>1<span class=\"_ _3\"></span>16.9  <span class=\"_ _c2\"> </span>86.4  <span class=\"_ _15c\"> </span>463.4  <span class=\"_ _15c\"> </span>986.<span class=\"_ _3\"></span>8<span class=\"_ _421\"> </span>Mortgage <span class=\"_ _3\"></span>loan <span class=\"_ _3\"></span>portfolio <span class=\"_ _c4\"> </span>\u2013  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _e7\"> </span>266<span class=\"_ _3\"></span>.0  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _e7\"> </span>266.0<span class=\"_ _421\"> </span>Derivativ<span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>financial <span class=\"_ _4\"></span>instruments <span class=\"_ _10b\"> </span>\u2013  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _5a\"> </span>0.1  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _5a\"> </span>0.1<span class=\"_ _421\"> </span>Other <span class=\"_ _3\"></span>assets <span class=\"_ _1b2\"> </span>0.9  <span class=\"_ _10e\"> </span>0.6  <span class=\"_ _fe\"> </span>0.4  <span class=\"_ _5a\"> </span>0.1  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _2d\"> </span>44.4  <span class=\"_ _c2\"> </span>46.4<span class=\"_ _421\"> </span>Cash <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>cash <span class=\"_ _3\"></span>equivalents <span class=\"_ _1e8\"> </span>\u2013  <span class=\"_ _1b7\"> </span>17<span class=\"_ _2\"></span>.4  <span class=\"_ _45\"> </span>176.6  <span class=\"_ _5a\"> </span>0.1  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _1b7\"> </span>10.5  <span class=\"_ _15c\"> </span>204<span class=\"_ _3\"></span>.6<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1b3\"> </span>6<span class=\"_ _3\"></span>20<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3  <span class=\"_ _43\"> </span>750<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4  <span class=\"_ _3b\"> </span>3<span class=\"_ _3\"></span>,1<span class=\"_ _3\"></span>62<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9  <span class=\"_ _a3\"> </span>57<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8  <span class=\"_ _45\"> </span>17<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.7  <span class=\"_ _e8\"> </span>5<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>576<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4  <span class=\"_ _2e\"> </span>10<span class=\"_ _3\"></span>,8<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5<span class=\"_ _421\"> </span>Included within reinsurers<span class=\"_ _2\"></span>\u2019 share of insurance contract liabilities and amounts deposited with reinsurers (in respect of in<span class=\"_ _2\"></span>vestment contracts) abo<span class=\"_ _2\"></span>ve, is a total exposure <span class=\"_ _2\"></span>of \u00a37<span class=\"_ _a\"></span>1<span class=\"_ _0\"></span>.4m as at 3<span class=\"_ _a\"></span>1 December 2023 (31 December 2022: \u00a372.0m) to R<span class=\"_ _2\"></span>eAssure, which has been included within the \u2018<span class=\"_ _0\"></span>AA<span class=\"_ _31\"></span>\u2019 rating category<span class=\"_ _2\"></span>.<span class=\"_ _421\"> </span>Monument Re mak<span class=\"_ _2\"></span>es up \u00a348.7m of the unrated <span class=\"_ _2\"></span>exposure to reinsurers<span class=\"_ _2\"></span>\u2019 share of insurance contract liabilities as at 31 December 2023 (31 December 2022: \u00a350.6m). This is protected through the use <span class=\"_ _2\"></span>of a funds withheld arrangement under which the reinsurer has deposited collateral to CA in respect of the v<span class=\"_ _2\"></span>alue of <span class=\"_ _2\"></span>expected future reinsured claim payments.<span class=\"_ _421\"> </span>The \u2018Other assets<span class=\"_ _a\"></span>\u2019 in the credit risk rating table are not held at fair value <span class=\"_ _2\"></span>or managed on a fair v<span class=\"_ _2\"></span>alue basis. <span class=\"_ _0\"></span>These assets generally consist <span class=\"_ _2\"></span>of short-term receivables and are not considered to hav<span class=\"_ _2\"></span>e a low credit rating as at 31 December 2023 <span class=\"_ _e\"> </span>(b) <span class=\"_ _3\"></span>Credit r<span class=\"_ _a\"></span>isk (continued) (iv) <span class=\"_ _3\"></span>Concentration of credit r<span class=\"_ _a\"></span>isk<span class=\"_ _421\"> </span>Debt securities <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _4c\"> </span>Policy<span class=\"_ _3\"></span>holder  <span class=\"_ _4c\"> </span>Policy<span class=\"_ _3\"></span>holder  <span class=\"_ _f9\"> </span>Non-<span class=\"_ _3\"></span>linked/ <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _129\"> </span>linked  <span class=\"_ _15\"> </span>with-<span class=\"_ _3\"></span>profit  <span class=\"_ _30\"> </span>shareholder  <span class=\"_ _28\"> </span>T<span class=\"_ _2\"></span>otal<span class=\"_ _421\"> </span>A<span class=\"_ _3\"></span>s <span class=\"_ _3\"></span>at <span class=\"_ _4\"></span>3<span class=\"_ _3\"></span>1 <span class=\"_ _3\"></span>D<span class=\"_ _3\"></span>ece<span class=\"_ _3\"></span>mbe<span class=\"_ _3\"></span>r <span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>3 <span class=\"_ _1ed\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3<span class=\"_ _3\"></span>m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Austria <span class=\"_ _1ee\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _c2\"> </span>24.8  <span class=\"_ _5b\"> </span>24.8<span class=\"_ _421\"> </span>Belgium <span class=\"_ _1ef\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _12e\"> </span>37.<span class=\"_ _2\"></span>1  <span class=\"_ _12e\"> </span>3<span class=\"_ _3\"></span>7<span class=\"_ _a\"></span>.1<span class=\"_ _421\"> </span>France <span class=\"_ _1f0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _57\"> </span>0.<span class=\"_ _2\"></span>7  <span class=\"_ _1a1\"> </span>2<span class=\"_ _3\"></span>.7  <span class=\"_ _150\"> </span>200.<span class=\"_ _2\"></span>1  <span class=\"_ _46\"> </span>203.5<span class=\"_ _421\"> </span>Germany <span class=\"_ _1f1\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _fe\"> </span>0.4  <span class=\"_ _150\"> </span>2<span class=\"_ _3\"></span>10.7  <span class=\"_ _114\"> </span>2<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.1<span class=\"_ _421\"> </span>Italy <span class=\"_ _3\"></span> <span class=\"_ _118\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _165\"> </span>1<span class=\"_ _3\"></span>2.3  <span class=\"_ _12e\"> </span>12.3<span class=\"_ _421\"> </span>Ireland <span class=\"_ _1ee\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _152\"> </span>14<span class=\"_ _3\"></span>.4  <span class=\"_ _152\"> </span>14.4<span class=\"_ _421\"> </span>Netherlands <span class=\"_ _190\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _1b1\"> </span>2.5  <span class=\"_ _46\"> </span>230.6  <span class=\"_ _7b\"> </span>233.1<span class=\"_ _421\"> </span>Poland <span class=\"_ _1ee\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _10e\"> </span>0.4  <span class=\"_ _fe\"> </span>0.4<span class=\"_ _421\"> </span>Portugal <span class=\"_ _1f2\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _1a1\"> </span>3.<span class=\"_ _3\"></span>3  <span class=\"_ _1a1\"> </span>3.<span class=\"_ _3\"></span>3<span class=\"_ _421\"> </span>Spain <span class=\"_ _1d7\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _57\"> </span>0.5  <span class=\"_ _8f\"> </span>37<span class=\"_ _2\"></span>.1  <span class=\"_ _152\"> </span>37<span class=\"_ _a\"></span>.6<span class=\"_ _421\"> </span>UK <span class=\"_ _1f3\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12e\"> </span>1<span class=\"_ _4\"></span>1.4  <span class=\"_ _14e\"> </span>25.9  <span class=\"_ _11b\"> </span>181.9  <span class=\"_ _1e1\"> </span>21<span class=\"_ _3\"></span>9.2<span class=\"_ _421\"> </span>Other <span class=\"_ _8b\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1a1\"> </span>2.2  <span class=\"_ _1b7\"> </span>1<span class=\"_ _3\"></span>3.4  <span class=\"_ _11b\"> </span>1<span class=\"_ _3\"></span>17.4 <span class=\"_ _2\"></span> <span class=\"_ _44\"> </span>1<span class=\"_ _3\"></span>33.0<span class=\"_ _421\"> </span>Euro<span class=\"_ _3\"></span>pe <span class=\"_ _1f4\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5b\"> </span>14<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3  <span class=\"_ _45\"> </span>4<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4  <span class=\"_ _153\"> </span>1<span class=\"_ _3\"></span>,0<span class=\"_ _3\"></span>70.1  <span class=\"_ _129\"> </span>1,<span class=\"_ _3\"></span>12<span class=\"_ _3\"></span>9.<span class=\"_ _3\"></span>8<span class=\"_ _421\"> </span>USA <span class=\"_ _1f5\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _57\"> </span>0.5  <span class=\"_ _57\"> </span>3.<span class=\"_ _3\"></span>2  <span class=\"_ _5b\"> </span>82.4  <span class=\"_ _12b\"> </span>86.1<span class=\"_ _421\"> </span>Other <span class=\"_ _8b\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _96\"> </span>1.7  <span class=\"_ _5a\"> </span>1.4  <span class=\"_ _56\"> </span>3.1<span class=\"_ _421\"> </span>No<span class=\"_ _3\"></span>rth <span class=\"_ _4\"></span>A<span class=\"_ _3\"></span>meric<span class=\"_ _3\"></span>a <span class=\"_ _1f6\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _179\"> </span>0.<span class=\"_ _3\"></span>5  <span class=\"_ _8f\"> </span>4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9  <span class=\"_ _7b\"> </span>83<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8  <span class=\"_ _11b\"> </span>89<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2<span class=\"_ _421\"> </span>Australia <span class=\"_ _1f7\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _179\"> </span>1<span class=\"_ _3\"></span>1.<span class=\"_ _3\"></span>3  <span class=\"_ _179\"> </span>1<span class=\"_ _4\"></span>1.3<span class=\"_ _421\"> </span>Other <span class=\"_ _8b\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _10e\"> </span>6<span class=\"_ _3\"></span>.8  <span class=\"_ _10e\"> </span>6.8<span class=\"_ _421\"> </span>A<span class=\"_ _3\"></span>sia <span class=\"_ _4\"></span>Pac<span class=\"_ _3\"></span>ific <span class=\"_ _1a9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _165\"> </span>18<span class=\"_ _3\"></span>.1  <span class=\"_ _1b7\"> </span>1<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>.1<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _c2\"> </span>14<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8  <span class=\"_ _11b\"> </span>50<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3  <span class=\"_ _153\"> </span>1<span class=\"_ _3\"></span>,1<span class=\"_ _3\"></span>7<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.0  <span class=\"_ _47\"> </span>1<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>37.1<span class=\"_ _421\"> </span>Debt securities <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _4c\"> </span>Policy<span class=\"_ _3\"></span>holder  <span class=\"_ _4c\"> </span>Policy<span class=\"_ _3\"></span>holder  <span class=\"_ _f9\"> </span>Non-<span class=\"_ _3\"></span>linked/ <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _129\"> </span>linked  <span class=\"_ _15\"> </span>with-<span class=\"_ _3\"></span>profit  <span class=\"_ _30\"> </span>shareholder  <span class=\"_ _28\"> </span>T<span class=\"_ _2\"></span>otal<span class=\"_ _421\"> </span>A<span class=\"_ _3\"></span>s <span class=\"_ _3\"></span>at <span class=\"_ _4\"></span>3<span class=\"_ _3\"></span>1 <span class=\"_ _3\"></span>D<span class=\"_ _3\"></span>ece<span class=\"_ _3\"></span>mbe<span class=\"_ _3\"></span>r <span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2 <span class=\"_ _1ed\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3<span class=\"_ _3\"></span>m  <span class=\"_ _165\"> </span>\u00a3<span class=\"_ _3\"></span>m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Austria <span class=\"_ _1ee\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _165\"> </span>17.9  <span class=\"_ _165\"> </span>17<span class=\"_ _2\"></span>.9<span class=\"_ _421\"> </span>Belgium <span class=\"_ _1ef\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _14e\"> </span>32.9  <span class=\"_ _14e\"> </span>32.9<span class=\"_ _421\"> </span>France <span class=\"_ _1f0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _57\"> </span>0.<span class=\"_ _2\"></span>7  <span class=\"_ _1b1\"> </span>5.2  <span class=\"_ _150\"> </span>149.<span class=\"_ _2\"></span>4  <span class=\"_ _7b\"> </span>155.3<span class=\"_ _421\"> </span>Germany <span class=\"_ _1f1\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _fe\"> </span>0.4  <span class=\"_ _14b\"> </span>104.3  <span class=\"_ _150\"> </span>104.7<span class=\"_ _421\"> </span>Italy <span class=\"_ _1f5\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _12b\"> </span>1<span class=\"_ _3\"></span>8.3  <span class=\"_ _12b\"> </span>1<span class=\"_ _3\"></span>8.3<span class=\"_ _421\"> </span>Ireland <span class=\"_ _1ee\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _57\"> </span>17<span class=\"_ _a\"></span>.1  <span class=\"_ _57\"> </span>17<span class=\"_ _a\"></span>.1<span class=\"_ _421\"> </span>Netherlands <span class=\"_ _190\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _56\"> </span>1.9  <span class=\"_ _1a1\"> </span>2.5  <span class=\"_ _5b\"> </span>123.1  <span class=\"_ _11b\"> </span>127<span class=\"_ _a\"></span>.5<span class=\"_ _421\"> </span>Poland <span class=\"_ _1ee\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _10e\"> </span>0.4  <span class=\"_ _fe\"> </span>0.4<span class=\"_ _421\"> </span>Spain <span class=\"_ _1d7\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _10e\"> </span>0.4  <span class=\"_ _5b\"> </span>20.9  <span class=\"_ _165\"> </span>21.3<span class=\"_ _421\"> </span>UK <span class=\"_ _1f3\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b7\"> </span>13.8  <span class=\"_ _14e\"> </span>25.9  <span class=\"_ _45\"> </span>172<span class=\"_ _3\"></span>.9  <span class=\"_ _45\"> </span>21<span class=\"_ _3\"></span>2.6<span class=\"_ _421\"> </span>Other<span class=\"_ _2\"></span> <span class=\"_ _8b\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _57\"> </span>2.<span class=\"_ _3\"></span>2  <span class=\"_ _179\"> </span>4<span class=\"_ _3\"></span>.8  <span class=\"_ _44\"> </span>107.2  <span class=\"_ _1e1\"> </span>1<span class=\"_ _3\"></span>14<span class=\"_ _3\"></span>.2<span class=\"_ _421\"> </span>Euro<span class=\"_ _3\"></span>pe <span class=\"_ _1f4\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5b\"> </span>18<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>6  <span class=\"_ _2d\"> </span>3<span class=\"_ _3\"></span>9.<span class=\"_ _3\"></span>2  <span class=\"_ _2a\"> </span>764<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4  <span class=\"_ _119\"> </span>82<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2<span class=\"_ _421\"> </span>USA <span class=\"_ _1f5\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _57\"> </span>0.5  <span class=\"_ _1a1\"> </span>7<span class=\"_ _2\"></span>.9  <span class=\"_ _152\"> </span>8<span class=\"_ _3\"></span>1.4  <span class=\"_ _c2\"> </span>89.8<span class=\"_ _421\"> </span>Other <span class=\"_ _8b\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _56\"> </span>1.6  <span class=\"_ _10e\"> </span>0.6  <span class=\"_ _1a1\"> </span>2<span class=\"_ _3\"></span>.2<span class=\"_ _421\"> </span>No<span class=\"_ _3\"></span>rth <span class=\"_ _4\"></span>A<span class=\"_ _3\"></span>meric<span class=\"_ _3\"></span>a <span class=\"_ _1f6\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _179\"> </span>0.<span class=\"_ _3\"></span>5  <span class=\"_ _10f\"> </span>9<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5  <span class=\"_ _7b\"> </span>82<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>0  <span class=\"_ _7b\"> </span>9<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.0<span class=\"_ _421\"> </span>Australia <span class=\"_ _1f7\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _165\"> </span>12<span class=\"_ _3\"></span>.5  <span class=\"_ _165\"> </span>12<span class=\"_ _3\"></span>.5<span class=\"_ _421\"> </span>Other <span class=\"_ _8b\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _1a1\"> </span>7.<span class=\"_ _2\"></span>4  <span class=\"_ _1a1\"> </span>7<span class=\"_ _2\"></span>.4<span class=\"_ _421\"> </span>A<span class=\"_ _3\"></span>sia <span class=\"_ _4\"></span>Pac<span class=\"_ _3\"></span>ific <span class=\"_ _1a9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _114\"> </span>1<span class=\"_ _3\"></span>9.<span class=\"_ _3\"></span>9  <span class=\"_ _114\"> </span>1<span class=\"_ _3\"></span>9.<span class=\"_ _3\"></span>9<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>1<span class=\"_ _3\"></span>9.1  <span class=\"_ _7b\"> </span>4<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>.7  <span class=\"_ _2a\"> </span>8<span class=\"_ _3\"></span>66<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3  <span class=\"_ _e7\"> </span>9<span class=\"_ _3\"></span>34<span class=\"_ _3\"></span>.1<span class=\"_ _421\"> </span>There are no direct holdings in debt securities within R<span class=\"_ _2\"></span>ussia or Ukraine",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
    "language": "en",
    "entity": "scheme:213800VFRMBRTSZ3SJ06",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-42": {
   "value": "<span class=\"_ _18\"> </span>(c) <span class=\"_ _4\"></span>Liquidity risk <span class=\"_ _d\"> </span>(i) <span class=\"_ _4\"></span>Management of liquidity r<span class=\"_ _a\"></span>isk<span class=\"_ _421\"> </span>Liquidity risk is the risk that adequate liquid funds are not av<span class=\"_ _2\"></span>ailable to settle liabilities as they fall due and is managed b<span class=\"_ _2\"></span>y forecasting cash requirements and b<span class=\"_ _2\"></span>y adjusting inv<span class=\"_ _2\"></span>estment management strategies to meet those requirements. Liquidity risk is generally mitigated by holding sufficient inv<span class=\"_ _2\"></span>estments which are readily marketable in sufficiently short timeframes to allo<span class=\"_ _2\"></span>w the settlement of liabilities as they f<span class=\"_ _2\"></span>all due. <span class=\"_ _0\"></span>Where liabilities are backed b<span class=\"_ _2\"></span>y less marketable assets, for <span class=\"_ _2\"></span>example inv<span class=\"_ _2\"></span>estment properties, there are provisions in contractual terms which allo<span class=\"_ _2\"></span>w defer<span class=\"_ _2\"></span>ral of redemptions in times of adv<span class=\"_ _2\"></span>erse market conditions. <span class=\"_ _7\"></span>The group\u2019<span class=\"_ _0\"></span>s substant<span class=\"_ _3\"></span>ial holdings of mone<span class=\"_ _2\"></span>y market assets also serv<span class=\"_ _2\"></span>e to reduce liquidity risk.  (ii) <span class=\"_ _3\"></span>Maturity analysis The tables belo<span class=\"_ _2\"></span>w present a maturity analysis <span class=\"_ _2\"></span>of the group\u2019<span class=\"_ _a\"></span>s financial liabilities on discounted basis.<span class=\"_ _421\"> </span>31 December 2023 <span class=\"_ _1f8\"> </span>Contractual cash flows (discounted)<span class=\"_ _421\"> </span>Car<span class=\"_ _3\"></span>ry<span class=\"_ _3\"></span>ing v<span class=\"_ _3\"></span>alue<span class=\"_ _3\"></span>s and c<span class=\"_ _3\"></span>ash <span class=\"_ _150\"> </span>C<span class=\"_ _3\"></span>arr<span class=\"_ _3\"></span>ying v<span class=\"_ _3\"></span>alu<span class=\"_ _3\"></span>e <span class=\"_ _a\"></span> <span class=\"_ _123\"> </span>&lt;<span class=\"_ _4\"></span>1 yr <span class=\"_ _a\"></span> <span class=\"_ _1f9\"> </span>1-2 y<span class=\"_ _3\"></span>rs <span class=\"_ _a\"></span> <span class=\"_ _1c7\"> </span>2<span class=\"_ _3\"></span>-3 yr<span class=\"_ _3\"></span>s <span class=\"_ _a\"></span> <span class=\"_ _7f\"> </span>3-<span class=\"_ _3\"></span>4 y<span class=\"_ _3\"></span>rs <span class=\"_ _a\"></span> <span class=\"_ _7f\"> </span>4<span class=\"_ _3\"></span>-5 y<span class=\"_ _3\"></span>rs <span class=\"_ _2\"></span> <span class=\"_ _80\"> </span>5<span class=\"_ _3\"></span>-10 y<span class=\"_ _3\"></span>rs <span class=\"_ _a\"></span> <span class=\"_ _f2\"> </span>&gt;1<span class=\"_ _3\"></span>0 yrs <span class=\"_ _2\"></span> <span class=\"_ _1c2\"> </span>Total<span class=\"_ _421\"> </span>flow<span class=\"_ _3\"></span>s <span class=\"_ _3\"></span>ari<span class=\"_ _3\"></span>sin<span class=\"_ _3\"></span>g <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>rom: <span class=\"_ _17b\"> </span>\u00a3m  <span class=\"_ _129\"> </span>\u00a3m  <span class=\"_ _129\"> </span>\u00a3m  <span class=\"_ _129\"> </span>\u00a3<span class=\"_ _3\"></span>m  <span class=\"_ _129\"> </span>\u00a3m  <span class=\"_ _129\"> </span>\u00a3m  <span class=\"_ _129\"> </span>\u00a3m  <span class=\"_ _129\"> </span>\u00a3m  <span class=\"_ _129\"> </span>\u00a3<span class=\"_ _3\"></span>m<span class=\"_ _421\"> </span>Insurance <span class=\"_ _3\"></span>contract <span class=\"_ _3\"></span>liabilities <span class=\"_ _1fa\"> </span>4,203.0  <span class=\"_ _ec\"> </span>651.2  <span class=\"_ _1c6\"> </span>332.8  <span class=\"_ _f1\"> </span>294.4  <span class=\"_ _1c6\"> </span>277<span class=\"_ _2\"></span>.8  <span class=\"_ _89\"> </span>267.2  <span class=\"_ _5d\"> </span>872.9  <span class=\"_ _135\"> </span>1,222<span class=\"_ _3\"></span>.6  <span class=\"_ _62\"> </span>3,918<span class=\"_ _3\"></span>.9<span class=\"_ _421\"> </span>Reinsurance <span class=\"_ _3\"></span>contract <span class=\"_ _3\"></span>liabilities <span class=\"_ _16d\"> </span>17.<span class=\"_ _2\"></span>1  <span class=\"_ _43\"> </span>3.2  <span class=\"_ _2a\"> </span>3.6  <span class=\"_ _43\"> </span>3.5  <span class=\"_ _2a\"> </span>3.2  <span class=\"_ _2a\"> </span>2.9  <span class=\"_ _3e\"> </span>15.1  <span class=\"_ _7c\"> </span>24.7  <span class=\"_ _3b\"> </span>56<span class=\"_ _3\"></span>.2<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>otal insurance and reinsur<span class=\"_ _2\"></span>ance <span class=\"ls2\"> </span>contract <span class=\"_ _3\"></span>liabilities <span class=\"_ _15e\"> </span>4,220.1  <span class=\"_ _2e\"> </span>654.<span class=\"_ _3\"></span>4  <span class=\"_ _bf\"> </span>336.4  <span class=\"_ _1c6\"> </span>297<span class=\"_ _2\"></span>.9  <span class=\"_ _be\"> </span>281.0  <span class=\"_ _be\"> </span>270.1  <span class=\"_ _91\"> </span>888<span class=\"_ _3\"></span>.0  <span class=\"_ _127\"> </span>1,24<span class=\"_ _a\"></span>7.3  <span class=\"_ _135\"> </span>3,975.1<span class=\"_ _421\"> </span>Investment <span class=\"_ _3\"></span>contract <span class=\"_ _3\"></span>liabilities <span class=\"_ _1fb\"> </span>5,872.3  <span class=\"_ _1f9\"> </span>5,414.0  <span class=\"_ _11c\"> </span>40.3  <span class=\"_ _11c\"> </span>38<span class=\"_ _3\"></span>.0  <span class=\"_ _7e\"> </span>40.2  <span class=\"_ _14f\"> </span>4<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>.7  <span class=\"_ _7e\"> </span>131.0  <span class=\"_ _7c\"> </span>69.6  <span class=\"_ _1fc\"> </span>5,780<span class=\"_ _2\"></span>.8<span class=\"_ _421\"> </span>Liabilities relating to polic<span class=\"_ _2\"></span>yholder<span class=\"_ _3\"></span>\u2019s <span class=\"ls2\"> </span>fund <span class=\"_ _3\"></span>held <span class=\"_ _3\"></span>by <span class=\"_ _3\"></span>the <span class=\"_ _4\"></span>group <span class=\"_ _52\"> </span>1,<span class=\"_ _3\"></span>281.8  <span class=\"_ _37\"> </span>1,281.8  <span class=\"_ _c2\"> </span>\u2013  <span class=\"_ _c2\"> </span>\u2013  <span class=\"_ _5b\"> </span>\u2013  <span class=\"_ _f0\"> </span>\u2013  <span class=\"_ _c2\"> </span>\u2013  <span class=\"_ _c2\"> </span>\u2013  <span class=\"_ _1e2\"> </span>1,281.8<span class=\"_ _421\"> </span>Lease <span class=\"_ _3\"></span>contract <span class=\"_ _3\"></span>liabilities <span class=\"_ _1fd\"> </span>1.2  <span class=\"_ _119\"> </span>1.0  <span class=\"_ _112\"> </span>0.2  <span class=\"_ _c2\"> </span>\u2013  <span class=\"_ _c2\"> </span>\u2013  <span class=\"_ _c2\"> </span>\u2013  <span class=\"_ _c2\"> </span>\u2013  <span class=\"_ _c2\"> </span>\u2013  <span class=\"_ _29\"> </span>1.2<span class=\"_ _421\"> </span>Borro<span class=\"_ _2\"></span>wings <span class=\"_ _fc\"> </span>207<span class=\"_ _2\"></span>.9  <span class=\"_ _1c2\"> </span>204.2  <span class=\"_ _29\"> </span>1.7  <span class=\"_ _112\"> </span>0.7  <span class=\"_ _112\"> </span>0.3  <span class=\"_ _112\"> </span>0.2  <span class=\"_ _3e\"> </span>0.9  <span class=\"_ _c2\"> </span>\u2013  <span class=\"_ _f1\"> </span>208.0<span class=\"_ _421\"> </span>Derivativ<span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>financial <span class=\"_ _4\"></span>instruments <span class=\"_ _188\"> </span>4<span class=\"_ _3\"></span>.4  <span class=\"_ _1c0\"> </span>4.4  <span class=\"_ _c2\"> </span>\u2013  <span class=\"_ _c2\"> </span>\u2013  <span class=\"_ _c2\"> </span>\u2013  <span class=\"_ _5b\"> </span>\u2013  <span class=\"_ _f0\"> </span>\u2013  <span class=\"_ _c2\"> </span>\u2013  <span class=\"_ _3f\"> </span>4<span class=\"_ _3\"></span>.4<span class=\"_ _421\"> </span>Other <span class=\"_ _3\"></span>current <span class=\"_ _3\"></span>liabilities <span class=\"_ _1fe\"> </span>13<span class=\"_ _3\"></span>1.7  <span class=\"_ _7e\"> </span>13<span class=\"_ _3\"></span>1.7  <span class=\"_ _f0\"> </span>\u2013  <span class=\"_ _5b\"> </span>\u2013  <span class=\"_ _f0\"> </span>\u2013  <span class=\"_ _c2\"> </span>\u2013  <span class=\"_ _c2\"> </span>\u2013  <span class=\"_ _5b\"> </span>\u2013  <span class=\"_ _7e\"> </span>13<span class=\"_ _3\"></span>1.7<span class=\"_ _421\"> </span>Bank <span class=\"_ _3\"></span>over<span class=\"_ _2\"></span>drafts <span class=\"_ _177\"> </span>0.2  <span class=\"_ _112\"> </span>0.2  <span class=\"_ _c2\"> </span>\u2013  <span class=\"_ _c2\"> </span>\u2013  <span class=\"_ _c2\"> </span>\u2013  <span class=\"_ _c2\"> </span>\u2013  <span class=\"_ _c2\"> </span>\u2013  <span class=\"_ _5b\"> </span>\u2013  <span class=\"_ _3e\"> </span>0.2<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>otal <span class=\"_ _3\"></span>financial <span class=\"_ _3\"></span>liabilities <span class=\"_ _103\"> </span>7<span class=\"_ _2\"></span>,499.5  <span class=\"_ _62\"> </span>7,<span class=\"_ _2\"></span>037<span class=\"_ _a\"></span>.<span class=\"_ _4\"></span>3  <span class=\"_ _7c\"> </span>42.<span class=\"_ _3\"></span>2  <span class=\"_ _3b\"> </span>38.7  <span class=\"_ _11c\"> </span>40.5  <span class=\"_ _14f\"> </span>4<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>.9  <span class=\"_ _7e\"> </span>1<span class=\"_ _3\"></span>31.9  <span class=\"_ _3b\"> </span>69.6  <span class=\"_ _62\"> </span>7<span class=\"_ _2\"></span>,408.1<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1ff\"> </span>1<span class=\"_ _3\"></span>1,7<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>9.6  <span class=\"_ _13b\"> </span>76<span class=\"_ _3\"></span>91<span class=\"_ _3\"></span>.7  <span class=\"_ _1c3\"> </span>378<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>6  <span class=\"_ _1c3\"> </span>3<span class=\"_ _3\"></span>36<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>6  <span class=\"_ _bf\"> </span>3<span class=\"_ _3\"></span>21<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5  <span class=\"_ _f1\"> </span>3<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>.0  <span class=\"_ _f6\"> </span>1<span class=\"_ _3\"></span>,0<span class=\"_ _3\"></span>19<span class=\"_ _3\"></span>.9  <span class=\"_ _f6\"> </span>1<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>.9  <span class=\"_ _80\"> </span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>3.<span class=\"_ _3\"></span>2<span class=\"_ _421\"> </span>31 December 2022 <span class=\"_ _1f8\"> </span>Contractual cash flows (discounted)<span class=\"_ _421\"> </span>Car<span class=\"_ _3\"></span>ry<span class=\"_ _3\"></span>ing v<span class=\"_ _3\"></span>alue<span class=\"_ _3\"></span>s and c<span class=\"_ _3\"></span>ash <span class=\"_ _150\"> </span>C<span class=\"_ _3\"></span>arr<span class=\"_ _3\"></span>ying v<span class=\"_ _3\"></span>alu<span class=\"_ _3\"></span>e <span class=\"_ _a\"></span> <span class=\"_ _123\"> </span>&lt;<span class=\"_ _4\"></span>1 yr <span class=\"_ _a\"></span> <span class=\"_ _1f9\"> </span>1-2 y<span class=\"_ _3\"></span>rs <span class=\"_ _a\"></span> <span class=\"_ _1c7\"> </span>2<span class=\"_ _3\"></span>-3 yr<span class=\"_ _3\"></span>s <span class=\"_ _a\"></span> <span class=\"_ _7f\"> </span>3-<span class=\"_ _3\"></span>4 y<span class=\"_ _3\"></span>rs <span class=\"_ _a\"></span> <span class=\"_ _7f\"> </span>4<span class=\"_ _3\"></span>-5 y<span class=\"_ _3\"></span>rs <span class=\"_ _2\"></span> <span class=\"_ _80\"> </span>5<span class=\"_ _3\"></span>-10 y<span class=\"_ _3\"></span>rs <span class=\"_ _a\"></span> <span class=\"_ _f2\"> </span>&gt;1<span class=\"_ _3\"></span>0 yrs <span class=\"_ _2\"></span> <span class=\"_ _1c2\"> </span>Total<span class=\"_ _421\"> </span>flow<span class=\"_ _3\"></span>s <span class=\"_ _3\"></span>ari<span class=\"_ _3\"></span>sin<span class=\"_ _3\"></span>g <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>rom: <span class=\"_ _17b\"> </span>\u00a3m  <span class=\"_ _129\"> </span>\u00a3m  <span class=\"_ _129\"> </span>\u00a3m  <span class=\"_ _129\"> </span>\u00a3<span class=\"_ _3\"></span>m  <span class=\"_ _129\"> </span>\u00a3m  <span class=\"_ _129\"> </span>\u00a3m  <span class=\"_ _129\"> </span>\u00a3m  <span class=\"_ _129\"> </span>\u00a3m  <span class=\"_ _129\"> </span>\u00a3<span class=\"_ _3\"></span>m<span class=\"_ _421\"> </span>Insurance <span class=\"_ _3\"></span>contract <span class=\"_ _3\"></span>liabilities <span class=\"_ _154\"> </span>3,<span class=\"_ _3\"></span>821.6  <span class=\"_ _bf\"> </span>57<span class=\"_ _2\"></span>4.2  <span class=\"_ _1c6\"> </span>295.9  <span class=\"_ _5d\"> </span>269.0  <span class=\"_ _bf\"> </span>249.3  <span class=\"_ _123\"> </span>284.1  <span class=\"_ _be\"> </span>816.9  <span class=\"_ _37\"> </span>1,091.9  <span class=\"_ _7d\"> </span>3,581.3<span class=\"_ _421\"> </span>Reinsurance <span class=\"_ _3\"></span>contract <span class=\"_ _3\"></span>liabilities <span class=\"_ _9e\"> </span>17<span class=\"_ _2\"></span>.<span class=\"_ _3\"></span>3  <span class=\"_ _2a\"> </span>3.6  <span class=\"_ _29\"> </span>3.1  <span class=\"_ _29\"> </span>3.1  <span class=\"_ _112\"> </span>2.<span class=\"_ _3\"></span>8  <span class=\"_ _2a\"> </span>2.6  <span class=\"_ _14f\"> </span>14<span class=\"_ _3\"></span>.4  <span class=\"_ _11c\"> </span>28.0  <span class=\"_ _14f\"> </span>57.<span class=\"_ _2\"></span>6<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>otal insurance and reinsur<span class=\"_ _2\"></span>ance <span class=\"ls2\"> </span>contract <span class=\"_ _3\"></span>liabilities <span class=\"_ _15f\"> </span>3,838.9  <span class=\"_ _1c6\"> </span>577<span class=\"_ _2\"></span>.8  <span class=\"_ _5d\"> </span>299.0  <span class=\"_ _ec\"> </span>272.1  <span class=\"_ _e8\"> </span>252.1  <span class=\"_ _5d\"> </span>286<span class=\"_ _3\"></span>.7  <span class=\"_ _be\"> </span>831.<span class=\"_ _3\"></span>3  <span class=\"_ _91\"> </span>1<span class=\"_ _3\"></span>,11<span class=\"_ _3\"></span>9.9  <span class=\"_ _f6\"> </span>3,638.9<span class=\"_ _421\"> </span>Investment <span class=\"_ _3\"></span>contract <span class=\"_ _3\"></span>liabilities <span class=\"_ _187\"> </span>5,660.8  <span class=\"_ _1c7\"> </span>5,660.8  <span class=\"_ _c2\"> </span>\u2013  <span class=\"_ _c2\"> </span>\u2013  <span class=\"_ _c2\"> </span>\u2013  <span class=\"_ _c2\"> </span>\u2013  <span class=\"_ _c2\"> </span>\u2013  <span class=\"_ _c2\"> </span>\u2013  <span class=\"_ _1fc\"> </span>5,660.8<span class=\"_ _421\"> </span>Liabilities relating to polic<span class=\"_ _2\"></span>yholder<span class=\"_ _3\"></span>\u2019s <span class=\"ls2\"> </span>fund <span class=\"_ _3\"></span>held <span class=\"_ _3\"></span>by <span class=\"_ _3\"></span>the <span class=\"_ _4\"></span>group <span class=\"_ _26\"> </span>986.8  <span class=\"_ _f1\"> </span>986.8  <span class=\"_ _c2\"> </span>\u2013  <span class=\"_ _c2\"> </span>\u2013  <span class=\"_ _c2\"> </span>\u2013  <span class=\"_ _c2\"> </span>\u2013  <span class=\"_ _5b\"> </span>\u2013  <span class=\"_ _f0\"> </span>\u2013  <span class=\"_ _f1\"> </span>986<span class=\"_ _3\"></span>.8<span class=\"_ _421\"> </span>Lease <span class=\"_ _3\"></span>contract <span class=\"_ _3\"></span>liabilities <span class=\"_ _1fd\"> </span>1.2  <span class=\"_ _112\"> </span>0.7  <span class=\"_ _112\"> </span>0.5  <span class=\"_ _c2\"> </span>\u2013  <span class=\"_ _c2\"> </span>\u2013  <span class=\"_ _c2\"> </span>\u2013  <span class=\"_ _c2\"> </span>\u2013  <span class=\"_ _c2\"> </span>\u2013  <span class=\"_ _29\"> </span>1.2<span class=\"_ _421\"> </span>Borro<span class=\"_ _2\"></span>wings <span class=\"_ _3\"></span> <span class=\"_ _fc\"> </span>212.0  <span class=\"_ _be\"> </span>212.0  <span class=\"_ _c2\"> </span>\u2013  <span class=\"_ _c2\"> </span>\u2013  <span class=\"_ _c2\"> </span>\u2013  <span class=\"_ _c2\"> </span>\u2013  <span class=\"_ _c2\"> </span>\u2013  <span class=\"_ _c2\"> </span>\u2013  <span class=\"_ _1c8\"> </span>212.0<span class=\"_ _421\"> </span>Derivativ<span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>financial <span class=\"_ _4\"></span>instruments <span class=\"_ _a9\"> </span>3.8  <span class=\"_ _112\"> </span>3.8  <span class=\"_ _5b\"> </span>\u2013  <span class=\"_ _f0\"> </span>\u2013  <span class=\"_ _c2\"> </span>\u2013  <span class=\"_ _c2\"> </span>\u2013  <span class=\"_ _c2\"> </span>\u2013  <span class=\"_ _5b\"> </span>\u2013  <span class=\"_ _112\"> </span>3.8<span class=\"_ _421\"> </span>Other <span class=\"_ _3\"></span>current <span class=\"_ _3\"></span>liabilities <span class=\"_ _182\"> </span>123.3  <span class=\"_ _e8\"> </span>123.3  <span class=\"_ _5b\"> </span>\u2013  <span class=\"_ _f0\"> </span>\u2013  <span class=\"_ _c2\"> </span>\u2013  <span class=\"_ _c2\"> </span>\u2013  <span class=\"_ _5b\"> </span>\u2013  <span class=\"_ _f0\"> </span>\u2013  <span class=\"_ _e8\"> </span>123.3<span class=\"_ _421\"> </span>Bank <span class=\"_ _3\"></span>over<span class=\"_ _2\"></span>drafts <span class=\"_ _1a\"> </span>\u2013  <span class=\"_ _c2\"> </span>\u2013  <span class=\"_ _c2\"> </span>\u2013  <span class=\"_ _5b\"> </span>\u2013  <span class=\"_ _f0\"> </span>\u2013  <span class=\"_ _c2\"> </span>\u2013  <span class=\"_ _179\"> </span>  <span class=\"_ _10f\"> </span>  T<span class=\"_ _2\"></span>otal <span class=\"_ _3\"></span>financial <span class=\"_ _3\"></span>liabilities <span class=\"_ _103\"> </span>6,987<span class=\"_ _2\"></span>.9  <span class=\"_ _f6\"> </span>6,987.<span class=\"_ _2\"></span>4  <span class=\"_ _112\"> </span>0.5  <span class=\"_ _c2\"> </span>\u2013  <span class=\"_ _c2\"> </span>\u2013<span class=\"_ _3\"></span>  <span class=\"_ _f0\"> </span>\u2013<span class=\"_ _3\"></span>  <span class=\"_ _f0\"> </span>\u2013<span class=\"_ _3\"></span>  <span class=\"_ _f0\"> </span>\u2013<span class=\"_ _3\"></span>  <span class=\"_ _f6\"> </span>6,987.9<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _b3\"> </span>10,<span class=\"_ _3\"></span>82<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8  <span class=\"_ _1c1\"> </span>7,<span class=\"_ _3\"></span>56<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2  <span class=\"_ _1c3\"> </span>2<span class=\"_ _3\"></span>9<span class=\"_ _3\"></span>9.<span class=\"_ _3\"></span>5  <span class=\"_ _bf\"> </span>2<span class=\"_ _3\"></span>7<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.1  <span class=\"_ _1c6\"> </span>25<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.1  <span class=\"_ _91\"> </span>28<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>.7  <span class=\"_ _1c2\"> </span>8<span class=\"_ _3\"></span>31<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3  <span class=\"_ _13b\"> </span>1<span class=\"_ _3\"></span>,1<span class=\"_ _4\"></span>1<span class=\"_ _3\"></span>9.<span class=\"_ _3\"></span>9  <span class=\"_ _92\"> </span>1<span class=\"_ _3\"></span>0,<span class=\"_ _3\"></span>62<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8<span class=\"_ _421\"> </span>The v<span class=\"_ _2\"></span>alues reported for insurance contract liabilities and reinsurance contract liabilities e<span class=\"_ _2\"></span>xclude the risk adjustment and contractual service margin as these are not considered to be financial liabilities subject to liquidity risk. <span class=\"_ _0\"></span>The carrying v<span class=\"_ _2\"></span>alues in the table abov<span class=\"_ _2\"></span>e are the balance sheet values.<span class=\"_ _421\"> </span>The maturity analy<span class=\"_ _2\"></span>sis for unit-link<span class=\"_ _2\"></span>ed inv<span class=\"_ _2\"></span>estment contracts presents all the liabilities as due in the earliest period in the table because they are repa<span class=\"_ _2\"></span>yable or<span class=\"_ _2\"></span> transf<span class=\"_ _2\"></span>erable on demand<span class=\"_ _18\"> </span>(c) <span class=\"_ _4\"></span>Liquidity risk (continued)  (ii) <span class=\"_ _3\"></span>Maturity analysis (continued)<span class=\"_ _421\"> </span>The table that f<span class=\"_ _2\"></span>ollows sho<span class=\"_ _2\"></span>ws the amounts from insurance contract assets and liabilities that are payable <span class=\"_ _2\"></span>on demand. In most cases the non-distinct inv<span class=\"_ _2\"></span>estment component is considered to be appropriate. A<span class=\"_ _2\"></span>s per the maturity analysis table abo<span class=\"_ _2\"></span>ve, the amounts presented e<span class=\"_ _2\"></span>xclude the risk adjustment and contractual service margin. <span class=\"_ _0\"></span>The carrying amount is the full balance sheet v<span class=\"_ _2\"></span>alue. 31 December<span class=\"_ _421\"> </span>T<span class=\"_ _a\"></span>ype of cont<span class=\"_ _2\"></span>racts <span class=\"_ _200\"> </span>2023 2022 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _15\"> </span>Payable <span class=\"_ _3\"></span>on  <span class=\"_ _37\"> </span>C<span class=\"_ _3\"></span>arrying  <span class=\"_ _15\"> </span>Payable <span class=\"_ _4\"></span>on  <span class=\"_ _37\"> </span>Carry<span class=\"_ _3\"></span>ing <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _91\"> </span>demand  <span class=\"_ _1c6\"> </span>amount  <span class=\"_ _91\"> </span>demand  <span class=\"_ _bf\"> </span>amount <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Immediate <span class=\"_ _3\"></span>annuities <span class=\"_ _21\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _57\"> </span>2.4  <span class=\"_ _14b\"> </span>327<span class=\"_ _2\"></span>.9  <span class=\"_ _57\"> </span>2.0  <span class=\"_ _7b\"> </span>251.5<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>erm <span class=\"_ _3\"></span>assurance <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>other <span class=\"_ _3\"></span>non-linked <span class=\"_ _15a\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _44\"> </span>1<span class=\"_ _3\"></span>50.3  <span class=\"_ _44\"> </span>419.7  <span class=\"_ _28\"> </span>144<span class=\"_ _3\"></span>.0  <span class=\"_ _e7\"> </span>348.7<span class=\"_ _421\"> </span>Unit-linked/Inde<span class=\"_ _2\"></span>x-linked/With-profits \u2013 <span class=\"_ _4\"></span>GMM <span class=\"_ _158\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _29\"> </span>882<span class=\"_ _3\"></span>.0  <span class=\"_ _15c\"> </span>999.0  <span class=\"_ _e7\"> </span>769.0  <span class=\"_ _15c\"> </span>834<span class=\"_ _3\"></span>.3<span class=\"_ _421\"> </span>Unit-linked/Inde<span class=\"_ _2\"></span>x-linked/With-profits \u2013 <span class=\"_ _4\"></span>VF<span class=\"_ _2\"></span>A <span class=\"_ _84\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _112\"> </span>2,132.5  <span class=\"_ _2a\"> </span>2<span class=\"_ _3\"></span>,412.1  <span class=\"_ _47\"> </span>2<span class=\"_ _3\"></span>,109.3  <span class=\"_ _153\"> </span>2,<span class=\"_ _3\"></span>345.2<span class=\"_ _421\"> </span>Short-term <span class=\"_ _3\"></span>protection <span class=\"_ _55\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _114\"> </span>36<span class=\"_ _3\"></span>.9  <span class=\"_ _c2\"> </span>40.3  <span class=\"_ _114\"> </span>38.2  <span class=\"_ _5b\"> </span>42.0<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _7c\"> </span>3,<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>04<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>1  <span class=\"_ _7e\"> </span>4<span class=\"_ _3\"></span>,1<span class=\"_ _3\"></span>99<span class=\"_ _3\"></span>.0  <span class=\"_ _82\"> </span>3,<span class=\"_ _3\"></span>06<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5  <span class=\"_ _14f\"> </span>3<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>82<span class=\"_ _3\"></span>1.7",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
    "language": "en",
    "entity": "scheme:213800VFRMBRTSZ3SJ06",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-43": {
   "value": "  B4 <span class=\"_ _3\"></span>Capital management  (a) <span class=\"_ _3\"></span>Regulatory context<span class=\"_ _421\"> </span>Solvency II<span class=\"_ _421\"> </span>The Chesnara group is required to comply with the <span class=\"_ _a\"></span>Solvency II capital regime. <span class=\"_ _2\"></span>Solvency II came into force <span class=\"_ _2\"></span>on 1 <span class=\"_ _2\"></span>January 20<span class=\"_ _2\"></span>1<span class=\"_ _a\"></span>6 and is an EU insurance legislat<span class=\"_ _3\"></span>ion that aims to unify the EU insurance market and <span class=\"_ _2\"></span>enhance consumer protection. <span class=\"_ _0\"></span>This regime currently remains applicable to the UK post Bre<span class=\"_ _2\"></span>xit, albeit the PRA has made some changes to the provision <span class=\"_ _2\"></span>of technical information such as the risk-free <span class=\"_ _a\"></span>yield curve, which is no<span class=\"_ _2\"></span>w based on <span class=\"_ _a\"></span>SONIA swap rates, and the volatility adjustment and symmetric adjustment, which are now deriv<span class=\"_ _2\"></span>ed using indices more relevant to the UK. <span class=\"_ _7\"></span>The UK <span class=\"_ _0\"></span>T<span class=\"_ _0\"></span>reasury and EIOP<span class=\"_ _a\"></span>A have both been undertaking a revie<span class=\"_ _2\"></span>w of <span class=\"_ _a\"></span>SII rules implementation. In the UK this has resulted in a reduction in the SII Risk Margin and similar is <span class=\"_ _2\"></span>expected for the <span class=\"_ _2\"></span>ov<span class=\"_ _2\"></span>erseas entities from the EIOP<span class=\"_ _a\"></span>A revie<span class=\"_ _2\"></span>w<span class=\"_ _a\"></span>. <span class=\"_ _0\"></span>The <span class=\"_ _2\"></span>Solvency II regime includes rules <span class=\"_ _2\"></span>ov<span class=\"_ _2\"></span>er the quantity and quality of capital (kno<span class=\"_ _2\"></span>wn as Own F<span class=\"_ _a\"></span>unds) that insurance companies and groups need in order to meet the regime\u2019<span class=\"_ _0\"></span>s required lev<span class=\"_ _2\"></span>el of capital (kno<span class=\"_ _2\"></span>wn as the Solv<span class=\"_ _2\"></span>ency Capital Requirement). <span class=\"_ _7\"></span>The Chesnara group operates <span class=\"_ _2\"></span>exclusiv<span class=\"_ _2\"></span>ely within the UK and the EU and as a result, the <span class=\"_ _2\"></span>Solvency II regime applies to the group and all regulated insurance companies within the group. <span class=\"_ _0\"></span>The regulators responsible f<span class=\"_ _2\"></span>or the supervision of the group and its subsidiaries hav<span class=\"_ _2\"></span>e been shown in section (c)(i) of this Note.<span class=\"_ _421\"> </span>The <span class=\"_ _a\"></span>Solvency II regime has specific rules regarding how O<span class=\"_ _2\"></span>wn F<span class=\"_ _2\"></span>unds are recognised and valued. In a number <span class=\"_ _2\"></span>of cases, the IFRS and <span class=\"_ _a\"></span>Solvency II value <span class=\"_ _2\"></span>of an asset and liability are the same, but in some cases there are diff<span class=\"_ _2\"></span>erences. In particular<span class=\"_ _a\"></span>, liabilities for insurance and inv<span class=\"_ _2\"></span>estment contracts are valued diff<span class=\"_ _2\"></span>erently<span class=\"_ _a\"></span>, with insurance contracts now v<span class=\"_ _2\"></span>alued according to IFRS 1<span class=\"_ _a\"></span>7 and therefore including a contractual service margin and in<span class=\"_ _2\"></span>vestment contracts v<span class=\"_ _2\"></span>alued as per unit value under IFRS 9. In addition, <span class=\"_ _a\"></span>Solvency II has diff<span class=\"_ _2\"></span>ering treatments for certain intangible assets. <span class=\"_ _2\"></span>A high level reconciliation betw<span class=\"_ _2\"></span>een the IFRS net assets and <span class=\"_ _a\"></span>Solvency II Own F<span class=\"_ _a\"></span>unds of the group and its subsidiaries has been provided in section (c)(ii) of this Note.<span class=\"_ _421\"> </span>Regarding the <span class=\"_ _a\"></span>Solvency Capital Requirement (SCR) <span class=\"_ _2\"></span>of the Chesnara group and its subsidiaries, the group has elected to use the \u2018standard formula\u2019 approach f<span class=\"_ _2\"></span>or its calculation, which means we are applying the f<span class=\"_ _2\"></span>ormulae as included in the Solv<span class=\"_ _2\"></span>ency II framew<span class=\"_ _2\"></span>ork. <span class=\"_ _0\"></span>The calculations within the standard f<span class=\"_ _2\"></span>ormula have been<span class=\"_ _2\"></span> designed such that, on the basis that an insurance compan<span class=\"_ _2\"></span>y holds Own F<span class=\"_ _a\"></span>unds that are at least equal to its <span class=\"_ _2\"></span>SCR, it will be able to withstand a 1 in 20<span class=\"_ _3\"></span>0 <span class=\"_ _a\"></span>year <span class=\"_ _2\"></span>ev<span class=\"_ _2\"></span>ent. An alternative w<span class=\"_ _2\"></span>ould have been to use an \u2018internal model\u2019 but this w<span class=\"_ _2\"></span>as not deemed appropriate for the siz<span class=\"_ _2\"></span>e and complexity <span class=\"_ _2\"></span>of the Chesnara group.<span class=\"_ _421\"> </span>Compan<span class=\"_ _2\"></span>y law<span class=\"_ _421\"> </span>As w<span class=\"_ _2\"></span>ell as complying with the Solv<span class=\"_ _2\"></span>ency II regime, each compan<span class=\"_ _2\"></span>y within the group is required to comply with relevant compan<span class=\"_ _2\"></span>y law capital and distribution r<span class=\"_ _2\"></span>ules. <span class=\"_ _e\"> </span>(b) <span class=\"_ _3\"></span>Objectives,<span class=\"_ _2\"></span> policies and processes for managing capital <span class=\"_ _c\"> </span>(i) Objectives<span class=\"_ _421\"> </span>T<span class=\"_ _0\"></span>o manage compliance with the e<span class=\"_ _2\"></span>xternally imposed capital requirements, the group and its subsidiaries have <span class=\"_ _2\"></span>established capital management policies in place.<span class=\"ls2 ws2\"> </span>The <span class=\"_ _2\"></span>objectives <span class=\"_ _2\"></span>of these policies are: <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>to ensure that capital is managed in a w<span class=\"_ _2\"></span>ay that is consistent with the business strategy <span class=\"_ _2\"></span>of the group and its subsidiaries, in that they: <span class=\"_ _1c3\"> </span>\u2013 <span class=\"_ _3\"></span>promote fair customer outcomes through protecting policyholders; <span class=\"_ _1c3\"> </span>\u2013 <span class=\"_ _3\"></span>provide protection to shareholders through ensuring that the business is adequately protected against stress e<span class=\"_ _2\"></span>vents; and <span class=\"_ _1c3\"> </span>\u2013 <span class=\"_ _3\"></span>provide a framew<span class=\"_ _2\"></span>ork to support the decision making process for returns to shareholders via dividends. <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>to ensure that capital <span class=\"_ _2\"></span>of the group and its subsidiaries is managed in accordance with the board\u2019<span class=\"_ _a\"></span>s risk appetite, in particular each board\u2019<span class=\"_ _0\"></span>s av<span class=\"_ _2\"></span>ersion for Own F<span class=\"_ _a\"></span>unds to fall belo<span class=\"_ _2\"></span>w the <span class=\"_ _2\"></span>SCR<span class=\"_ _9\"> </span>(ii) Policies<span class=\"_ _421\"> </span>In light of the <span class=\"_ _2\"></span>objectives for the group\u2019<span class=\"_ _0\"></span>s and its subsidiaries<span class=\"_ _2\"></span>\u2019 capital management policies, the follo<span class=\"_ _2\"></span>wing quantitative limits for managing O<span class=\"_ _2\"></span>wn F<span class=\"_ _a\"></span>unds are applied across the group: <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _153\"> </span>Waard<span class=\"_ _421\"> </span>Region <span class=\"_ _1d1\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _fe\"> </span>C<span class=\"_ _3\"></span>A  <span class=\"_ _13b\"> </span>Movestic  <span class=\"_ _3f\"> </span>Gr<span class=\"_ _2\"></span>oup<span class=\"_ _a\"></span>  <span class=\"_ _1c8\"> </span>S<span class=\"_ _3\"></span>cildon  <span class=\"_ _48\"> </span>Group<span class=\"_ _421\"> </span>Dividend paying limit: Own Funds stat<span class=\"_ _2\"></span>ed as % of SCR <span class=\"_ _37\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _14b\"> </span>120% <span class=\"_ _2\"></span> <span class=\"_ _150\"> </span>120% <span class=\"_ _a\"></span> <span class=\"_ _45\"> </span>135% <span class=\"_ _a\"></span> <span class=\"_ _45\"> </span>175% <span class=\"_ _a\"></span> <span class=\"_ _46\"> </span>140%<span class=\"_ _421\"> </span>Management actions limit: Own Funds stated as % of SCR <span class=\"_ _14c\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _44\"> </span>1<span class=\"_ _4\"></span>10% <span class=\"_ _2\"></span> <span class=\"_ _45\"> </span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>0% <span class=\"_ _2\"></span> <span class=\"_ _45\"> </span>135% <span class=\"_ _a\"></span> <span class=\"_ _45\"> </span>175% <span class=\"_ _a\"></span> <span class=\"_ _45\"> </span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>0%<span class=\"_ _421\"> </span>Dividend paying limit:<span class=\"ff64\"> <span class=\"_ _7\"></span>This is the point at which a dividend would cease to be paid, until at such time the solv<span class=\"_ _2\"></span>ency position was restored abov<span class=\"_ _2\"></span>e this point. </span>This <span class=\"_ _3\"></span>limit is set by the rele<span class=\"_ _2\"></span>vant board in <span class=\"_ _2\"></span>each division with ref<span class=\"_ _2\"></span>erence to its respective risk appetite, as articulated in each division<span class=\"_ _a\"></span>\u2019<span class=\"_ _0\"></span>s Capital Management Policy<span class=\"_ _0\"></span>.<span class=\"_ _421\"> </span>Management actions limit:<span class=\"ff64\"> <span class=\"_ _7\"></span>This is the point at which, should Own F<span class=\"_ _a\"></span>unds fall below this le<span class=\"_ _2\"></span>vel, additional management actions w<span class=\"_ _2\"></span>ould be considered to restore </span>Own F<span class=\"_ _a\"></span>unds back above this le<span class=\"_ _2\"></span>vel. In <span class=\"_ _2\"></span>essence this represents an internal \u2018ladder of intervention limit\u2019 that is set b<span class=\"_ _2\"></span>y the group and divisional boards.<span class=\"_ _421\"> </span>T<span class=\"_ _0\"></span>o put the abov<span class=\"_ _2\"></span>e table and definitions in context, and taking group as an <span class=\"_ _2\"></span>example, this means that the group will not pay a dividend should the pa<span class=\"_ _2\"></span>yment of the dividend take the group O<span class=\"_ _2\"></span>wn F<span class=\"_ _2\"></span>unds to below 1<span class=\"_ _a\"></span>40% of its <span class=\"_ _2\"></span>SCR. <span class=\"_ _2\"></span>Should Own F<span class=\"_ _a\"></span>unds fall below 1<span class=\"_ _0\"></span>1<span class=\"_ _a\"></span>0% of <span class=\"_ _a\"></span>SCR additional management actions will be taken. (iii) <span class=\"_ _3\"></span>Process for manag<span class=\"_ _2\"></span>ement of capital<span class=\"_ _421\"> </span>The f<span class=\"_ _2\"></span>ollowing k<span class=\"_ _2\"></span>ey processes and procedures are in place across the group to manage adherence to the capital management policies in place: \u2013 <span class=\"_ _86\"></span><span class=\"ff69 ws6c\">Internal solvency reporting:<span class=\"ff64\"> A number <span class=\"_ _2\"></span>of internal reports are produced that focus <span class=\"_ _2\"></span>on the solvency position of the group/compan<span class=\"_ _2\"></span>y<span class=\"_ _a\"></span>. <span class=\"_ _0\"></span>These include the Own Risk<span class=\"_ _2\"></span> <span class=\"_ _19\"></span><span class=\"ls2 ws2\"> </span></span></span>&amp; <span class=\"_ _2\"></span>Solvency <span class=\"_ _2\"></span>Assessment (ORS<span class=\"_ _2\"></span>A) Report, a quarterly actuarial report and a quarterly finance report. <span class=\"_ _a\"></span>All of these are presented to and approved b<span class=\"_ _2\"></span>y the board. \u2013 <span class=\"_ _86\"></span><span class=\"ff69 wsc4\">Production of projections:<span class=\"ff64\"> On at least an annual basis, solvency projections are produced f<span class=\"_ _2\"></span>or the group and its subsidiaries. <span class=\"_ _0\"></span>These projections are included in </span></span>both the business plans and the ORS<span class=\"_ _2\"></span>A Report and sho<span class=\"_ _2\"></span>w how management anticipates the solvency position to de<span class=\"_ _2\"></span>velop <span class=\"_ _2\"></span>ov<span class=\"_ _2\"></span>er time. <span class=\"_ _0\"></span>The projections process includes assessing the impact of a number <span class=\"_ _2\"></span>of diff<span class=\"_ _2\"></span>erent stress scenarios to ensure that the sensitivities of the business are understood. B<span class=\"_ _2\"></span>oth the ORS<span class=\"_ _2\"></span>A and the business plans are presented to and approv<span class=\"_ _2\"></span>ed by the board. \u2013 <span class=\"_ _86\"></span><span class=\"ff69 wsf\">Regular revie<span class=\"_ _2\"></span>w of internal limits in place:<span class=\"ff64\"> On at least an annual basis, the limits described in section (b)(ii) of this Note are re<span class=\"_ _2\"></span>viewed and assessed, ha<span class=\"_ _2\"></span>ving regard </span></span>to the dev<span class=\"_ _2\"></span>elopments of the business and an<span class=\"_ _2\"></span>y other changes that may ha<span class=\"_ _2\"></span>ve aff<span class=\"_ _a\"></span>ected the group\u2019<span class=\"_ _a\"></span>s/divisions\u2019 risk appetite. \u2013 <span class=\"_ _86\"></span><span class=\"ff69 ws15a\">Recov<span class=\"_ _2\"></span>er<span class=\"_ _3\"></span>y management protocol:<span class=\"ff64\"> A protocol f<span class=\"_ _2\"></span>or management actions has been designed which, in eff<span class=\"_ _a\"></span>ect, represents an internally set \u2018ladder of intervention<span class=\"_ _a\"></span>\u2019<span class=\"_ _7\"></span>. <span class=\"_ _0\"></span>The </span></span>protocol includes items such as solvency monitoring frequency<span class=\"_ _0\"></span>, what level <span class=\"_ _2\"></span>of escalations are required and what management actions need to be considered. \u2013 <span class=\"_ _86\"></span><span class=\"ff69 ws75\">Monthly solvency monitoring:<span class=\"ff64\"> F<span class=\"_ _a\"></span>ull solvency calculations are performed <span class=\"_ _2\"></span>on a quarterly basis. For intra-quarter months, a monthly solv<span class=\"_ _2\"></span>ency estimate is produced. </span></span>Where full estimation routines are not practical intra-v<span class=\"_ _2\"></span>aluation solvency can be monitored through trigger monitoring and sensitivity analysis. In addition to the group lev<span class=\"_ _2\"></span>el indicators, the Chesnara board will remain close to any indications of divisional solv<span class=\"_ _2\"></span>ency mov<span class=\"_ _2\"></span>ements by means <span class=\"_ _2\"></span>of divisional MI and quarterly business revie<span class=\"_ _2\"></span>ws. On at least a monthly basis, specific ke<span class=\"_ _2\"></span>y risk indicators are monitored against pre-defined trigger points. <span class=\"_ _0\"></span>The trigger points are set having regard f<span class=\"_ _2\"></span>or the sensitivity of the group to certain scenarios. <span class=\"_ _7\"></span>T<span class=\"_ _a\"></span>rigger points and the list of risk indicators being monitored are assessed at least annually<span class=\"_ _0\"></span>. (iv) <span class=\"_ _3\"></span>Compliance during y<span class=\"_ _2\"></span>ear<span class=\"_ _421\"> </span>The group, and all insurance companies within the group, held Own F<span class=\"_ _a\"></span>unds above their respectiv<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>Solvency Capital Requirements at all times during the <span class=\"_ _0\"></span>year<span class=\"_ _a\"></span>. <span class=\"_ _18\"> </span>(c) <span class=\"_ _4\"></span>Quantitative analysis <span class=\"_ _d\"> </span>(i) <span class=\"_ _4\"></span>Group solv<span class=\"_ _2\"></span>ency position<span class=\"_ _421\"> </span>The unaudited solv<span class=\"_ _2\"></span>ency position of the group and its divisions at 3<span class=\"_ _a\"></span>1 December 2023, and at 31 December 2022, has been sho<span class=\"_ _2\"></span>wn in the tables below<span class=\"_ _0\"></span>. <span class=\"_ _0\"></span>They present a view <span class=\"_ _2\"></span>of the solvency position which ma<span class=\"_ _2\"></span>y differ to the position <span class=\"_ _2\"></span>of the individual insurance company(ies) within that division.<span class=\"_ _421\"> </span>31 D<span class=\"_ _3\"></span>ece<span class=\"_ _3\"></span>mbe<span class=\"_ _3\"></span>r 202<span class=\"_ _3\"></span>3 (unaud<span class=\"_ _3\"></span>ited<span class=\"_ _3\"></span>) <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _3e\"> </span>Other   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _6c\"> </span>group <span class=\"_ _4\"></span>an<span class=\"_ _3\"></span>d   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14f\"> </span>Waard  <span class=\"_ _73\"> </span>  <span class=\"_ _18\"> </span>conso<span class=\"_ _3\"></span>lidation  Region <span class=\"_ _1d1\"> </span>  <span class=\"_ _10f\"> </span>UK  <span class=\"_ _7d\"> </span>Movestic  <span class=\"_ _129\"> </span>G<span class=\"_ _3\"></span>roup  <span class=\"_ _be\"> </span>Sc<span class=\"_ _3\"></span>ildon  <span class=\"_ _12\"> </span>adju<span class=\"_ _3\"></span>stments  <span class=\"_ _48\"> </span>Group <span class=\"_ _19e\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Own <span class=\"_ _3\"></span>Funds <span class=\"_ _3\"></span>(pre <span class=\"_ _3\"></span>dividends) <span class=\"_ _201\"> </span>  <span class=\"_ _1e1\"> </span>187.5  <span class=\"_ _44\"> </span>178.7  <span class=\"_ _44\"> </span>105.3  <span class=\"_ _7b\"> </span>133.7  <span class=\"_ _150\"> </span>102.0  <span class=\"_ _46\"> </span>707<span class=\"_ _a\"></span>.<span class=\"_ _3\"></span>2<span class=\"_ _421\"> </span>Pr<span class=\"_ _2\"></span>oposed <span class=\"_ _e\"> </span>dividend <span class=\"_ _202\"> </span> <span class=\"_ _5\"> </span> <span class=\"_ _f0\"> </span>(35.0 ) <span class=\"_ _165\"> </span>(7<span class=\"_ _2\"></span>.8 ) <span class=\"_ _1b7\"> </span>(6 .9 ) <span class=\"_ _158\"> </span>\u2013 <span class=\"_ _5\"> </span> <span class=\"_ _12b\"> </span>26. 2 <span class=\"_ _5\"> </span> <span class=\"_ _5b\"> </span>(23.5 )<span class=\"_ _421\"> </span>Own <span class=\"_ _4\"></span>Fun<span class=\"_ _3\"></span>ds <span class=\"_ _4\"></span>(po<span class=\"_ _3\"></span>st <span class=\"_ _4\"></span>div<span class=\"_ _3\"></span>ide<span class=\"_ _3\"></span>nds) <span class=\"_ _ff\"> </span>  <span class=\"_ _28\"> </span>15<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5  <span class=\"_ _e7\"> </span>170<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9  <span class=\"_ _45\"> </span>98<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4  <span class=\"_ _14b\"> </span>133<span class=\"_ _3\"></span>.7  <span class=\"_ _e7\"> </span>1<span class=\"_ _3\"></span>28<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2  <span class=\"_ _119\"> </span>68<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>.7<span class=\"_ _421\"> </span>SCR <span class=\"_ _203\"> </span>  <span class=\"_ _150\"> </span>102<span class=\"_ _3\"></span>.6  <span class=\"_ _11b\"> </span>1<span class=\"_ _3\"></span>16.7  <span class=\"_ _152\"> </span>27<span class=\"_ _2\"></span>.9  <span class=\"_ _5b\"> </span>72.<span class=\"_ _3\"></span>8  <span class=\"_ _165\"> </span>12.7  <span class=\"_ _14b\"> </span>332.7<span class=\"_ _421\"> </span>So<span class=\"_ _3\"></span>lven<span class=\"_ _3\"></span>cy <span class=\"_ _4\"></span>surp<span class=\"_ _3\"></span>lus <span class=\"_ _8d\"> </span>  <span class=\"_ _1e1\"> </span>4<span class=\"_ _3\"></span>9.<span class=\"_ _3\"></span>9  <span class=\"_ _7b\"> </span>5<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2  <span class=\"_ _11b\"> </span>70.<span class=\"_ _3\"></span>5  <span class=\"_ _7b\"> </span>6<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>9  <span class=\"_ _12e\"> </span>n/a  <span class=\"_ _e7\"> </span>3<span class=\"_ _3\"></span>51<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>0<span class=\"_ _421\"> </span>So<span class=\"_ _3\"></span>lven<span class=\"_ _3\"></span>cy <span class=\"_ _4\"></span>rati<span class=\"_ _3\"></span>o <span class=\"_ _204\"> </span>  <span class=\"_ _e7\"> </span>14<span class=\"_ _3\"></span>9%  <span class=\"_ _46\"> </span>147%  <span class=\"_ _15c\"> </span>3<span class=\"_ _3\"></span>53%  <span class=\"_ _e7\"> </span>1<span class=\"_ _3\"></span>84%  <span class=\"_ _12e\"> </span>n/a  <span class=\"_ _42\"> </span>2<span class=\"_ _3\"></span>05%<span class=\"_ _421\"> </span>Dividend <span class=\"_ _3\"></span>paying <span class=\"_ _3\"></span>limit <span class=\"_ _3\"></span>(% <span class=\"_ _4\"></span>of <span class=\"_ _3\"></span>SCR) <span class=\"_ _122\"> </span>  <span class=\"_ _150\"> </span>120%  <span class=\"_ _44\"> </span>120%  <span class=\"_ _7b\"> </span>135%  <span class=\"_ _1e1\"> </span>175%  <span class=\"_ _10f\"> </span>n/<span class=\"_ _2\"></span>a  <span class=\"_ _14b\"> </span>140%<span class=\"_ _421\"> </span>Dividend <span class=\"_ _3\"></span>paying <span class=\"_ _3\"></span>limit <span class=\"_ _3\"></span>(\u00a3) <span class=\"_ _205\"> </span>  <span class=\"_ _c2\"> </span>12<span class=\"_ _3\"></span>3.1  <span class=\"_ _46\"> </span>140.0  <span class=\"_ _152\"> </span>37<span class=\"_ _2\"></span>.7  <span class=\"_ _1e1\"> </span>127<span class=\"_ _a\"></span>.4  <span class=\"_ _fe\"> </span>n/<span class=\"_ _2\"></span>a  <span class=\"_ _15c\"> </span>465.<span class=\"_ _3\"></span>8<span class=\"_ _421\"> </span>Surplus <span class=\"_ _3\"></span>over <span class=\"_ _3\"></span>dividend <span class=\"_ _3\"></span>paying <span class=\"_ _3\"></span>limit <span class=\"_ _182\"> </span>  <span class=\"_ _5b\"> </span>29.4  <span class=\"_ _5b\"> </span>30.9  <span class=\"_ _c2\"> </span>60.7  <span class=\"_ _57\"> </span>6.<span class=\"_ _3\"></span>2  <span class=\"_ _10f\"> </span>n/<span class=\"_ _2\"></span>a  <span class=\"_ _1e1\"> </span>2<span class=\"_ _3\"></span>17<span class=\"_ _2\"></span>.9<span class=\"_ _421\"> </span>  B4 <span class=\"_ _3\"></span>Capital management (continued) <span class=\"_ _18\"> </span>(c) <span class=\"_ _4\"></span>Quantitative analysis (continued)<span class=\"_ _421\"> </span>31 D<span class=\"_ _3\"></span>ece<span class=\"_ _3\"></span>mbe<span class=\"_ _3\"></span>r 2022 (una<span class=\"_ _3\"></span>udit<span class=\"_ _3\"></span>ed) <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _3e\"> </span>Other   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _6c\"> </span>group <span class=\"_ _4\"></span>an<span class=\"_ _3\"></span>d   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14f\"> </span>Waard  <span class=\"_ _73\"> </span>  <span class=\"_ _18\"> </span>conso<span class=\"_ _3\"></span>lidation  Region <span class=\"_ _1d1\"> </span>  <span class=\"_ _10f\"> </span>UK  <span class=\"_ _7d\"> </span>Movestic  <span class=\"_ _129\"> </span>G<span class=\"_ _3\"></span>roup  <span class=\"_ _be\"> </span>Sc<span class=\"_ _3\"></span>ildon  <span class=\"_ _12\"> </span>adju<span class=\"_ _3\"></span>stments  <span class=\"_ _48\"> </span>Group <span class=\"_ _19e\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Own <span class=\"_ _3\"></span>Funds <span class=\"_ _3\"></span>(pre <span class=\"_ _3\"></span>dividends) <span class=\"_ _201\"> </span>  <span class=\"_ _14b\"> </span>1<span class=\"_ _3\"></span>94.<span class=\"_ _3\"></span>2  <span class=\"_ _14b\"> </span>1<span class=\"_ _3\"></span>85.4  <span class=\"_ _5b\"> </span>85.0  <span class=\"_ _150\"> </span>132<span class=\"_ _3\"></span>.4  <span class=\"_ _5b\"> </span>30.9  <span class=\"_ _46\"> </span>627.9<span class=\"_ _421\"> </span>Pr<span class=\"_ _2\"></span>oposed <span class=\"_ _e\"> </span>dividend <span class=\"_ _202\"> </span> <span class=\"_ _5\"> </span> <span class=\"_ _11b\"> </span>(56.0 ) <span class=\"_ _f0\"> </span>(12 .0 ) <span class=\"_ _12e\"> </span>(5.3 ) <span class=\"_ _158\"> </span>\u2013 <span class=\"_ _5\"> </span> <span class=\"_ _12b\"> </span>50.5 <span class=\"_ _5\"> </span> <span class=\"_ _11b\"> </span>(22 . 8 )<span class=\"_ _421\"> </span>Own <span class=\"_ _4\"></span>Fun<span class=\"_ _3\"></span>ds <span class=\"_ _4\"></span>(po<span class=\"_ _3\"></span>st <span class=\"_ _4\"></span>div<span class=\"_ _3\"></span>ide<span class=\"_ _3\"></span>nds) <span class=\"_ _ff\"> </span>  <span class=\"_ _e7\"> </span>13<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2  <span class=\"_ _e7\"> </span>173<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4  <span class=\"_ _f0\"> </span>79<span class=\"_ _3\"></span>.7  <span class=\"_ _29\"> </span>1<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4  <span class=\"_ _f0\"> </span>8<span class=\"_ _3\"></span>1.<span class=\"_ _4\"></span>4  <span class=\"_ _e7\"> </span>60<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>.1<span class=\"_ _421\"> </span>SCR <span class=\"_ _203\"> </span>  <span class=\"_ _5b\"> </span>99.<span class=\"_ _2\"></span>4  <span class=\"_ _14b\"> </span>1<span class=\"_ _3\"></span>06.9  <span class=\"_ _165\"> </span>13.<span class=\"_ _3\"></span>5  <span class=\"_ _5b\"> </span>70.3  <span class=\"_ _12b\"> </span>1<span class=\"_ _3\"></span>6.6  <span class=\"_ _28\"> </span>306.7<span class=\"_ _421\"> </span>So<span class=\"_ _3\"></span>lven<span class=\"_ _3\"></span>cy <span class=\"_ _4\"></span>surp<span class=\"_ _3\"></span>lus <span class=\"_ _8d\"> </span>  <span class=\"_ _7b\"> </span>38<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8  <span class=\"_ _11b\"> </span>66<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5  <span class=\"_ _11b\"> </span>66<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2  <span class=\"_ _14e\"> </span>62<span class=\"_ _3\"></span>.1  <span class=\"_ _12e\"> </span>n/a  <span class=\"_ _43\"> </span>298<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4<span class=\"_ _421\"> </span>So<span class=\"_ _3\"></span>lven<span class=\"_ _3\"></span>cy <span class=\"_ _4\"></span>rati<span class=\"_ _3\"></span>o <span class=\"_ _204\"> </span>  <span class=\"_ _28\"> </span>1<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>9%  <span class=\"_ _46\"> </span>1<span class=\"_ _3\"></span>62<span class=\"_ _3\"></span>%  <span class=\"_ _28\"> </span>5<span class=\"_ _3\"></span>9<span class=\"_ _3\"></span>1%  <span class=\"_ _e7\"> </span>18<span class=\"_ _3\"></span>8%  <span class=\"_ _12e\"> </span>n/a  <span class=\"_ _28\"> </span>1<span class=\"_ _3\"></span>9<span class=\"_ _3\"></span>7%<span class=\"_ _421\"> </span>Dividend <span class=\"_ _3\"></span>paying <span class=\"_ _3\"></span>limit <span class=\"_ _3\"></span>(% <span class=\"_ _4\"></span>of <span class=\"_ _3\"></span>SCR) <span class=\"_ _122\"> </span>  <span class=\"_ _150\"> </span>120%  <span class=\"_ _150\"> </span>1<span class=\"_ _3\"></span>20%  <span class=\"_ _7b\"> </span>135%  <span class=\"_ _45\"> </span>175%  <span class=\"_ _fe\"> </span>n/<span class=\"_ _a\"></span>a  <span class=\"_ _14b\"> </span>140%<span class=\"_ _421\"> </span>Dividend <span class=\"_ _3\"></span>paying <span class=\"_ _3\"></span>limit <span class=\"_ _3\"></span>(\u00a3) <span class=\"_ _205\"> </span>  <span class=\"_ _2d\"> </span>1<span class=\"_ _3\"></span>19.3  <span class=\"_ _44\"> </span>1<span class=\"_ _3\"></span>28.<span class=\"_ _3\"></span>3  <span class=\"_ _12b\"> </span>18.2  <span class=\"_ _1e1\"> </span>123.0  <span class=\"_ _fe\"> </span>n/<span class=\"_ _a\"></span>a  <span class=\"_ _e7\"> </span>429.4<span class=\"_ _421\"> </span>Surplus <span class=\"_ _3\"></span>over <span class=\"_ _3\"></span>dividend <span class=\"_ _3\"></span>paying <span class=\"_ _3\"></span>limit <span class=\"_ _182\"> </span>  <span class=\"_ _152\"> </span>1<span class=\"_ _3\"></span>8.9  <span class=\"_ _12b\"> </span>45<span class=\"_ _3\"></span>.1  <span class=\"_ _12b\"> </span>6<span class=\"_ _3\"></span>1.5  <span class=\"_ _10e\"> </span>9.4  <span class=\"_ _fe\"> </span>n/<span class=\"_ _a\"></span>a  <span class=\"_ _45\"> </span>1<span class=\"_ _3\"></span>75.7  (ii) <span class=\"_ _3\"></span>Reconciliation between Solvency II Own F<span class=\"_ _2\"></span>unds and IFRS net assets (unaudited)<span class=\"_ _421\"> </span>The tables belo<span class=\"_ _2\"></span>w show the k<span class=\"_ _2\"></span>ey diff<span class=\"_ _2\"></span>erences between the <span class=\"_ _a\"></span>Solvency II Own F<span class=\"_ _a\"></span>unds reported in section (c)(i) of this Note and the group\u2019<span class=\"_ _0\"></span>s IFRS net assets.<span class=\"_ _421\"> </span>31 December 2023 (una<span class=\"_ _2\"></span>udited) <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _3e\"> </span>Other   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _6c\"> </span>group <span class=\"_ _4\"></span>an<span class=\"_ _3\"></span>d   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14f\"> </span>Waard  <span class=\"_ _73\"> </span>  <span class=\"_ _18\"> </span>conso<span class=\"_ _3\"></span>lidation  Region <span class=\"_ _1d1\"> </span>  <span class=\"_ _10f\"> </span>UK  <span class=\"_ _7d\"> </span>Movestic  <span class=\"_ _129\"> </span>G<span class=\"_ _3\"></span>roup  <span class=\"_ _be\"> </span>Sc<span class=\"_ _3\"></span>ildon  <span class=\"_ _12\"> </span>adju<span class=\"_ _3\"></span>stments  <span class=\"_ _48\"> </span>Group <span class=\"_ _19e\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>So<span class=\"_ _3\"></span>lven<span class=\"_ _3\"></span>cy <span class=\"_ _4\"></span>II <span class=\"_ _4\"></span>Own <span class=\"_ _4\"></span>Fund<span class=\"_ _3\"></span>s <span class=\"_ _4\"></span>(po<span class=\"_ _3\"></span>st <span class=\"_ _4\"></span>div<span class=\"_ _3\"></span>ide<span class=\"_ _3\"></span>nds) <span class=\"_ _3a\"> </span>  <span class=\"_ _28\"> </span>1<span class=\"_ _3\"></span>52<span class=\"_ _3\"></span>.<span class=\"_ _4\"></span>5  <span class=\"_ _14b\"> </span>1<span class=\"_ _3\"></span>71<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>0  <span class=\"_ _45\"> </span>98<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4  <span class=\"_ _46\"> </span>1<span class=\"_ _3\"></span>33<span class=\"_ _3\"></span>.7  <span class=\"_ _44\"> </span>1<span class=\"_ _3\"></span>28<span class=\"_ _3\"></span>.1  <span class=\"_ _119\"> </span>68<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>.7<span class=\"_ _421\"> </span>Add <span class=\"_ _3\"></span>Back: <span class=\"_ _3\"></span>Ring-fenced <span class=\"_ _3\"></span>fund <span class=\"_ _3\"></span>surplus <span class=\"_ _3\"></span>restrictions <span class=\"_ _5b\"> </span>  <span class=\"_ _57\"> </span>0.5  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _57\"> </span>0.5<span class=\"_ _421\"> </span>Add <span class=\"_ _3\"></span>Back: <span class=\"_ _3\"></span>Intangible <span class=\"_ _3\"></span>assets <span class=\"_ _1e8\"> </span>  <span class=\"_ _12e\"> </span>22.1  <span class=\"_ _5b\"> </span>72.8  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _c2\"> </span>94<span class=\"_ _3\"></span>.9<span class=\"_ _421\"> </span>Add Back: Tier 2 debt and r<span class=\"_ _2\"></span>estriction <span class=\"_ _40\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _e9\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _e9\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _165\"> </span>13.7 <span class=\"_ _a\"></span> <span class=\"_ _e9\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _42\"> </span>(214<span class=\"_ _3\"></span>.3 <span class=\"_ _31\"></span>) <span class=\"_ _47\"> </span>(200.6 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Add <span class=\"_ _3\"></span>Back: <span class=\"_ _3\"></span>Foreseeable dividends <span class=\"_ _10b\"> </span>  <span class=\"_ _14e\"> </span>35.0  <span class=\"_ _57\"> </span>7<span class=\"_ _2\"></span>.8  <span class=\"_ _57\"> </span>6.9  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _1e1\"> </span>(26.<span class=\"_ _3\"></span>2 <span class=\"_ _7\"></span>) <span class=\"_ _5b\"> </span>23.5<span class=\"_ _421\"> </span>Add Back: Differenc<span class=\"_ _2\"></span>e in valuation of technical pr<span class=\"_ _2\"></span>ovisions <span class=\"_ _128\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _14b\"> </span>(49.0 <span class=\"_ _31\"></span>) <span class=\"_ _43\"> </span>(153.4 <span class=\"_ _31\"></span>) <span class=\"_ _150\"> </span>(27<span class=\"_ _a\"></span>.7 <span class=\"_ _31\"></span>) <span class=\"_ _14b\"> </span>(25.6 <span class=\"_ _31\"></span>) <span class=\"_ _7b\"> </span>40.3 <span class=\"_ _a\"></span> <span class=\"_ _29\"> </span>(215.4 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Add Back: Differenc<span class=\"_ _2\"></span>e in deferred tax <span class=\"_ _103\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _12b\"> </span>(4.7 <span class=\"_ _31\"></span>) <span class=\"_ _ae\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _12b\"> </span>16.5  <span class=\"_ _fe\"> </span>6<span class=\"_ _3\"></span>.5 <span class=\"_ _a\"></span> <span class=\"_ _2d\"> </span>(10.2 <span class=\"_ _31\"></span>) <span class=\"_ _57\"> </span>8.1<span class=\"_ _421\"> </span>Add <span class=\"_ _9\"> </span>Back: <span class=\"_ _9\"> </span>O ther <span class=\"_ _9\"> </span>valuation <span class=\"_ _9\"> </span>differences <span class=\"_ _15a\"> </span> <span class=\"_ _5\"> </span> <span class=\"_ _fe\"> </span>(5.7 ) <span class=\"_ _10f\"> </span>(1.0 ) <span class=\"_ _44\"> </span>(28.0 ) <span class=\"_ _165\"> </span>(0.2 ) <span class=\"_ _5a\"> </span>0.1 <span class=\"_ _5\"> </span> <span class=\"_ _7b\"> </span>(34 .8 )<span class=\"_ _421\"> </span>IF<span class=\"_ _3\"></span>RS <span class=\"_ _4\"></span>net <span class=\"_ _4\"></span>as<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>ts <span class=\"_ _88\"> </span>  <span class=\"_ _28\"> </span>1<span class=\"_ _3\"></span>50<span class=\"_ _3\"></span>.7  <span class=\"_ _2d\"> </span>9<span class=\"_ _3\"></span>7<span class=\"_ _2\"></span>.<span class=\"_ _3\"></span>2  <span class=\"_ _11b\"> </span>79.<span class=\"_ _3\"></span>8  <span class=\"_ _46\"> </span>11<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4  <span class=\"_ _28\"> </span>(8<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2 <span class=\"_ _7\"></span>) <span class=\"_ _2a\"> </span>35<span class=\"_ _3\"></span>9.<span class=\"_ _3\"></span>9<span class=\"_ _421\"> </span>31 December 2022 (u<span class=\"_ _2\"></span>naudited) <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _3e\"> </span>Other   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _6c\"> </span>group <span class=\"_ _4\"></span>an<span class=\"_ _3\"></span>d   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14f\"> </span>Waard  <span class=\"_ _73\"> </span>  <span class=\"_ _18\"> </span>conso<span class=\"_ _3\"></span>lidation  Region <span class=\"_ _1d1\"> </span>  <span class=\"_ _10f\"> </span>UK  <span class=\"_ _7d\"> </span>Movestic  <span class=\"_ _129\"> </span>G<span class=\"_ _3\"></span>roup  <span class=\"_ _be\"> </span>Sc<span class=\"_ _3\"></span>ildon  <span class=\"_ _12\"> </span>adju<span class=\"_ _3\"></span>stments  <span class=\"_ _48\"> </span>Group <span class=\"_ _19e\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>So<span class=\"_ _3\"></span>lven<span class=\"_ _3\"></span>cy <span class=\"_ _4\"></span>II <span class=\"_ _4\"></span>own <span class=\"_ _4\"></span>fun<span class=\"_ _3\"></span>ds <span class=\"_ _4\"></span>(po<span class=\"_ _3\"></span>st <span class=\"_ _4\"></span>div<span class=\"_ _3\"></span>ide<span class=\"_ _3\"></span>nds) <span class=\"_ _9b\"> </span>  <span class=\"_ _e7\"> </span>1<span class=\"_ _3\"></span>38<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2  <span class=\"_ _e7\"> </span>17<span class=\"_ _3\"></span>3.<span class=\"_ _3\"></span>4  <span class=\"_ _f0\"> </span>79<span class=\"_ _3\"></span>.7  <span class=\"_ _15c\"> </span>1<span class=\"_ _3\"></span>32<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4  <span class=\"_ _c2\"> </span>8<span class=\"_ _3\"></span>1.<span class=\"_ _3\"></span>4  <span class=\"_ _e7\"> </span>6<span class=\"_ _3\"></span>05<span class=\"_ _3\"></span>.1<span class=\"_ _421\"> </span>Add <span class=\"_ _3\"></span>Back: <span class=\"_ _3\"></span>Ring-fenced <span class=\"_ _3\"></span>fund <span class=\"_ _3\"></span>surplus <span class=\"_ _3\"></span>restrictions <span class=\"_ _5b\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span>Add <span class=\"_ _3\"></span>Back: <span class=\"_ _3\"></span>Intangible <span class=\"_ _3\"></span>assets <span class=\"_ _1e8\"> </span>  <span class=\"_ _5b\"> </span>50.<span class=\"_ _3\"></span>5  <span class=\"_ _14e\"> </span>75.6  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _c2\"> </span>126.1<span class=\"_ _421\"> </span>Add Back: Tier 2 debt and r<span class=\"_ _2\"></span>estriction <span class=\"_ _40\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _e9\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _e9\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _e9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _15c\"> </span>(1<span class=\"_ _3\"></span>53.3 <span class=\"_ _31\"></span>) <span class=\"_ _119\"> </span>(153.3 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Add <span class=\"_ _3\"></span>Back: <span class=\"_ _3\"></span>Foreseeable dividends <span class=\"_ _10b\"> </span>  <span class=\"_ _5b\"> </span>56.0  <span class=\"_ _1b7\"> </span>12.0  <span class=\"_ _1b1\"> </span>5.3  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _1e1\"> </span>(50.5 <span class=\"_ _7\"></span>) <span class=\"_ _f0\"> </span>22.8<span class=\"_ _421\"> </span>Add Back: Differenc<span class=\"_ _2\"></span>e in valuation of technical pr<span class=\"_ _2\"></span>ovisions <span class=\"_ _128\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _44\"> </span>(34.5 <span class=\"_ _31\"></span>) <span class=\"_ _43\"> </span>(154.2 <span class=\"_ _7\"></span>) <span class=\"_ _f0\"> </span>23.5 <span class=\"_ _a\"></span> <span class=\"_ _150\"> </span>(34.4 <span class=\"_ _31\"></span>) <span class=\"_ _5b\"> </span>42.1 <span class=\"_ _2\"></span> <span class=\"_ _e7\"> </span>(<span class=\"_ _3\"></span>157<span class=\"_ _a\"></span>.5 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Add Back: Differenc<span class=\"_ _2\"></span>e in deferred tax <span class=\"_ _103\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _44\"> </span>(26.4 <span class=\"_ _31\"></span>) <span class=\"_ _ae\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _1a1\"> </span>7<span class=\"_ _2\"></span>.5 <span class=\"_ _2\"></span> <span class=\"_ _152\"> </span>14.7 <span class=\"_ _2\"></span> <span class=\"_ _12b\"> </span>(9.9 <span class=\"_ _31\"></span>) <span class=\"_ _f0\"> </span>(14.1 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Add <span class=\"_ _9\"> </span>Back: <span class=\"_ _9\"> </span>O ther <span class=\"_ _9\"> </span>valuation <span class=\"_ _9\"> </span>differences <span class=\"_ _15a\"> </span> <span class=\"_ _5\"> </span> <span class=\"_ _94\"> </span>(1.2 ) <span class=\"_ _1b7\"> </span>(0.6 ) <span class=\"_ _44\"> </span>(42.8 ) <span class=\"_ _fe\"> </span>(1.6 ) <span class=\"_ _56\"> </span>1.2 <span class=\"_ _5\"> </span> <span class=\"_ _11b\"> </span>(45.0 )<span class=\"_ _421\"> </span>IF<span class=\"_ _3\"></span>RS <span class=\"_ _4\"></span>net <span class=\"_ _4\"></span>as<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>ts <span class=\"_ _4\"></span>(as <span class=\"_ _4\"></span>res<span class=\"_ _3\"></span>tat<span class=\"_ _3\"></span>ed) <span class=\"_ _4e\"> </span>  <span class=\"_ _e7\"> </span>18<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.6  <span class=\"_ _15c\"> </span>1<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>6.<span class=\"_ _3\"></span>2  <span class=\"_ _f0\"> </span>73<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2  <span class=\"_ _5b\"> </span>1<span class=\"_ _3\"></span>1<span class=\"_ _4\"> </span>1<span class=\"_ _3\"></span>.1  <span class=\"_ _e7\"> </span>(8<span class=\"_ _3\"></span>9.<span class=\"_ _3\"></span>0 <span class=\"_ _7\"></span>) <span class=\"_ _a3\"> </span>38<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>.1<span class=\"_ _421\"> </span>F<span class=\"_ _a\"></span>urther information on how the group uses <span class=\"_ _a\"></span>Solvency II, and metrics derived from <span class=\"_ _a\"></span>Solvency II, as Alternativ<span class=\"_ _2\"></span>e P<span class=\"_ _2\"></span>erformance Measures can be f<span class=\"_ _2\"></span>ound in the A<span class=\"_ _2\"></span>dditional Information section <span class=\"_ _2\"></span>of the Annual R<span class=\"_ _2\"></span>eport and A<span class=\"_ _2\"></span>ccounts on pages 27<span class=\"_ _2\"></span>4 to 277<span class=\"_ _31\"></span>.<span class=\"_ _421\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
    "language": "en",
    "entity": "scheme:213800VFRMBRTSZ3SJ06",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-44": {
   "value": "IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS<span class=\"_ _421\"> </span>SECTION C \u2013 SEGMENT<span class=\"_ _a\"></span>AL INFORMATION  C1  <span class=\"_ _31\"></span>Composition of operating segments<span class=\"_ _421\"> </span>The group considers that it has no product <span class=\"_ _2\"></span>or distribution-based business segments. It reports segmental information on the same basis as reported internally<span class=\"_ _2\"></span> to the chief operating decision mak<span class=\"_ _2\"></span>er<span class=\"_ _a\"></span>, which is the board of directors of Chesnara plc.<span class=\"_ _421\"> </span>The segments <span class=\"_ _2\"></span>of the group as at 3<span class=\"_ _2\"></span>1 December 2023 comprise:<span class=\"_ _421\"> </span>UK:<span class=\"ff64 ws48\"> <span class=\"_ _0\"></span>This segment comprises the UK\u2019<span class=\"_ _0\"></span>s lif<span class=\"_ _2\"></span>e insurance and pensions business within Countrywide Assured plc (CA), the group\u2019<span class=\"_ _0\"></span>s principal UK operating subsidiary<span class=\"_ _0\"></span>, </span>and <span class=\"_ _2\"></span>Sanlam Lif<span class=\"_ _2\"></span>e &amp; P<span class=\"_ _2\"></span>ensions UK (SLP), acquired by the group <span class=\"_ _2\"></span>on 28 April 2022 and subsequently renamed to CA<span class=\"_ _2\"></span>SLP Limited (CASLP). <span class=\"_ _7\"></span>The majority of the assets and liabilities of CA<span class=\"_ _2\"></span>SLP were transf<span class=\"_ _a\"></span>erred to CA on 31 December 2023 under a P<span class=\"_ _2\"></span>art <span class=\"_ _a\"></span>VII business transfer<span class=\"_ _0\"></span>.<span class=\"_ _421\"> </span>During the <span class=\"_ _a\"></span>year<span class=\"_ _a\"></span>, the group reached an agreement to acquire the onshore individual protection business <span class=\"_ _2\"></span>of Canada Life Limited with the transaction initially in the form <span class=\"_ _2\"></span>of a reinsurance agreement accepted by CA. <span class=\"_ _a\"></span>See Note I8 for further details.<span class=\"_ _421\"> </span>Mov<span class=\"_ _2\"></span>estic:<span class=\"ff64 ws73\"> <span class=\"_ _0\"></span>This segment comprises the group\u2019<span class=\"_ _0\"></span>s S<span class=\"_ _a\"></span>wedish life <span class=\"_ _2\"></span>and pensions business, Movestic Livf<span class=\"_ _2\"></span>\u00f6rs\u00e4kring AB (Mo<span class=\"_ _2\"></span>vestic) and its subsidiary compan<span class=\"_ _2\"></span>y Movestic </span>F<span class=\"_ _2\"></span>onder AB (in<span class=\"_ _2\"></span>vestment fund management company). Mo<span class=\"_ _2\"></span>vestic is <span class=\"_ _2\"></span>open to new business and primarily comprises unit-link<span class=\"_ _2\"></span>ed pension business and also providing some lif<span class=\"_ _2\"></span>e and health product off<span class=\"_ _2\"></span>erings.<span class=\"_ _421\"> </span>W<span class=\"_ _a\"></span>aard Group:<span class=\"ff64\"> <span class=\"_ _0\"></span>T<span class=\"_ _2\"></span>his segment represents the group\u2019<span class=\"_ _a\"></span>s closed Dutch lif<span class=\"_ _2\"></span>e insurance business and comprises a number of acquisitions <span class=\"_ _2\"></span>of closed insurance books of </span>business since the acquisition of the <span class=\"_ _2\"></span>original <span class=\"_ _0\"></span>Waard <span class=\"_ _2\"></span>entities into the group in 20<span class=\"_ _a\"></span>1<span class=\"_ _2\"></span>5. <span class=\"_ _0\"></span>The <span class=\"_ _0\"></span>W<span class=\"_ _2\"></span>aard Group comprises a mixture of long-term sa<span class=\"_ _2\"></span>vings and protection business and also contains some non-lif<span class=\"_ _2\"></span>e business.<span class=\"_ _421\"> </span>During the <span class=\"_ _a\"></span>year<span class=\"_ _a\"></span>, the group acquired the insurance portfolio <span class=\"_ _2\"></span>of Nederlandsche Algemeene Maatschappij v<span class=\"_ _2\"></span>an Lev<span class=\"_ _2\"></span>ensverz<span class=\"_ _2\"></span>ekering \u2018Conserv<span class=\"_ _2\"></span>atrix\u2019 N.V<span class=\"_ _0\"></span>. (Conservatrix), a specialist provider <span class=\"_ _2\"></span>of lif<span class=\"_ _2\"></span>e insurance products in the Netherlands. See Note I8 f<span class=\"_ _2\"></span>or further details.<span class=\"_ _421\"> </span>Scildon:<span class=\"ff64 wsd6\"> <span class=\"_ _0\"></span>This segment represents the group\u2019<span class=\"_ _0\"></span>s open Dutch lif<span class=\"_ _a\"></span>e insurance business. Scildon<span class=\"_ _a\"></span>\u2019<span class=\"_ _a\"></span>s policy base is predominantly made up of individual protection and </span>savings contracts. It is <span class=\"_ _2\"></span>open to new business and sells protection, individual savings and group pension contracts via a brok<span class=\"_ _2\"></span>er<span class=\"_ _0\"></span>-led distribution model.<span class=\"_ _421\"> </span>Other group activities:<span class=\"ff64\"> <span class=\"_ _7\"></span>The functions performed b<span class=\"_ _2\"></span>y the parent company<span class=\"_ _a\"></span>, Chesnara plc, are defined under the operating segment analy<span class=\"_ _2\"></span>sis as other group activities. </span>Also included therein are consolidation and elimination adjustments.<span class=\"_ _421\"> </span>The accounting policies <span class=\"_ _2\"></span>of the segments are the same as those for the group as a whole. <span class=\"_ _2\"></span>Any transactions between the business segments are <span class=\"_ _2\"></span>on normal commercial terms in normal market conditions. <span class=\"_ _7\"></span>The group ev<span class=\"_ _2\"></span>aluates performance <span class=\"_ _2\"></span>of operating segments <span class=\"_ _2\"></span>on the basis of the profit before tax attributable <span class=\"_ _b\"></span><span class=\"ls2 ws2\"> </span>to shareholders of the reporting segments and the group as a whole. <span class=\"_ _0\"></span>There w<span class=\"_ _2\"></span>ere no changes to the measurement basis for segment profit during the <span class=\"_ _0\"></span>year ended 3<span class=\"_ _2\"></span>1 December 2023  C2  <span class=\"_ _31\"></span>Segmental perfor<span class=\"_ _a\"></span>mance and net assets  (a) <span class=\"_ _3\"></span>Segmental income statement for the y<span class=\"_ _2\"></span>ear ended 3<span class=\"_ _2\"></span>1 December 2023 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14f\"> </span>Waard  <span class=\"_ _73\"> </span>  <span class=\"_ _132\"> </span>Ot<span class=\"_ _3\"></span>her <span class=\"_ _3\"></span>group   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _7d\"> </span>Moves<span class=\"_ _3\"></span>tic  <span class=\"_ _48\"> </span>Gro<span class=\"_ _3\"></span>up  <span class=\"_ _1c8\"> </span>Sc<span class=\"_ _3\"></span>ild<span class=\"_ _3\"></span>on  <span class=\"_ _1f9\"> </span>ac<span class=\"_ _3\"></span>ti<span class=\"_ _3\"></span>viti<span class=\"_ _3\"></span>es   <span class=\"_ _166\"> </span> <span class=\"_ _5\"> </span> <span class=\"_ _1a1\"> </span>UK <span class=\"_ _5\"> </span> <span class=\"_ _91\"> </span>(Swe d en ) <span class=\"_ _79\"> </span>(Nethe rlands ) <span class=\"_ _79\"> </span>(Netherlands ) <span class=\"_ _14e\"> </span>( U K ) <span class=\"_ _28\"> </span>T<span class=\"_ _2\"></span>ot al <span class=\"_ _19e\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Insurance <span class=\"_ _3\"></span>rev<span class=\"_ _2\"></span>enue <span class=\"_ _202\"> </span>  <span class=\"_ _5b\"> </span>65.<span class=\"_ _3\"></span>8  <span class=\"_ _57\"> </span>1<span class=\"_ _4\"></span>1.1  <span class=\"_ _165\"> </span>36.1  <span class=\"_ _7b\"> </span>1<span class=\"_ _4\"></span>1<span class=\"_ _3\"></span>5.0  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _28\"> </span>228.0<span class=\"_ _421\"> </span>Insurance <span class=\"_ _9\"> </span>service <span class=\"_ _9\"> </span>expense <span class=\"_ _206\"> </span> <span class=\"_ _5\"> </span> <span class=\"_ _f0\"> </span>(65.6 ) <span class=\"_ _165\"> </span>(7<span class=\"_ _2\"></span>.4 ) <span class=\"_ _7b\"> </span>(37<span class=\"_ _2\"></span>.8 ) <span class=\"_ _46\"> </span>(1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>3.9 ) <span class=\"_ _158\"> </span>\u2013 <span class=\"_ _5\"> </span> <span class=\"_ _15c\"> </span>(224.7 )<span class=\"_ _421\"> </span>Net expenses f<span class=\"_ _3\"></span>rom reinsurance c<span class=\"_ _2\"></span>ontracts held <span class=\"_ _1b1\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _165\"> </span>(5.5 <span class=\"_ _31\"></span>) <span class=\"_ _114\"> </span>(0.6 <span class=\"_ _31\"></span>) <span class=\"_ _165\"> </span>0.4 <span class=\"_ _a\"></span> <span class=\"_ _165\"> </span>(2.7 <span class=\"_ _31\"></span>) <span class=\"_ _ae\"> </span>\u2013  <span class=\"_ _14e\"> </span>(8.4 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Se gm e nt a l <span class=\"_ _e\"> </span>in s ur an c e <span class=\"_ _e\"> </span>se r<span class=\"_ _3\"></span>v ic e <span class=\"_ _e\"> </span>re s u l t <span class=\"_ _1dd\"> </span> <span class=\"_ _5\"> </span> <span class=\"_ _1b7\"> </span>( 5<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3 ) <span class=\"_ _94\"> </span>3<span class=\"_ _3\"></span>.1 <span class=\"_ _9\"> </span> <span class=\"_ _10f\"> </span>( 1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3 ) <span class=\"_ _165\"> </span>(<span class=\"_ _3\"></span>1 . 6 ) <span class=\"_ _158\"> </span>\u2013 <span class=\"_ _9\"> </span> <span class=\"_ _fe\"> </span>( 5<span class=\"_ _3\"></span>.1 )<span class=\"_ _421\"> </span>Net <span class=\"_ _3\"></span>investment <span class=\"_ _3\"></span>return <span class=\"_ _19f\"> </span>  <span class=\"_ _14b\"> </span>339.3  <span class=\"_ _46\"> </span>432.5  <span class=\"_ _114\"> </span>63.<span class=\"_ _3\"></span>2  <span class=\"_ _2d\"> </span>181.2  <span class=\"_ _94\"> </span>7.3  <span class=\"_ _1c0\"> </span>1,023.5<span class=\"_ _421\"> </span>Net finance (expenses)/income f<span class=\"_ _3\"></span>rom insurance contr<span class=\"_ _2\"></span>acts issued <span class=\"_ _1e2\"> </span>(86.4 <span class=\"_ _31\"></span>) <span class=\"_ _150\"> </span>(<span class=\"_ _3\"></span>16.0 <span class=\"_ _31\"></span>) <span class=\"_ _46\"> </span>(4<span class=\"_ _2\"></span>9.3 <span class=\"_ _31\"></span>) <span class=\"_ _a3\"> </span>(163.<span class=\"_ _3\"></span>2 <span class=\"_ _31\"></span>) <span class=\"_ _ae\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _119\"> </span>(314.9 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Net finance expenses f<span class=\"_ _3\"></span>rom reinsuranc<span class=\"_ _2\"></span>e contracts held <span class=\"_ _1e7\"> </span>  <span class=\"_ _10e\"> </span>9.3 <span class=\"_ _a\"></span> <span class=\"_ _10e\"> </span>0.7 <span class=\"_ _a\"></span> <span class=\"_ _5a\"> </span>0<span class=\"_ _2\"></span>.1 <span class=\"_ _2\"></span> <span class=\"_ _12b\"> </span>(3.4 <span class=\"_ _31\"></span>) <span class=\"_ _ae\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _10e\"> </span>6.7<span class=\"_ _421\"> </span>Net change in investment c<span class=\"_ _2\"></span>ontract liabilities <span class=\"_ _a1\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _2a\"> </span>(226.4 <span class=\"_ _31\"></span>) <span class=\"_ _3f\"> </span>(299.6 <span class=\"_ _31\"></span>) <span class=\"_ _14e\"> </span>(3.6 <span class=\"_ _31\"></span>) <span class=\"_ _15b\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _e9\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _43\"> </span>(529.6 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Change in liabilities relating to polic<span class=\"_ _2\"></span>yholders\u2019 funds held <span class=\"ls2\"> </span>by <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>group <span class=\"_ _1b4\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _e7\"> </span>(1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>4.0 <span class=\"_ _7\"></span>) <span class=\"_ _97\"> </span>\u2013  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _e7\"> </span>(1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>4.0 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Se<span class=\"_ _3\"></span>gmen<span class=\"_ _3\"></span>tal <span class=\"_ _4\"></span>inves<span class=\"_ _3\"></span>tme<span class=\"_ _3\"></span>nt <span class=\"_ _4\"></span>resu<span class=\"_ _3\"></span>lt <span class=\"_ _15f\"> </span>  <span class=\"_ _11b\"> </span>35<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8  <span class=\"_ _10f\"> </span>3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>6  <span class=\"_ _f0\"> </span>1<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>4  <span class=\"_ _5b\"> </span>14<span class=\"_ _3\"></span>.6  <span class=\"_ _10e\"> </span>7.3  <span class=\"_ _14e\"> </span>7<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.7<span class=\"_ _421\"> </span>Fee, <span class=\"_ _3\"></span>commission <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>other <span class=\"_ _3\"></span>operating <span class=\"_ _3\"></span>income <span class=\"_ _17c\"> </span>  <span class=\"_ _114\"> </span>39.8  <span class=\"_ _114\"> </span>50.3  <span class=\"_ _57\"> </span>2<span class=\"_ _3\"></span>.9  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _12e\"> </span>(3.6 <span class=\"_ _7\"></span>) <span class=\"_ _11b\"> </span>89.4<span class=\"_ _421\"> </span>Se<span class=\"_ _3\"></span>gmen<span class=\"_ _3\"></span>tal <span class=\"_ _4\"></span>reven<span class=\"_ _3\"></span>ue, <span class=\"_ _4\"></span>net <span class=\"_ _4\"></span>of <span class=\"_ _4\"></span>inve<span class=\"_ _3\"></span>stm<span class=\"_ _3\"></span>ent <span class=\"_ _4\"></span>re<span class=\"_ _3\"></span>sult <span class=\"_ _114\"> </span>  <span class=\"_ _11b\"> </span>70.<span class=\"_ _3\"></span>3  <span class=\"_ _f0\"> </span>5<span class=\"_ _3\"></span>7<span class=\"_ _2\"></span>.0  <span class=\"_ _114\"> </span>12<span class=\"_ _4\"></span>.0  <span class=\"_ _114\"> </span>13<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>0  <span class=\"_ _fe\"> </span>3<span class=\"_ _3\"></span>.7  <span class=\"_ _15c\"> </span>1<span class=\"_ _3\"></span>56<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>0<span class=\"_ _421\"> </span>Other <span class=\"_ _9\"> </span>operating <span class=\"_ _e\"> </span>expenses <span class=\"_ _df\"> </span> <span class=\"_ _5\"> </span> <span class=\"_ _2d\"> </span>(39.9 ) <span class=\"_ _14b\"> </span>(40.0 ) <span class=\"_ _12e\"> </span>(3.5 ) <span class=\"_ _12e\"> </span>(5.5 ) <span class=\"_ _5b\"> </span>(23.1 ) <span class=\"_ _28\"> </span>( 1<span class=\"_ _3\"></span>1 2.0 )<span class=\"_ _421\"> </span>Financing <span class=\"_ _9\"> </span>costs <span class=\"_ _1eb\"> </span> <span class=\"_ _5\"> </span> <span class=\"_ _179\"> </span>(0.2 ) <span class=\"_ _1b7\"> </span>(0.5 ) <span class=\"_ _158\"> </span>\u2013 <span class=\"_ _5\"> </span> <span class=\"_ _186\"> </span>\u2013 <span class=\"_ _5\"> </span> <span class=\"_ _14e\"> </span>(10.3 ) <span class=\"_ _5b\"> </span>( 1<span class=\"_ _4\"></span>1.0 )<span class=\"_ _421\"> </span>Pro<span class=\"_ _3\"></span>fit<span class=\"_ _3\"></span>/(los<span class=\"_ _3\"></span>s) <span class=\"_ _3\"></span>b<span class=\"_ _3\"></span>ef<span class=\"_ _3\"></span>ore <span class=\"_ _4\"></span>tax <span class=\"_ _4\"></span>and <span class=\"_ _4\"></span>co<span class=\"_ _3\"></span>nso<span class=\"_ _3\"></span>lida<span class=\"_ _3\"></span>tion <span class=\"_ _4\"></span>ad<span class=\"_ _3\"></span>jus<span class=\"_ _3\"></span>tmen<span class=\"_ _3\"></span>ts <span class=\"_ _c\"> </span>  <span class=\"_ _11b\"> </span>3<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>2  <span class=\"_ _114\"> </span>1<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5  <span class=\"_ _8f\"> </span>8<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5  <span class=\"_ _10e\"> </span>7.5  <span class=\"_ _14b\"> </span>(2<span class=\"_ _3\"></span>9.7 <span class=\"_ _7\"></span>) <span class=\"_ _45\"> </span>33<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>0<span class=\"_ _421\"> </span>Other operating expenses:<span class=\"_ _421\"> </span>Amortisation and impairment of intangible assets <span class=\"_ _7e\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _45\"> </span>(26<span class=\"_ _3\"></span>.7 <span class=\"_ _31\"></span>) <span class=\"_ _f0\"> </span>(1<span class=\"_ _4\"></span>1.2 <span class=\"_ _7\"></span>) <span class=\"_ _ae\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _e9\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _e9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _7b\"> </span>(37<span class=\"_ _2\"></span>.9 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Se<span class=\"_ _3\"></span>gmen<span class=\"_ _3\"></span>tal <span class=\"_ _4\"></span>inc<span class=\"_ _3\"></span>ome <span class=\"_ _4\"></span>les<span class=\"_ _3\"></span>s <span class=\"_ _4\"></span>expen<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>s <span class=\"_ _207\"> </span>  <span class=\"_ _10f\"> </span>3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5  <span class=\"_ _10f\"> </span>5<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3  <span class=\"_ _179\"> </span>8<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5  <span class=\"_ _10e\"> </span>7.5  <span class=\"_ _14b\"> </span>(2<span class=\"_ _3\"></span>9.7 <span class=\"_ _7\"></span>) <span class=\"_ _2d\"> </span>(4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Post <span class=\"_ _3\"></span>completion <span class=\"_ _3\"></span>gain <span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>por<span class=\"_ _3\"></span>tfolio <span class=\"_ _3\"></span>acquisition <span class=\"_ _ae\"> </span>  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _1a1\"> </span>6.7  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _57\"> </span>6<span class=\"_ _3\"></span>.7<span class=\"_ _421\"> </span>(L<span class=\"_ _3\"></span>oss)/p<span class=\"_ _3\"></span>rofi<span class=\"_ _3\"></span>t <span class=\"_ _3\"></span>b<span class=\"_ _3\"></span>efo<span class=\"_ _3\"></span>re <span class=\"_ _4\"></span>tax <span class=\"_ _205\"> </span>  <span class=\"_ _fe\"> </span>3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5  <span class=\"_ _10f\"> </span>5<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3  <span class=\"_ _14e\"> </span>15<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2  <span class=\"_ _10e\"> </span>7.5  <span class=\"_ _14b\"> </span>(2<span class=\"_ _3\"></span>9.7 <span class=\"_ _7\"></span>) <span class=\"_ _10f\"> </span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8<span class=\"_ _421\"> </span>Income <span class=\"_ _9\"> </span>tax <span class=\"_ _e\"> </span>credit/(c<span class=\"_ _2\"></span>harge) <span class=\"_ _18c\"> </span> <span class=\"_ _4\"> </span> <span class=\"_ _12b\"> </span>20.5 <span class=\"_ _5\"> </span> <span class=\"_ _186\"> </span>\u2013 <span class=\"_ _5\"> </span> <span class=\"_ _1b1\"> </span>(1.6 ) <span class=\"_ _fe\"> </span>(1.9 ) <span class=\"_ _fe\"> </span>(0.1 ) <span class=\"_ _12b\"> </span>16.9<span class=\"_ _421\"> </span>(L<span class=\"_ _3\"></span>oss)/p<span class=\"_ _3\"></span>rofi<span class=\"_ _3\"></span>t <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ft<span class=\"_ _3\"></span>er <span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>ax <span class=\"_ _14a\"> </span>  <span class=\"_ _1e1\"> </span>2<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>.0  <span class=\"_ _10f\"> </span>5<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3  <span class=\"_ _14e\"> </span>13<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>6  <span class=\"_ _10f\"> </span>5<span class=\"_ _3\"></span>.6  <span class=\"_ _28\"> </span>(2<span class=\"_ _3\"></span>9<span class=\"_ _3\"></span>.8 <span class=\"_ _0\"></span>) <span class=\"_ _2d\"> </span>1<span class=\"_ _3\"></span>8.7 <span class=\"_ _e\"> </span>(b) <span class=\"_ _3\"></span>Segmental balance sheet as at 3<span class=\"_ _2\"></span>1 December 2023 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14f\"> </span>Waard  <span class=\"_ _73\"> </span>  <span class=\"_ _132\"> </span>Ot<span class=\"_ _3\"></span>her <span class=\"_ _3\"></span>group   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _7d\"> </span>Moves<span class=\"_ _3\"></span>tic  <span class=\"_ _48\"> </span>Gro<span class=\"_ _3\"></span>up  <span class=\"_ _1c8\"> </span>Sc<span class=\"_ _3\"></span>ild<span class=\"_ _3\"></span>on  <span class=\"_ _1f9\"> </span>ac<span class=\"_ _3\"></span>ti<span class=\"_ _3\"></span>viti<span class=\"_ _3\"></span>es   <span class=\"_ _166\"> </span> <span class=\"_ _5\"> </span> <span class=\"_ _1a1\"> </span>UK <span class=\"_ _5\"> </span> <span class=\"_ _91\"> </span>(Swe d en ) <span class=\"_ _79\"> </span>(Nethe rlands ) <span class=\"_ _79\"> </span>(Netherlands ) <span class=\"_ _14e\"> </span>( U K ) <span class=\"_ _28\"> </span>T<span class=\"_ _2\"></span>ot al <span class=\"_ _19e\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>otal <span class=\"_ _3\"></span>assets <span class=\"_ _1ae\"> </span>  <span class=\"_ _9d\"> </span>4<span class=\"_ _3\"></span>,527<span class=\"_ _a\"></span>.<span class=\"_ _3\"></span>2  <span class=\"_ _48\"> </span>4,519.4  <span class=\"_ _42\"> </span>946<span class=\"_ _3\"></span>.8  <span class=\"_ _48\"> </span>2,009.1  <span class=\"_ _7b\"> </span>127<span class=\"_ _2\"></span>.3  <span class=\"_ _3b\"> </span>1<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>,129.8<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>otal <span class=\"_ _9\"> </span>liabilities <span class=\"_ _208\"> </span> <span class=\"_ _5\"> </span> <span class=\"_ _3b\"> </span>(4,376.6 ) <span class=\"_ _82\"> </span>(4,422.2 ) <span class=\"_ _2a\"> </span>(867.<span class=\"_ _2\"></span>0 ) <span class=\"_ _7c\"> </span>(1,894 .6 ) <span class=\"_ _43\"> </span>(209.5 ) <span class=\"_ _be\"> </span>( 1<span class=\"_ _3\"></span>1,769.9 )<span class=\"_ _421\"> </span>Ne<span class=\"_ _3\"></span>t <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>sse<span class=\"_ _3\"></span>ts <span class=\"_ _1b3\"> </span>  <span class=\"_ _e7\"> </span>15<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>6  <span class=\"_ _f0\"> </span>97.<span class=\"_ _3\"></span>2  <span class=\"_ _7b\"> </span>7<span class=\"_ _3\"></span>9.<span class=\"_ _3\"></span>8  <span class=\"_ _14b\"> </span>1<span class=\"_ _3\"></span>14<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5  <span class=\"_ _28\"> </span>(8<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2 <span class=\"_ _7\"></span>) <span class=\"_ _2a\"> </span>3<span class=\"_ _3\"></span>59<span class=\"_ _3\"></span>.9<span class=\"_ _421\"> </span>Investment <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>associates <span class=\"_ _c4\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span>Additions <span class=\"_ _3\"></span>to <span class=\"_ _3\"></span>non-current <span class=\"_ _3\"></span>assets <span class=\"_ _1be\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span><span class=\"_ _18\"> </span>(c) <span class=\"_ _4\"></span>Segmental income statement for the y<span class=\"_ _2\"></span>ear ended 3<span class=\"_ _a\"></span>1 December 2022 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14f\"> </span>Waard  <span class=\"_ _73\"> </span>  <span class=\"_ _132\"> </span>Ot<span class=\"_ _3\"></span>her <span class=\"_ _3\"></span>group   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _7d\"> </span>Moves<span class=\"_ _3\"></span>tic  <span class=\"_ _48\"> </span>Gro<span class=\"_ _3\"></span>up  <span class=\"_ _1c8\"> </span>Sc<span class=\"_ _3\"></span>ild<span class=\"_ _3\"></span>on  <span class=\"_ _1f9\"> </span>ac<span class=\"_ _3\"></span>ti<span class=\"_ _3\"></span>viti<span class=\"_ _3\"></span>es   <span class=\"_ _166\"> </span> <span class=\"_ _5\"> </span> <span class=\"_ _1a1\"> </span>UK <span class=\"_ _5\"> </span> <span class=\"_ _91\"> </span>(Swe d en ) <span class=\"_ _79\"> </span>(Nethe rlands ) <span class=\"_ _79\"> </span>(Netherlands ) <span class=\"_ _14e\"> </span>( U K ) <span class=\"_ _28\"> </span>T<span class=\"_ _2\"></span>ot al <span class=\"_ _19e\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Insurance <span class=\"_ _3\"></span>rev<span class=\"_ _2\"></span>enue <span class=\"_ _202\"> </span>  <span class=\"_ _165\"> </span>65.1  <span class=\"_ _165\"> </span>12.6  <span class=\"_ _1b7\"> </span>16.9  <span class=\"_ _45\"> </span>130.5  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _11b\"> </span>225.1<span class=\"_ _421\"> </span>Insurance <span class=\"_ _9\"> </span>service <span class=\"_ _9\"> </span>expense <span class=\"_ _206\"> </span> <span class=\"_ _5\"> </span> <span class=\"_ _2d\"> </span>(58. 2 ) <span class=\"_ _1b7\"> </span>(4.5 ) <span class=\"_ _5b\"> </span>(17<span class=\"_ _a\"></span>. 8 ) <span class=\"_ _e7\"> </span>(125.6 ) <span class=\"_ _158\"> </span>\u2013 <span class=\"_ _5\"> </span> <span class=\"_ _46\"> </span>(206.1 )<span class=\"_ _421\"> </span>Net expenses f<span class=\"_ _3\"></span>rom reinsurance c<span class=\"_ _2\"></span>ontracts held <span class=\"_ _1b1\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _10f\"> </span>(1.7 <span class=\"_ _31\"></span>) <span class=\"_ _14e\"> </span>(2.9 <span class=\"_ _7\"></span>) <span class=\"_ _165\"> </span>(1.6 <span class=\"_ _31\"></span>) <span class=\"_ _12e\"> </span>0.5 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013  <span class=\"_ _1b7\"> </span>(5.7 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Se<span class=\"_ _3\"></span>gmen<span class=\"_ _3\"></span>tal <span class=\"_ _4\"></span>ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>esu<span class=\"_ _3\"></span>lt <span class=\"_ _133\"> </span>  <span class=\"_ _10f\"> </span>5<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2  <span class=\"_ _fe\"> </span>5<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2  <span class=\"_ _14e\"> </span>(2<span class=\"_ _4\"></span>.<span class=\"_ _3\"></span>5 <span class=\"_ _7\"></span>) <span class=\"_ _12b\"> </span>5<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _14e\"> </span>13<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3<span class=\"_ _421\"> </span>Net <span class=\"_ _9\"> </span>investment <span class=\"_ _9\"> </span>return <span class=\"_ _1a8\"> </span> <span class=\"_ _5\"> </span> <span class=\"_ _43\"> </span>(280.8 ) <span class=\"_ _2a\"> </span>(876.8 ) <span class=\"_ _7b\"> </span>(93.3 ) <span class=\"_ _2a\"> </span>(302.4 ) <span class=\"_ _12e\"> </span>(3.6 ) <span class=\"_ _14f\"> </span>( 1,556.9 )<span class=\"_ _421\"> </span>Net finance (expenses)/income f<span class=\"_ _3\"></span>rom insurance contr<span class=\"_ _2\"></span>acts issued <span class=\"_ _1c2\"> </span>161.6 <span class=\"_ _a\"></span> <span class=\"_ _5b\"> </span>20.5 <span class=\"_ _2\"></span> <span class=\"_ _152\"> </span>91.0 <span class=\"_ _a\"></span> <span class=\"_ _14b\"> </span>27<span class=\"_ _2\"></span>5.7 <span class=\"_ _a\"></span> <span class=\"_ _e9\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _42\"> </span>548<span class=\"_ _3\"></span>.8<span class=\"_ _421\"> </span>Net finance expenses f<span class=\"_ _3\"></span>rom reinsuranc<span class=\"_ _2\"></span>e contracts held <span class=\"_ _1e7\"> </span>  <span class=\"_ _11b\"> </span>(24.1 <span class=\"_ _31\"></span>) <span class=\"_ _114\"> </span>(0.5 <span class=\"_ _7\"></span>) <span class=\"_ _114\"> </span>(0.3 <span class=\"_ _31\"></span>) <span class=\"_ _12b\"> </span>11.8  <span class=\"_ _97\"> </span>\u2013  <span class=\"_ _14e\"> </span>(1<span class=\"_ _3\"></span>3.1 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Net <span class=\"_ _3\"></span>change <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>investment <span class=\"_ _3\"></span>contract <span class=\"_ _3\"></span>liabilities <span class=\"_ _186\"> </span>  <span class=\"_ _7b\"> </span>129.5  <span class=\"_ _15c\"> </span>459.8  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _46\"> </span>589.3<span class=\"_ _421\"> </span>Change in liabilities relating to polic<span class=\"_ _2\"></span>yholders\u2019 funds held <span class=\"ls2\"> </span>by <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>group <span class=\"_ _1b4\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _46\"> </span>392<span class=\"_ _3\"></span>.9  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _46\"> </span>392.9<span class=\"_ _421\"> </span>Se gm e nt a l <span class=\"_ _e\"> </span>inve s t m en t <span class=\"_ _e\"> </span>re s ul t <span class=\"_ _53\"> </span> <span class=\"_ _9\"> </span> <span class=\"_ _11b\"> </span>( 1 3<span class=\"_ _3\"></span>. 8 ) <span class=\"_ _12e\"> </span>(<span class=\"_ _2\"></span>4<span class=\"_ _3\"></span>.1 ) <span class=\"_ _14e\"> </span>( 2<span class=\"_ _3\"></span>. 6 ) <span class=\"_ _150\"> </span>( 14<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9 ) <span class=\"_ _14e\"> </span>( 3<span class=\"_ _3\"></span>. 6 ) <span class=\"_ _28\"> </span>( 3 9 . 0 )<span class=\"_ _421\"> </span>Fee, <span class=\"_ _3\"></span>commission <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>other <span class=\"_ _3\"></span>operating <span class=\"_ _3\"></span>income <span class=\"_ _17c\"> </span>  <span class=\"_ _12b\"> </span>16.4  <span class=\"_ _1b7\"> </span>43.1  <span class=\"_ _5a\"> </span>0.1  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _14e\"> </span>59.6<span class=\"_ _421\"> </span>Se<span class=\"_ _3\"></span>gmen<span class=\"_ _3\"></span>tal reve<span class=\"_ _3\"></span>nue, n<span class=\"_ _3\"></span>et o<span class=\"_ _3\"></span>f inves<span class=\"_ _3\"></span>tmen<span class=\"_ _3\"></span>t res<span class=\"_ _3\"></span>ult <span class=\"_ _c2\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _179\"> </span>7<span class=\"_ _2\"></span>.<span class=\"_ _3\"></span>8 <span class=\"_ _a\"></span> <span class=\"_ _150\"> </span>4<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2 <span class=\"_ _a\"></span> <span class=\"_ _5b\"> </span>(5<span class=\"_ _3\"></span>.0 <span class=\"_ _31\"></span>) <span class=\"_ _11b\"> </span>(<span class=\"_ _3\"></span>9.<span class=\"_ _3\"></span>5 <span class=\"_ _31\"></span>) <span class=\"_ _11b\"> </span>(<span class=\"_ _3\"></span>3.<span class=\"_ _3\"></span>6 <span class=\"_ _31\"></span>) <span class=\"_ _150\"> </span>33<span class=\"_ _3\"></span>.9<span class=\"_ _421\"> </span>Other <span class=\"_ _9\"> </span>operating <span class=\"_ _e\"> </span>expenses <span class=\"_ _df\"> </span> <span class=\"_ _5\"> </span> <span class=\"_ _2d\"> </span>(30.7 ) <span class=\"_ _1e1\"> </span>(29.7 ) <span class=\"_ _10e\"> </span>(3.1 ) <span class=\"_ _12e\"> </span>(5.7 ) <span class=\"_ _2d\"> </span>(14 .2 ) <span class=\"_ _45\"> </span>(83.4 )<span class=\"_ _421\"> </span>Financing <span class=\"_ _9\"> </span>costs <span class=\"_ _1eb\"> </span> <span class=\"_ _5\"> </span> <span class=\"_ _179\"> </span>(0.2 ) <span class=\"_ _12b\"> </span>(0.8 ) <span class=\"_ _e9\"> </span>\u2013 <span class=\"_ _5\"> </span> <span class=\"_ _186\"> </span>\u2013 <span class=\"_ _5\"> </span> <span class=\"_ _fe\"> </span>(9.5 ) <span class=\"_ _f0\"> </span>(10.5 )<span class=\"_ _421\"> </span>Pro<span class=\"_ _3\"></span>fit<span class=\"_ _3\"></span>/(los<span class=\"_ _3\"></span>s) be<span class=\"_ _3\"></span>fore t<span class=\"_ _3\"></span>ax and c<span class=\"_ _3\"></span>ons<span class=\"_ _3\"></span>oli<span class=\"_ _3\"></span>datio<span class=\"_ _3\"></span>n adju<span class=\"_ _3\"></span>st<span class=\"_ _3\"></span>ment<span class=\"_ _3\"></span>s <span class=\"_ _74\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _45\"> </span>(2<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>.1 <span class=\"_ _31\"></span>) <span class=\"_ _2d\"> </span>13<span class=\"_ _3\"></span>.7 <span class=\"_ _a\"></span> <span class=\"_ _12b\"> </span>(<span class=\"_ _3\"></span>8.1 <span class=\"_ _31\"></span>) <span class=\"_ _28\"> </span>(<span class=\"_ _3\"></span>15<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2 <span class=\"_ _31\"></span>) <span class=\"_ _42\"> </span>(<span class=\"_ _3\"></span>27.<span class=\"_ _3\"></span>3 <span class=\"_ _31\"></span>) <span class=\"_ _2a\"> </span>(6<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>0 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Other operating expenses:<span class=\"_ _421\"> </span>Amortisation <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>intangible <span class=\"_ _4\"></span>assets <span class=\"_ _197\"> </span>  <span class=\"_ _12e\"> </span>(5<span class=\"_ _3\"></span>.3 <span class=\"_ _7\"></span>) <span class=\"_ _11b\"> </span>(<span class=\"_ _3\"></span>12.2 <span class=\"_ _0\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _3\"></span>  <span class=\"_ _5b\"> </span>(1<span class=\"_ _3\"></span>7<span class=\"_ _a\"></span>.<span class=\"_ _3\"></span>5 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Se gm e nt a l <span class=\"_ _e\"> </span>in co m e <span class=\"_ _e\"> </span>le s<span class=\"_ _3\"></span>s <span class=\"_ _e\"> </span>exp en s e s <span class=\"_ _26\"> </span> <span class=\"_ _5\"> </span> <span class=\"_ _14b\"> </span>( 2 8<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4 ) <span class=\"_ _1b1\"> </span>1 .<span class=\"_ _3\"></span>5 <span class=\"_ _9\"> </span> <span class=\"_ _10f\"> </span>(8<span class=\"_ _3\"></span>.1 ) <span class=\"_ _45\"> </span>(<span class=\"_ _3\"></span>1 5<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2 ) <span class=\"_ _14b\"> </span>( 2 7.<span class=\"_ _3\"></span>3 ) <span class=\"_ _14b\"> </span>(77. 5  )<span class=\"_ _421\"> </span>Post <span class=\"_ _3\"></span>completion <span class=\"_ _3\"></span>gain <span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>por<span class=\"_ _3\"></span>tfolio <span class=\"_ _3\"></span>acquisition <span class=\"_ _ae\"> </span>  <span class=\"_ _57\"> </span>9.6  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _57\"> </span>5.8  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _165\"> </span>15.4<span class=\"_ _421\"> </span>(L os<span class=\"_ _3\"></span>s)/pro fi t <span class=\"_ _e\"> </span>b e f o r e <span class=\"_ _e\"> </span>ta x <span class=\"_ _cd\"> </span> <span class=\"_ _5\"> </span> <span class=\"_ _7b\"> </span>(1<span class=\"_ _3\"></span>8 .<span class=\"_ _3\"></span>8 ) <span class=\"_ _1b1\"> </span>1 .<span class=\"_ _4\"></span>5 <span class=\"_ _5\"> </span> <span class=\"_ _1b7\"> </span>( 2<span class=\"_ _4\"></span>. 3 ) <span class=\"_ _1e1\"> </span>( 1 5<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2 ) <span class=\"_ _150\"> </span>(27. 3 ) <span class=\"_ _1e1\"> </span>(6 2<span class=\"_ _4\"></span>.1 )<span class=\"_ _421\"> </span>Income <span class=\"_ _3\"></span>tax <span class=\"_ _3\"></span>credit/(charge) <span class=\"_ _ee\"> </span>  <span class=\"_ _165\"> </span>19.2  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _10f\"> </span>(0.1 <span class=\"_ _7\"></span>) <span class=\"_ _fe\"> </span>3.9  <span class=\"_ _57\"> </span>5.4  <span class=\"_ _c2\"> </span>28.4<span class=\"_ _421\"> </span>(L os<span class=\"_ _3\"></span>s)/pro fi t <span class=\"_ _e\"> </span>a f<span class=\"_ _3\"></span>te r <span class=\"_ _e\"> </span>ta x <span class=\"_ _1a5\"> </span> <span class=\"_ _5\"> </span> <span class=\"_ _fe\"> </span>0 .<span class=\"_ _3\"></span>4 <span class=\"_ _5\"> </span> <span class=\"_ _56\"> </span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5 <span class=\"_ _5\"> </span> <span class=\"_ _12b\"> </span>( 2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4 ) <span class=\"_ _2d\"> </span>( 1<span class=\"_ _4\"></span>1.<span class=\"_ _4\"></span>3 ) <span class=\"_ _44\"> </span>( 2<span class=\"_ _3\"></span>1 .<span class=\"_ _3\"></span>9 ) <span class=\"_ _14b\"> </span>(3<span class=\"_ _3\"></span>3 .7 ) <span class=\"_ _e\"> </span>(d) <span class=\"_ _3\"></span>Segmental balance sheet as at 3<span class=\"_ _2\"></span>1 December 2022 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14f\"> </span>Waard  <span class=\"_ _73\"> </span>  <span class=\"_ _132\"> </span>Ot<span class=\"_ _3\"></span>her <span class=\"_ _3\"></span>group   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _7d\"> </span>Moves<span class=\"_ _3\"></span>tic  <span class=\"_ _48\"> </span>Gro<span class=\"_ _3\"></span>up  <span class=\"_ _1c8\"> </span>Sc<span class=\"_ _3\"></span>ild<span class=\"_ _3\"></span>on  <span class=\"_ _1f9\"> </span>ac<span class=\"_ _3\"></span>ti<span class=\"_ _3\"></span>viti<span class=\"_ _3\"></span>es   <span class=\"_ _166\"> </span> <span class=\"_ _5\"> </span> <span class=\"_ _1a1\"> </span>UK <span class=\"_ _5\"> </span> <span class=\"_ _91\"> </span>(Swe d en ) <span class=\"_ _79\"> </span>(Nethe rlands ) <span class=\"_ _79\"> </span>(Netherlands ) <span class=\"_ _14e\"> </span>( U K ) <span class=\"_ _28\"> </span>T<span class=\"_ _2\"></span>ot al <span class=\"_ _19e\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>otal <span class=\"_ _3\"></span>assets <span class=\"_ _1ae\"> </span>  <span class=\"_ _14f\"> </span>4,7<span class=\"_ _2\"></span>48.9  <span class=\"_ _76\"> </span>3,948<span class=\"_ _3\"></span>.2  <span class=\"_ _28\"> </span>542.6  <span class=\"_ _47\"> </span>1,902.5  <span class=\"_ _f0\"> </span>1<span class=\"_ _3\"></span>12<span class=\"_ _3\"></span>.7  <span class=\"_ _7c\"> </span>1<span class=\"_ _3\"></span>1,254.9<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>otal <span class=\"_ _9\"> </span>liabilities <span class=\"_ _208\"> </span> <span class=\"_ _5\"> </span> <span class=\"_ _7c\"> </span>(4,566 .3 ) <span class=\"_ _82\"> </span>(3,842.0 ) <span class=\"_ _3e\"> </span>(469.4 ) <span class=\"_ _129\"> </span>(1,791.4 ) <span class=\"_ _29\"> </span>(201.7 ) <span class=\"_ _1c2\"> </span>(10,870.8 )<span class=\"_ _421\"> </span>Ne<span class=\"_ _3\"></span>t <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>sse<span class=\"_ _3\"></span>ts <span class=\"_ _1b3\"> </span>  <span class=\"_ _e7\"> </span>18<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.6  <span class=\"_ _15c\"> </span>1<span class=\"_ _3\"></span>06<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2  <span class=\"_ _2d\"> </span>7<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2  <span class=\"_ _5b\"> </span>1<span class=\"_ _4\"></span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.1  <span class=\"_ _e7\"> </span>(89<span class=\"_ _3\"></span>.0 <span class=\"_ _7\"></span>) <span class=\"_ _a3\"> </span>3<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>.1<span class=\"_ _421\"> </span>Investment <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>associates <span class=\"_ _c4\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span>Additions <span class=\"_ _3\"></span>to <span class=\"_ _3\"></span>non-current <span class=\"_ _3\"></span>assets <span class=\"_ _1be\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _12b\"> </span>10<span class=\"_ _2\"></span>.4  <span class=\"_ _10e\"> </span>0.<span class=\"_ _3\"></span>3  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _1b7\"> </span>10.7<span class=\"_ _421\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
    "language": "en",
    "entity": "scheme:213800VFRMBRTSZ3SJ06",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-45": {
   "value": "<span class=\"_ _e\"> </span>D1 <span class=\"_ _3\"></span>Insurance r<span class=\"_ _2\"></span>esult<span class=\"_ _421\"> </span>Y<span class=\"_ _2\"></span>ear ended<span class=\"_ _2\"></span> 31 December 202<span class=\"_ _3\"></span>3 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14f\"> </span>Waard  <span class=\"_ _73\"> </span>   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _7d\"> </span>Moves<span class=\"_ _3\"></span>tic  <span class=\"_ _48\"> </span>Gro<span class=\"_ _3\"></span>up  <span class=\"_ _1c8\"> </span>Sc<span class=\"_ _3\"></span>ild<span class=\"_ _3\"></span>on   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _10f\"> </span>U<span class=\"_ _3\"></span>K  <span class=\"_ _127\"> </span>(<span class=\"_ _3\"></span>Sweden <span class=\"_ _0\"></span>) <span class=\"_ _10\"> </span>(Nethe<span class=\"_ _3\"></span>rlands <span class=\"_ _7\"></span>) <span class=\"_ _10\"> </span>(Nethe<span class=\"_ _3\"></span>rlands <span class=\"_ _7\"></span>) <span class=\"_ _119\"> </span>Total<span class=\"_ _421\"> </span>Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>revenu<span class=\"_ _3\"></span>e <span class=\"_ _209\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3<span class=\"_ _3\"></span>m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3<span class=\"_ _3\"></span>m  <span class=\"_ _165\"> </span>\u00a3<span class=\"_ _3\"></span>m<span class=\"_ _421\"> </span>Contract<span class=\"_ _3\"></span>s not measured u<span class=\"_ _2\"></span>nder the P<span class=\"_ _2\"></span>A<span class=\"_ _3\"></span>A:<span class=\"_ _421\"> </span>Amounts relating to changes<span class=\"_ _2\"></span> in the liability for remaining<span class=\"_ _2\"></span> coverage:<span class=\"_ _421\"> </span>Expected incurr<span class=\"_ _2\"></span>ed claims and other directly attributable e<span class=\"_ _2\"></span>xpenses <span class=\"_ _47\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _1b7\"> </span>59.1 <span class=\"_ _a\"></span> <span class=\"_ _10e\"> </span>0.3 <span class=\"_ _a\"></span> <span class=\"_ _5b\"> </span>28.2 <span class=\"_ _2\"></span> <span class=\"_ _7b\"> </span>100.1 <span class=\"_ _a\"></span> <span class=\"_ _44\"> </span>187.7<span class=\"_ _421\"> </span>Change in risk adjustment for non-financial risk for the risk expir<span class=\"_ _2\"></span>ed <span class=\"_ _11c\"> </span>  <span class=\"_ _10e\"> </span>2.2  <span class=\"_ _94\"> </span>0.1 <span class=\"_ _a\"></span> <span class=\"_ _fe\"> </span>0.9 <span class=\"_ _a\"></span> <span class=\"_ _10e\"> </span>2.4 <span class=\"_ _a\"></span> <span class=\"_ _57\"> </span>5.6<span class=\"_ _421\"> </span>CSM <span class=\"_ _3\"></span>recognised <span class=\"_ _3\"></span>for <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>services <span class=\"_ _3\"></span>provided <span class=\"_ _a9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _57\"> </span>4.5  <span class=\"_ _57\"> </span>0.3  <span class=\"_ _57\"> </span>7.<span class=\"_ _2\"></span>0  <span class=\"_ _10e\"> </span>9.0  <span class=\"_ _5b\"> </span>20.8<span class=\"_ _421\"> </span>Insurance <span class=\"_ _3\"></span>acquisition <span class=\"_ _3\"></span>cash <span class=\"_ _3\"></span>flows <span class=\"_ _3\"></span>recov<span class=\"_ _2\"></span>ery <span class=\"_ _a9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _1b1\"> </span>3.5  <span class=\"_ _1b1\"> </span>3.5<span class=\"_ _421\"> </span>Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce reve<span class=\"_ _3\"></span>nue fo<span class=\"_ _3\"></span>r cont<span class=\"_ _3\"></span>rac<span class=\"_ _3\"></span>ts n<span class=\"_ _3\"></span>ot me<span class=\"_ _3\"></span>asur<span class=\"_ _3\"></span>ed un<span class=\"_ _3\"></span>der th<span class=\"_ _3\"></span>e PAA <span class=\"_ _1c0\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _1e1\"> </span>6<span class=\"_ _3\"></span>5.<span class=\"_ _3\"></span>8 <span class=\"_ _2\"></span> <span class=\"_ _12e\"> </span>0<span class=\"_ _3\"></span>.7 <span class=\"_ _0\"></span> <span class=\"_ _5b\"> </span>3<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>.1 <span class=\"_ _a\"></span> <span class=\"_ _46\"> </span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>.0 <span class=\"_ _2\"></span> <span class=\"_ _28\"> </span>21<span class=\"_ _3\"></span>7<span class=\"_ _2\"></span>.6<span class=\"_ _421\"> </span>Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce reve<span class=\"_ _3\"></span>nue fo<span class=\"_ _3\"></span>r cont<span class=\"_ _3\"></span>rac<span class=\"_ _3\"></span>ts m<span class=\"_ _3\"></span>eas<span class=\"_ _3\"></span>ured u<span class=\"_ _3\"></span>nde<span class=\"_ _3\"></span>r the PA<span class=\"_ _3\"></span>A <span class=\"_ _96\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _2d\"> </span>10<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4 <span class=\"_ _a\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _2d\"> </span>1<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>4<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>nsur<span class=\"_ _3\"></span>ance <span class=\"_ _4\"></span>reve<span class=\"_ _3\"></span>nue <span class=\"_ _d9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _7b\"> </span>6<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8  <span class=\"_ _10f\"> </span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.1  <span class=\"_ _14e\"> </span>36<span class=\"_ _3\"></span>.1  <span class=\"_ _150\"> </span>11<span class=\"_ _4\"></span>5.<span class=\"_ _3\"></span>0  <span class=\"_ _43\"> </span>2<span class=\"_ _3\"></span>28<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>0<span class=\"_ _421\"> </span>Insura<span class=\"_ _2\"></span>nce service e<span class=\"_ _a\"></span>xpenses<span class=\"_ _421\"> </span>Incurred claims and other dir<span class=\"_ _2\"></span>ectly attributable expenses <span class=\"_ _f9\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _44\"> </span>(50.7 <span class=\"_ _31\"></span>) <span class=\"_ _2d\"> </span>(1<span class=\"_ _3\"></span>1.0 <span class=\"_ _31\"></span>) <span class=\"_ _28\"> </span>(30.4 <span class=\"_ _31\"></span>) <span class=\"_ _7b\"> </span>(75.1 <span class=\"_ _31\"></span>) <span class=\"_ _a3\"> </span>(<span class=\"_ _3\"></span>167<span class=\"_ _a\"></span>.2 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Changes that relate t<span class=\"_ _2\"></span>o past service \u2013 changes in the FCF relating t<span class=\"_ _2\"></span>o the LIC <span class=\"_ _5\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _e9\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _57\"> </span>3.6 <span class=\"_ _a\"></span> <span class=\"_ _e9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _57\"> </span>3.6<span class=\"_ _421\"> </span>Losses on onerous contr<span class=\"_ _2\"></span>acts and reversals of those losses <span class=\"_ _4c\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _1e1\"> </span>(<span class=\"_ _3\"></span>14.9 <span class=\"_ _31\"></span>) <span class=\"_ _15b\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _1b7\"> </span>(7<span class=\"_ _2\"></span>.4 <span class=\"_ _31\"></span>) <span class=\"_ _46\"> </span>(35.4 <span class=\"_ _31\"></span>) <span class=\"_ _150\"> </span>(57<span class=\"_ _2\"></span>.7 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Insurance <span class=\"_ _3\"></span>acquisition <span class=\"_ _3\"></span>cash <span class=\"_ _3\"></span>flows <span class=\"_ _3\"></span>amortisation <span class=\"_ _17c\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _165\"> </span>(3.4 <span class=\"_ _7\"></span>) <span class=\"_ _152\"> </span>(3.4 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota l <span class=\"_ _e\"> </span>in s u ra nc e <span class=\"_ _e\"> </span>s e r<span class=\"_ _3\"></span>vi ce <span class=\"_ _e\"> </span>ex p en s e s <span class=\"_ _194\"> </span> <span class=\"_ _5\"> </span> <span class=\"_ _126\"> </span> <span class=\"_ _9\"> </span> <span class=\"_ _150\"> </span>( 6 5<span class=\"_ _3\"></span>. 6 ) <span class=\"_ _14e\"> </span>( 7.4 ) <span class=\"_ _14b\"> </span>(3 7.8 ) <span class=\"_ _119\"> </span>( 1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>. 9 ) <span class=\"_ _47\"> </span>( 2 2 4<span class=\"_ _3\"></span>.7 )<span class=\"_ _421\"> </span>Net income/(e<span class=\"_ _2\"></span>xpens<span class=\"_ _3\"></span>es) from reinsurance contract<span class=\"_ _3\"></span>s held<span class=\"_ _421\"> </span>Reinsurance expense<span class=\"_ _3\"></span>s (<span class=\"_ _2\"></span>alloc<span class=\"_ _3\"></span>ation of reinsurance premiums paid) \u2013 <span class=\"ls2 ws2\"> </span>contract<span class=\"_ _3\"></span>s not measured under<span class=\"_ _2\"></span> the P<span class=\"_ _2\"></span>A<span class=\"_ _3\"></span>A<span class=\"_ _421\"> </span>Amounts relating to changes<span class=\"_ _2\"></span> in the remaining co<span class=\"_ _2\"></span>verage:<span class=\"_ _421\"> </span>Expected amount r<span class=\"_ _2\"></span>ecoverable f<span class=\"_ _2\"></span>or claims and other insurance service expenses <span class=\"_ _2a\"> </span>(23.<span class=\"_ _3\"></span>8 <span class=\"_ _31\"></span>)<span class=\"_ _3\"></span> <span class=\"_ _ae\"> </span>\u2013  <span class=\"_ _12b\"> </span>(5.0 <span class=\"_ _7\"></span>) <span class=\"_ _11b\"> </span>(17.7 <span class=\"_ _31\"></span>) <span class=\"_ _46\"> </span>(46.5 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Change in risk adjustment for non-financial risk for the risk expir<span class=\"_ _2\"></span>ed <span class=\"_ _11c\"> </span>  <span class=\"_ _20a\"> </span>(0.7 <span class=\"_ _31\"></span>) <span class=\"_ _ae\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _12b\"> </span>(0.2 <span class=\"_ _7\"></span>) <span class=\"_ _165\"> </span>(1.<span class=\"_ _3\"></span>3 <span class=\"_ _31\"></span>) <span class=\"_ _14e\"> </span>(2.<span class=\"_ _3\"></span>2 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>CSM recognised for the services r<span class=\"_ _2\"></span>eceived <span class=\"_ _154\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _20a\"> </span>(0.5 <span class=\"_ _31\"></span>) <span class=\"_ _ae\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _57\"> </span>2.2 <span class=\"_ _2\"></span> <span class=\"_ _165\"> </span>(2.7 <span class=\"_ _31\"></span>) <span class=\"_ _1b7\"> </span>(1.0 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Reinsurance expense<span class=\"_ _3\"></span>s (<span class=\"_ _2\"></span>alloc<span class=\"_ _3\"></span>ation of reinsurance premiums paid) \u2013 <span class=\"ls2 ws2\"> </span>con<span class=\"_ _3\"></span>trac<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>s not m<span class=\"_ _3\"></span>easu<span class=\"_ _3\"></span>red un<span class=\"_ _3\"></span>der t<span class=\"_ _3\"></span>he PA<span class=\"_ _3\"></span>A <span class=\"_ _3a\"> </span> <span class=\"_ _0\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _e7\"> </span>(2<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>.0 <span class=\"_ _31\"></span>) <span class=\"_ _e6\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _5b\"> </span>(3<span class=\"_ _3\"></span>.0 <span class=\"_ _31\"></span>) <span class=\"_ _46\"> </span>(2<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.7 <span class=\"_ _f\"></span>) <span class=\"_ _119\"> </span>(49.7 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Reinsurance expense<span class=\"_ _3\"></span>s (<span class=\"_ _2\"></span>alloc<span class=\"_ _3\"></span>ation of reinsurance premiums paid) \u2013 <span class=\"ls2 ws2\"> </span>con<span class=\"_ _3\"></span>trac<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>s <span class=\"_ _3\"></span>m<span class=\"_ _3\"></span>easu<span class=\"_ _3\"></span>red <span class=\"_ _4\"></span>und<span class=\"_ _3\"></span>er <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>PA<span class=\"_ _3\"></span>A <span class=\"_ _1c4\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _14e\"> </span>(<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5 <span class=\"_ _7\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _14e\"> </span>(<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Amounts recov<span class=\"_ _2\"></span>erable for incurred c<span class=\"_ _2\"></span>laims and other incurred insurance <span class=\"ls2\"> </span>service <span class=\"_ _3\"></span>expenses <span class=\"_ _4f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _165\"> </span>19.5  <span class=\"_ _1a1\"> </span>3.2  <span class=\"_ _57\"> </span>3.4  <span class=\"_ _12e\"> </span>17<span class=\"_ _2\"></span>.3  <span class=\"_ _5b\"> </span>43.4<span class=\"_ _421\"> </span>Changes in amounts recov<span class=\"_ _2\"></span>erable that relat<span class=\"_ _2\"></span>e to past service \u2013 adjustments <span class=\"ls2\"> </span>to <span class=\"_ _3\"></span>incurred <span class=\"_ _3\"></span>claims <span class=\"_ _ab\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _10e\"> </span>(1.<span class=\"_ _3\"></span>3 <span class=\"_ _7\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _10e\"> </span>(1.<span class=\"_ _3\"></span>3 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Recov<span class=\"_ _2\"></span>eries of loss on recognition of onerous underlying c<span class=\"_ _2\"></span>ontracts <span class=\"_ _119\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013  <span class=\"_ _fe\"> </span>0.5 <span class=\"_ _a\"></span> <span class=\"_ _10e\"> </span>0.5<span class=\"_ _421\"> </span>Recov<span class=\"_ _2\"></span>eries of losses on onerous underlying contracts and re<span class=\"_ _2\"></span>versals of such losses <span class=\"_ _7b\"> </span>\u2013  <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _e9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _56\"> </span>1.2 <span class=\"_ _2\"></span> <span class=\"_ _20b\"> </span>1.2<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l net ex<span class=\"_ _3\"></span>pen<span class=\"_ _3\"></span>ses f<span class=\"_ _3\"></span>rom re<span class=\"_ _3\"></span>insu<span class=\"_ _3\"></span>ranc<span class=\"_ _3\"></span>e cont<span class=\"_ _3\"></span>rac<span class=\"_ _3\"></span>ts h<span class=\"_ _3\"></span>eld <span class=\"_ _14d\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _114\"> </span>(<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5 <span class=\"_ _31\"></span>) <span class=\"_ _7b\"> </span>(0<span class=\"_ _3\"></span>.6 <span class=\"_ _31\"></span>) <span class=\"_ _14e\"> </span>0.<span class=\"_ _3\"></span>4 <span class=\"_ _a\"></span> <span class=\"_ _114\"> </span>(<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.7 <span class=\"_ _31\"></span>) <span class=\"_ _45\"> </span>(<span class=\"_ _3\"></span>8.<span class=\"_ _3\"></span>4 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota l <span class=\"_ _e\"> </span>in s u ra nc e <span class=\"_ _e\"> </span>s e r<span class=\"_ _3\"></span>vi ce <span class=\"_ _e\"> </span>r e su l t <span class=\"_ _164\"> </span> <span class=\"_ _5\"> </span> <span class=\"_ _126\"> </span> <span class=\"_ _9\"> </span> <span class=\"_ _165\"> </span>(5<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3 ) <span class=\"_ _5a\"> </span>3.1 <span class=\"_ _5\"> </span> <span class=\"_ _10f\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3 ) <span class=\"_ _165\"> </span>(<span class=\"_ _3\"></span>1 . 6 ) <span class=\"_ _8f\"> </span>(5<span class=\"_ _3\"></span>.1 )<span class=\"_ _421\"> </span>Y<span class=\"_ _2\"></span>ear ended<span class=\"_ _2\"></span> 31 December 2022 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14f\"> </span>Waard  <span class=\"_ _73\"> </span>   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _7d\"> </span>Moves<span class=\"_ _3\"></span>tic  <span class=\"_ _48\"> </span>Gro<span class=\"_ _3\"></span>up  <span class=\"_ _1c8\"> </span>Sc<span class=\"_ _3\"></span>ild<span class=\"_ _3\"></span>on   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _10f\"> </span>U<span class=\"_ _3\"></span>K  <span class=\"_ _127\"> </span>(<span class=\"_ _3\"></span>Sweden <span class=\"_ _0\"></span>) <span class=\"_ _10\"> </span>(Nethe<span class=\"_ _3\"></span>rlands <span class=\"_ _7\"></span>) <span class=\"_ _10\"> </span>(Nethe<span class=\"_ _3\"></span>rlands <span class=\"_ _7\"></span>) <span class=\"_ _119\"> </span>Total<span class=\"_ _421\"> </span>Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>revenu<span class=\"_ _3\"></span>e <span class=\"_ _209\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3<span class=\"_ _3\"></span>m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3<span class=\"_ _3\"></span>m  <span class=\"_ _165\"> </span>\u00a3<span class=\"_ _3\"></span>m<span class=\"_ _421\"> </span>Contract<span class=\"_ _3\"></span>s not measured u<span class=\"_ _2\"></span>nder the P<span class=\"_ _2\"></span>A<span class=\"_ _3\"></span>A:<span class=\"_ _421\"> </span>Amounts relating to changes<span class=\"_ _2\"></span> in the liability for remaining<span class=\"_ _2\"></span> coverage:<span class=\"_ _421\"> </span>Expected incurr<span class=\"_ _2\"></span>ed claims and other directly attributable e<span class=\"_ _2\"></span>xpenses <span class=\"_ _47\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _14e\"> </span>57<span class=\"_ _2\"></span>.2 <span class=\"_ _2\"></span> <span class=\"_ _fe\"> </span>0.3 <span class=\"_ _2\"></span> <span class=\"_ _10e\"> </span>8.3 <span class=\"_ _2\"></span> <span class=\"_ _11b\"> </span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>3.7 <span class=\"_ _a\"></span> <span class=\"_ _44\"> </span>179.5<span class=\"_ _421\"> </span>Change in risk adjustment for non-financial risk for the risk expir<span class=\"_ _2\"></span>ed <span class=\"_ _11c\"> </span>  <span class=\"_ _10f\"> </span>2<span class=\"_ _3\"></span>.4 <span class=\"_ _a\"></span> <span class=\"_ _5a\"> </span>0<span class=\"_ _2\"></span>.1 <span class=\"_ _a\"></span> <span class=\"_ _fe\"> </span>4.9 <span class=\"_ _2\"></span> <span class=\"_ _fe\"> </span>3.0 <span class=\"_ _2\"></span> <span class=\"_ _14e\"> </span>10.4<span class=\"_ _421\"> </span>CSM <span class=\"_ _3\"></span>recognised <span class=\"_ _3\"></span>for <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>services <span class=\"_ _3\"></span>provided <span class=\"_ _a9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b1\"> </span>5.5  <span class=\"_ _57\"> </span>0.2  <span class=\"_ _1b1\"> </span>3.7  <span class=\"_ _12b\"> </span>10.3  <span class=\"_ _165\"> </span>19.7<span class=\"_ _421\"> </span>Insurance <span class=\"_ _3\"></span>acquisition <span class=\"_ _3\"></span>cash <span class=\"_ _3\"></span>flows <span class=\"_ _3\"></span>recov<span class=\"_ _2\"></span>ery <span class=\"_ _a9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _1b1\"> </span>3.5  <span class=\"_ _1b1\"> </span>3.5<span class=\"_ _421\"> </span>Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce reve<span class=\"_ _3\"></span>nue fo<span class=\"_ _3\"></span>r cont<span class=\"_ _3\"></span>rac<span class=\"_ _3\"></span>ts n<span class=\"_ _3\"></span>ot me<span class=\"_ _3\"></span>asur<span class=\"_ _3\"></span>ed un<span class=\"_ _3\"></span>der th<span class=\"_ _3\"></span>e PAA <span class=\"_ _1c0\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _5b\"> </span>6<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>.1 <span class=\"_ _a\"></span> <span class=\"_ _12e\"> </span>0.<span class=\"_ _3\"></span>6 <span class=\"_ _a\"></span> <span class=\"_ _f0\"> </span>1<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>.9 <span class=\"_ _2\"></span> <span class=\"_ _29\"> </span>1<span class=\"_ _3\"></span>30<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5 <span class=\"_ _a\"></span> <span class=\"_ _150\"> </span>2<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>3.<span class=\"_ _3\"></span>1<span class=\"_ _421\"> </span>Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce reve<span class=\"_ _3\"></span>nue fo<span class=\"_ _3\"></span>r cont<span class=\"_ _3\"></span>rac<span class=\"_ _3\"></span>ts m<span class=\"_ _3\"></span>eas<span class=\"_ _3\"></span>ured u<span class=\"_ _3\"></span>nde<span class=\"_ _3\"></span>r the PA<span class=\"_ _3\"></span>A <span class=\"_ _96\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _c2\"> </span>12<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>0 <span class=\"_ _a\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _5b\"> </span>12<span class=\"_ _3\"></span>.0<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>nsur<span class=\"_ _3\"></span>ance <span class=\"_ _4\"></span>reve<span class=\"_ _3\"></span>nue <span class=\"_ _d9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14e\"> </span>65<span class=\"_ _3\"></span>.1  <span class=\"_ _14e\"> </span>12<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>6  <span class=\"_ _5b\"> </span>16<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9  <span class=\"_ _e7\"> </span>1<span class=\"_ _3\"></span>30<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5  <span class=\"_ _46\"> </span>2<span class=\"_ _3\"></span>25<span class=\"_ _3\"></span>.1<span class=\"_ _421\"> </span>Insura<span class=\"_ _2\"></span>nce service e<span class=\"_ _a\"></span>xpenses<span class=\"_ _421\"> </span>Incurred claims and other dir<span class=\"_ _2\"></span>ectly attributable expenses <span class=\"_ _f9\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _44\"> </span>(58<span class=\"_ _3\"></span>.2 <span class=\"_ _31\"></span>) <span class=\"_ _c2\"> </span>(1<span class=\"_ _3\"></span>1.5 <span class=\"_ _31\"></span>) <span class=\"_ _44\"> </span>(14.6 <span class=\"_ _31\"></span>) <span class=\"_ _14b\"> </span>(92.7 <span class=\"_ _31\"></span>) <span class=\"_ _43\"> </span>(177.<span class=\"_ _2\"></span>0 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Changes that relate t<span class=\"_ _2\"></span>o past service \u2013 changes in the FCF relating t<span class=\"_ _2\"></span>o the LIC <span class=\"_ _5\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _e9\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _57\"> </span>7<span class=\"_ _a\"></span>.0 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013  <span class=\"_ _fe\"> </span>7.0<span class=\"_ _421\"> </span>Losses on onerous contr<span class=\"_ _2\"></span>acts and reversals of those losses <span class=\"_ _4c\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _97\"> </span>\u2013  <span class=\"_ _97\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _165\"> </span>(3.2 <span class=\"_ _7\"></span>) <span class=\"_ _28\"> </span>(29.4 <span class=\"_ _31\"></span>) <span class=\"_ _14b\"> </span>(32.6 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Insurance <span class=\"_ _3\"></span>acquisition <span class=\"_ _3\"></span>cash <span class=\"_ _3\"></span>flows <span class=\"_ _3\"></span>amortisation <span class=\"_ _17c\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _12e\"> </span>(3.5 <span class=\"_ _0\"></span>) <span class=\"_ _20a\"> </span>(3.5 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota l <span class=\"_ _e\"> </span>in s u ra nc e <span class=\"_ _e\"> </span>s e r<span class=\"_ _3\"></span>vi ce <span class=\"_ _e\"> </span>ex p en s e s <span class=\"_ _194\"> </span> <span class=\"_ _5\"> </span> <span class=\"_ _126\"> </span> <span class=\"_ _9\"> </span> <span class=\"_ _150\"> </span>( 5 8<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2 ) <span class=\"_ _114\"> </span>(4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5 ) <span class=\"_ _1e1\"> </span>( 1 7.8 ) <span class=\"_ _2a\"> </span>(<span class=\"_ _3\"></span>12<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>.6 ) <span class=\"_ _112\"> </span>( 2<span class=\"_ _3\"></span>0 6<span class=\"_ _3\"></span>.1 )<span class=\"_ _421\"> </span>Net income/(e<span class=\"_ _2\"></span>xpens<span class=\"_ _3\"></span>es) from reinsurance contract<span class=\"_ _3\"></span>s held<span class=\"_ _421\"> </span>Reinsurance expense<span class=\"_ _3\"></span>s (<span class=\"_ _2\"></span>alloc<span class=\"_ _3\"></span>ation of reinsurance premiums paid) \u2013 <span class=\"ls2 ws2\"> </span>contract<span class=\"_ _3\"></span>s not measured under<span class=\"_ _2\"></span> the P<span class=\"_ _2\"></span>A<span class=\"_ _3\"></span>A<span class=\"_ _421\"> </span>Amounts relating to changes<span class=\"_ _2\"></span> in the remaining co<span class=\"_ _2\"></span>verage:<span class=\"_ _421\"> </span>Expected amount r<span class=\"_ _2\"></span>ecoverable f<span class=\"_ _2\"></span>or claims and other insurance service expenses <span class=\"_ _2a\"> </span>(24.5<span class=\"_ _3\"></span> <span class=\"_ _31\"></span>) <span class=\"_ _15b\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _152\"> </span>(4.4 <span class=\"_ _7\"></span>) <span class=\"_ _44\"> </span>(16<span class=\"_ _3\"></span>.0 <span class=\"_ _31\"></span>)<span class=\"_ _3\"></span> <span class=\"_ _15c\"> </span>(44<span class=\"_ _3\"></span>.9 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Change in risk adjustment for non-financial risk for the risk expir<span class=\"_ _2\"></span>ed <span class=\"_ _11c\"> </span>  <span class=\"_ _14e\"> </span>(0.8 <span class=\"_ _31\"></span>) <span class=\"_ _15b\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _12b\"> </span>(0.2 <span class=\"_ _31\"></span>) <span class=\"_ _fe\"> </span>(1<span class=\"_ _3\"></span>.1 <span class=\"_ _31\"></span>) <span class=\"_ _12e\"> </span>(2.1 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>CSM recognised for the services r<span class=\"_ _2\"></span>eceived <span class=\"_ _154\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _1a1\"> </span>(1.1 <span class=\"_ _31\"></span>) <span class=\"_ _15b\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _20a\"> </span>(0.9 <span class=\"_ _31\"></span>) <span class=\"_ _152\"> </span>(2.7 <span class=\"_ _31\"></span>) <span class=\"_ _114\"> </span>(4.7 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Reinsurance expense<span class=\"_ _3\"></span>s (<span class=\"_ _2\"></span>alloc<span class=\"_ _3\"></span>ation of reinsurance premiums paid) \u2013 <span class=\"ls2 ws2\"> </span>con<span class=\"_ _3\"></span>trac<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>s not m<span class=\"_ _3\"></span>easu<span class=\"_ _3\"></span>red un<span class=\"_ _3\"></span>der t<span class=\"_ _3\"></span>he PA<span class=\"_ _3\"></span>A <span class=\"_ _3a\"> </span> <span class=\"_ _0\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _15c\"> </span>(2<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>.4 <span class=\"_ _31\"></span>) <span class=\"_ _ae\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _5b\"> </span>(<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5 <span class=\"_ _31\"></span>) <span class=\"_ _29\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>9.<span class=\"_ _3\"></span>8 <span class=\"_ _31\"></span>) <span class=\"_ _28\"> </span>(<span class=\"_ _3\"></span>51<span class=\"_ _3\"></span>.7 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Reinsurance expense<span class=\"_ _3\"></span>s (<span class=\"_ _2\"></span>alloc<span class=\"_ _3\"></span>ation of reinsurance premiums paid) \u2013 <span class=\"ls2 ws2\"> </span>con<span class=\"_ _3\"></span>trac<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>s <span class=\"_ _3\"></span>m<span class=\"_ _3\"></span>easu<span class=\"_ _3\"></span>red <span class=\"_ _4\"></span>und<span class=\"_ _3\"></span>er <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>PA<span class=\"_ _3\"></span>A <span class=\"_ _1c4\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _14e\"> </span>(<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3 <span class=\"_ _7\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _14e\"> </span>(<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>Amounts recov<span class=\"_ _2\"></span>erable for incurred c<span class=\"_ _2\"></span>laims and other incurred insurance <span class=\"ls2\"> </span>service <span class=\"_ _3\"></span>expenses <span class=\"_ _4f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _5b\"> </span>24.7  <span class=\"_ _57\"> </span>2.8  <span class=\"_ _1a1\"> </span>3.9  <span class=\"_ _1b7\"> </span>18.5  <span class=\"_ _5b\"> </span>49.9<span class=\"_ _421\"> </span>Changes in amounts recov<span class=\"_ _2\"></span>erable that relat<span class=\"_ _2\"></span>e to past service \u2013 adjustments <span class=\"ls2\"> </span>to <span class=\"_ _3\"></span>incurred <span class=\"_ _3\"></span>claims <span class=\"_ _ab\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _165\"> </span>(3.4 <span class=\"_ _0\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _165\"> </span>(3.4 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Recov<span class=\"_ _2\"></span>eries of loss on recognition of onerous underlying c<span class=\"_ _2\"></span>ontracts <span class=\"_ _119\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013  <span class=\"_ _1b1\"> </span>1.4 <span class=\"_ _2\"></span> <span class=\"_ _94\"> </span>1.4<span class=\"_ _421\"> </span>Recov<span class=\"_ _2\"></span>eries of losses on onerous underlying contracts and re<span class=\"_ _2\"></span>versals of such losses <span class=\"_ _7b\"> </span>\u2013  <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _e9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _10f\"> </span>0.4  <span class=\"_ _179\"> </span>0.4<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l net ex<span class=\"_ _3\"></span>pen<span class=\"_ _3\"></span>ses f<span class=\"_ _3\"></span>rom re<span class=\"_ _3\"></span>insu<span class=\"_ _3\"></span>ranc<span class=\"_ _3\"></span>e cont<span class=\"_ _3\"></span>rac<span class=\"_ _3\"></span>ts h<span class=\"_ _3\"></span>eld <span class=\"_ _14d\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _165\"> </span>(<span class=\"_ _3\"></span>1.7 <span class=\"_ _31\"></span>) <span class=\"_ _11b\"> </span>(2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9 <span class=\"_ _31\"></span>) <span class=\"_ _5b\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.6 <span class=\"_ _31\"></span>) <span class=\"_ _152\"> </span>0<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5 <span class=\"_ _a\"></span> <span class=\"_ _14e\"> </span>(5<span class=\"_ _3\"></span>.7 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>nsur<span class=\"_ _3\"></span>ance <span class=\"_ _4\"></span>se<span class=\"_ _3\"></span>rv<span class=\"_ _3\"></span>ice <span class=\"_ _4\"></span>re<span class=\"_ _3\"></span>sul<span class=\"_ _3\"></span>t <span class=\"_ _1cc\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _fe\"> </span>5<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2  <span class=\"_ _10f\"> </span>5<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2  <span class=\"_ _14e\"> </span>(<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5 <span class=\"_ _7\"></span>) <span class=\"_ _1b7\"> </span>5<span class=\"_ _3\"></span>.4  <span class=\"_ _14e\"> </span>1<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3<span class=\"_ _421\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfAnalysisOfInsuranceRevenueExplanatory",
    "language": "en",
    "entity": "scheme:213800VFRMBRTSZ3SJ06",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-429": {
   "value": "<div class=\"t m0 h3 ff61 fs1 fcb sc0 ls190 wsc7 gs3b4\">Y<span class=\"_ _2\"></span>ear ended<span class=\"_ _2\"></span> 31 December 202<span class=\"_ _3\"></span>3</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lsd9 ws1bb gs3b5\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14f\"> </span>Waard  <span class=\"_ _73\"> </span>  </div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs3b6\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _7d\"> </span>Moves<span class=\"_ _3\"></span>tic  <span class=\"_ _48\"> </span>Gro<span class=\"_ _3\"></span>up  <span class=\"_ _1c8\"> </span>Sc<span class=\"_ _3\"></span>ild<span class=\"_ _3\"></span>on  </div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls23 ws1f0 gs3b7\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _10f\"> </span>U<span class=\"_ _3\"></span>K  <span class=\"_ _127\"> </span>(<span class=\"_ _3\"></span>Sweden <span class=\"_ _0\"></span>) <span class=\"_ _10\"> </span>(Nethe<span class=\"_ _3\"></span>rlands <span class=\"_ _7\"></span>) <span class=\"_ _10\"> </span>(Nethe<span class=\"_ _3\"></span>rlands <span class=\"_ _7\"></span>) <span class=\"_ _119\"> </span>Total<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs3b8\">Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>revenu<span class=\"_ _3\"></span>e <span class=\"_ _209\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3<span class=\"_ _3\"></span>m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3<span class=\"_ _3\"></span>m  <span class=\"_ _165\"> </span>\u00a3<span class=\"_ _3\"></span>m<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls9a ws6a gs3b9\">Contract<span class=\"_ _3\"></span>s not measured u<span class=\"_ _2\"></span>nder the P<span class=\"_ _2\"></span>A<span class=\"_ _3\"></span>A:<span class=\"_ _421\"> </span></div><div class=\"t m0 hc9 ff6c fs1 fcb sc0 ls9a ws6a gs3ba\">Amounts relating to changes<span class=\"_ _2\"></span> in the liability for remaining<span class=\"_ _2\"></span> coverage:<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws2 gs3bb\">Expected incurr<span class=\"_ _2\"></span>ed claims and other directly attributable e<span class=\"_ _2\"></span>xpenses <span class=\"_ _47\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _1b7\"> </span>59.1 <span class=\"_ _a\"></span> <span class=\"_ _10e\"> </span>0.3 <span class=\"_ _a\"></span> <span class=\"_ _5b\"> </span>28.2 <span class=\"_ _2\"></span> <span class=\"_ _7b\"> </span>100.1 <span class=\"_ _a\"></span> <span class=\"_ _44\"> </span>187.7<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws2 gs3bc\">Change in risk adjustment for non-financial risk for the risk expir<span class=\"_ _2\"></span>ed <span class=\"_ _11c\"> </span>  <span class=\"_ _10e\"> </span>2.2  <span class=\"_ _94\"> </span>0.1 <span class=\"_ _a\"></span> <span class=\"_ _fe\"> </span>0.9 <span class=\"_ _a\"></span> <span class=\"_ _10e\"> </span>2.4 <span class=\"_ _a\"></span> <span class=\"_ _57\"> </span>5.6<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs3bd\">CSM <span class=\"_ _3\"></span>recognised <span class=\"_ _3\"></span>for <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>services <span class=\"_ _3\"></span>provided <span class=\"_ _a9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _57\"> </span>4.5  <span class=\"_ _57\"> </span>0.3  <span class=\"_ _57\"> </span>7.<span class=\"_ _2\"></span>0  <span class=\"_ _10e\"> </span>9.0  <span class=\"_ _5b\"> </span>20.8<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs3be\">Insurance <span class=\"_ _3\"></span>acquisition <span class=\"_ _3\"></span>cash <span class=\"_ _3\"></span>flows <span class=\"_ _3\"></span>recov<span class=\"_ _2\"></span>ery <span class=\"_ _a9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _1b1\"> </span>3.5  <span class=\"_ _1b1\"> </span>3.5<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws2 gs3bf\">Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce reve<span class=\"_ _3\"></span>nue fo<span class=\"_ _3\"></span>r cont<span class=\"_ _3\"></span>rac<span class=\"_ _3\"></span>ts n<span class=\"_ _3\"></span>ot me<span class=\"_ _3\"></span>asur<span class=\"_ _3\"></span>ed un<span class=\"_ _3\"></span>der th<span class=\"_ _3\"></span>e PAA <span class=\"_ _1c0\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _1e1\"> </span>6<span class=\"_ _3\"></span>5.<span class=\"_ _3\"></span>8 <span class=\"_ _2\"></span> <span class=\"_ _12e\"> </span>0<span class=\"_ _3\"></span>.7 <span class=\"_ _0\"></span> <span class=\"_ _5b\"> </span>3<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>.1 <span class=\"_ _a\"></span> <span class=\"_ _46\"> </span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>.0 <span class=\"_ _2\"></span> <span class=\"_ _28\"> </span>21<span class=\"_ _3\"></span>7<span class=\"_ _2\"></span>.6<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws2 gs3c0\">Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce reve<span class=\"_ _3\"></span>nue fo<span class=\"_ _3\"></span>r cont<span class=\"_ _3\"></span>rac<span class=\"_ _3\"></span>ts m<span class=\"_ _3\"></span>eas<span class=\"_ _3\"></span>ured u<span class=\"_ _3\"></span>nde<span class=\"_ _3\"></span>r the PA<span class=\"_ _3\"></span>A <span class=\"_ _96\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _2d\"> </span>10<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4 <span class=\"_ _a\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _2d\"> </span>1<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>4<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs3c1\">T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>nsur<span class=\"_ _3\"></span>ance <span class=\"_ _4\"></span>reve<span class=\"_ _3\"></span>nue <span class=\"_ _d9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _7b\"> </span>6<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8  <span class=\"_ _10f\"> </span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.1  <span class=\"_ _14e\"> </span>36<span class=\"_ _3\"></span>.1  <span class=\"_ _150\"> </span>11<span class=\"_ _4\"></span>5.<span class=\"_ _3\"></span>0  <span class=\"_ _43\"> </span>2<span class=\"_ _3\"></span>28<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>0<span class=\"_ _421\"> </span></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfRevenueExplanatory",
    "language": "en",
    "entity": "scheme:213800VFRMBRTSZ3SJ06",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-452": {
   "value": "Y<span class=\"_ _2\"></span>ear ended<span class=\"_ _2\"></span> 31 December 202<span class=\"_ _3\"></span>3 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14f\"> </span>Waard  <span class=\"_ _73\"> </span>   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _7d\"> </span>Moves<span class=\"_ _3\"></span>tic  <span class=\"_ _48\"> </span>Gro<span class=\"_ _3\"></span>up  <span class=\"_ _1c8\"> </span>Sc<span class=\"_ _3\"></span>ild<span class=\"_ _3\"></span>on   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _10f\"> </span>U<span class=\"_ _3\"></span>K  <span class=\"_ _127\"> </span>(<span class=\"_ _3\"></span>Sweden <span class=\"_ _0\"></span>) <span class=\"_ _10\"> </span>(Nethe<span class=\"_ _3\"></span>rlands <span class=\"_ _7\"></span>) <span class=\"_ _10\"> </span>(Nethe<span class=\"_ _3\"></span>rlands <span class=\"_ _7\"></span>) <span class=\"_ _119\"> </span>Total<span class=\"_ _421\"> </span>Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>revenu<span class=\"_ _3\"></span>e <span class=\"_ _209\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3<span class=\"_ _3\"></span>m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3<span class=\"_ _3\"></span>m  <span class=\"_ _165\"> </span>\u00a3<span class=\"_ _3\"></span>m<span class=\"_ _421\"> </span>Contract<span class=\"_ _3\"></span>s not measured u<span class=\"_ _2\"></span>nder the P<span class=\"_ _2\"></span>A<span class=\"_ _3\"></span>A:<span class=\"_ _421\"> </span>Amounts relating to changes<span class=\"_ _2\"></span> in the liability for remaining<span class=\"_ _2\"></span> coverage:<span class=\"_ _421\"> </span>Expected incurr<span class=\"_ _2\"></span>ed claims and other directly attributable e<span class=\"_ _2\"></span>xpenses <span class=\"_ _47\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _1b7\"> </span>59.1 <span class=\"_ _a\"></span> <span class=\"_ _10e\"> </span>0.3 <span class=\"_ _a\"></span> <span class=\"_ _5b\"> </span>28.2 <span class=\"_ _2\"></span> <span class=\"_ _7b\"> </span>100.1 <span class=\"_ _a\"></span> <span class=\"_ _44\"> </span>187.7<span class=\"_ _421\"> </span>Change in risk adjustment for non-financial risk for the risk expir<span class=\"_ _2\"></span>ed <span class=\"_ _11c\"> </span>  <span class=\"_ _10e\"> </span>2.2  <span class=\"_ _94\"> </span>0.1 <span class=\"_ _a\"></span> <span class=\"_ _fe\"> </span>0.9 <span class=\"_ _a\"></span> <span class=\"_ _10e\"> </span>2.4 <span class=\"_ _a\"></span> <span class=\"_ _57\"> </span>5.6<span class=\"_ _421\"> </span>CSM <span class=\"_ _3\"></span>recognised <span class=\"_ _3\"></span>for <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>services <span class=\"_ _3\"></span>provided <span class=\"_ _a9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _57\"> </span>4.5  <span class=\"_ _57\"> </span>0.3  <span class=\"_ _57\"> </span>7.<span class=\"_ _2\"></span>0  <span class=\"_ _10e\"> </span>9.0  <span class=\"_ _5b\"> </span>20.8<span class=\"_ _421\"> </span>Insurance <span class=\"_ _3\"></span>acquisition <span class=\"_ _3\"></span>cash <span class=\"_ _3\"></span>flows <span class=\"_ _3\"></span>recov<span class=\"_ _2\"></span>ery <span class=\"_ _a9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _1b1\"> </span>3.5  <span class=\"_ _1b1\"> </span>3.5<span class=\"_ _421\"> </span>Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce reve<span class=\"_ _3\"></span>nue fo<span class=\"_ _3\"></span>r cont<span class=\"_ _3\"></span>rac<span class=\"_ _3\"></span>ts n<span class=\"_ _3\"></span>ot me<span class=\"_ _3\"></span>asur<span class=\"_ _3\"></span>ed un<span class=\"_ _3\"></span>der th<span class=\"_ _3\"></span>e PAA <span class=\"_ _1c0\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _1e1\"> </span>6<span class=\"_ _3\"></span>5.<span class=\"_ _3\"></span>8 <span class=\"_ _2\"></span> <span class=\"_ _12e\"> </span>0<span class=\"_ _3\"></span>.7 <span class=\"_ _0\"></span> <span class=\"_ _5b\"> </span>3<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>.1 <span class=\"_ _a\"></span> <span class=\"_ _46\"> </span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>.0 <span class=\"_ _2\"></span> <span class=\"_ _28\"> </span>21<span class=\"_ _3\"></span>7<span class=\"_ _2\"></span>.6<span class=\"_ _421\"> </span>Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce reve<span class=\"_ _3\"></span>nue fo<span class=\"_ _3\"></span>r cont<span class=\"_ _3\"></span>rac<span class=\"_ _3\"></span>ts m<span class=\"_ _3\"></span>eas<span class=\"_ _3\"></span>ured u<span class=\"_ _3\"></span>nde<span class=\"_ _3\"></span>r the PA<span class=\"_ _3\"></span>A <span class=\"_ _96\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _2d\"> </span>10<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4 <span class=\"_ _a\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _2d\"> </span>1<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>4<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>nsur<span class=\"_ _3\"></span>ance <span class=\"_ _4\"></span>reve<span class=\"_ _3\"></span>nue <span class=\"_ _d9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _7b\"> </span>6<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8  <span class=\"_ _10f\"> </span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.1  <span class=\"_ _14e\"> </span>36<span class=\"_ _3\"></span>.1  <span class=\"_ _150\"> </span>11<span class=\"_ _4\"></span>5.<span class=\"_ _3\"></span>0  <span class=\"_ _43\"> </span>2<span class=\"_ _3\"></span>28<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>0<span class=\"_ _421\"> </span>Y<span class=\"_ _2\"></span>ear ended<span class=\"_ _2\"></span> 31 December 2022 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14f\"> </span>Waard  <span class=\"_ _73\"> </span>   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _7d\"> </span>Moves<span class=\"_ _3\"></span>tic  <span class=\"_ _48\"> </span>Gro<span class=\"_ _3\"></span>up  <span class=\"_ _1c8\"> </span>Sc<span class=\"_ _3\"></span>ild<span class=\"_ _3\"></span>on   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _10f\"> </span>U<span class=\"_ _3\"></span>K  <span class=\"_ _127\"> </span>(<span class=\"_ _3\"></span>Sweden <span class=\"_ _0\"></span>) <span class=\"_ _10\"> </span>(Nethe<span class=\"_ _3\"></span>rlands <span class=\"_ _7\"></span>) <span class=\"_ _10\"> </span>(Nethe<span class=\"_ _3\"></span>rlands <span class=\"_ _7\"></span>) <span class=\"_ _119\"> </span>Total<span class=\"_ _421\"> </span>Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>revenu<span class=\"_ _3\"></span>e <span class=\"_ _209\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3<span class=\"_ _3\"></span>m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3<span class=\"_ _3\"></span>m  <span class=\"_ _165\"> </span>\u00a3<span class=\"_ _3\"></span>m<span class=\"_ _421\"> </span>Contract<span class=\"_ _3\"></span>s not measured u<span class=\"_ _2\"></span>nder the P<span class=\"_ _2\"></span>A<span class=\"_ _3\"></span>A:<span class=\"_ _421\"> </span>Amounts relating to changes<span class=\"_ _2\"></span> in the liability for remaining<span class=\"_ _2\"></span> coverage:<span class=\"_ _421\"> </span>Expected incurr<span class=\"_ _2\"></span>ed claims and other directly attributable e<span class=\"_ _2\"></span>xpenses <span class=\"_ _47\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _14e\"> </span>57<span class=\"_ _2\"></span>.2 <span class=\"_ _2\"></span> <span class=\"_ _fe\"> </span>0.3 <span class=\"_ _2\"></span> <span class=\"_ _10e\"> </span>8.3 <span class=\"_ _2\"></span> <span class=\"_ _11b\"> </span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>3.7 <span class=\"_ _a\"></span> <span class=\"_ _44\"> </span>179.5<span class=\"_ _421\"> </span>Change in risk adjustment for non-financial risk for the risk expir<span class=\"_ _2\"></span>ed <span class=\"_ _11c\"> </span>  <span class=\"_ _10f\"> </span>2<span class=\"_ _3\"></span>.4 <span class=\"_ _a\"></span> <span class=\"_ _5a\"> </span>0<span class=\"_ _2\"></span>.1 <span class=\"_ _a\"></span> <span class=\"_ _fe\"> </span>4.9 <span class=\"_ _2\"></span> <span class=\"_ _fe\"> </span>3.0 <span class=\"_ _2\"></span> <span class=\"_ _14e\"> </span>10.4<span class=\"_ _421\"> </span>CSM <span class=\"_ _3\"></span>recognised <span class=\"_ _3\"></span>for <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>services <span class=\"_ _3\"></span>provided <span class=\"_ _a9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b1\"> </span>5.5  <span class=\"_ _57\"> </span>0.2  <span class=\"_ _1b1\"> </span>3.7  <span class=\"_ _12b\"> </span>10.3  <span class=\"_ _165\"> </span>19.7<span class=\"_ _421\"> </span>Insurance <span class=\"_ _3\"></span>acquisition <span class=\"_ _3\"></span>cash <span class=\"_ _3\"></span>flows <span class=\"_ _3\"></span>recov<span class=\"_ _2\"></span>ery <span class=\"_ _a9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _1b1\"> </span>3.5  <span class=\"_ _1b1\"> </span>3.5<span class=\"_ _421\"> </span>Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce reve<span class=\"_ _3\"></span>nue fo<span class=\"_ _3\"></span>r cont<span class=\"_ _3\"></span>rac<span class=\"_ _3\"></span>ts n<span class=\"_ _3\"></span>ot me<span class=\"_ _3\"></span>asur<span class=\"_ _3\"></span>ed un<span class=\"_ _3\"></span>der th<span class=\"_ _3\"></span>e PAA <span class=\"_ _1c0\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _5b\"> </span>6<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>.1 <span class=\"_ _a\"></span> <span class=\"_ _12e\"> </span>0.<span class=\"_ _3\"></span>6 <span class=\"_ _a\"></span> <span class=\"_ _f0\"> </span>1<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>.9 <span class=\"_ _2\"></span> <span class=\"_ _29\"> </span>1<span class=\"_ _3\"></span>30<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5 <span class=\"_ _a\"></span> <span class=\"_ _150\"> </span>2<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>3.<span class=\"_ _3\"></span>1<span class=\"_ _421\"> </span>Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce reve<span class=\"_ _3\"></span>nue fo<span class=\"_ _3\"></span>r cont<span class=\"_ _3\"></span>rac<span class=\"_ _3\"></span>ts m<span class=\"_ _3\"></span>eas<span class=\"_ _3\"></span>ured u<span class=\"_ _3\"></span>nde<span class=\"_ _3\"></span>r the PA<span class=\"_ _3\"></span>A <span class=\"_ _96\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _c2\"> </span>12<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>0 <span class=\"_ _a\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _5b\"> </span>12<span class=\"_ _3\"></span>.0<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>nsur<span class=\"_ _3\"></span>ance <span class=\"_ _4\"></span>reve<span class=\"_ _3\"></span>nue <span class=\"_ _d9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14e\"> </span>65<span class=\"_ _3\"></span>.1  <span class=\"_ _14e\"> </span>12<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>6  <span class=\"_ _5b\"> </span>16<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9  <span class=\"_ _e7\"> </span>1<span class=\"_ _3\"></span>30<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5  <span class=\"_ _46\"> </span>2<span class=\"_ _3\"></span>25<span class=\"_ _3\"></span>.1<span class=\"_ _421\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInsurancePremiumRevenueExplanatory",
    "language": "en",
    "entity": "scheme:213800VFRMBRTSZ3SJ06",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-446": {
   "value": "Y<span class=\"_ _2\"></span>ear ended<span class=\"_ _2\"></span> 31 December 202<span class=\"_ _3\"></span>3 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14f\"> </span>Waard  <span class=\"_ _73\"> </span>   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _7d\"> </span>Moves<span class=\"_ _3\"></span>tic  <span class=\"_ _48\"> </span>Gro<span class=\"_ _3\"></span>up  <span class=\"_ _1c8\"> </span>Sc<span class=\"_ _3\"></span>ild<span class=\"_ _3\"></span>on   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _10f\"> </span>U<span class=\"_ _3\"></span>K  <span class=\"_ _127\"> </span>(<span class=\"_ _3\"></span>Sweden <span class=\"_ _0\"></span>) <span class=\"_ _10\"> </span>(Nethe<span class=\"_ _3\"></span>rlands <span class=\"_ _7\"></span>) <span class=\"_ _10\"> </span>(Nethe<span class=\"_ _3\"></span>rlands <span class=\"_ _7\"></span>) <span class=\"_ _119\"> </span>Total<span class=\"_ _421\"> </span>Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>revenu<span class=\"_ _3\"></span>e <span class=\"_ _209\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3<span class=\"_ _3\"></span>m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3<span class=\"_ _3\"></span>m  <span class=\"_ _165\"> </span>\u00a3<span class=\"_ _3\"></span>m<span class=\"_ _421\"> </span>Contract<span class=\"_ _3\"></span>s not measured u<span class=\"_ _2\"></span>nder the P<span class=\"_ _2\"></span>A<span class=\"_ _3\"></span>A:<span class=\"_ _421\"> </span>Amounts relating to changes<span class=\"_ _2\"></span> in the liability for remaining<span class=\"_ _2\"></span> coverage:<span class=\"_ _421\"> </span>Expected incurr<span class=\"_ _2\"></span>ed claims and other directly attributable e<span class=\"_ _2\"></span>xpenses <span class=\"_ _47\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _1b7\"> </span>59.1 <span class=\"_ _a\"></span> <span class=\"_ _10e\"> </span>0.3 <span class=\"_ _a\"></span> <span class=\"_ _5b\"> </span>28.2 <span class=\"_ _2\"></span> <span class=\"_ _7b\"> </span>100.1 <span class=\"_ _a\"></span> <span class=\"_ _44\"> </span>187.7<span class=\"_ _421\"> </span>Change in risk adjustment for non-financial risk for the risk expir<span class=\"_ _2\"></span>ed <span class=\"_ _11c\"> </span>  <span class=\"_ _10e\"> </span>2.2  <span class=\"_ _94\"> </span>0.1 <span class=\"_ _a\"></span> <span class=\"_ _fe\"> </span>0.9 <span class=\"_ _a\"></span> <span class=\"_ _10e\"> </span>2.4 <span class=\"_ _a\"></span> <span class=\"_ _57\"> </span>5.6<span class=\"_ _421\"> </span>CSM <span class=\"_ _3\"></span>recognised <span class=\"_ _3\"></span>for <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>services <span class=\"_ _3\"></span>provided <span class=\"_ _a9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _57\"> </span>4.5  <span class=\"_ _57\"> </span>0.3  <span class=\"_ _57\"> </span>7.<span class=\"_ _2\"></span>0  <span class=\"_ _10e\"> </span>9.0  <span class=\"_ _5b\"> </span>20.8<span class=\"_ _421\"> </span>Insurance <span class=\"_ _3\"></span>acquisition <span class=\"_ _3\"></span>cash <span class=\"_ _3\"></span>flows <span class=\"_ _3\"></span>recov<span class=\"_ _2\"></span>ery <span class=\"_ _a9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _1b1\"> </span>3.5  <span class=\"_ _1b1\"> </span>3.5<span class=\"_ _421\"> </span>Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce reve<span class=\"_ _3\"></span>nue fo<span class=\"_ _3\"></span>r cont<span class=\"_ _3\"></span>rac<span class=\"_ _3\"></span>ts n<span class=\"_ _3\"></span>ot me<span class=\"_ _3\"></span>asur<span class=\"_ _3\"></span>ed un<span class=\"_ _3\"></span>der th<span class=\"_ _3\"></span>e PAA <span class=\"_ _1c0\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _1e1\"> </span>6<span class=\"_ _3\"></span>5.<span class=\"_ _3\"></span>8 <span class=\"_ _2\"></span> <span class=\"_ _12e\"> </span>0<span class=\"_ _3\"></span>.7 <span class=\"_ _0\"></span> <span class=\"_ _5b\"> </span>3<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>.1 <span class=\"_ _a\"></span> <span class=\"_ _46\"> </span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>.0 <span class=\"_ _2\"></span> <span class=\"_ _28\"> </span>21<span class=\"_ _3\"></span>7<span class=\"_ _2\"></span>.6<span class=\"_ _421\"> </span>Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce reve<span class=\"_ _3\"></span>nue fo<span class=\"_ _3\"></span>r cont<span class=\"_ _3\"></span>rac<span class=\"_ _3\"></span>ts m<span class=\"_ _3\"></span>eas<span class=\"_ _3\"></span>ured u<span class=\"_ _3\"></span>nde<span class=\"_ _3\"></span>r the PA<span class=\"_ _3\"></span>A <span class=\"_ _96\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _2d\"> </span>10<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4 <span class=\"_ _a\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _2d\"> </span>1<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>4<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>nsur<span class=\"_ _3\"></span>ance <span class=\"_ _4\"></span>reve<span class=\"_ _3\"></span>nue <span class=\"_ _d9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _7b\"> </span>6<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8  <span class=\"_ _10f\"> </span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.1  <span class=\"_ _14e\"> </span>36<span class=\"_ _3\"></span>.1  <span class=\"_ _150\"> </span>11<span class=\"_ _4\"></span>5.<span class=\"_ _3\"></span>0  <span class=\"_ _43\"> </span>2<span class=\"_ _3\"></span>28<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>0<span class=\"_ _421\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
    "language": "en",
    "entity": "scheme:213800VFRMBRTSZ3SJ06",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-459": {
   "value": "Finance income/(<span class=\"_ _2\"></span>expense<span class=\"_ _3\"></span>s) from insurance contracts is<span class=\"_ _3\"></span>sued<span class=\"_ _421\"> </span>Change in fair value of underlying assets of c<span class=\"_ _2\"></span>ontracts measured <span class=\"ls2\"> </span>under <span class=\"_ _9\"> </span>the <span class=\"_ _e\"> </span>VF<span class=\"_ _2\"></span>A <span class=\"_ _211\"> </span>(75.4 ) <span class=\"_ _46\"> </span>\u2013 <span class=\"_ _5\"> </span> <span class=\"_ _48\"> </span>(5.1 ) <span class=\"_ _127\"> </span>(132.6 ) <span class=\"_ _14b\"> </span>\u2013 <span class=\"_ _5\"> </span> <span class=\"_ _45\"> </span>\u2013 <span class=\"_ _5\"> </span> <span class=\"_ _bf\"> </span>(213.1 )<span class=\"_ _421\"> </span>Interest <span class=\"_ _5\"> </span>accreted <span class=\"_ _212\"> </span>(18.2 ) <span class=\"_ _14b\"> </span>\u2013 <span class=\"_ _5\"> </span> <span class=\"_ _5d\"> </span>(30.0 ) <span class=\"_ _e8\"> </span>(19.1 ) <span class=\"_ _14b\"> </span>\u2013 <span class=\"_ _5\"> </span> <span class=\"_ _45\"> </span>\u2013 <span class=\"_ _5\"> </span> <span class=\"_ _123\"> </span>(67<span class=\"_ _a\"></span>. 3 )<span class=\"_ _421\"> </span>Effect of changes in inter<span class=\"_ _2\"></span>est rates and other financial assumptions <span class=\"_ _1ca\"> </span>2.4 <span class=\"_ _2\"></span> <span class=\"_ _5d\"> </span>(16.0 <span class=\"_ _31\"></span>) <span class=\"_ _1c2\"> </span>(21.<span class=\"_ _3\"></span>2 <span class=\"_ _31\"></span>) <span class=\"_ _91\"> </span>(<span class=\"_ _3\"></span>14.2 <span class=\"_ _31\"></span>) <span class=\"_ _15c\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _46\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _1c3\"> </span>(49.0 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Effect of changes in fulfilment cash flows at curr<span class=\"_ _2\"></span>ent rates when CSM <span class=\"ls2\"> </span>is <span class=\"_ _3\"></span>unlocked <span class=\"_ _3\"></span>at <span class=\"_ _3\"></span>locked <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>rates <span class=\"_ _1dc\"> </span>4.7  <span class=\"_ _14b\"> </span>\u2013  <span class=\"_ _210\"> </span>6<span class=\"_ _3\"></span>.9  <span class=\"_ _153\"> </span>2.9  <span class=\"_ _14b\"> </span>\u2013  <span class=\"_ _14b\"> </span>\u2013  <span class=\"_ _82\"> </span>14.5<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l finan<span class=\"_ _3\"></span>ce inc<span class=\"_ _3\"></span>ome fr<span class=\"_ _3\"></span>om in<span class=\"_ _3\"></span>sura<span class=\"_ _3\"></span>nce co<span class=\"_ _3\"></span>ntra<span class=\"_ _3\"></span>ct<span class=\"_ _3\"></span>s is<span class=\"_ _3\"></span>sue<span class=\"_ _3\"></span>d <span class=\"_ _107\"> </span>(86<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5 <span class=\"_ _31\"></span>) <span class=\"_ _7d\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>.0 <span class=\"_ _31\"></span>) <span class=\"_ _1e3\"> </span>(49<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4 <span class=\"_ _f\"></span>) <span class=\"_ _39\"> </span>(<span class=\"_ _3\"></span>16<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>.0 <span class=\"_ _31\"></span>) <span class=\"_ _42\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _46\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _1c7\"> </span>(31<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>.9 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Finance income from reinsurance contrac<span class=\"_ _3\"></span>ts held<span class=\"_ _421\"> </span>Interest accreted <span class=\"_ _1c9\"> </span>8.<span class=\"_ _3\"></span>8  <span class=\"_ _14b\"> </span>\u2013  <span class=\"_ _48\"> </span>0.1  <span class=\"_ _48\"> </span>(1.1 <span class=\"_ _7\"></span>) <span class=\"_ _e7\"> </span>\u2013  <span class=\"_ _14b\"> </span>\u2013  <span class=\"_ _153\"> </span>7<span class=\"_ _2\"></span>.8<span class=\"_ _421\"> </span>Effect of changes in inter<span class=\"_ _2\"></span>est rates and other financial assumptions <span class=\"_ _b9\"> </span>1.<span class=\"_ _3\"></span>5 <span class=\"_ _2\"></span> <span class=\"_ _14f\"> </span>0.7 <span class=\"_ _a\"></span> <span class=\"_ _46\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _3b\"> </span>(1.6 <span class=\"_ _31\"></span>) <span class=\"_ _15c\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _46\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _76\"> </span>0.6<span class=\"_ _421\"> </span>Effect of changes in fulfilment cash flows at curr<span class=\"_ _2\"></span>ent rates when CSM <span class=\"ls2\"> </span>is unlocked at loc<span class=\"_ _2\"></span>ked in rates <span class=\"_ _213\"> </span>(1.0 <span class=\"_ _31\"></span>) <span class=\"_ _29\"> </span>\u2013  <span class=\"_ _28\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _82\"> </span>(0<span class=\"_ _2\"></span>.7 <span class=\"_ _31\"></span>) <span class=\"_ _15c\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _46\"> </span>\u2013  <span class=\"_ _3b\"> </span>(1.7 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l finan<span class=\"_ _3\"></span>ce expe<span class=\"_ _3\"></span>ns<span class=\"_ _3\"></span>es fro<span class=\"_ _3\"></span>m rein<span class=\"_ _3\"></span>sura<span class=\"_ _3\"></span>nce co<span class=\"_ _3\"></span>ntra<span class=\"_ _3\"></span>ct<span class=\"_ _3\"></span>s he<span class=\"_ _3\"></span>ld <span class=\"_ _214\"> </span>9.<span class=\"_ _3\"></span>3 <span class=\"_ _2\"></span> <span class=\"_ _7c\"> </span>0.7 <span class=\"_ _a\"></span> <span class=\"_ _210\"> </span>0<span class=\"_ _3\"></span>.1 <span class=\"_ _a\"></span> <span class=\"_ _89\"> </span>(<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>.4 <span class=\"_ _31\"></span>) <span class=\"_ _42\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _28\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _3b\"> </span>6.7<span class=\"_ _421\"> </span>Ne t <span class=\"_ _e\"> </span>in s ur an c e <span class=\"_ _e\"> </span>fin a nc e <span class=\"_ _e\"> </span>exp e n s e s <span class=\"_ _215\"> </span>(7<span class=\"_ _3\"></span>7.2 ) <span class=\"_ _2e\"> </span>( 1<span class=\"_ _3\"></span>5 .<span class=\"_ _4\"></span>3 ) <span class=\"_ _37\"> </span>(49.<span class=\"_ _3\"></span>3 ) <span class=\"_ _1c7\"> </span>( 1 6<span class=\"_ _3\"></span>6 .<span class=\"_ _3\"></span>4 ) <span class=\"_ _14b\"> </span>\u2013 <span class=\"_ _5\"> </span> <span class=\"_ _7b\"> </span>\u2013 <span class=\"_ _5\"> </span> <span class=\"_ _1c7\"> </span>(3 0<span class=\"_ _3\"></span>8 .<span class=\"_ _3\"></span>2  Finance income/(<span class=\"_ _2\"></span>expense<span class=\"_ _3\"></span>s) from insurance contracts is<span class=\"_ _3\"></span>sued<span class=\"_ _421\"> </span>Change in fair value of underlying assets of c<span class=\"_ _2\"></span>ontracts measured <span class=\"ls2\"> </span>under <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>VFA <span class=\"_ _219\"> </span>72.3  <span class=\"_ _82\"> </span>18<span class=\"_ _3\"></span>.5  <span class=\"_ _210\"> </span>3.4  <span class=\"_ _bf\"> </span>171.<span class=\"_ _3\"></span>8  <span class=\"_ _14b\"> </span>\u2013  <span class=\"_ _14b\"> </span>\u2013  <span class=\"_ _127\"> </span>266.0<span class=\"_ _421\"> </span>Interest accreted <span class=\"_ _21a\"> </span>5.6  <span class=\"_ _14b\"> </span>\u2013  <span class=\"_ _82\"> </span>(0.5 <span class=\"_ _0\"></span>) <span class=\"_ _1c8\"> </span>12<span class=\"_ _3\"></span>.6  <span class=\"_ _14b\"> </span>\u2013  <span class=\"_ _46\"> </span>\u2013  <span class=\"_ _7c\"> </span>17<span class=\"_ _2\"></span>.7<span class=\"_ _421\"> </span>Effect of changes in inter<span class=\"_ _2\"></span>est rates and other financial assumptions <span class=\"_ _57\"> </span>78.9 <span class=\"_ _a\"></span> <span class=\"_ _76\"> </span>2.0 <span class=\"_ _2\"></span> <span class=\"_ _123\"> </span>92<span class=\"_ _3\"></span>.7 <span class=\"_ _a\"></span> <span class=\"_ _be\"> </span>92.5 <span class=\"_ _a\"></span> <span class=\"_ _46\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _46\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _2e\"> </span>266.1<span class=\"_ _421\"> </span>Effect of changes in fulfilment cash flows at curr<span class=\"_ _2\"></span>ent rates when CSM <span class=\"ls2\"> </span>is unlocked at loc<span class=\"_ _2\"></span>ked in rates <span class=\"_ _213\"> </span>4<span class=\"_ _3\"></span>.8 <span class=\"_ _2\"></span> <span class=\"_ _46\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _e8\"> </span>(4.6 <span class=\"_ _31\"></span>) <span class=\"_ _11c\"> </span>(1.2 <span class=\"_ _7\"></span>) <span class=\"_ _29\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _46\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _3b\"> </span>(1.0 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>fi<span class=\"_ _3\"></span>nanc<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>in<span class=\"_ _3\"></span>com<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>fr<span class=\"_ _3\"></span>om <span class=\"_ _4\"></span>insu<span class=\"_ _3\"></span>ranc<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ontra<span class=\"_ _3\"></span>ct<span class=\"_ _3\"></span>s <span class=\"_ _4\"></span>is<span class=\"_ _3\"></span>sued <span class=\"_ _157\"> </span>16<span class=\"_ _3\"></span>1.<span class=\"_ _3\"></span>6  <span class=\"_ _5d\"> </span>20<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5  <span class=\"_ _123\"> </span>9<span class=\"_ _3\"></span>1.<span class=\"_ _3\"></span>0  <span class=\"_ _7d\"> </span>2<span class=\"_ _3\"></span>75<span class=\"_ _3\"></span>.7  <span class=\"_ _14b\"> </span>\u2013  <span class=\"_ _46\"> </span>\u2013  <span class=\"_ _1e3\"> </span>5<span class=\"_ _3\"></span>48<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8<span class=\"_ _421\"> </span>Finance income from reinsurance contrac<span class=\"_ _3\"></span>ts held<span class=\"_ _421\"> </span>Interest accreted <span class=\"_ _21b\"> </span>1.1  <span class=\"_ _14b\"> </span>\u2013  <span class=\"_ _14b\"> </span>\u2013  <span class=\"_ _210\"> </span>0.5  <span class=\"_ _14b\"> </span>\u2013  <span class=\"_ _14b\"> </span>\u2013  <span class=\"_ _1c0\"> </span>1.6<span class=\"_ _421\"> </span>Effect of changes in inter<span class=\"_ _2\"></span>est rates and other financial assumptions <span class=\"_ _8f\"> </span>(25.2 <span class=\"_ _31\"></span>) <span class=\"_ _1c8\"> </span>(0.5 <span class=\"_ _31\"></span>) <span class=\"_ _be\"> </span>(0.3 <span class=\"_ _31\"></span>) <span class=\"_ _e8\"> </span>1<span class=\"_ _3\"></span>1.0 <span class=\"_ _2\"></span> <span class=\"_ _46\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _46\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _bf\"> </span>(15.0 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Effect of changes in fulfilment cash flows at curr<span class=\"_ _2\"></span>ent rates when CSM <span class=\"ls2\"> </span>is <span class=\"_ _3\"></span>unlocked <span class=\"_ _3\"></span>at <span class=\"_ _3\"></span>locked <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>rates <span class=\"_ _8b\"> </span>\u2013  <span class=\"_ _46\"> </span>\u2013  <span class=\"_ _14b\"> </span>\u2013  <span class=\"_ _210\"> </span>0.3  <span class=\"_ _14b\"> </span>\u2013  <span class=\"_ _14b\"> </span>\u2013  <span class=\"_ _210\"> </span>0.<span class=\"_ _3\"></span>3<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l finan<span class=\"_ _3\"></span>ce expe<span class=\"_ _3\"></span>ns<span class=\"_ _3\"></span>es fro<span class=\"_ _3\"></span>m rein<span class=\"_ _3\"></span>sura<span class=\"_ _3\"></span>nce co<span class=\"_ _3\"></span>ntra<span class=\"_ _3\"></span>ct<span class=\"_ _3\"></span>s he<span class=\"_ _3\"></span>ld <span class=\"_ _16c\"> </span>(24<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>1 <span class=\"_ _f\"></span>) <span class=\"_ _5d\"> </span>(<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>5 <span class=\"_ _31\"></span>) <span class=\"_ _1c2\"> </span>(<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>3 <span class=\"_ _31\"></span>) <span class=\"_ _1c6\"> </span>1<span class=\"_ _4\"></span>1.<span class=\"_ _3\"></span>8 <span class=\"_ _a\"></span> <span class=\"_ _46\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _46\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _bf\"> </span>(<span class=\"_ _3\"></span>13<span class=\"_ _3\"></span>.1<span class=\"_ _421\"> </span><span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span><div class=\"t m0 h11 ff63 fsd fc2 sc0 ls2 ws2 gs3c3\"> <span class=\"_ _e\"> </span>D3 <span class=\"_ _3\"></span>Fees,<span class=\"_ _2\"></span> commission and other operating income<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls190 wsc7 gs3c4\">Y<span class=\"_ _2\"></span>ear ended<span class=\"_ _2\"></span> 31 December</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls119 ws1b4 gs3c5\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _e9\"> </span>2023  <span class=\"_ _33\"> </span>2022</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls190 ws1e0 gs3c6\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _187\"> </span>\u00a3m  <span class=\"_ _7e\"> </span>\u00a3m<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs3c7\">Policy-b<span class=\"_ _2\"></span>ased <span class=\"_ _3\"></span>fees <span class=\"_ _e2\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _a4\"> </span>3.2  <span class=\"_ _3f\"> </span>1.7<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs3c8\">Fund <span class=\"_ _3\"></span>management-based <span class=\"_ _3\"></span>fees <span class=\"_ _3\"></span>recognised <span class=\"_ _3\"></span>under <span class=\"_ _3\"></span>IFRS <span class=\"_ _3\"></span>15 <span class=\"_ _13c\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>45.5  <span class=\"_ _ec\"> </span>25.9<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs3c9\">Change <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>deferred <span class=\"_ _3\"></span>income <span class=\"_ _3\"></span>\u2013 <span class=\"_ _3\"></span>gross <span class=\"_ _21d\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _ad\"> </span>0.6  <span class=\"_ _43\"> </span>1.1<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs3ca\">Commission <span class=\"_ _3\"></span>income <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>rom <span class=\"_ _3\"></span>investment <span class=\"_ _3\"></span>contracts <span class=\"_ _f0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _138\"> </span>20.4  <span class=\"_ _82\"> </span>21.4<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs3cb\">Fee <span class=\"_ _3\"></span>income <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>rom <span class=\"_ _3\"></span>investment <span class=\"_ _3\"></span>managers <span class=\"_ _168\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _3a\"> </span>1.<span class=\"_ _3\"></span>3  <span class=\"_ _47\"> </span>1.4<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs3cc\">Charges <span class=\"_ _3\"></span>to <span class=\"_ _3\"></span>policyholder <span class=\"_ _3\"></span>funds <span class=\"_ _3\"></span>for <span class=\"_ _3\"></span>yield <span class=\"_ _3\"></span>tax <span class=\"_ _3a\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _187\"> </span>17.9  <span class=\"_ _210\"> </span>8.3<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs3cd\">Other <span class=\"_ _3\"></span>types <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>operating <span class=\"_ _4\"></span>income <span class=\"_ _1fd\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _21e\"> </span>0.5  <span class=\"_ _82\"> </span>(0.2 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs3ce\">T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>ee, <span class=\"_ _4\"></span>co<span class=\"_ _3\"></span>mmis<span class=\"_ _3\"></span>sio<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>nd <span class=\"_ _4\"></span>othe<span class=\"_ _3\"></span>r <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>per<span class=\"_ _3\"></span>ating <span class=\"_ _4\"></span>in<span class=\"_ _3\"></span>come <span class=\"_ _f6\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _186\"> </span>8<span class=\"_ _3\"></span>9.<span class=\"_ _3\"></span>4  <span class=\"_ _bf\"> </span>59<span class=\"_ _3\"></span>.6<span class=\"_ _421\"> </span></div><span class=\"_ _e\"> </span>D5 <span class=\"_ _3\"></span>Financing costs<span class=\"_ _421\"> </span>Y<span class=\"_ _2\"></span>ear ended<span class=\"_ _2\"></span> 31 December <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14b\"> </span>20<span class=\"_ _2\"></span>23  <span class=\"_ _14b\"> </span>2022 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Interest expense <span class=\"_ _3\"></span>on <span class=\"_ _4\"></span>bank <span class=\"_ _3\"></span>borro<span class=\"_ _2\"></span>wings <span class=\"_ _1dd\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _57\"> </span>0.7  <span class=\"_ _10e\"> </span>0.6<span class=\"_ _421\"> </span>Interest expense <span class=\"_ _3\"></span>on <span class=\"_ _4\"></span>financial <span class=\"_ _3\"></span>reinsurance <span class=\"_ _a9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _57\"> </span>0.5  <span class=\"_ _fe\"> </span>0.8<span class=\"_ _421\"> </span>Interest expenses <span class=\"_ _3\"></span>on <span class=\"_ _4\"></span>lease <span class=\"_ _3\"></span>liabilities <span class=\"_ _223\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span>Interest expense <span class=\"_ _3\"></span>on <span class=\"_ _4\"></span>Tier <span class=\"_ _3\"></span>2 <span class=\"_ _3\"></span>debt <span class=\"_ _160\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _10e\"> </span>9.8  <span class=\"_ _57\"> </span>8.9<span class=\"_ _421\"> </span>Other <span class=\"_ _3\"></span>interest <span class=\"_ _224\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _57\"> </span>0.2<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>fi<span class=\"_ _3\"></span>nanc<span class=\"_ _3\"></span>ing <span class=\"_ _4\"></span>cos<span class=\"_ _3\"></span>ts <span class=\"_ _55\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _20a\"> </span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.0  <span class=\"_ _114\"> </span>1<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>5<span class=\"_ _421\"> </span>Interest e<span class=\"_ _2\"></span>xpense on bank borro<span class=\"_ _2\"></span>wings and <span class=\"_ _0\"></span>Tier 2 debt is calculated using the eff<span class=\"_ _a\"></span>ective interest rate method and is the total interest expense f<span class=\"_ _2\"></span>or financial liabilities that are not designated at fair v<span class=\"_ _2\"></span>alue through profit or loss.<span class=\"_ _421\"> </span><div class=\"t m0 hf ff61 fsc fc2 sc0 ls37 ws2 gs95\">SECTION F \u2013 INSURANCE AND REINSURANCE CONTRA<span class=\"_ _2\"></span>CTS</div><div class=\"t m0 h11 ff63 fsd fc2 sc0 ls2 ws2 gs96\"> <span class=\"_ _74\"></span><span class=\"_ _74\"> </span>F1 <span class=\"_ _4\"></span>Insurance and r<span class=\"_ _2\"></span>einsurance contr<span class=\"_ _2\"></span>acts<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws3e gs97\">The f<span class=\"_ _2\"></span>ollowing notes pro<span class=\"_ _2\"></span>vide a quantitative analysis <span class=\"_ _2\"></span>of the insurance and reinsurance contract assets and liabilities and are disaggregated by the IFRS 8 <span class=\"_ _2\"></span>operating </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls42 ws10a gs98\">segments. <span class=\"_ _0\"></span>This disaggregation has been chosen f<span class=\"_ _2\"></span>or the following notes because it is the groups vie<span class=\"_ _2\"></span>w that together with the information in the Underwriting Risk </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls0 ws72 gs19e\">section, it provides the most rele<span class=\"_ _2\"></span>vant information f<span class=\"_ _2\"></span>or assessing the eff<span class=\"_ _a\"></span>ect that contracts within the scope of IFRS 1<span class=\"_ _a\"></span>7 hav<span class=\"_ _2\"></span>e on the <span class=\"_ _2\"></span>entity\u2019<span class=\"_ _a\"></span>s financial performance </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs19f\">and position.</div><div class=\"t m0 h11 ff63 fsd fc1 sc0 ls2 ws2 gs254\">  (a) <span class=\"_ _3\"></span>Composition of the balance sheet<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls0 ws12 gs9c\">The f<span class=\"_ _2\"></span>ollowing tables sho<span class=\"_ _2\"></span>w the breakdown of the insurance and reinsurance contract assets and liabilities f<span class=\"_ _2\"></span>or each <span class=\"_ _2\"></span>of the operating segments within Chesnara. </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls0 ws86 gs226\">Note A5(a)(i) pro<span class=\"_ _2\"></span>vides details regarding broad product groups and measurement models. Note B2 provides details f<span class=\"_ _2\"></span>or the values of insurance and reinsurance<span class=\"_ _2\"></span> </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs255\">contracts for the broad product groups within <span class=\"_ _2\"></span>each segment.<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls190 wsc7 gs477\">31 December 2023</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lsd9 ws1bb gs478\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14f\"> </span>Waard  <span class=\"_ _73\"> </span>  </div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs479\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _7d\"> </span>Moves<span class=\"_ _3\"></span>tic  <span class=\"_ _48\"> </span>Gro<span class=\"_ _3\"></span>up  <span class=\"_ _1c8\"> </span>Sc<span class=\"_ _3\"></span>ild<span class=\"_ _3\"></span>on  </div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls23 ws1ef gs47a\"> <span class=\"_ _166\"> </span> <span class=\"_ _5\"> </span> <span class=\"_ _126\"> </span> <span class=\"_ _5\"> </span> <span class=\"_ _165\"> </span>( UK ) <span class=\"_ _37\"> </span>(Swe d en ) <span class=\"_ _79\"> </span>(Netherlands ) <span class=\"_ _79\"> </span>(Netherlands ) <span class=\"_ _28\"> </span>T<span class=\"_ _2\"></span>ot al</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls190 ws1e0 gs47b\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lsd9 ws1bc gs47c\">Insurance contrac<span class=\"_ _3\"></span>ts<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs47d\">Insurance <span class=\"_ _3\"></span>contract <span class=\"_ _3\"></span>liabilities <span class=\"_ _bc\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _47\"> </span>1,383.0  <span class=\"_ _2d\"> </span>171.<span class=\"_ _3\"></span>8  <span class=\"_ _46\"> </span>785.3  <span class=\"_ _48\"> </span>1,862.9  <span class=\"_ _14f\"> </span>4<span class=\"_ _3\"></span>,203.0<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs47e\">Insurance <span class=\"_ _3\"></span>contract <span class=\"_ _3\"></span>assets <span class=\"_ _d9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _20a\"> </span>(4.0 <span class=\"_ _0\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _20a\"> </span>(4.0 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lsd9 ws1bb gs47f\">Net <span class=\"_ _4\"></span>insurance <span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>ntract <span class=\"_ _4\"></span>liabilities <span class=\"_ _21d\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _7c\"> </span>1<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>379.<span class=\"_ _3\"></span>0  <span class=\"_ _14b\"> </span>17<span class=\"_ _3\"></span>1.<span class=\"_ _3\"></span>8  <span class=\"_ _a3\"> </span>785<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3  <span class=\"_ _11c\"> </span>1<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>862<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9  <span class=\"_ _7e\"> </span>4<span class=\"_ _3\"></span>,19<span class=\"_ _3\"></span>9.0<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lsd9 ws1bc gs480\">Reinsurance contrac<span class=\"_ _3\"></span>ts<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs481\">Reinsurance <span class=\"_ _3\"></span>contract <span class=\"_ _3\"></span>assets <span class=\"_ _1a6\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _150\"> </span>166.8  <span class=\"_ _12b\"> </span>14<span class=\"_ _3\"></span>.5  <span class=\"_ _10f\"> </span>4<span class=\"_ _3\"></span>.4  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _45\"> </span>185.7<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs482\">Reinsurance <span class=\"_ _3\"></span>contract <span class=\"_ _3\"></span>liabilities <span class=\"_ _160\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12e\"> </span>(2.2 <span class=\"_ _0\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _2d\"> </span>(14.9 <span class=\"_ _0\"></span>) <span class=\"_ _14e\"> </span>(17<span class=\"_ _2\"></span>.1 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs483\">Ne<span class=\"_ _3\"></span>t <span class=\"_ _3\"></span>re<span class=\"_ _3\"></span>ins<span class=\"_ _3\"></span>uranc<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ontr<span class=\"_ _3\"></span>ac<span class=\"_ _3\"></span>t <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>sse<span class=\"_ _3\"></span>ts <span class=\"_ _182\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _29\"> </span>1<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>.6  <span class=\"_ _5b\"> </span>14<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5  <span class=\"_ _12e\"> </span>4.<span class=\"_ _3\"></span>4  <span class=\"_ _150\"> </span>(14<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9 <span class=\"_ _7\"></span>) <span class=\"_ _a3\"> </span>1<span class=\"_ _3\"></span>68<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>6</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls64 ws1f4 gs484\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _89\"> </span>Current  <span class=\"_ _4a\"> </span>N<span class=\"_ _3\"></span>on-<span class=\"_ _3\"></span>current<span class=\"_ _2\"></span>  <span class=\"_ _28\"> </span>T<span class=\"_ _2\"></span>otal</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls190 ws1e0 gs485\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs486\">Insurance <span class=\"_ _3\"></span>contract <span class=\"_ _3\"></span>liabilities <span class=\"_ _bc\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _119\"> </span>1,<span class=\"_ _3\"></span>801.1  <span class=\"_ _129\"> </span>2,401.9  <span class=\"_ _14f\"> </span>4,203.0<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs487\">Insurance <span class=\"_ _3\"></span>contract <span class=\"_ _3\"></span>assets <span class=\"_ _d9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _20a\"> </span>(4.0 <span class=\"_ _0\"></span>) <span class=\"_ _5b\"> </span>(4.0 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs488\">Reinsurance <span class=\"_ _3\"></span>contract <span class=\"_ _3\"></span>assets <span class=\"_ _1a6\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>29.1  <span class=\"_ _45\"> </span>156.6  <span class=\"_ _45\"> </span>185.7<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs489\">Reinsurance <span class=\"_ _3\"></span>contract <span class=\"_ _3\"></span>liabilities <span class=\"_ _160\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _96\"> </span>2.1  <span class=\"_ _c2\"> </span>(19.2 <span class=\"_ _0\"></span>) <span class=\"_ _14e\"> </span>(17<span class=\"_ _a\"></span>.1 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls190 wsc7 gs48a\">31 December 2022</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lsd9 ws1bb gs48b\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14f\"> </span>Waard  <span class=\"_ _73\"> </span>  </div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs48c\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _7d\"> </span>Moves<span class=\"_ _3\"></span>tic  <span class=\"_ _48\"> </span>Gro<span class=\"_ _3\"></span>up  <span class=\"_ _1c8\"> </span>Sc<span class=\"_ _3\"></span>ild<span class=\"_ _3\"></span>on  </div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls23 ws1ef gs48d\"> <span class=\"_ _166\"> </span> <span class=\"_ _5\"> </span> <span class=\"_ _126\"> </span> <span class=\"_ _5\"> </span> <span class=\"_ _165\"> </span>( UK ) <span class=\"_ _37\"> </span>(Swe d en ) <span class=\"_ _79\"> </span>(Netherlands ) <span class=\"_ _79\"> </span>(Netherlands ) <span class=\"_ _28\"> </span>T<span class=\"_ _2\"></span>ot al</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls190 ws1e0 gs48e\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lsd9 ws1bc gs48f\">Insurance contrac<span class=\"_ _3\"></span>ts<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs490\">Insurance <span class=\"_ _3\"></span>contract <span class=\"_ _3\"></span>liabilities <span class=\"_ _bc\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1c0\"> </span>1,44<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>.6  <span class=\"_ _150\"> </span>158<span class=\"_ _3\"></span>.9  <span class=\"_ _e7\"> </span>463.7  <span class=\"_ _43\"> </span>1,751.4  <span class=\"_ _47\"> </span>3,<span class=\"_ _3\"></span>821.6<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs491\">Insurance <span class=\"_ _3\"></span>contract <span class=\"_ _3\"></span>assets <span class=\"_ _d9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lsd9 ws1bb gs492\">Net <span class=\"_ _4\"></span>insurance <span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>ntract <span class=\"_ _4\"></span>liabilities <span class=\"_ _21d\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _7c\"> </span>1,<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>47<span class=\"_ _a\"></span>.6  <span class=\"_ _e7\"> </span>158<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9  <span class=\"_ _43\"> </span>4<span class=\"_ _3\"></span>63.7  <span class=\"_ _9d\"> </span>1<span class=\"_ _3\"></span>,751.<span class=\"_ _3\"></span>4  <span class=\"_ _3b\"> </span>3,<span class=\"_ _3\"></span>821<span class=\"_ _3\"></span>.6<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lsd9 ws1bc gs493\">Reinsurance contrac<span class=\"_ _3\"></span>ts<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs494\">Reinsurance <span class=\"_ _3\"></span>contract <span class=\"_ _3\"></span>assets <span class=\"_ _1a6\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _45\"> </span>17<span class=\"_ _2\"></span>4.7  <span class=\"_ _1b7\"> </span>15.8  <span class=\"_ _1b1\"> </span>3.5  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _14b\"> </span>194<span class=\"_ _3\"></span>.0<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs495\">Reinsurance <span class=\"_ _3\"></span>contract <span class=\"_ _3\"></span>liabilities <span class=\"_ _160\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _10e\"> </span>(2<span class=\"_ _3\"></span>.1 <span class=\"_ _7\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _5b\"> </span>(15.2 <span class=\"_ _0\"></span>) <span class=\"_ _11b\"> </span>(<span class=\"_ _3\"></span>17<span class=\"_ _a\"></span>.<span class=\"_ _3\"></span>3 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs496\">Ne<span class=\"_ _3\"></span>t <span class=\"_ _3\"></span>re<span class=\"_ _3\"></span>ins<span class=\"_ _3\"></span>uranc<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ontr<span class=\"_ _3\"></span>ac<span class=\"_ _3\"></span>t <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>sse<span class=\"_ _3\"></span>ts <span class=\"_ _182\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _28\"> </span>17<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>6  <span class=\"_ _5b\"> </span>1<span class=\"_ _3\"></span>5.<span class=\"_ _3\"></span>8  <span class=\"_ _fe\"> </span>3.<span class=\"_ _4\"></span>5  <span class=\"_ _44\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2 <span class=\"_ _7\"></span>) <span class=\"_ _29\"> </span>176<span class=\"_ _3\"></span>.7</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls64 ws1f4 gs497\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _89\"> </span>Current  <span class=\"_ _4a\"> </span>N<span class=\"_ _3\"></span>on-<span class=\"_ _3\"></span>current<span class=\"_ _2\"></span>  <span class=\"_ _28\"> </span>T<span class=\"_ _2\"></span>otal</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls190 ws1e0 gs498\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs499\">Insurance <span class=\"_ _3\"></span>contract <span class=\"_ _3\"></span>liabilities <span class=\"_ _bc\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _44\"> </span>651.4  <span class=\"_ _3f\"> </span>3,170<span class=\"_ _2\"></span>.2  <span class=\"_ _3f\"> </span>3,821.6<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs49a\">Insurance <span class=\"_ _3\"></span>contract <span class=\"_ _3\"></span>assets <span class=\"_ _d9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs49b\">Reinsurance <span class=\"_ _3\"></span>contract <span class=\"_ _3\"></span>assets <span class=\"_ _1a6\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _114\"> </span>33.8  <span class=\"_ _44\"> </span>160.2  <span class=\"_ _14b\"> </span>194<span class=\"_ _3\"></span>.0<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs49c\">Reinsurance <span class=\"_ _3\"></span>contract <span class=\"_ _3\"></span>liabilities <span class=\"_ _160\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12e\"> </span>(2.6 <span class=\"_ _7\"></span>) <span class=\"_ _1e1\"> </span>(14<span class=\"_ _3\"></span>.7 <span class=\"_ _7\"></span>) <span class=\"_ _2d\"> </span>(17<span class=\"_ _2\"></span>.3 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff62 fs1 fc1 sc0 ls74 ws7a gsc0\">206<span class=\"_ _1\"> </span><span class=\"ff67 ls3 ws2\">CH<span class=\"_ _3\"></span>ESN<span class=\"_ _3\"></span>AR<span class=\"_ _3\"></span>A ANNUA<span class=\"_ _3\"></span>L REPOR<span class=\"_ _3\"></span>T AND ACCO<span class=\"_ _3\"></span>UNT<span class=\"_ _3\"></span>S 20<span class=\"_ _2\"></span>23<span class=\"_ _421\"> </span></span></div>IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS <span class=\"_ _e\"> </span>(b) <span class=\"_ _3\"></span>Fair v<span class=\"_ _a\"></span>alue of underlying it<span class=\"_ _2\"></span>ems<span class=\"_ _421\"> </span>The f<span class=\"_ _2\"></span>ollowing table sho<span class=\"_ _2\"></span>ws the fair value <span class=\"_ _2\"></span>of the underlying items of the group\u2019<span class=\"_ _0\"></span>s direct participating contracts for each reporting segment. <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14f\"> </span>Waard  <span class=\"_ _73\"> </span>   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _7d\"> </span>Moves<span class=\"_ _3\"></span>tic  <span class=\"_ _48\"> </span>Gro<span class=\"_ _3\"></span>up  <span class=\"_ _1c8\"> </span>Sc<span class=\"_ _3\"></span>ild<span class=\"_ _3\"></span>on   <span class=\"_ _166\"> </span> <span class=\"_ _5\"> </span> <span class=\"_ _126\"> </span> <span class=\"_ _5\"> </span> <span class=\"_ _165\"> </span>( UK ) <span class=\"_ _37\"> </span>(Swe d en ) <span class=\"_ _79\"> </span>(Netherlands ) <span class=\"_ _79\"> </span>(Netherlands ) <span class=\"_ _28\"> </span>T<span class=\"_ _2\"></span>ot al <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Fair v<span class=\"_ _2\"></span>alue of underlying items as at 31 December 2023 <span class=\"_ _1fc\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _14b\"> </span>816.9 <span class=\"_ _2\"></span> <span class=\"_ _45\"> </span>1<span class=\"_ _3\"></span>32.3 <span class=\"_ _a\"></span> <span class=\"_ _114\"> </span>65.2 <span class=\"_ _2\"></span> <span class=\"_ _47\"> </span>1,238.7 <span class=\"_ _2\"></span> <span class=\"_ _3f\"> </span>2<span class=\"_ _3\"></span>,253.1<span class=\"_ _421\"> </span>Fair v<span class=\"_ _2\"></span>alue of underlying items as at 31 December 2022 <span class=\"_ _1fc\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _e7\"> </span>953.0 <span class=\"_ _2\"></span> <span class=\"_ _7b\"> </span>1<span class=\"_ _3\"></span>18<span class=\"_ _3\"></span>.5 <span class=\"_ _a\"></span> <span class=\"_ _c2\"> </span>7<span class=\"_ _a\"></span>4<span class=\"_ _3\"></span>.4 <span class=\"_ _a\"></span> <span class=\"_ _112\"> </span>1,126.0 <span class=\"_ _2\"></span> <span class=\"_ _47\"> </span>2,27<span class=\"_ _3\"></span>1.9<span class=\"_ _421\"> </span>Composition of under<span class=\"_ _2\"></span>lying items<span class=\"_ _421\"> </span>The majority <span class=\"_ _2\"></span>of the fair v<span class=\"_ _2\"></span>alue of underlying items across the group are held in collective in<span class=\"_ _2\"></span>vestment schemes. <span class=\"_ _2\"></span>A small proportion is held in equities, debt securities and in cash and deposits. <span class=\"_ _74\"> </span>F2 <span class=\"_ _4\"></span>Insurance and r<span class=\"_ _2\"></span>einsurance contr<span class=\"_ _2\"></span>acts \u2013 quantitative analysis of r<span class=\"_ _2\"></span>ecognised amounts \u2013 UK  (a) <span class=\"_ _3\"></span>Insurance contract balances \u2013 analysis b<span class=\"_ _2\"></span>y remaining co<span class=\"_ _2\"></span>ver<span class=\"_ _2\"></span>age and incur<span class=\"_ _2\"></span>red claims <span class=\"_ _233\"> </span>Liabilities for <span class=\"ls2 ws2\"> </span> <span class=\"_ _234\"> </span>remaining coverage <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _39\"> </span>Excluding  <span class=\"_ _9f\"> </span>  <span class=\"_ _1c7\"> </span>Liabilities   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5b\"> </span>loss  <span class=\"_ _45\"> </span>L<span class=\"_ _3\"></span>oss  <span class=\"_ _6d\"> </span>for <span class=\"_ _4\"></span>incu<span class=\"_ _3\"></span>rred   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _146\"> </span>component  <span class=\"_ _128\"> </span>component  <span class=\"_ _76\"> </span>claims  <span class=\"_ _28\"> </span>T<span class=\"_ _a\"></span>otal <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Insurance contrac<span class=\"_ _3\"></span>t liabilities as at 1<span class=\"_ _2\"></span> Januar<span class=\"_ _3\"></span>y 202<span class=\"_ _3\"></span>3 <span class=\"_ _1c6\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _11c\"> </span>1<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>38<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3 <span class=\"_ _a\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _7b\"> </span>65<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3 <span class=\"_ _2\"></span> <span class=\"_ _7e\"> </span>1<span class=\"_ _3\"></span>,4<span class=\"_ _3\"></span>47<span class=\"_ _2\"></span>.6<span class=\"_ _421\"> </span>Chan<span class=\"_ _3\"></span>ges i<span class=\"_ _3\"></span>n the s<span class=\"_ _3\"></span>tatem<span class=\"_ _3\"></span>ent o<span class=\"_ _3\"></span>f pro<span class=\"_ _3\"></span>fit and l<span class=\"_ _3\"></span>os<span class=\"_ _3\"></span>s<span class=\"_ _421\"> </span>Insurance revenue<span class=\"_ _421\"> </span>Contracts me<span class=\"_ _2\"></span>asured under the fair value approac<span class=\"_ _2\"></span>h <span class=\"_ _210\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _11b\"> </span>(57<span class=\"_ _a\"></span>.5 <span class=\"_ _7\"></span>) <span class=\"_ _ae\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _7b\"> </span>(57<span class=\"_ _2\"></span>.5 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Contracts me<span class=\"_ _2\"></span>asured under the full retrospective appr<span class=\"_ _2\"></span>oach <span class=\"_ _1\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _12b\"> </span>(8.3 <span class=\"_ _7\"></span>) <span class=\"_ _ae\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _12b\"> </span>(8.3 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>revenu<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>to<span class=\"_ _3\"></span>tal <span class=\"_ _1ed\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _28\"> </span>(6<span class=\"_ _3\"></span>5.<span class=\"_ _3\"></span>8 <span class=\"_ _7\"></span>) <span class=\"_ _97\"> </span>\u2013  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _28\"> </span>(6<span class=\"_ _3\"></span>5.<span class=\"_ _3\"></span>8 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Insura<span class=\"_ _2\"></span>nce service e<span class=\"_ _a\"></span>xpenses<span class=\"_ _421\"> </span>Incurred claims and other dir<span class=\"_ _2\"></span>ectly attributable expenses <span class=\"_ _f9\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _165\"> </span>(2.5 <span class=\"_ _31\"></span>) <span class=\"_ _f0\"> </span>53.<span class=\"_ _3\"></span>2 <span class=\"_ _a\"></span> <span class=\"_ _5b\"> </span>50.7<span class=\"_ _421\"> </span>Losses and rev<span class=\"_ _2\"></span>ersals of losses on onerous contracts <span class=\"_ _7c\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _14e\"> </span>14<span class=\"_ _3\"></span>.9 <span class=\"_ _a\"></span> <span class=\"_ _e9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _14e\"> </span>14<span class=\"_ _3\"></span>.9<span class=\"_ _421\"> </span>Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>ser<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>expen<span class=\"_ _3\"></span>se <span class=\"_ _4\"></span>tot<span class=\"_ _3\"></span>al <span class=\"_ _235\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _5b\"> </span>12<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4  <span class=\"_ _f0\"> </span>53<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2  <span class=\"_ _11b\"> </span>6<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>.6<span class=\"_ _421\"> </span>Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>ser<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>resu<span class=\"_ _3\"></span>lt <span class=\"_ _d9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _28\"> </span>(65<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8 <span class=\"_ _7\"></span>) <span class=\"_ _11b\"> </span>1<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4  <span class=\"_ _2d\"> </span>5<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2  <span class=\"_ _114\"> </span>(<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>2 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Net <span class=\"_ _3\"></span>finance <span class=\"_ _3\"></span>expenses <span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>rom <span class=\"_ _3\"></span>insurance <span class=\"_ _3\"></span>contracts <span class=\"_ _152\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _114\"> </span>86.5  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _5b\"> </span>86<span class=\"_ _3\"></span>.5<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>mount<span class=\"_ _3\"></span>s <span class=\"_ _4\"></span>rec<span class=\"_ _3\"></span>ogni<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>in <span class=\"_ _4\"></span>co<span class=\"_ _3\"></span>mpre<span class=\"_ _3\"></span>hen<span class=\"_ _3\"></span>sive <span class=\"_ _4\"></span>in<span class=\"_ _3\"></span>come <span class=\"_ _146\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _f0\"> </span>20<span class=\"_ _3\"></span>.7  <span class=\"_ _c2\"> </span>1<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4  <span class=\"_ _f0\"> </span>53<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2  <span class=\"_ _7b\"> </span>8<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3<span class=\"_ _421\"> </span>Investment <span class=\"_ _3\"></span>components <span class=\"_ _d8\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14b\"> </span>(131.0 <span class=\"_ _7\"></span>) <span class=\"_ _97\"> </span>\u2013  <span class=\"_ _2d\"> </span>13<span class=\"_ _3\"></span>1.0  <span class=\"_ _e9\"> </span>\u2013<span class=\"_ _421\"> </span>Cash flows<span class=\"_ _421\"> </span>Pr<span class=\"_ _2\"></span>emiums <span class=\"_ _3\"></span>received <span class=\"_ _236\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _152\"> </span>37<span class=\"_ _2\"></span>.5  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _20a\"> </span>37<span class=\"_ _2\"></span>.5<span class=\"_ _421\"> </span>Claims and other directly attributable e<span class=\"_ _2\"></span>xpenses paid <span class=\"_ _2e\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013  <span class=\"_ _a3\"> </span>(<span class=\"_ _3\"></span>183.8 <span class=\"_ _31\"></span>) <span class=\"_ _2a\"> </span>(183.8 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Acquisitions <span class=\"_ _22d\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b7\"> </span>(8.6 <span class=\"_ _0\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _1b7\"> </span>(8.6 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ash <span class=\"_ _4\"></span>flo<span class=\"_ _3\"></span>ws <span class=\"_ _1a4\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _11b\"> </span>28<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _3e\"> </span>(<span class=\"_ _3\"></span>18<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8 <span class=\"_ _7\"></span>) <span class=\"_ _129\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>54<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Insurance contrac<span class=\"_ _3\"></span>t liabilities as at 31 December 202<span class=\"_ _3\"></span>3 <span class=\"_ _14\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _82\"> </span>1<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>30<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>9 <span class=\"_ _a\"></span> <span class=\"_ _f0\"> </span>12<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4 <span class=\"_ _a\"></span> <span class=\"_ _11b\"> </span>65<span class=\"_ _3\"></span>.7 <span class=\"_ _a\"></span> <span class=\"_ _11c\"> </span>1<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>379<span class=\"_ _3\"></span>.0<span class=\"_ _421\"> </span><span class=\"ff65 ls3\">CHES<span class=\"_ _277\"></span>NAR<span class=\"_ _277\"></span>A<span class=\"_ _278\"></span>A<span class=\"_ _277\"></span>NNUAL<span class=\"_ _278\"></span>REPO<span class=\"_ _284\"></span>RT<span class=\"_ _27f\"></span>AND<span class=\"_ _392\"></span>ACCOUN<span class=\"_ _279\"></span>TS<span class=\"_ _287\"></span>202<span class=\"_ _3d9\"></span>3</span><span class=\"_ _3da\"></span>207<span class=\"_ _421\"> </span><div class=\"t m0 h4 ff67 fs2 fc1 sc0 lsc3 ws82 gs93\">IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS<span class=\"_ _421\"> </span></div><div class=\"t m0 h9 ff68 fs8 fc2 sc0 ls18f ws2 gs94\">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<span class=\"_ _421\"> </span></div><div class=\"t m0 hf ff61 fsc fc2 sc0 ls37 ws2 gs95\">SECTION F \u2013 INSURANCE AND REINSURANCE CONTRA<span class=\"_ _2\"></span>CTS</div><div class=\"t m0 h11 ff63 fsd fc2 sc0 ls2 ws2 gs96\"> <span class=\"_ _74\"> </span>F2 <span class=\"_ _4\"></span>Insurance and r<span class=\"_ _2\"></span>einsurance contr<span class=\"_ _2\"></span>acts \u2013 quantitative analysis of r<span class=\"_ _2\"></span>ecognised amounts \u2013 UK (continued)</div><div class=\"t m0 h11 ff63 fsd fc1 sc0 ls2 ws2 gs19d\">  (a) <span class=\"_ _3\"></span>Insurance contract balances \u2013 analysis b<span class=\"_ _2\"></span>y remaining co<span class=\"_ _2\"></span>ver<span class=\"_ _2\"></span>age and incur<span class=\"_ _2\"></span>red claims (continued)</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lsd9 ws1bb gs361\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _69\"> </span>L<span class=\"_ _3\"></span>iabilities <span class=\"_ _3\"></span>fo<span class=\"_ _3\"></span>r  <span class=\"_ _69\"> </span>Liabilities <span class=\"_ _4\"></span>for  </div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lsd9 ws1bb gs362\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _6c\"> </span>remaining  <span class=\"_ _1e2\"> </span>incurre<span class=\"_ _3\"></span>d  </div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs363\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1f9\"> </span>cover<span class=\"_ _3\"></span>age  <span class=\"_ _210\"> </span>cl<span class=\"_ _3\"></span>aims  <span class=\"_ _46\"> </span>T<span class=\"_ _a\"></span>o<span class=\"_ _3\"></span>tal</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls190 ws1e0 gs393\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls192 ws1bc gs394\">Insurance contrac<span class=\"_ _3\"></span>t liabilities as at 1<span class=\"_ _2\"></span> Januar<span class=\"_ _3\"></span>y 2022 <span class=\"_ _123\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _210\"> </span>1<span class=\"_ _3\"></span>,47<span class=\"_ _3\"></span>1.7 <span class=\"_ _a\"></span> <span class=\"_ _150\"> </span>64<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4 <span class=\"_ _a\"></span> <span class=\"_ _153\"> </span>1<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>536<span class=\"_ _3\"></span>.1<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws2 gs49e\">Chan<span class=\"_ _3\"></span>ges i<span class=\"_ _3\"></span>n the s<span class=\"_ _3\"></span>tatem<span class=\"_ _3\"></span>ent o<span class=\"_ _3\"></span>f pro<span class=\"_ _3\"></span>fit and l<span class=\"_ _3\"></span>os<span class=\"_ _3\"></span>s<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lsd9 ws1bc gs49f\">Insurance revenue<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws2 gs4a0\">Contracts me<span class=\"_ _2\"></span>asured under the fair value approac<span class=\"_ _2\"></span>h <span class=\"_ _210\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _f0\"> </span>(59.1 <span class=\"_ _31\"></span>) <span class=\"_ _15b\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _c2\"> </span>(59.1 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws2 gs369\">Contracts me<span class=\"_ _2\"></span>asured under the full retrospective appr<span class=\"_ _2\"></span>oach <span class=\"_ _1\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _20a\"> </span>(6.0 <span class=\"_ _31\"></span>) <span class=\"_ _15b\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _20a\"> </span>(6.0 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs4a1\">Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>revenu<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>to<span class=\"_ _3\"></span>tal <span class=\"_ _1ed\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1e1\"> </span>(6<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>.1 <span class=\"_ _7\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _1e1\"> </span>(6<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>.1 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lscd ws52 gs36b\">Insura<span class=\"_ _2\"></span>nce service e<span class=\"_ _a\"></span>xpenses<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs4a2\">Incurred <span class=\"_ _3\"></span>claims <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>other <span class=\"_ _3\"></span>directly <span class=\"_ _3\"></span>attributable <span class=\"_ _3\"></span>expenses <span class=\"_ _128\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _114\"> </span>58.2  <span class=\"_ _14e\"> </span>58.2<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs4a3\">Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>ser<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>expen<span class=\"_ _3\"></span>se <span class=\"_ _4\"></span>tot<span class=\"_ _3\"></span>al <span class=\"_ _235\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _11b\"> </span>58<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2  <span class=\"_ _11b\"> </span>5<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs36e\">Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>ser<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>resu<span class=\"_ _3\"></span>lt <span class=\"_ _d9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1e1\"> </span>(6<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>.1 <span class=\"_ _7\"></span>) <span class=\"_ _44\"> </span>5<span class=\"_ _3\"></span>8.<span class=\"_ _3\"></span>2  <span class=\"_ _14e\"> </span>(6<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs4a4\">Net <span class=\"_ _3\"></span>finance <span class=\"_ _3\"></span>expenses <span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>rom <span class=\"_ _3\"></span>insurance <span class=\"_ _3\"></span>contracts <span class=\"_ _152\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _150\"> </span>(161.6 <span class=\"_ _7\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _150\"> </span>(161.6 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs4a5\">T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>mount<span class=\"_ _3\"></span>s <span class=\"_ _4\"></span>rec<span class=\"_ _3\"></span>ogni<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>in <span class=\"_ _4\"></span>co<span class=\"_ _3\"></span>mpre<span class=\"_ _3\"></span>hen<span class=\"_ _3\"></span>sive <span class=\"_ _4\"></span>in<span class=\"_ _3\"></span>come <span class=\"_ _146\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _1c0\"> </span>(2<span class=\"_ _3\"></span>26<span class=\"_ _3\"></span>.7 <span class=\"_ _7\"></span>) <span class=\"_ _44\"> </span>5<span class=\"_ _3\"></span>8.<span class=\"_ _4\"></span>2  <span class=\"_ _3f\"> </span>(<span class=\"_ _3\"></span>16<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs4a6\">Investment <span class=\"_ _3\"></span>components <span class=\"_ _d8\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _15c\"> </span>(128.<span class=\"_ _3\"></span>2 <span class=\"_ _7\"></span>) <span class=\"_ _14b\"> </span>128.2  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls56 ws152 gs4a7\">Cash flows<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs4a8\">Pr<span class=\"_ _2\"></span>emiums <span class=\"_ _3\"></span>received <span class=\"_ _236\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _152\"> </span>33.3  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _152\"> </span>33.3<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws2 gs4a9\">Claims and other directly attributable e<span class=\"_ _2\"></span>xpenses paid <span class=\"_ _2e\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _97\"> </span>\u2013  <span class=\"_ _42\"> </span>(185.5 <span class=\"_ _31\"></span>) <span class=\"_ _a3\"> </span>(185.5 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs4aa\">Acquisitions <span class=\"_ _22d\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14b\"> </span>232.2  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _150\"> </span>232.2<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs4ab\">T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ash <span class=\"_ _4\"></span>flo<span class=\"_ _3\"></span>ws <span class=\"_ _1a4\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _119\"> </span>26<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5  <span class=\"_ _112\"> </span>(<span class=\"_ _3\"></span>18<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5 <span class=\"_ _7\"></span>) <span class=\"_ _14b\"> </span>80.<span class=\"_ _3\"></span>0<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls192 ws1bc gs4ac\">Insurance contrac<span class=\"_ _3\"></span>t liabilities as at 31 December 202<span class=\"_ _3\"></span>2 <span class=\"_ _14\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _11c\"> </span>1<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>38<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3 <span class=\"_ _a\"></span> <span class=\"_ _7b\"> </span>65<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3 <span class=\"_ _2\"></span> <span class=\"_ _7e\"> </span>1<span class=\"_ _3\"></span>,4<span class=\"_ _3\"></span>47<span class=\"_ _2\"></span>.6<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls6d wsc4 gsb4\">There is no P<span class=\"_ _0\"></span>AA business in the UK segment. Note A6(a) sets out the f<span class=\"_ _2\"></span>air value methodology applied at transition that has been applied for the CA contracts<span class=\"_ _2\"></span> </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls0 ws2 gs267\">in the UK.<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff62 fs1 fc1 sc0 ls74 ws7a gsc0\">208<span class=\"_ _1\"> </span><span class=\"ff67 ls3 ws2\">CHES<span class=\"_ _3\"></span>NAR<span class=\"_ _3\"></span>A A<span class=\"_ _3\"></span>NNUAL REP<span class=\"_ _3\"></span>ORT AN<span class=\"_ _3\"></span>D ACCOUN<span class=\"_ _3\"></span>TS 2023<span class=\"_ _421\"> </span></span></div>IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS <span class=\"_ _e\"> </span>(b) <span class=\"_ _3\"></span>Insurance contract balances \u2013 analysis b<span class=\"_ _2\"></span>y measurement component \u2013 contr<span class=\"_ _2\"></span>acts not measur<span class=\"_ _2\"></span>ed under P<span class=\"_ _a\"></span>AA <span class=\"_ _19e\"> </span>  <span class=\"_ _3\"></span> <span class=\"_ _83\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _7f\"> </span>C<span class=\"_ _3\"></span>SM <span class=\"_ _4\"></span>(new  <span class=\"_ _9f\"> </span>   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>   con<span class=\"_ _3\"></span>trac<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>s <span class=\"_ _3\"></span>an<span class=\"_ _3\"></span>d  <span class=\"_ _44\"> </span>C<span class=\"_ _3\"></span>SM   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _e\"> </span>Pr<span class=\"_ _3\"></span>ese<span class=\"_ _3\"></span>nt <span class=\"_ _4\"></span>valu<span class=\"_ _3\"></span>e  <span class=\"_ _9f\"> </span>  <span class=\"_ _1c7\"> </span>con<span class=\"_ _3\"></span>trac<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>s  <span class=\"_ _6c\"> </span>(con<span class=\"_ _3\"></span>trac<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>s   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _127\"> </span>o<span class=\"_ _3\"></span>f <span class=\"_ _3\"></span>fu<span class=\"_ _3\"></span>ture  <span class=\"_ _11b\"> </span>Risk  <span class=\"_ _39\"> </span>mea<span class=\"_ _3\"></span>sur<span class=\"_ _3\"></span>ed  <span class=\"_ _1c1\"> </span>m<span class=\"_ _3\"></span>eas<span class=\"_ _3\"></span>ured   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _185\"> </span>ca<span class=\"_ _3\"></span>sh <span class=\"_ _4\"></span>flows  <span class=\"_ _146\"> </span>ad<span class=\"_ _3\"></span>jus<span class=\"_ _3\"></span>tme<span class=\"_ _3\"></span>nt  <span class=\"_ _80\"> </span>unde<span class=\"_ _3\"></span>r <span class=\"_ _3\"></span>F<span class=\"_ _3\"></span>RA <span class=\"_ _0\"></span>) <span class=\"_ _237\"> </span>und<span class=\"_ _3\"></span>er <span class=\"_ _4\"></span>F<span class=\"_ _3\"></span>V<span class=\"_ _2\"></span>A <span class=\"_ _7\"></span>) <span class=\"_ _42\"> </span>Total <span class=\"_ _19e\"> </span> <span class=\"_ _3\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _12e\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce con<span class=\"_ _3\"></span>trac<span class=\"_ _3\"></span>t li<span class=\"_ _3\"></span>abili<span class=\"_ _3\"></span>tie<span class=\"_ _3\"></span>s as at 1 Ja<span class=\"_ _3\"></span>nuar<span class=\"_ _3\"></span>y 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>3 <span class=\"_ _2e\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _9d\"> </span>1<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>97.1 <span class=\"_ _0\"></span> <span class=\"_ _5b\"> </span>1<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2 <span class=\"_ _a\"></span> <span class=\"_ _20b\"> </span>1<span class=\"_ _3\"></span>.1 <span class=\"_ _2\"></span> <span class=\"_ _7b\"> </span>36<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2 <span class=\"_ _a\"></span> <span class=\"_ _11c\"> </span>1<span class=\"_ _3\"></span>,4<span class=\"_ _3\"></span>47.6<span class=\"_ _421\"> </span>Changes that relate to cur<span class=\"_ _2\"></span>rent ser<span class=\"_ _3\"></span>vice<span class=\"_ _421\"> </span>CSM <span class=\"_ _3\"></span>recognised <span class=\"_ _3\"></span>for <span class=\"_ _3\"></span>services <span class=\"_ _3\"></span>provided <span class=\"_ _238\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _10f\"> </span>(1.4 <span class=\"_ _7\"></span>) <span class=\"_ _179\"> </span>(3.1 <span class=\"_ _7\"></span>) <span class=\"_ _152\"> </span>(4.5 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Change in risk adjustment for non-financial risk for risk e<span class=\"_ _2\"></span>xpired <span class=\"_ _165\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013  <span class=\"_ _12b\"> </span>(2<span class=\"_ _3\"></span>.2 <span class=\"_ _31\"></span>) <span class=\"_ _ae\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013  <span class=\"_ _12b\"> </span>(2<span class=\"_ _3\"></span>.2 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Experience a<span class=\"_ _3\"></span>djustments <span class=\"_ _22\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b7\"> </span>(8.<span class=\"_ _3\"></span>2 <span class=\"_ _7\"></span>) <span class=\"_ _97\"> </span>\u2013  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _165\"> </span>(8.2 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>Revenue r<span class=\"_ _2\"></span>ecognised for incurred policyholder tax e<span class=\"_ _2\"></span>xpenses <span class=\"_ _0\"></span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _179\"> </span>(0.1 <span class=\"_ _31\"></span>) <span class=\"_ _ae\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013  <span class=\"_ _97\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _179\"> </span>(0.1 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l chan<span class=\"_ _3\"></span>ges t<span class=\"_ _3\"></span>hat re<span class=\"_ _3\"></span>late to cu<span class=\"_ _3\"></span>rrent s<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _94\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _5b\"> </span>(8.<span class=\"_ _4\"></span>3 <span class=\"_ _31\"></span>) <span class=\"_ _11b\"> </span>(2<span class=\"_ _3\"></span>.<span class=\"_ _4\"></span>2 <span class=\"_ _f\"></span>) <span class=\"_ _5b\"> </span>(1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4 <span class=\"_ _31\"></span>) <span class=\"_ _14e\"> </span>(3<span class=\"_ _3\"></span>.1 <span class=\"_ _31\"></span>) <span class=\"_ _15c\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>.0 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Changes that relate to future<span class=\"_ _2\"></span> ser<span class=\"_ _3\"></span>vice<span class=\"_ _421\"> </span>Contracts <span class=\"_ _3\"></span>initially <span class=\"_ _3\"></span>recognised <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>period <span class=\"_ _a4\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _f0\"> </span>(12.0 <span class=\"_ _0\"></span>) <span class=\"_ _96\"> </span>1.1  <span class=\"_ _12b\"> </span>10.9  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span>Changes in estimates that adjust the CSM <span class=\"_ _1cb\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _10e\"> </span>9.2 <span class=\"_ _a\"></span> <span class=\"_ _10e\"> </span>0.5 <span class=\"_ _a\"></span> <span class=\"_ _5a\"> </span>1.6 <span class=\"_ _2\"></span> <span class=\"_ _14e\"> </span>(1<span class=\"_ _3\"></span>1.3 <span class=\"_ _31\"></span>) <span class=\"_ _15b\"> </span>\u2013<span class=\"_ _421\"> </span>Changes in estimates that result in losses or r<span class=\"_ _2\"></span>eversals of losses <span class=\"ls2\"> </span>on <span class=\"_ _3\"></span>onerous <span class=\"_ _3\"></span>underlying <span class=\"_ _3\"></span>contracts <span class=\"_ _1fd\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _152\"> </span>14<span class=\"_ _3\"></span>.8  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _152\"> </span>14.<span class=\"_ _3\"></span>8<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l chan<span class=\"_ _3\"></span>ges t<span class=\"_ _3\"></span>hat re<span class=\"_ _3\"></span>late to f<span class=\"_ _3\"></span>uture s<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _97\"> </span> <span class=\"_ _0\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _c2\"> </span>12<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>0 <span class=\"_ _a\"></span> <span class=\"_ _57\"> </span>1.<span class=\"_ _3\"></span>6 <span class=\"_ _a\"></span> <span class=\"_ _5b\"> </span>12<span class=\"_ _3\"></span>.<span class=\"_ _4\"></span>5 <span class=\"_ _a\"></span> <span class=\"_ _1e1\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _4\"></span>1.<span class=\"_ _4\"></span>3 <span class=\"_ _f\"></span>) <span class=\"_ _1e1\"> </span>14<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8<span class=\"_ _421\"> </span>Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>ser<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>resu<span class=\"_ _3\"></span>lt <span class=\"_ _d9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _fe\"> </span>3<span class=\"_ _3\"></span>.7  <span class=\"_ _114\"> </span>(0<span class=\"_ _3\"></span>.6 <span class=\"_ _0\"></span>) <span class=\"_ _165\"> </span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.1  <span class=\"_ _14b\"> </span>(14<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4 <span class=\"_ _7\"></span>) <span class=\"_ _f0\"> </span>(0<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Net <span class=\"_ _3\"></span>finance <span class=\"_ _3\"></span>expenses <span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>rom <span class=\"_ _3\"></span>insurance <span class=\"_ _3\"></span>contracts <span class=\"_ _152\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _f0\"> </span>84.4  <span class=\"_ _57\"> </span>0.7  <span class=\"_ _10e\"> </span>0.7  <span class=\"_ _10e\"> </span>0.7  <span class=\"_ _5b\"> </span>86.5<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>mount<span class=\"_ _3\"></span>s <span class=\"_ _4\"></span>rec<span class=\"_ _3\"></span>ogni<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>in <span class=\"_ _4\"></span>co<span class=\"_ _3\"></span>mpre<span class=\"_ _3\"></span>hen<span class=\"_ _3\"></span>sive <span class=\"_ _4\"></span>in<span class=\"_ _3\"></span>come <span class=\"_ _146\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5b\"> </span>8<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>.1  <span class=\"_ _1a1\"> </span>0<span class=\"_ _3\"></span>.1  <span class=\"_ _20a\"> </span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8  <span class=\"_ _1e1\"> </span>(<span class=\"_ _3\"></span>13<span class=\"_ _3\"></span>.7 <span class=\"_ _7\"></span>) <span class=\"_ _150\"> </span>86<span class=\"_ _3\"></span>.<span class=\"_ _4\"></span>3<span class=\"_ _421\"> </span>Cash flows<span class=\"_ _421\"> </span>Pr<span class=\"_ _2\"></span>emiums <span class=\"_ _3\"></span>received <span class=\"_ _236\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _20a\"> </span>37<span class=\"_ _a\"></span>.5  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _12b\"> </span>37<span class=\"_ _a\"></span>.5<span class=\"_ _421\"> </span>Claims and other directly attributable e<span class=\"_ _2\"></span>xpenses paid <span class=\"_ _2e\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _119\"> </span>(183.8 <span class=\"_ _31\"></span>) <span class=\"_ _15b\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _b9\"> </span>\u2013  <span class=\"_ _97\"> </span>\u2013  <span class=\"_ _a3\"> </span>(<span class=\"_ _3\"></span>183.8 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Acquisitions <span class=\"_ _22d\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b7\"> </span>(8.6 <span class=\"_ _0\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _1b7\"> </span>(8.6 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ash <span class=\"_ _4\"></span>flo<span class=\"_ _3\"></span>ws <span class=\"_ _1a4\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _3f\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>54<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9 <span class=\"_ _7\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _3e\"> </span>(1<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>.9 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce con<span class=\"_ _3\"></span>trac<span class=\"_ _3\"></span>t li<span class=\"_ _3\"></span>abili<span class=\"_ _3\"></span>tie<span class=\"_ _3\"></span>s as at 3<span class=\"_ _3\"></span>1 Dec<span class=\"_ _3\"></span>emb<span class=\"_ _3\"></span>er 20<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>3 <span class=\"_ _6d\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _11c\"> </span>1<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>30<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3 <span class=\"_ _a\"></span> <span class=\"_ _5b\"> </span>1<span class=\"_ _3\"></span>3.<span class=\"_ _4\"></span>3 <span class=\"_ _a\"></span> <span class=\"_ _c2\"> </span>1<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9 <span class=\"_ _a\"></span> <span class=\"_ _7b\"> </span>2<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5 <span class=\"_ _a\"></span> <span class=\"_ _11c\"> </span>1<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>79.<span class=\"_ _3\"></span>0<span class=\"_ _421\"> </span>The contracts initially recognised in the period relate to the acquisition <span class=\"_ _2\"></span>of the term assurance portfolio from Canada Lif<span class=\"_ _2\"></span>e.<span class=\"_ _421\"> </span><span class=\"ff65 ls3 ws2\">CHES<span class=\"_ _277\"></span>NAR<span class=\"_ _277\"></span>A<span class=\"_ _278\"></span>A<span class=\"_ _277\"></span>NNUAL<span class=\"_ _278\"></span>REPO<span class=\"_ _284\"></span>RT<span class=\"_ _27f\"></span>AND<span class=\"_ _392\"></span>ACCOUN<span class=\"_ _279\"></span>TS<span class=\"_ _287\"></span>202<span class=\"_ _3d9\"></span>3</span><span class=\"_ _3dc\"></span>209<span class=\"_ _421\"> </span><div class=\"t m0 h4 ff67 fs2 fc1 sc0 lsc3 ws82 gs93\">IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS<span class=\"_ _421\"> </span></div><div class=\"t m0 h9 ff68 fs8 fc2 sc0 ls18f ws2 gs94\">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<span class=\"_ _421\"> </span></div><div class=\"t m0 hf ff61 fsc fc2 sc0 ls37 ws2 gs95\">SECTION F \u2013 INSURANCE AND REINSURANCE CONTRA<span class=\"_ _2\"></span>CTS</div><div class=\"t m0 h11 ff63 fsd fc2 sc0 ls2 ws2 gs96\"> <span class=\"_ _74\"> </span>F2 <span class=\"_ _4\"></span>Insurance and r<span class=\"_ _2\"></span>einsurance contr<span class=\"_ _2\"></span>acts \u2013 quantitative analysis of r<span class=\"_ _2\"></span>ecognised amounts \u2013 UK (continued)</div><div class=\"t m0 h11 ff63 fsd fc1 sc0 ls2 ws2 gs19d\"> <span class=\"_ _e\"> </span>(b) <span class=\"_ _3\"></span>Insurance contract balances \u2013 analysis b<span class=\"_ _2\"></span>y measurement component \u2013 contr<span class=\"_ _2\"></span>acts not measur<span class=\"_ _2\"></span>ed under P<span class=\"_ _a\"></span>AA (continued)</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs361\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _3\"></span> <span class=\"_ _83\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _7f\"> </span>C<span class=\"_ _3\"></span>SM <span class=\"_ _4\"></span>(new  <span class=\"_ _9f\"> </span>  </div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs362\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>   con<span class=\"_ _3\"></span>trac<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>s <span class=\"_ _3\"></span>an<span class=\"_ _3\"></span>d  <span class=\"_ _44\"> </span>C<span class=\"_ _3\"></span>SM  </div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs363\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _e\"> </span>Pr<span class=\"_ _3\"></span>ese<span class=\"_ _3\"></span>nt <span class=\"_ _4\"></span>valu<span class=\"_ _3\"></span>e  <span class=\"_ _9f\"> </span>  <span class=\"_ _1c7\"> </span>con<span class=\"_ _3\"></span>trac<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>s  <span class=\"_ _6c\"> </span>(con<span class=\"_ _3\"></span>trac<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>s  </div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs393\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _127\"> </span>o<span class=\"_ _3\"></span>f <span class=\"_ _3\"></span>fu<span class=\"_ _3\"></span>ture  <span class=\"_ _11b\"> </span>Risk  <span class=\"_ _39\"> </span>mea<span class=\"_ _3\"></span>sur<span class=\"_ _3\"></span>ed  <span class=\"_ _1c1\"> </span>m<span class=\"_ _3\"></span>eas<span class=\"_ _3\"></span>ured  </div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs4ae\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _185\"> </span>ca<span class=\"_ _3\"></span>sh <span class=\"_ _4\"></span>flows  <span class=\"_ _146\"> </span>ad<span class=\"_ _3\"></span>jus<span class=\"_ _3\"></span>tme<span class=\"_ _3\"></span>nt  <span class=\"_ _80\"> </span>unde<span class=\"_ _3\"></span>r <span class=\"_ _3\"></span>F<span class=\"_ _3\"></span>RA <span class=\"_ _0\"></span>) <span class=\"_ _237\"> </span>und<span class=\"_ _3\"></span>er <span class=\"_ _4\"></span>F<span class=\"_ _3\"></span>V<span class=\"_ _2\"></span>A <span class=\"_ _7\"></span>) <span class=\"_ _42\"> </span>Total</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls190 ws1e0 gs4af\"> <span class=\"_ _19e\"> </span> <span class=\"_ _3\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _12e\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws2 gs396\">Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce con<span class=\"_ _3\"></span>trac<span class=\"_ _3\"></span>t li<span class=\"_ _3\"></span>abili<span class=\"_ _3\"></span>tie<span class=\"_ _3\"></span>s as at 1 Ja<span class=\"_ _3\"></span>nuar<span class=\"_ _3\"></span>y 2<span class=\"_ _3\"></span>022 <span class=\"_ _f1\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _7c\"> </span>1<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>84<span class=\"_ _3\"></span>.1 <span class=\"_ _2\"></span> <span class=\"_ _c2\"> </span>16<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>6 <span class=\"_ _a\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _1e1\"> </span>3<span class=\"_ _3\"></span>5.<span class=\"_ _3\"></span>4 <span class=\"_ _a\"></span> <span class=\"_ _153\"> </span>1<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>36<span class=\"_ _3\"></span>.1<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lsd9 ws1bc gs397\">Changes that relate to cur<span class=\"_ _2\"></span>rent ser<span class=\"_ _3\"></span>vice<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs398\">CSM <span class=\"_ _3\"></span>recognised <span class=\"_ _3\"></span>for <span class=\"_ _3\"></span>services <span class=\"_ _3\"></span>provided <span class=\"_ _238\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _10f\"> </span>(0.1 <span class=\"_ _7\"></span>) <span class=\"_ _152\"> </span>(5.4 <span class=\"_ _7\"></span>) <span class=\"_ _12b\"> </span>(5.5 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws2 gs399\">Change in risk adjustment for non-financial risk for risk e<span class=\"_ _2\"></span>xpired <span class=\"_ _165\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013  <span class=\"_ _20a\"> </span>(2.4 <span class=\"_ _31\"></span>) <span class=\"_ _ae\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013  <span class=\"_ _20a\"> </span>(2.4 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs39a\">Experience a<span class=\"_ _3\"></span>djustments <span class=\"_ _22\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5a\"> </span>1.0  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _5a\"> </span>1.0<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws2 gs4b0\">T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l chan<span class=\"_ _3\"></span>ges t<span class=\"_ _3\"></span>hat re<span class=\"_ _3\"></span>late to cu<span class=\"_ _3\"></span>rrent s<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _94\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _10e\"> </span>1<span class=\"_ _3\"></span>.0 <span class=\"_ _a\"></span> <span class=\"_ _c2\"> </span>(<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4 <span class=\"_ _31\"></span>) <span class=\"_ _5b\"> </span>(<span class=\"_ _3\"></span>0.1 <span class=\"_ _31\"></span>) <span class=\"_ _7b\"> </span>(5<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4 <span class=\"_ _31\"></span>) <span class=\"_ _7b\"> </span>(<span class=\"_ _3\"></span>6.<span class=\"_ _3\"></span>9 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lsd9 ws1bc gs4b1\">Changes that relate to future<span class=\"_ _2\"></span> ser<span class=\"_ _3\"></span>vice<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs4b2\">Contracts <span class=\"_ _3\"></span>initially <span class=\"_ _3\"></span>recognised <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>period <span class=\"_ _a4\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _57\"> </span>(7<span class=\"_ _2\"></span>.1 <span class=\"_ _7\"></span>) <span class=\"_ _fe\"> </span>3.5  <span class=\"_ _1b1\"> </span>3.6  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws2 gs4b3\">Changes in estimates that adjust the CSM <span class=\"_ _1cb\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _179\"> </span>(1.<span class=\"_ _3\"></span>2 <span class=\"_ _31\"></span>) <span class=\"_ _14e\"> </span>(2<span class=\"_ _3\"></span>.2 <span class=\"_ _31\"></span>) <span class=\"_ _152\"> </span>(2.5 <span class=\"_ _31\"></span>) <span class=\"_ _179\"> </span>5.9 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws2 gs4b4\">T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l chan<span class=\"_ _3\"></span>ges t<span class=\"_ _3\"></span>hat re<span class=\"_ _3\"></span>late to f<span class=\"_ _3\"></span>uture s<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _97\"> </span> <span class=\"_ _0\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _c2\"> </span>(<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3 <span class=\"_ _31\"></span>) <span class=\"_ _8f\"> </span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3 <span class=\"_ _a\"></span> <span class=\"_ _56\"> </span>1<span class=\"_ _3\"></span>.1 <span class=\"_ _a\"></span> <span class=\"_ _12e\"> </span>5<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9 <span class=\"_ _a\"></span> <span class=\"_ _b9\"> </span>\u2013<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs4b5\">Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>ser<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>resu<span class=\"_ _3\"></span>lt <span class=\"_ _d9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _152\"> </span>(<span class=\"_ _3\"></span>7.3 <span class=\"_ _0\"></span>) <span class=\"_ _12e\"> </span>(<span class=\"_ _3\"></span>1.1 <span class=\"_ _0\"></span>) <span class=\"_ _179\"> </span>1<span class=\"_ _3\"></span>.0  <span class=\"_ _179\"> </span>0<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5  <span class=\"_ _114\"> </span>(<span class=\"_ _3\"></span>6.<span class=\"_ _3\"></span>9 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws2 gs4b6\">Net finance expenses f<span class=\"_ _3\"></span>rom insurance contr<span class=\"_ _2\"></span>acts <span class=\"_ _152\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _15c\"> </span>(159.7 <span class=\"_ _31\"></span>) <span class=\"_ _152\"> </span>(2.3 <span class=\"_ _31\"></span>) <span class=\"_ _57\"> </span>0.1 <span class=\"_ _a\"></span> <span class=\"_ _fe\"> </span>0.3  <span class=\"_ _28\"> </span>(<span class=\"_ _3\"></span>161.6 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws2 gs4b7\">T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l amou<span class=\"_ _3\"></span>nts r<span class=\"_ _3\"></span>eco<span class=\"_ _3\"></span>gnis<span class=\"_ _3\"></span>ed in c<span class=\"_ _3\"></span>omp<span class=\"_ _3\"></span>rehe<span class=\"_ _3\"></span>nsi<span class=\"_ _3\"></span>ve inc<span class=\"_ _3\"></span>ome <span class=\"_ _6d\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _3e\"> </span>(1<span class=\"_ _3\"></span>67.0 <span class=\"_ _31\"></span>) <span class=\"_ _7b\"> </span>(3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4 <span class=\"_ _31\"></span>) <span class=\"_ _1a1\"> </span>1<span class=\"_ _3\"></span>.1 <span class=\"_ _a\"></span> <span class=\"_ _165\"> </span>0<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8 <span class=\"_ _a\"></span> <span class=\"_ _47\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>68<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls56 ws152 gs4a9\">Cash flows<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs4aa\">Pr<span class=\"_ _2\"></span>emiums <span class=\"_ _3\"></span>received <span class=\"_ _236\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _152\"> </span>33.3  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _152\"> </span>33.3<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws2 gs4b8\">Claims and other directly attributable e<span class=\"_ _2\"></span>xpenses paid <span class=\"_ _2e\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _29\"> </span>(185.5 <span class=\"_ _31\"></span>) <span class=\"_ _15b\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013  <span class=\"_ _42\"> </span>(185.5 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs3a6\">Acquisitions <span class=\"_ _22d\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14b\"> </span>232.2  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _150\"> </span>232.2<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs3a7\">T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ash <span class=\"_ _4\"></span>flo<span class=\"_ _3\"></span>ws <span class=\"_ _1a4\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _45\"> </span>8<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>0  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _45\"> </span>8<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>0<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws2 gs3a8\">Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce con<span class=\"_ _3\"></span>trac<span class=\"_ _3\"></span>t li<span class=\"_ _3\"></span>abili<span class=\"_ _3\"></span>tie<span class=\"_ _3\"></span>s as at 3<span class=\"_ _3\"></span>1 Dec<span class=\"_ _3\"></span>emb<span class=\"_ _3\"></span>er 20<span class=\"_ _3\"></span>22 <span class=\"_ _128\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _9d\"> </span>1<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>97.1 <span class=\"_ _a\"></span> <span class=\"_ _5b\"> </span>1<span class=\"_ _3\"></span>3.<span class=\"_ _3\"></span>2 <span class=\"_ _2\"></span> <span class=\"_ _20b\"> </span>1<span class=\"_ _3\"></span>.1 <span class=\"_ _a\"></span> <span class=\"_ _7b\"> </span>3<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2 <span class=\"_ _a\"></span> <span class=\"_ _7e\"> </span>1<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>47<span class=\"_ _2\"></span>.6<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs268\">The contracts initially recognised in the period relates to the acquisition <span class=\"_ _2\"></span>of CASLP<span class=\"_ _31\"></span>.<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff62 fs1 fc1 sc0 lseb wsfb gsc0\">210<span class=\"_ _10\"> </span><span class=\"ff67 ls3 ws2\">CHE<span class=\"_ _3\"></span>SNA<span class=\"_ _3\"></span>R<span class=\"_ _3\"></span>A ANNUAL R<span class=\"_ _3\"></span>EPORT A<span class=\"_ _3\"></span>ND ACCO<span class=\"_ _3\"></span>UNTS 2023<span class=\"_ _421\"> </span></span></div>IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS <span class=\"_ _18\"> </span>(c) <span class=\"_ _4\"></span>Reinsurance contract balances \u2013 analysis b<span class=\"_ _2\"></span>y r<span class=\"_ _2\"></span>emaining cover<span class=\"_ _2\"></span>age and incur<span class=\"_ _a\"></span>red claims <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _39\"> </span>As<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>ts <span class=\"_ _4\"></span>fo<span class=\"_ _3\"></span>r  <span class=\"_ _1c1\"> </span>A<span class=\"_ _3\"></span>ss<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>s <span class=\"_ _4\"></span>for   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _6c\"> </span>remaining  <span class=\"_ _1e2\"> </span>incurre<span class=\"_ _3\"></span>d   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1f9\"> </span>cover<span class=\"_ _3\"></span>age  <span class=\"_ _210\"> </span>cl<span class=\"_ _3\"></span>aims  <span class=\"_ _46\"> </span>T<span class=\"_ _a\"></span>o<span class=\"_ _3\"></span>tal <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Rei<span class=\"_ _3\"></span>nsur<span class=\"_ _3\"></span>ance c<span class=\"_ _3\"></span>ontr<span class=\"_ _3\"></span>ac<span class=\"_ _3\"></span>t ass<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>s as at 1 J<span class=\"_ _3\"></span>anua<span class=\"_ _3\"></span>ry 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>3 <span class=\"_ _be\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _29\"> </span>1<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>.6 <span class=\"_ _2\"></span> <span class=\"_ _f0\"> </span>1<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>.0 <span class=\"_ _a\"></span> <span class=\"_ _15c\"> </span>1<span class=\"_ _3\"></span>7<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>6<span class=\"_ _421\"> </span>Reinsurance expenses \u2013 allocation of r<span class=\"_ _2\"></span>einsurance premiums paid <span class=\"_ _e7\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _150\"> </span>(25.0 <span class=\"_ _31\"></span>) <span class=\"_ _ae\"> </span>\u2013  <span class=\"_ _150\"> </span>(25.0 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Amount<span class=\"_ _3\"></span>s recoverable from reinsurers<span class=\"_ _421\"> </span>Recov<span class=\"_ _2\"></span>eries of incurred claims and other directly at<span class=\"_ _2\"></span>tributable expenses <span class=\"_ _123\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _12b\"> </span>19.<span class=\"_ _3\"></span>5 <span class=\"_ _2\"></span> <span class=\"_ _1b7\"> </span>19<span class=\"_ _3\"></span>.5<span class=\"_ _421\"> </span>Ne<span class=\"_ _3\"></span>t <span class=\"_ _3\"></span>(expe<span class=\"_ _3\"></span>nse<span class=\"_ _3\"></span>s)/inc<span class=\"_ _3\"></span>ome <span class=\"_ _4\"></span>from <span class=\"_ _4\"></span>re<span class=\"_ _3\"></span>insu<span class=\"_ _3\"></span>ranc<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ontra<span class=\"_ _3\"></span>ct<span class=\"_ _3\"></span>s <span class=\"_ _4\"></span>hel<span class=\"_ _3\"></span>d <span class=\"_ _0\"></span> <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _28\"> </span>(2<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>.0 <span class=\"_ _7\"></span>) <span class=\"_ _f0\"> </span>1<span class=\"_ _3\"></span>9.<span class=\"_ _3\"></span>5  <span class=\"_ _152\"> </span>(5<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Net <span class=\"_ _3\"></span>finance <span class=\"_ _3\"></span>expenses <span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>rom <span class=\"_ _3\"></span>reinsuranc<span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>contracts <span class=\"_ _119\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1a1\"> </span>9.3  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _1a1\"> </span>9.3<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>mount<span class=\"_ _3\"></span>s <span class=\"_ _4\"></span>rec<span class=\"_ _3\"></span>ogni<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>in <span class=\"_ _4\"></span>co<span class=\"_ _3\"></span>mpre<span class=\"_ _3\"></span>hen<span class=\"_ _3\"></span>sive <span class=\"_ _4\"></span>in<span class=\"_ _3\"></span>come <span class=\"_ _146\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _45\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>.7 <span class=\"_ _31\"></span>) <span class=\"_ _f0\"> </span>1<span class=\"_ _3\"></span>9.<span class=\"_ _3\"></span>5  <span class=\"_ _10f\"> </span>3.<span class=\"_ _3\"></span>8<span class=\"_ _421\"> </span>Investment <span class=\"_ _3\"></span>components <span class=\"_ _d8\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12e\"> </span>(2.6 <span class=\"_ _7\"></span>) <span class=\"_ _10f\"> </span>2.6  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span>Cash flows<span class=\"_ _421\"> </span>Pr<span class=\"_ _2\"></span>emiums <span class=\"_ _3\"></span>paid <span class=\"_ _1eb\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12e\"> </span>12.5  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _12e\"> </span>12.5<span class=\"_ _421\"> </span>Recov<span class=\"_ _2\"></span>eries <span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>rom <span class=\"_ _3\"></span>reinsurance contracts <span class=\"_ _3\"></span>held <span class=\"_ _1d0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _1e1\"> </span>(24.3 <span class=\"_ _0\"></span>) <span class=\"_ _14b\"> </span>(2<span class=\"_ _2\"></span>4.<span class=\"_ _3\"></span>3 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ash <span class=\"_ _4\"></span>flo<span class=\"_ _3\"></span>ws <span class=\"_ _1a4\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14e\"> </span>12<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5  <span class=\"_ _e7\"> </span>(<span class=\"_ _3\"></span>24<span class=\"_ _3\"></span>.<span class=\"_ _4\"></span>3 <span class=\"_ _7\"></span>) <span class=\"_ _150\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Rei<span class=\"_ _3\"></span>nsur<span class=\"_ _3\"></span>ance c<span class=\"_ _3\"></span>ontr<span class=\"_ _3\"></span>ac<span class=\"_ _3\"></span>t ass<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>s as at 3<span class=\"_ _3\"></span>1 De<span class=\"_ _3\"></span>cemb<span class=\"_ _3\"></span>er 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>3 <span class=\"_ _92\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _42\"> </span>1<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>8 <span class=\"_ _2\"></span> <span class=\"_ _c2\"> </span>1<span class=\"_ _3\"></span>3.<span class=\"_ _3\"></span>8 <span class=\"_ _2\"></span> <span class=\"_ _119\"> </span>1<span class=\"_ _3\"></span>64<span class=\"_ _4\"></span>.6 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _39\"> </span>As<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>ts <span class=\"_ _4\"></span>fo<span class=\"_ _3\"></span>r  <span class=\"_ _1c1\"> </span>A<span class=\"_ _3\"></span>ss<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>s <span class=\"_ _4\"></span>for   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _6c\"> </span>remaining  <span class=\"_ _1e2\"> </span>incurre<span class=\"_ _3\"></span>d   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1f9\"> </span>cover<span class=\"_ _3\"></span>age  <span class=\"_ _210\"> </span>cl<span class=\"_ _3\"></span>aims  <span class=\"_ _46\"> </span>T<span class=\"_ _a\"></span>o<span class=\"_ _3\"></span>tal <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Rei<span class=\"_ _3\"></span>nsur<span class=\"_ _3\"></span>ance c<span class=\"_ _3\"></span>ontr<span class=\"_ _3\"></span>ac<span class=\"_ _3\"></span>t ass<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>s as at 1 J<span class=\"_ _3\"></span>anua<span class=\"_ _3\"></span>ry 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2 <span class=\"_ _be\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _29\"> </span>19<span class=\"_ _3\"></span>9<span class=\"_ _3\"></span>.9<span class=\"_ _3\"></span> <span class=\"_ _a\"></span> <span class=\"_ _5b\"> </span>1<span class=\"_ _3\"></span>7<span class=\"_ _2\"></span>.<span class=\"_ _3\"></span>8 <span class=\"_ _a\"></span> <span class=\"_ _46\"> </span>2<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>7<span class=\"_ _2\"></span>.7<span class=\"_ _421\"> </span>Reinsurance expenses \u2013 allocation of r<span class=\"_ _2\"></span>einsurance premiums paid <span class=\"_ _e7\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _14b\"> </span>(26.4 <span class=\"_ _31\"></span>) <span class=\"_ _15b\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _150\"> </span>(26.4 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Amount<span class=\"_ _3\"></span>s recoverable from reinsurers<span class=\"_ _421\"> </span>Recov<span class=\"_ _2\"></span>eries of incurred claims and other directly at<span class=\"_ _2\"></span>tributable expenses <span class=\"_ _123\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _c2\"> </span>24<span class=\"_ _3\"></span>.7 <span class=\"_ _2\"></span> <span class=\"_ _5b\"> </span>24.7<span class=\"_ _421\"> </span>Ne<span class=\"_ _3\"></span>t <span class=\"_ _3\"></span>(expe<span class=\"_ _3\"></span>nse<span class=\"_ _3\"></span>s)/inc<span class=\"_ _3\"></span>ome <span class=\"_ _4\"></span>from <span class=\"_ _4\"></span>re<span class=\"_ _3\"></span>insu<span class=\"_ _3\"></span>ranc<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ontra<span class=\"_ _3\"></span>ct<span class=\"_ _3\"></span>s <span class=\"_ _4\"></span>hel<span class=\"_ _3\"></span>d <span class=\"_ _0\"></span> <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _e7\"> </span>(26<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4 <span class=\"_ _7\"></span>) <span class=\"_ _44\"> </span>2<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>.7  <span class=\"_ _12e\"> </span>(1<span class=\"_ _3\"></span>.7 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Net <span class=\"_ _3\"></span>finance <span class=\"_ _3\"></span>expenses <span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>rom <span class=\"_ _3\"></span>reinsuranc<span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>contracts <span class=\"_ _119\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _c2\"> </span>(24.1 <span class=\"_ _7\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _c2\"> </span>(24.1 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>mount<span class=\"_ _3\"></span>s <span class=\"_ _4\"></span>rec<span class=\"_ _3\"></span>ogni<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>in <span class=\"_ _4\"></span>co<span class=\"_ _3\"></span>mpre<span class=\"_ _3\"></span>hen<span class=\"_ _3\"></span>sive <span class=\"_ _4\"></span>in<span class=\"_ _3\"></span>come <span class=\"_ _146\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _e7\"> </span>(<span class=\"_ _3\"></span>50<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5 <span class=\"_ _7\"></span>) <span class=\"_ _44\"> </span>2<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>.7  <span class=\"_ _28\"> </span>(2<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>.8 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>Investment <span class=\"_ _3\"></span>components <span class=\"_ _d8\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _20a\"> </span>(4.0 <span class=\"_ _7\"></span>) <span class=\"_ _12e\"> </span>4.0  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span>Cash flows<span class=\"_ _421\"> </span>Pr<span class=\"_ _2\"></span>emiums <span class=\"_ _3\"></span>paid <span class=\"_ _1eb\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12e\"> </span>13.7  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _12e\"> </span>13.7<span class=\"_ _421\"> </span>Recov<span class=\"_ _2\"></span>eries <span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>rom <span class=\"_ _3\"></span>reinsurance contracts <span class=\"_ _3\"></span>held <span class=\"_ _1d0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _1e1\"> </span>(30.5 <span class=\"_ _0\"></span>) <span class=\"_ _14b\"> </span>(30.5 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Acquisitions <span class=\"_ _22d\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12e\"> </span>(2.5 <span class=\"_ _0\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _12e\"> </span>(2.5 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ash <span class=\"_ _4\"></span>flo<span class=\"_ _3\"></span>ws <span class=\"_ _1a4\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b7\"> </span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2  <span class=\"_ _28\"> </span>(<span class=\"_ _3\"></span>30.<span class=\"_ _4\"></span>5 <span class=\"_ _7\"></span>) <span class=\"_ _46\"> </span>(1<span class=\"_ _3\"></span>9.<span class=\"_ _4\"></span>3 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Rei<span class=\"_ _3\"></span>nsur<span class=\"_ _3\"></span>ance c<span class=\"_ _3\"></span>ontr<span class=\"_ _3\"></span>ac<span class=\"_ _3\"></span>t ass<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>s as at 3<span class=\"_ _3\"></span>1 De<span class=\"_ _3\"></span>cemb<span class=\"_ _3\"></span>er 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2 <span class=\"_ _92\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _15c\"> </span>1<span class=\"_ _3\"></span>56<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>6 <span class=\"_ _a\"></span> <span class=\"_ _f0\"> </span>1<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>0 <span class=\"_ _a\"></span> <span class=\"_ _15c\"> </span>17<span class=\"_ _3\"></span>2<span class=\"_ _4\"></span>.6<span class=\"_ _421\"> </span><span class=\"ff65 ls3 ws2\">CHES<span class=\"_ _277\"></span>NAR<span class=\"_ _277\"></span>A<span class=\"_ _278\"></span>AN<span class=\"_ _283\"></span>NUAL<span class=\"_ _379\"></span>REPO<span class=\"_ _279\"></span>RT<span class=\"_ _278\"></span>AND<span class=\"_ _3b0\"></span>ACCOUNT<span class=\"_ _279\"></span>S<span class=\"_ _27b\"></span>20<span class=\"_ _2b5\"></span>23</span><span class=\"_ _3de\"></span><span class=\"_ _421\"> </span>211<span class=\"_ _421\"> </span><div class=\"t m0 h4 ff67 fs2 fc1 sc0 lsc3 ws82 gs93\">IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS<span class=\"_ _421\"> </span></div><div class=\"t m0 h9 ff68 fs8 fc2 sc0 ls18f ws2 gs94\">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<span class=\"_ _421\"> </span></div><div class=\"t m0 hf ff61 fsc fc2 sc0 ls37 ws2 gs95\">SECTION F \u2013 INSURANCE AND REINSURANCE CONTRA<span class=\"_ _2\"></span>CTS</div><div class=\"t m0 h11 ff63 fsd fc2 sc0 ls2 ws2 gs96\"> <span class=\"_ _74\"> </span>F2 <span class=\"_ _4\"></span>Insurance and r<span class=\"_ _2\"></span>einsurance contr<span class=\"_ _2\"></span>acts \u2013 quantitative analysis of r<span class=\"_ _2\"></span>ecognised amounts \u2013 UK (continued)</div><div class=\"t m0 h11 ff63 fsd fc1 sc0 ls2 ws2 gs19d\"> <span class=\"_ _e\"> </span>(d) <span class=\"_ _3\"></span>Reinsurance contract balances \u2013 analysis b<span class=\"_ _2\"></span>y measurement component \u2013 contr<span class=\"_ _2\"></span>acts not measur<span class=\"_ _2\"></span>ed under P<span class=\"_ _a\"></span>AA</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs361\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _3\"></span> <span class=\"_ _83\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _7f\"> </span>C<span class=\"_ _3\"></span>SM <span class=\"_ _4\"></span>(new  <span class=\"_ _9f\"> </span>  </div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs362\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>   con<span class=\"_ _3\"></span>trac<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>s <span class=\"_ _3\"></span>an<span class=\"_ _3\"></span>d  <span class=\"_ _44\"> </span>C<span class=\"_ _3\"></span>SM  </div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs363\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _e\"> </span>Pr<span class=\"_ _3\"></span>ese<span class=\"_ _3\"></span>nt <span class=\"_ _4\"></span>valu<span class=\"_ _3\"></span>e  <span class=\"_ _9f\"> </span>  <span class=\"_ _1c7\"> </span>con<span class=\"_ _3\"></span>trac<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>s  <span class=\"_ _6c\"> </span>(con<span class=\"_ _3\"></span>trac<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>s  </div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs393\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _127\"> </span>o<span class=\"_ _3\"></span>f <span class=\"_ _3\"></span>fu<span class=\"_ _3\"></span>ture  <span class=\"_ _11b\"> </span>Risk  <span class=\"_ _39\"> </span>mea<span class=\"_ _3\"></span>sur<span class=\"_ _3\"></span>ed  <span class=\"_ _1c1\"> </span>m<span class=\"_ _3\"></span>eas<span class=\"_ _3\"></span>ured  </div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs4ae\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _185\"> </span>ca<span class=\"_ _3\"></span>sh <span class=\"_ _4\"></span>flows  <span class=\"_ _146\"> </span>ad<span class=\"_ _3\"></span>jus<span class=\"_ _3\"></span>tme<span class=\"_ _3\"></span>nt  <span class=\"_ _80\"> </span>unde<span class=\"_ _3\"></span>r <span class=\"_ _3\"></span>F<span class=\"_ _3\"></span>RA <span class=\"_ _0\"></span>) <span class=\"_ _237\"> </span>und<span class=\"_ _3\"></span>er <span class=\"_ _4\"></span>F<span class=\"_ _3\"></span>V<span class=\"_ _2\"></span>A <span class=\"_ _7\"></span>) <span class=\"_ _42\"> </span>Total</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls190 ws1e0 gs4af\"> <span class=\"_ _19e\"> </span> <span class=\"_ _3\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _12e\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws2 gs396\">Rei<span class=\"_ _3\"></span>nsur<span class=\"_ _3\"></span>ance c<span class=\"_ _3\"></span>ontr<span class=\"_ _3\"></span>ac<span class=\"_ _3\"></span>t ass<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>s as at 1 J<span class=\"_ _3\"></span>anua<span class=\"_ _3\"></span>ry 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>3 <span class=\"_ _5d\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _11b\"> </span>16<span class=\"_ _3\"></span>1.<span class=\"_ _3\"></span>1 <span class=\"_ _a\"></span> <span class=\"_ _1a1\"> </span>3<span class=\"_ _3\"></span>.1 <span class=\"_ _a\"></span> <span class=\"_ _12e\"> </span>0.<span class=\"_ _3\"></span>5 <span class=\"_ _2\"></span> <span class=\"_ _179\"> </span>7.9 <span class=\"_ _a\"></span> <span class=\"_ _15c\"> </span>17<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>6<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lsd9 ws1bc gs397\">Changes that relate to cur<span class=\"_ _2\"></span>rent ser<span class=\"_ _3\"></span>vice<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs398\">CSM <span class=\"_ _3\"></span>recognised <span class=\"_ _3\"></span>for <span class=\"_ _3\"></span>services <span class=\"_ _3\"></span>received <span class=\"_ _8e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _165\"> </span>(0.5 <span class=\"_ _7\"></span>) <span class=\"_ _152\"> </span>(0.5 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws2 gs399\">Change in risk adjustment for non-financial risk for risk e<span class=\"_ _2\"></span>xpired <span class=\"_ _165\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013  <span class=\"_ _20a\"> </span>(0.7 <span class=\"_ _31\"></span>) <span class=\"_ _ae\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _e9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _20a\"> </span>(0.7 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs39a\">Experience a<span class=\"_ _3\"></span>djustments <span class=\"_ _22\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b7\"> </span>(4.3 <span class=\"_ _0\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _1b7\"> </span>(4.3 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws2 gs4b0\">T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l chan<span class=\"_ _3\"></span>ges t<span class=\"_ _3\"></span>hat re<span class=\"_ _3\"></span>late to cu<span class=\"_ _3\"></span>rrent s<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _94\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _c2\"> </span>(4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3 <span class=\"_ _31\"></span>) <span class=\"_ _11b\"> </span>(<span class=\"_ _3\"></span>0.7 <span class=\"_ _31\"></span>) <span class=\"_ _e6\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _5b\"> </span>(0.<span class=\"_ _4\"></span>5 <span class=\"_ _f\"></span>) <span class=\"_ _2d\"> </span>(<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lsd9 ws1bc gs4b1\">Changes that relate to future<span class=\"_ _2\"></span> ser<span class=\"_ _3\"></span>vice<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws2 gs4b2\">Changes in estimates that adjust the CSM <span class=\"_ _1cb\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _5a\"> </span>1.5 <span class=\"_ _a\"></span> <span class=\"_ _10e\"> </span>0.5 <span class=\"_ _2\"></span> <span class=\"_ _179\"> </span>(0.1 <span class=\"_ _31\"></span>) <span class=\"_ _1b7\"> </span>(<span class=\"_ _3\"></span>1.9 <span class=\"_ _31\"></span>) <span class=\"_ _ae\"> </span>\u2013<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws2 gs4ba\">T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l chan<span class=\"_ _3\"></span>ges t<span class=\"_ _3\"></span>hat re<span class=\"_ _3\"></span>late to f<span class=\"_ _3\"></span>uture s<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _97\"> </span> <span class=\"_ _0\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _57\"> </span>1.<span class=\"_ _4\"></span>5 <span class=\"_ _a\"></span> <span class=\"_ _12e\"> </span>0.<span class=\"_ _3\"></span>5 <span class=\"_ _a\"></span> <span class=\"_ _12b\"> </span>(<span class=\"_ _3\"></span>0.1 <span class=\"_ _31\"></span>) <span class=\"_ _5b\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.9 <span class=\"_ _31\"></span>) <span class=\"_ _ae\"> </span>\u2013<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws2 gs4bb\">Ne<span class=\"_ _3\"></span>t (expen<span class=\"_ _3\"></span>se)/<span class=\"_ _3\"></span>inco<span class=\"_ _3\"></span>me fro<span class=\"_ _3\"></span>m rein<span class=\"_ _3\"></span>sur<span class=\"_ _3\"></span>ance c<span class=\"_ _3\"></span>ontra<span class=\"_ _3\"></span>ct<span class=\"_ _3\"></span>s he<span class=\"_ _3\"></span>ld <span class=\"_ _4\"></span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _5b\"> </span>(2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8 <span class=\"_ _31\"></span>) <span class=\"_ _7b\"> </span>(<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>2 <span class=\"_ _31\"></span>) <span class=\"_ _114\"> </span>(0.<span class=\"_ _3\"></span>1 <span class=\"_ _f\"></span>) <span class=\"_ _11b\"> </span>(2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4 <span class=\"_ _31\"></span>) <span class=\"_ _11b\"> </span>(5<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs4bc\">Net <span class=\"_ _3\"></span>finance <span class=\"_ _3\"></span>income <span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>rom <span class=\"_ _3\"></span>reinsurance <span class=\"_ _3\"></span>contracts <span class=\"_ _3\"></span>held <span class=\"_ _1c3\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _56\"> </span>9.1  <span class=\"_ _5a\"> </span>0.1  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _20b\"> </span>0.1  <span class=\"_ _57\"> </span>9.3<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws2 gs4bd\">T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l amou<span class=\"_ _3\"></span>nts r<span class=\"_ _3\"></span>eco<span class=\"_ _3\"></span>gnis<span class=\"_ _3\"></span>ed in c<span class=\"_ _3\"></span>omp<span class=\"_ _3\"></span>rehe<span class=\"_ _3\"></span>nsi<span class=\"_ _3\"></span>ve inc<span class=\"_ _3\"></span>ome <span class=\"_ _6d\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _12e\"> </span>6<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3 <span class=\"_ _a\"></span> <span class=\"_ _1b7\"> </span>(0.<span class=\"_ _3\"></span>1 <span class=\"_ _f\"></span>) <span class=\"_ _14e\"> </span>(0.1 <span class=\"_ _31\"></span>) <span class=\"_ _11b\"> </span>(<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3 <span class=\"_ _31\"></span>) <span class=\"_ _20a\"> </span>3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls56 ws152 gs4a8\">Cash flows<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs4a9\">Pr<span class=\"_ _2\"></span>emiums <span class=\"_ _3\"></span>paid <span class=\"_ _1eb\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12e\"> </span>12.5  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _12e\"> </span>12.5<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs4aa\">Recov<span class=\"_ _2\"></span>eries <span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>rom <span class=\"_ _3\"></span>reinsurance contracts <span class=\"_ _3\"></span>held <span class=\"_ _1d0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1e1\"> </span>(24.3 <span class=\"_ _0\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _45\"> </span>(24.<span class=\"_ _3\"></span>3 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs4ab\">T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ash <span class=\"_ _4\"></span>flo<span class=\"_ _3\"></span>ws <span class=\"_ _1a4\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _11b\"> </span>(1<span class=\"_ _4\"></span>1.<span class=\"_ _3\"></span>8 <span class=\"_ _7\"></span>) <span class=\"_ _97\"> </span>\u2013  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _11b\"> </span>(1<span class=\"_ _4\"></span>1<span class=\"_ _3\"></span>.8 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws2 gs4ac\">Rei<span class=\"_ _3\"></span>nsur<span class=\"_ _3\"></span>ance c<span class=\"_ _3\"></span>ontr<span class=\"_ _3\"></span>ac<span class=\"_ _3\"></span>t ass<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>s as at 3<span class=\"_ _3\"></span>1 De<span class=\"_ _3\"></span>cemb<span class=\"_ _3\"></span>er 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>3 <span class=\"_ _146\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _e7\"> </span>15<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>.6 <span class=\"_ _a\"></span> <span class=\"_ _8f\"> </span>3<span class=\"_ _3\"></span>.0 <span class=\"_ _a\"></span> <span class=\"_ _165\"> </span>0.<span class=\"_ _3\"></span>4 <span class=\"_ _a\"></span> <span class=\"_ _8f\"> </span>5<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>6 <span class=\"_ _a\"></span> <span class=\"_ _119\"> </span>16<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>.6<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff62 fs1 fc1 sc0 lseb wsfb gsc0\">212<span class=\"_ _69\"> </span><span class=\"ff67 ls3 ws2\">CHE<span class=\"_ _3\"></span>SNA<span class=\"_ _3\"></span>R<span class=\"_ _3\"></span>A ANNUAL R<span class=\"_ _3\"></span>EPORT A<span class=\"_ _3\"></span>ND ACCOU<span class=\"_ _3\"></span>NTS 2023<span class=\"_ _421\"> </span></span></div>IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS <span class=\"_ _19e\"> </span>  <span class=\"_ _3\"></span> <span class=\"_ _83\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _7f\"> </span>C<span class=\"_ _3\"></span>SM <span class=\"_ _4\"></span>(new  <span class=\"_ _9f\"> </span>   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>   con<span class=\"_ _3\"></span>trac<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>s <span class=\"_ _3\"></span>an<span class=\"_ _3\"></span>d  <span class=\"_ _44\"> </span>C<span class=\"_ _3\"></span>SM   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _e\"> </span>Pr<span class=\"_ _3\"></span>ese<span class=\"_ _3\"></span>nt <span class=\"_ _4\"></span>valu<span class=\"_ _3\"></span>e  <span class=\"_ _9f\"> </span>  <span class=\"_ _1c7\"> </span>con<span class=\"_ _3\"></span>trac<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>s  <span class=\"_ _6c\"> </span>(con<span class=\"_ _3\"></span>trac<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>s   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _127\"> </span>o<span class=\"_ _3\"></span>f <span class=\"_ _3\"></span>fu<span class=\"_ _3\"></span>ture  <span class=\"_ _11b\"> </span>Risk  <span class=\"_ _39\"> </span>mea<span class=\"_ _3\"></span>sur<span class=\"_ _3\"></span>ed  <span class=\"_ _1c1\"> </span>m<span class=\"_ _3\"></span>eas<span class=\"_ _3\"></span>ured   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _185\"> </span>ca<span class=\"_ _3\"></span>sh <span class=\"_ _4\"></span>flows  <span class=\"_ _146\"> </span>ad<span class=\"_ _3\"></span>jus<span class=\"_ _3\"></span>tme<span class=\"_ _3\"></span>nt  <span class=\"_ _80\"> </span>unde<span class=\"_ _3\"></span>r <span class=\"_ _3\"></span>F<span class=\"_ _3\"></span>RA <span class=\"_ _0\"></span>) <span class=\"_ _237\"> </span>und<span class=\"_ _3\"></span>er <span class=\"_ _4\"></span>F<span class=\"_ _3\"></span>V<span class=\"_ _2\"></span>A <span class=\"_ _7\"></span>) <span class=\"_ _42\"> </span>Total <span class=\"_ _19e\"> </span> <span class=\"_ _3\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _12e\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Rei<span class=\"_ _3\"></span>nsur<span class=\"_ _3\"></span>ance c<span class=\"_ _3\"></span>ontr<span class=\"_ _3\"></span>ac<span class=\"_ _3\"></span>t ass<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>s as at 1 J<span class=\"_ _3\"></span>anua<span class=\"_ _3\"></span>ry 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2 <span class=\"_ _5d\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _112\"> </span>2<span class=\"_ _3\"></span>06<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>0 <span class=\"_ _a\"></span> <span class=\"_ _165\"> </span>4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3 <span class=\"_ _a\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _12e\"> </span>7.4 <span class=\"_ _2\"></span> <span class=\"_ _46\"> </span>21<span class=\"_ _3\"></span>7<span class=\"_ _2\"></span>.7<span class=\"_ _421\"> </span>Changes that relate to cur<span class=\"_ _2\"></span>rent ser<span class=\"_ _3\"></span>vice<span class=\"_ _421\"> </span>CSM <span class=\"_ _3\"></span>recognised <span class=\"_ _3\"></span>for <span class=\"_ _3\"></span>services <span class=\"_ _3\"></span>received <span class=\"_ _8e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _10f\"> </span>(1.0 <span class=\"_ _0\"></span>) <span class=\"_ _165\"> </span>(1.0 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Change in risk adjustment for non-financial risk for risk e<span class=\"_ _2\"></span>xpired <span class=\"_ _165\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013  <span class=\"_ _14e\"> </span>(0.8 <span class=\"_ _31\"></span>) <span class=\"_ _15b\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _b9\"> </span>\u2013  <span class=\"_ _14e\"> </span>(0.8 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Experience a<span class=\"_ _3\"></span>djustments <span class=\"_ _22\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5a\"> </span>0.1  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _5a\"> </span>0.1<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l chan<span class=\"_ _3\"></span>ges t<span class=\"_ _3\"></span>hat re<span class=\"_ _3\"></span>late to cu<span class=\"_ _3\"></span>rrent s<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _94\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _57\"> </span>0.1 <span class=\"_ _a\"></span> <span class=\"_ _c2\"> </span>(0<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8 <span class=\"_ _f\"></span>) <span class=\"_ _ae\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _20a\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.0 <span class=\"_ _31\"></span>) <span class=\"_ _114\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.7 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Changes that relate to future<span class=\"_ _2\"></span> ser<span class=\"_ _3\"></span>vice<span class=\"_ _421\"> </span>Contracts <span class=\"_ _3\"></span>initially <span class=\"_ _3\"></span>recognised <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>period <span class=\"_ _a4\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _20a\"> </span>(0.4 <span class=\"_ _7\"></span>) <span class=\"_ _10f\"> </span>0.2  <span class=\"_ _10e\"> </span>0.2  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _b4\"> </span>\u2013<span class=\"_ _421\"> </span>Changes in estimates that adjust the CSM <span class=\"_ _1cb\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _179\"> </span>(<span class=\"_ _3\"></span>1.5 <span class=\"_ _31\"></span>) <span class=\"_ _114\"> </span>(0.2 <span class=\"_ _31\"></span>) <span class=\"_ _8f\"> </span>0.3 <span class=\"_ _2\"></span> <span class=\"_ _94\"> </span>1.4 <span class=\"_ _a\"></span> <span class=\"_ _e9\"> </span>\u2013<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l chan<span class=\"_ _3\"></span>ges t<span class=\"_ _3\"></span>hat re<span class=\"_ _3\"></span>late to f<span class=\"_ _3\"></span>uture s<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _97\"> </span> <span class=\"_ _0\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _20a\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.9 <span class=\"_ _31\"></span>) <span class=\"_ _ae\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _12e\"> </span>0.<span class=\"_ _3\"></span>5 <span class=\"_ _a\"></span> <span class=\"_ _10e\"> </span>1.<span class=\"_ _3\"></span>4 <span class=\"_ _a\"></span> <span class=\"_ _b9\"> </span>\u2013<span class=\"_ _421\"> </span>Ne<span class=\"_ _3\"></span>t (expen<span class=\"_ _3\"></span>se)/<span class=\"_ _3\"></span>inco<span class=\"_ _3\"></span>me fro<span class=\"_ _3\"></span>m rein<span class=\"_ _3\"></span>sur<span class=\"_ _3\"></span>ance c<span class=\"_ _3\"></span>ontra<span class=\"_ _3\"></span>ct<span class=\"_ _3\"></span>s he<span class=\"_ _3\"></span>ld <span class=\"_ _4\"></span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _20a\"> </span>(<span class=\"_ _3\"></span>1.<span class=\"_ _3\"></span>8 <span class=\"_ _31\"></span>) <span class=\"_ _1e1\"> </span>(<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>8 <span class=\"_ _31\"></span>) <span class=\"_ _152\"> </span>0.<span class=\"_ _3\"></span>5 <span class=\"_ _2\"></span> <span class=\"_ _1b7\"> </span>0<span class=\"_ _3\"></span>.4 <span class=\"_ _2\"></span> <span class=\"_ _1b7\"> </span>(<span class=\"_ _3\"></span>1.7 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Net finance income f<span class=\"_ _3\"></span>rom reinsurance contr<span class=\"_ _2\"></span>acts held <span class=\"_ _33\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _44\"> </span>(23.<span class=\"_ _3\"></span>8 <span class=\"_ _31\"></span>) <span class=\"_ _5b\"> </span>(0.<span class=\"_ _2\"></span>4 <span class=\"_ _31\"></span>) <span class=\"_ _ae\"> </span>\u2013  <span class=\"_ _94\"> </span>0.1 <span class=\"_ _a\"></span> <span class=\"_ _2d\"> </span>(24.1 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l amou<span class=\"_ _3\"></span>nts r<span class=\"_ _3\"></span>eco<span class=\"_ _3\"></span>gnis<span class=\"_ _3\"></span>ed in c<span class=\"_ _3\"></span>omp<span class=\"_ _3\"></span>rehe<span class=\"_ _3\"></span>nsi<span class=\"_ _3\"></span>ve inc<span class=\"_ _3\"></span>ome <span class=\"_ _6d\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _e7\"> </span>(<span class=\"_ _3\"></span>25<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>6 <span class=\"_ _31\"></span>) <span class=\"_ _5b\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2 <span class=\"_ _31\"></span>) <span class=\"_ _152\"> </span>0.<span class=\"_ _3\"></span>5 <span class=\"_ _2\"></span> <span class=\"_ _12e\"> </span>0.<span class=\"_ _3\"></span>5 <span class=\"_ _a\"></span> <span class=\"_ _e7\"> </span>(2<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>.8 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Cash flows<span class=\"_ _421\"> </span>Pr<span class=\"_ _2\"></span>emiums <span class=\"_ _3\"></span>paid <span class=\"_ _1eb\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12e\"> </span>13.7 <span class=\"_ _2\"></span> <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _12e\"> </span>13.7<span class=\"_ _421\"> </span>Recov<span class=\"_ _2\"></span>eries <span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>rom <span class=\"_ _3\"></span>reinsurance contracts <span class=\"_ _3\"></span>held <span class=\"_ _1d0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1e1\"> </span>(30.5 <span class=\"_ _0\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _1e1\"> </span>(30.5 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Acquisitions <span class=\"_ _22d\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12e\"> </span>(2.5 <span class=\"_ _0\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _12e\"> </span>(2.5 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ash <span class=\"_ _4\"></span>flo<span class=\"_ _3\"></span>ws <span class=\"_ _1a4\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _44\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>9.<span class=\"_ _3\"></span>3 <span class=\"_ _7\"></span>) <span class=\"_ _97\"> </span>\u2013  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _44\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>9.<span class=\"_ _3\"></span>3 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>Rei<span class=\"_ _3\"></span>nsur<span class=\"_ _3\"></span>ance c<span class=\"_ _3\"></span>ontr<span class=\"_ _3\"></span>ac<span class=\"_ _3\"></span>t ass<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>s as at 3<span class=\"_ _3\"></span>1 De<span class=\"_ _3\"></span>cemb<span class=\"_ _3\"></span>er 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2 <span class=\"_ _146\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _11b\"> </span>16<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.1 <span class=\"_ _a\"></span> <span class=\"_ _1a1\"> </span>3<span class=\"_ _3\"></span>.1 <span class=\"_ _a\"></span> <span class=\"_ _12e\"> </span>0.<span class=\"_ _3\"></span>5 <span class=\"_ _2\"></span> <span class=\"_ _179\"> </span>7.9 <span class=\"_ _a\"></span> <span class=\"_ _15c\"> </span>17<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>6<span class=\"_ _421\"> </span>The contracts initially recognised in the period relates to the acquisition <span class=\"_ _2\"></span>of CASLP<span class=\"_ _31\"></span>.  (e) <span class=\"_ _3\"></span>Insurance contracts r<span class=\"_ _2\"></span>ecognised in the per<span class=\"_ _2\"></span>iod <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14b\"> </span>20<span class=\"_ _2\"></span>23  <span class=\"_ _14b\"> </span>2022 <span class=\"_ _19e\"> </span> <span class=\"_ _3\"></span> <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Es<span class=\"_ _3\"></span>tima<span class=\"_ _3\"></span>tes o<span class=\"_ _3\"></span>f the pr<span class=\"_ _3\"></span>ese<span class=\"_ _3\"></span>nt va<span class=\"_ _3\"></span>lue of f<span class=\"_ _3\"></span>utur<span class=\"_ _3\"></span>e cas<span class=\"_ _3\"></span>h infl<span class=\"_ _3\"></span>ows <span class=\"_ _32\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _150\"> </span>(<span class=\"_ _3\"></span>31<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5 <span class=\"_ _31\"></span>) <span class=\"_ _48\"> </span>(<span class=\"_ _3\"></span>25<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Es<span class=\"_ _3\"></span>tima<span class=\"_ _3\"></span>tes o<span class=\"_ _3\"></span>f the pr<span class=\"_ _3\"></span>ese<span class=\"_ _3\"></span>nt va<span class=\"_ _3\"></span>lue of f<span class=\"_ _3\"></span>utur<span class=\"_ _3\"></span>e cas<span class=\"_ _3\"></span>h out<span class=\"_ _3\"></span>flow<span class=\"_ _3\"></span>s<span class=\"_ _421\"> </span>Claims <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>other <span class=\"_ _4\"></span>insurance <span class=\"_ _3\"></span>service <span class=\"_ _3\"></span>expenses <span class=\"_ _3\"></span>payable <span class=\"_ _13b\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>19.5  <span class=\"_ _15c\"> </span>244.4<span class=\"_ _421\"> </span>Insurance <span class=\"_ _3\"></span>acquisition <span class=\"_ _3\"></span>cash <span class=\"_ _3\"></span>flows <span class=\"_ _239\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l es<span class=\"_ _3\"></span>timat<span class=\"_ _3\"></span>es of t<span class=\"_ _3\"></span>he pre<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>nt valu<span class=\"_ _3\"></span>e of ne<span class=\"_ _3\"></span>t fut<span class=\"_ _3\"></span>ure ca<span class=\"_ _3\"></span>sh in<span class=\"_ _3\"></span>flows<span class=\"_ _3\"></span>/(outfl<span class=\"_ _3\"></span>ows) <span class=\"_ _a6\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _14b\"> </span>(<span class=\"_ _3\"></span>12<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>0 <span class=\"_ _31\"></span>) <span class=\"_ _14e\"> </span>(<span class=\"_ _3\"></span>7.1 <span class=\"_ _f\"></span>)<span class=\"_ _421\"> </span>Risk <span class=\"_ _3\"></span>adjustment <span class=\"_ _3\"></span>for <span class=\"_ _3\"></span>non-<span class=\"_ _3\"></span>financial <span class=\"_ _3\"></span>risk <span class=\"_ _15a\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _17c\"> </span>1<span class=\"_ _3\"></span>.1  <span class=\"_ _1b1\"> </span>3.5<span class=\"_ _421\"> </span>CSM <span class=\"_ _1db\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _20a\"> </span>1<span class=\"_ _3\"></span>0.9  <span class=\"_ _57\"> </span>3.6<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l valu<span class=\"_ _3\"></span>e of in<span class=\"_ _3\"></span>sura<span class=\"_ _3\"></span>nce co<span class=\"_ _3\"></span>ntra<span class=\"_ _3\"></span>ct<span class=\"_ _3\"></span>s re<span class=\"_ _3\"></span>cogn<span class=\"_ _3\"></span>ise<span class=\"_ _3\"></span>d in the p<span class=\"_ _3\"></span>erio<span class=\"_ _3\"></span>d <span class=\"_ _12e\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _b9\"> </span>\u2013<span class=\"_ _421\"> </span>Insurance contracts recognised in the period relate to the acquisition of the term assurance portf<span class=\"_ _2\"></span>olio from Canada Life in the cur<span class=\"_ _2\"></span>rent <span class=\"_ _a\"></span>year and CASLP in the prior year<span class=\"_ _0\"></span>. None of the acquired portfolios w<span class=\"_ _2\"></span>ere onerous at initial recognition.<span class=\"_ _421\"> </span><span class=\"ff65 ls3 ws2\">CHES<span class=\"_ _277\"></span>NAR<span class=\"_ _277\"></span>A<span class=\"_ _278\"></span>AN<span class=\"_ _283\"></span>NUAL<span class=\"_ _379\"></span>REPO<span class=\"_ _279\"></span>RT<span class=\"_ _278\"></span>AND<span class=\"_ _3b0\"></span>ACCOUNT<span class=\"_ _279\"></span>S<span class=\"_ _27b\"></span>20<span class=\"_ _2b5\"></span>23</span><span class=\"_ _3e0\"></span><span class=\"_ _421\"> </span>213<span class=\"_ _421\"> </span><div class=\"t m0 h4 ff67 fs2 fc1 sc0 lsc3 ws82 gs1eb\">IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS<span class=\"_ _421\"> </span></div><div class=\"t m0 h9 ff68 fs8 fc2 sc0 ls18f ws2 gs1ec\">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<span class=\"_ _421\"> </span></div><div class=\"t m0 hf ff61 fsc fc2 sc0 ls37 ws2 gs1ed\">SECTION F \u2013 INSURANCE AND REINSURANCE CONTRA<span class=\"_ _2\"></span>CTS</div><div class=\"t m0 h11 ff63 fsd fc2 sc0 ls2 ws2 gs1ee\"> <span class=\"_ _74\"> </span>F2 <span class=\"_ _4\"></span>Insurance and r<span class=\"_ _2\"></span>einsurance contr<span class=\"_ _2\"></span>acts \u2013 quantitative analysis of r<span class=\"_ _2\"></span>ecognised amounts \u2013 UK (continued)</div><div class=\"t m0 h11 ff63 fsd fc1 sc0 ls2 ws2 gs297\"> <span class=\"_ _10\"> </span>(f) <span class=\"_ _4\"></span>Reinsurance contr<span class=\"_ _2\"></span>acts recognised in the per<span class=\"_ _a\"></span>iod</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls119 ws1b4 gs4bf\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14b\"> </span>20<span class=\"_ _2\"></span>23  <span class=\"_ _14b\"> </span>2022</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls190 ws1e0 gs4c0\"> <span class=\"_ _19e\"> </span> <span class=\"_ _3\"></span> <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws2 gs4c1\">Estimates of the pr<span class=\"_ _2\"></span>esent value of future cash inflows <span class=\"_ _2e\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _57\"> </span>3.2<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws2 gs4c2\">Estimates of the pr<span class=\"_ _2\"></span>esent value of future cash outflo<span class=\"_ _2\"></span>ws <span class=\"_ _1fc\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _e9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _1b7\"> </span>(3.6 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs4c3\">Risk <span class=\"_ _3\"></span>adjustment <span class=\"_ _3\"></span>for <span class=\"_ _3\"></span>non-<span class=\"_ _3\"></span>financial <span class=\"_ _3\"></span>risk <span class=\"_ _15a\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _57\"> </span>0.2<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs4c4\">CSM <span class=\"_ _1db\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _57\"> </span>0.2<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws2 gs4c5\">T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l valu<span class=\"_ _3\"></span>e of re<span class=\"_ _3\"></span>insu<span class=\"_ _3\"></span>ranc<span class=\"_ _3\"></span>e cont<span class=\"_ _3\"></span>rac<span class=\"_ _3\"></span>ts r<span class=\"_ _3\"></span>eco<span class=\"_ _3\"></span>gnis<span class=\"_ _3\"></span>ed in t<span class=\"_ _3\"></span>he pe<span class=\"_ _3\"></span>riod <span class=\"_ _29\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _b9\"> </span>\u2013<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs4c6\">Reinsurance contracts recognised in the prior <span class=\"_ _0\"></span>year relate to the acquisition of CA<span class=\"_ _2\"></span>SLP<span class=\"_ _f\"></span>. All of the portf<span class=\"_ _2\"></span>olios acquired were originally in a net cost position. </div><div class=\"t m0 h11 ff63 fsd fc1 sc0 ls2 ws2 gs4c7\"> <span class=\"_ _e\"> </span>(g) <span class=\"_ _3\"></span>Expected r<span class=\"_ _2\"></span>ecognition of CSM<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls42 ws11f gs1fd\">In the tables that follo<span class=\"_ _2\"></span>w the CSM accrues interest at the locked-in rate f<span class=\"_ _2\"></span>or GMM portfolios and at current rates f<span class=\"_ _2\"></span>or <span class=\"_ _a\"></span>VF<span class=\"_ _a\"></span>A portfolios from the balance sheet date and </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs1fe\">is then amortised based on the co<span class=\"_ _2\"></span>verage units of the contract groups to giv<span class=\"_ _2\"></span>e the timeline of the <span class=\"_ _2\"></span>expected recognition.<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls190 wsc7 gs3e4\">31 December 2023</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lsd9 ws1bb gs3e5\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _23a\"> </span>Insurance  <span class=\"_ _4a\"> </span>Reinsurance</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls9a ws1e4 gs4c8\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1c7\"> </span>contrac<span class=\"_ _3\"></span>ts  <span class=\"_ _1c7\"> </span>contrac<span class=\"_ _3\"></span>ts</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls190 ws1e0 gs3e7\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs3e8\">Not <span class=\"_ _3\"></span>later <span class=\"_ _3\"></span>than <span class=\"_ _3\"></span>one <span class=\"_ _3\"></span>year <span class=\"_ _dd\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b1\"> </span>2.5  <span class=\"_ _165\"> </span>(0.5 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws2 gs3e9\">Later than one ye<span class=\"_ _2\"></span>ar and not later than two y<span class=\"_ _2\"></span>ears <span class=\"_ _7b\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _10f\"> </span>2<span class=\"_ _3\"></span>.4 <span class=\"_ _a\"></span> <span class=\"_ _12b\"> </span>(0.5 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws2 gs3ea\">Later than tw<span class=\"_ _2\"></span>o years and not lat<span class=\"_ _2\"></span>er than three years <span class=\"_ _14f\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _10e\"> </span>2.4 <span class=\"_ _a\"></span> <span class=\"_ _1b7\"> </span>(0.5 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws2 gs3eb\">Later than three y<span class=\"_ _2\"></span>ears and not later than four y<span class=\"_ _2\"></span>ears <span class=\"_ _7c\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _57\"> </span>2.<span class=\"_ _3\"></span>2 <span class=\"_ _a\"></span> <span class=\"_ _152\"> </span>(0.4 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws2 gs4c9\">Later than four y<span class=\"_ _2\"></span>ears and not later than fiv<span class=\"_ _2\"></span>e years <span class=\"_ _119\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _20b\"> </span>2.1 <span class=\"_ _2\"></span> <span class=\"_ _152\"> </span>(0.4 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws2 gs4ca\">Later than five y<span class=\"_ _2\"></span>ears and not later than t<span class=\"_ _2\"></span>en years <span class=\"_ _150\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _57\"> </span>7<span class=\"_ _a\"></span>.4 <span class=\"_ _2\"></span> <span class=\"_ _10f\"> </span>(1.6 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs4cb\">Later <span class=\"_ _3\"></span>than <span class=\"_ _3\"></span>ten <span class=\"_ _3\"></span>years <span class=\"_ _b2\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12b\"> </span>16.4  <span class=\"_ _10e\"> </span>(2.1 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs4cc\">T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _11b\"> </span>35<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4  <span class=\"_ _5b\"> </span>(<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>.0 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls190 wsc7 gs4cd\">31 December 2022</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lsd9 ws1bb gs4ce\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _23a\"> </span>Insurance  <span class=\"_ _4a\"> </span>Reinsurance</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls9a ws1e4 gs4cf\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1c7\"> </span>contrac<span class=\"_ _3\"></span>ts  <span class=\"_ _1c7\"> </span>contrac<span class=\"_ _3\"></span>ts</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls190 ws1e0 gs4d0\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs4d1\">Not <span class=\"_ _3\"></span>later <span class=\"_ _3\"></span>than <span class=\"_ _3\"></span>one <span class=\"_ _3\"></span>year <span class=\"_ _dd\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b1\"> </span>3.7  <span class=\"_ _12b\"> </span>(0.9 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws2 gs4d2\">Later than one ye<span class=\"_ _2\"></span>ar and not later than two y<span class=\"_ _2\"></span>ears <span class=\"_ _7b\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _10f\"> </span>2<span class=\"_ _3\"></span>.8 <span class=\"_ _a\"></span> <span class=\"_ _152\"> </span>(0.8 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws2 gs4d3\">Later than tw<span class=\"_ _2\"></span>o years and not lat<span class=\"_ _2\"></span>er than three years <span class=\"_ _14f\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _57\"> </span>2.7 <span class=\"_ _2\"></span> <span class=\"_ _152\"> </span>(0.8 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws2 gs4d4\">Later than three y<span class=\"_ _2\"></span>ears and not later than four y<span class=\"_ _2\"></span>ears <span class=\"_ _7c\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _10e\"> </span>2.4 <span class=\"_ _2\"></span> <span class=\"_ _20a\"> </span>(0.7 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws2 gs4d5\">Later than four y<span class=\"_ _2\"></span>ears and not later than fiv<span class=\"_ _2\"></span>e years <span class=\"_ _119\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _57\"> </span>2.<span class=\"_ _3\"></span>2 <span class=\"_ _a\"></span> <span class=\"_ _12b\"> </span>(0.7 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws2 gs4d6\">Later than five y<span class=\"_ _2\"></span>ears and not later than t<span class=\"_ _2\"></span>en years <span class=\"_ _150\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _10e\"> </span>8.2 <span class=\"_ _2\"></span> <span class=\"_ _165\"> </span>(2.3 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs4d7\">Later <span class=\"_ _3\"></span>than <span class=\"_ _3\"></span>ten <span class=\"_ _3\"></span>years <span class=\"_ _b2\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12e\"> </span>15.3  <span class=\"_ _12e\"> </span>(2.2 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs4d8\">T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _c2\"> </span>37.<span class=\"_ _3\"></span>3  <span class=\"_ _5b\"> </span>(8<span class=\"_ _3\"></span>.4 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff62 fs1 fc1 sc0 lseb wsfb gs223\">214<span class=\"_ _10\"> </span><span class=\"ff67 ls3 ws2\">CHE<span class=\"_ _3\"></span>SNA<span class=\"_ _3\"></span>R<span class=\"_ _3\"></span>A ANNUAL R<span class=\"_ _3\"></span>EPORT A<span class=\"_ _3\"></span>ND ACCOU<span class=\"_ _3\"></span>NTS 2023<span class=\"_ _421\"> </span></span></div>IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS <span class=\"_ _74\"> </span>F3 <span class=\"_ _4\"></span>Insurance and r<span class=\"_ _2\"></span>einsurance contr<span class=\"_ _2\"></span>acts \u2013 quantitative analysis of r<span class=\"_ _2\"></span>ecognised amounts \u2013 Mov<span class=\"_ _2\"></span>estic  (a) <span class=\"_ _3\"></span>Insurance contract balances \u2013 analysis b<span class=\"_ _2\"></span>y remaining co<span class=\"_ _2\"></span>ver<span class=\"_ _2\"></span>age and incur<span class=\"_ _2\"></span>red claims <span class=\"_ _23b\"> </span> <span class=\"_ _52\"> </span>Liabilities for incurred claims <span class=\"_ _23c\"> </span>Contracts under P<span class=\"_ _a\"></span>A<span class=\"_ _3\"></span>A <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _69\"> </span>Liab<span class=\"_ _3\"></span>ilities <span class=\"_ _3\"></span>for  <span class=\"_ _3d\"> </span>F<span class=\"_ _2\"></span>or <span class=\"_ _3\"></span>con<span class=\"_ _2\"></span>tracts<span class=\"_ _2\"></span>  <span class=\"_ _119\"> </span>PV <span class=\"_ _4\"></span>of  <span class=\"_ _73\"> </span>   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _6c\"> </span>rema<span class=\"_ _3\"></span>ining  <span class=\"_ _7f\"> </span>no<span class=\"_ _3\"></span>t <span class=\"_ _3\"></span>u<span class=\"_ _3\"></span>nder  <span class=\"_ _48\"> </span>future  <span class=\"_ _11b\"> </span>Ris<span class=\"_ _3\"></span>k   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _93\"> </span>c<span class=\"_ _3\"></span>overa<span class=\"_ _3\"></span>ge  <span class=\"_ _7b\"> </span>PA<span class=\"_ _3\"></span>A  <span class=\"_ _80\"> </span>c<span class=\"_ _3\"></span>as<span class=\"_ _3\"></span>h <span class=\"_ _3\"></span>fl<span class=\"_ _3\"></span>ows  <span class=\"_ _146\"> </span>adju<span class=\"_ _3\"></span>stm<span class=\"_ _3\"></span>ent  <span class=\"_ _28\"> </span>Total <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Insurance contrac<span class=\"_ _3\"></span>t liabilities as at 1<span class=\"_ _2\"></span> Januar<span class=\"_ _3\"></span>y 202<span class=\"_ _3\"></span>3 <span class=\"_ _1c6\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _7b\"> </span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>9.<span class=\"_ _3\"></span>1 <span class=\"_ _0\"></span> <span class=\"_ _e9\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _1e1\"> </span>3<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>.2 <span class=\"_ _2\"></span> <span class=\"_ _57\"> </span>1.<span class=\"_ _3\"></span>6 <span class=\"_ _a\"></span> <span class=\"_ _42\"> </span>1<span class=\"_ _3\"></span>58<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9<span class=\"_ _421\"> </span>Chan<span class=\"_ _3\"></span>ges i<span class=\"_ _3\"></span>n the s<span class=\"_ _3\"></span>tatem<span class=\"_ _3\"></span>ent o<span class=\"_ _3\"></span>f pro<span class=\"_ _3\"></span>fit and l<span class=\"_ _3\"></span>os<span class=\"_ _3\"></span>s<span class=\"_ _421\"> </span>Insurance revenue<span class=\"_ _421\"> </span>Contracts me<span class=\"_ _2\"></span>asured under the fair value approac<span class=\"_ _2\"></span>h <span class=\"_ _210\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _12b\"> </span>(0.7 <span class=\"_ _31\"></span>) <span class=\"_ _ae\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _12b\"> </span>(0.7 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Contracts me<span class=\"_ _2\"></span>asured under the full retrospective appr<span class=\"_ _2\"></span>oach <span class=\"_ _1\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _7b\"> </span>(10.4 <span class=\"_ _31\"></span>) <span class=\"_ _ae\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013  <span class=\"_ _97\"> </span>\u2013  <span class=\"_ _1e1\"> </span>(10.4 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>revenu<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>to<span class=\"_ _3\"></span>tal <span class=\"_ _1ed\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _14e\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.1 <span class=\"_ _7\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _14e\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.1 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>Insura<span class=\"_ _2\"></span>nce service e<span class=\"_ _a\"></span>xpenses<span class=\"_ _421\"> </span>Incurred <span class=\"_ _3\"></span>claims <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>other <span class=\"_ _3\"></span>directly <span class=\"_ _3\"></span>attributable <span class=\"_ _3\"></span>expenses <span class=\"_ _128\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _10e\"> </span>0.6  <span class=\"_ _12b\"> </span>10.3  <span class=\"_ _20b\"> </span>0.1  <span class=\"_ _8f\"> </span>1<span class=\"_ _3\"></span>1.0<span class=\"_ _421\"> </span>Adjustments to liabilities for incur<span class=\"_ _2\"></span>red claims <span class=\"_ _83\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _12b\"> </span>(3.4 <span class=\"_ _31\"></span>) <span class=\"_ _114\"> </span>(0.2 <span class=\"_ _7\"></span>) <span class=\"_ _14e\"> </span>(3.6 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>ser<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>expen<span class=\"_ _3\"></span>se <span class=\"_ _4\"></span>tot<span class=\"_ _3\"></span>al <span class=\"_ _235\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _8f\"> </span>0<span class=\"_ _3\"></span>.6  <span class=\"_ _179\"> </span>6<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9  <span class=\"_ _165\"> </span>(0<span class=\"_ _3\"></span>.1 <span class=\"_ _7\"></span>) <span class=\"_ _165\"> </span>7.4<span class=\"_ _421\"> </span>Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>ser<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>resu<span class=\"_ _3\"></span>lt <span class=\"_ _d9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14e\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.1 <span class=\"_ _7\"></span>) <span class=\"_ _1b7\"> </span>0.<span class=\"_ _3\"></span>6  <span class=\"_ _8f\"> </span>6<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9  <span class=\"_ _165\"> </span>(<span class=\"_ _3\"></span>0.1 <span class=\"_ _7\"></span>) <span class=\"_ _5b\"> </span>(<span class=\"_ _3\"></span>3.7 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Net <span class=\"_ _3\"></span>finance <span class=\"_ _3\"></span>expenses <span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>rom <span class=\"_ _3\"></span>insurance <span class=\"_ _3\"></span>contracts <span class=\"_ _152\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12b\"> </span>14<span class=\"_ _3\"></span>.2  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _57\"> </span>2.0  <span class=\"_ _1b7\"> </span>(0.2 <span class=\"_ _7\"></span>) <span class=\"_ _114\"> </span>16<span class=\"_ _3\"></span>.0<span class=\"_ _421\"> </span>Effect of movements in e<span class=\"_ _2\"></span>xchange rat<span class=\"_ _2\"></span>es <span class=\"_ _a0\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _20a\"> </span>(2.8 <span class=\"_ _31\"></span>) <span class=\"_ _15b\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _1b1\"> </span>(<span class=\"_ _3\"></span>1.1 <span class=\"_ _31\"></span>) <span class=\"_ _1b7\"> </span>(0.1 <span class=\"_ _31\"></span>) <span class=\"_ _c2\"> </span>(4.0 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>mount<span class=\"_ _3\"></span>s <span class=\"_ _4\"></span>rec<span class=\"_ _3\"></span>ogni<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>in <span class=\"_ _4\"></span>co<span class=\"_ _3\"></span>mpre<span class=\"_ _3\"></span>hen<span class=\"_ _3\"></span>sive <span class=\"_ _4\"></span>in<span class=\"_ _3\"></span>come <span class=\"_ _146\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _179\"> </span>0<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3  <span class=\"_ _179\"> </span>0.<span class=\"_ _3\"></span>6  <span class=\"_ _10f\"> </span>7.8  <span class=\"_ _5b\"> </span>(0<span class=\"_ _3\"></span>.4 <span class=\"_ _0\"></span>) <span class=\"_ _12b\"> </span>8<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3<span class=\"_ _421\"> </span>Investment <span class=\"_ _3\"></span>components <span class=\"_ _d8\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _fe\"> </span>(6.1 <span class=\"_ _7\"></span>) <span class=\"_ _1b1\"> </span>6<span class=\"_ _3\"></span>.1  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span>Cash flows<span class=\"_ _421\"> </span>Pr<span class=\"_ _2\"></span>emiums <span class=\"_ _3\"></span>received <span class=\"_ _236\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _114\"> </span>20.2  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _114\"> </span>20.2<span class=\"_ _421\"> </span>Claims and other directly attributable e<span class=\"_ _2\"></span>xpenses paid <span class=\"_ _2e\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _12b\"> </span>(6<span class=\"_ _3\"></span>.7 <span class=\"_ _31\"></span>) <span class=\"_ _5b\"> </span>(8.9 <span class=\"_ _31\"></span>) <span class=\"_ _15b\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _f0\"> </span>(15.6 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ash <span class=\"_ _4\"></span>flo<span class=\"_ _3\"></span>ws <span class=\"_ _1a4\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _11b\"> </span>2<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>2  <span class=\"_ _152\"> </span>(6<span class=\"_ _3\"></span>.7 <span class=\"_ _7\"></span>) <span class=\"_ _2d\"> </span>(8<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9 <span class=\"_ _7\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _8f\"> </span>4<span class=\"_ _3\"></span>.6<span class=\"_ _421\"> </span>Insurance contrac<span class=\"_ _3\"></span>t liabilities as at 31 December 202<span class=\"_ _3\"></span>3 <span class=\"_ _14\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _e7\"> </span>1<span class=\"_ _3\"></span>33<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5 <span class=\"_ _a\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _152\"> </span>37<span class=\"_ _2\"></span>.1 <span class=\"_ _a\"></span> <span class=\"_ _57\"> </span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2 <span class=\"_ _a\"></span> <span class=\"_ _46\"> </span>1<span class=\"_ _3\"></span>71<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8<span class=\"_ _421\"> </span><span class=\"ff65 ls3 ws2\">CHES<span class=\"_ _277\"></span>NAR<span class=\"_ _277\"></span>A<span class=\"_ _278\"></span>AN<span class=\"_ _277\"></span>NUAL<span class=\"_ _379\"></span>REPO<span class=\"_ _277\"></span>RT<span class=\"_ _27f\"></span>AND<span class=\"_ _3b0\"></span>ACCOUNT<span class=\"_ _27a\"></span>S<span class=\"_ _27b\"></span>20<span class=\"_ _2b5\"></span>23</span><span class=\"_ _3e1\"></span><span class=\"_ _421\"> </span>215<span class=\"_ _421\"> </span><div class=\"t m0 h4 ff67 fs2 fc1 sc0 lsc3 ws82 gs93\">IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS<span class=\"_ _421\"> </span></div><div class=\"t m0 h9 ff68 fs8 fc2 sc0 ls18f ws2 gs94\">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<span class=\"_ _421\"> </span></div><div class=\"t m0 hf ff61 fsc fc2 sc0 ls37 ws2 gs95\">SECTION F \u2013 INSURANCE AND REINSURANCE CONTRA<span class=\"_ _2\"></span>CTS</div><div class=\"t m0 h11 ff63 fsd fc2 sc0 ls2 ws2 gs96\"> <span class=\"_ _74\"> </span>F3 <span class=\"_ _4\"></span>Insurance and r<span class=\"_ _2\"></span>einsurance contr<span class=\"_ _2\"></span>acts \u2013 quantitative analysis of r<span class=\"_ _2\"></span>ecognised amounts \u2013 Mov<span class=\"_ _2\"></span>estic (continued)</div><div class=\"t m0 h11 ff63 fsd fc1 sc0 ls2 ws2 gs19d\">  (a) <span class=\"_ _3\"></span>Insurance contract balances \u2013 analysis b<span class=\"_ _2\"></span>y remaining co<span class=\"_ _2\"></span>ver<span class=\"_ _2\"></span>age and incur<span class=\"_ _2\"></span>red claims (continued)</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lsd9 ws1bc gs361\"> <span class=\"_ _23b\"> </span> <span class=\"_ _52\"> </span>Liabilities for incurred claims</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls190 wsc7 gs4da\"> <span class=\"_ _23c\"> </span>Contracts under P<span class=\"_ _a\"></span>A<span class=\"_ _3\"></span>A</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lsd9 ws1bb gs4db\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _69\"> </span>Liab<span class=\"_ _3\"></span>ilities <span class=\"_ _3\"></span>for  <span class=\"_ _3d\"> </span>F<span class=\"_ _2\"></span>or <span class=\"_ _3\"></span>con<span class=\"_ _2\"></span>tracts<span class=\"_ _2\"></span>  <span class=\"_ _119\"> </span>PV <span class=\"_ _4\"></span>of  <span class=\"_ _73\"> </span>  </div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs4dc\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _6c\"> </span>rema<span class=\"_ _3\"></span>ining  <span class=\"_ _7f\"> </span>no<span class=\"_ _3\"></span>t <span class=\"_ _3\"></span>u<span class=\"_ _3\"></span>nder  <span class=\"_ _48\"> </span>future  <span class=\"_ _11b\"> </span>Ris<span class=\"_ _3\"></span>k  </div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs394\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _93\"> </span>c<span class=\"_ _3\"></span>overa<span class=\"_ _3\"></span>ge  <span class=\"_ _7b\"> </span>PA<span class=\"_ _3\"></span>A  <span class=\"_ _80\"> </span>c<span class=\"_ _3\"></span>as<span class=\"_ _3\"></span>h <span class=\"_ _3\"></span>fl<span class=\"_ _3\"></span>ows  <span class=\"_ _146\"> </span>adju<span class=\"_ _3\"></span>stm<span class=\"_ _3\"></span>ent  <span class=\"_ _28\"> </span>Total</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls190 ws1e0 gs395\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls192 ws1bc gs3fb\">Insurance contrac<span class=\"_ _3\"></span>t liabilities as at 1<span class=\"_ _2\"></span> Januar<span class=\"_ _3\"></span>y 2022 <span class=\"_ _123\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _29\"> </span>1<span class=\"_ _3\"></span>38<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2 <span class=\"_ _a\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _1e1\"> </span>4<span class=\"_ _3\"></span>6.7 <span class=\"_ _a\"></span> <span class=\"_ _8f\"> </span>2<span class=\"_ _4\"></span>.2 <span class=\"_ _2\"></span> <span class=\"_ _150\"> </span>1<span class=\"_ _3\"></span>87.1<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws2 gs4dd\">Chan<span class=\"_ _3\"></span>ges i<span class=\"_ _3\"></span>n the s<span class=\"_ _3\"></span>tatem<span class=\"_ _3\"></span>ent o<span class=\"_ _3\"></span>f pro<span class=\"_ _3\"></span>fit and l<span class=\"_ _3\"></span>os<span class=\"_ _3\"></span>s<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lsd9 ws1bc gs4de\">Insurance revenue<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws2 gs36a\">Contracts me<span class=\"_ _2\"></span>asured under the fair value approac<span class=\"_ _2\"></span>h <span class=\"_ _210\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _12b\"> </span>(0.7 <span class=\"_ _31\"></span>) <span class=\"_ _ae\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _12b\"> </span>(0.7 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws2 gs4df\">Contracts me<span class=\"_ _2\"></span>asured under the full retrospective appr<span class=\"_ _2\"></span>oach <span class=\"_ _1\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _5b\"> </span>(1<span class=\"_ _4\"></span>1.9 <span class=\"_ _31\"></span>) <span class=\"_ _ae\"> </span>\u2013  <span class=\"_ _97\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _e9\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _114\"> </span>(1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.9 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs4a2\">Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>revenu<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>to<span class=\"_ _3\"></span>tal <span class=\"_ _1ed\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _45\"> </span>(<span class=\"_ _3\"></span>12<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>6 <span class=\"_ _7\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _44\"> </span>(<span class=\"_ _3\"></span>12<span class=\"_ _4\"></span>.6 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lscd ws52 gs4a3\">Insura<span class=\"_ _2\"></span>nce service e<span class=\"_ _a\"></span>xpenses<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs4e0\">Incurred <span class=\"_ _3\"></span>claims <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>other <span class=\"_ _3\"></span>directly <span class=\"_ _3\"></span>attributable <span class=\"_ _3\"></span>expenses <span class=\"_ _128\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _10e\"> </span>0.6  <span class=\"_ _152\"> </span>10.8  <span class=\"_ _20b\"> </span>0.1  <span class=\"_ _10f\"> </span>1<span class=\"_ _3\"></span>1.5<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws2 gs4ba\">Adjustments to liabilities for incur<span class=\"_ _2\"></span>red claims <span class=\"_ _83\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _12b\"> </span>(6.6 <span class=\"_ _31\"></span>) <span class=\"_ _5b\"> </span>(0.4 <span class=\"_ _31\"></span>) <span class=\"_ _14e\"> </span>(7<span class=\"_ _a\"></span>.0 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs4bb\">Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>ser<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>expen<span class=\"_ _3\"></span>se <span class=\"_ _4\"></span>tot<span class=\"_ _3\"></span>al <span class=\"_ _235\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _8f\"> </span>0<span class=\"_ _3\"></span>.6  <span class=\"_ _8f\"> </span>4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2  <span class=\"_ _14e\"> </span>(0.<span class=\"_ _4\"></span>3 <span class=\"_ _7\"></span>) <span class=\"_ _12b\"> </span>4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs4bc\">Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>ser<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>resu<span class=\"_ _3\"></span>lt <span class=\"_ _d9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _44\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.6 <span class=\"_ _7\"></span>) <span class=\"_ _1b7\"> </span>0<span class=\"_ _3\"></span>.6  <span class=\"_ _8f\"> </span>4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2  <span class=\"_ _14e\"> </span>(0.<span class=\"_ _3\"></span>3 <span class=\"_ _0\"></span>) <span class=\"_ _14e\"> </span>(<span class=\"_ _3\"></span>8.<span class=\"_ _3\"></span>1 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws2 gs4bd\">Net finance expenses f<span class=\"_ _3\"></span>rom insurance contr<span class=\"_ _2\"></span>acts <span class=\"_ _152\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _2d\"> </span>(18.5 <span class=\"_ _7\"></span>) <span class=\"_ _ae\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _10f\"> </span>(1.7 <span class=\"_ _31\"></span>) <span class=\"_ _114\"> </span>(0.3 <span class=\"_ _7\"></span>) <span class=\"_ _46\"> </span>(20.5 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws2 gs4b7\">Effect of movements in e<span class=\"_ _2\"></span>xchange rat<span class=\"_ _2\"></span>es <span class=\"_ _a0\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _10f\"> </span>(3.1 <span class=\"_ _31\"></span>) <span class=\"_ _ae\"> </span>\u2013  <span class=\"_ _12e\"> </span>(1.0 <span class=\"_ _31\"></span>) <span class=\"_ _15b\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _179\"> </span>(4.1 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws2 gs4a9\">T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l amou<span class=\"_ _3\"></span>nts r<span class=\"_ _3\"></span>eco<span class=\"_ _3\"></span>gnis<span class=\"_ _3\"></span>ed in c<span class=\"_ _3\"></span>omp<span class=\"_ _3\"></span>rehe<span class=\"_ _3\"></span>nsi<span class=\"_ _3\"></span>ve inc<span class=\"_ _3\"></span>ome <span class=\"_ _6d\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _29\"> </span>(<span class=\"_ _3\"></span>34<span class=\"_ _3\"></span>.<span class=\"_ _4\"></span>2 <span class=\"_ _f\"></span>) <span class=\"_ _20a\"> </span>0.<span class=\"_ _3\"></span>6 <span class=\"_ _a\"></span> <span class=\"_ _57\"> </span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5 <span class=\"_ _a\"></span> <span class=\"_ _5b\"> </span>(0.<span class=\"_ _3\"></span>6 <span class=\"_ _f\"></span>) <span class=\"_ _29\"> </span>(3<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.7 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs4e1\">Investment <span class=\"_ _3\"></span>components <span class=\"_ _d8\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>(6.7 <span class=\"_ _0\"></span>) <span class=\"_ _179\"> </span>6.7  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls56 ws152 gs4ab\">Cash flows<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs4e2\">Pr<span class=\"_ _2\"></span>emiums <span class=\"_ _3\"></span>received <span class=\"_ _236\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>21.7  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _12e\"> </span>21.7<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws2 gs3a7\">Claims and other directly attributable e<span class=\"_ _2\"></span>xpenses paid <span class=\"_ _2e\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _165\"> </span>(7.3 <span class=\"_ _31\"></span>) <span class=\"_ _114\"> </span>(9.9 <span class=\"_ _31\"></span>) <span class=\"_ _15b\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _5b\"> </span>(17<span class=\"_ _a\"></span>.<span class=\"_ _3\"></span>2 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs3a8\">T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ash <span class=\"_ _4\"></span>flo<span class=\"_ _3\"></span>ws <span class=\"_ _1a4\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _152\"> </span>21<span class=\"_ _3\"></span>.7  <span class=\"_ _152\"> </span>(<span class=\"_ _3\"></span>7<span class=\"_ _2\"></span>.<span class=\"_ _3\"></span>3 <span class=\"_ _7\"></span>) <span class=\"_ _c2\"> </span>(9.<span class=\"_ _3\"></span>9 <span class=\"_ _7\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _8f\"> </span>4<span class=\"_ _3\"></span>.<span class=\"_ _4\"></span>5<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls192 ws1bc gs40a\">Insurance contrac<span class=\"_ _3\"></span>t liabilities as at 31 December 202<span class=\"_ _3\"></span>2 <span class=\"_ _14\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _46\"> </span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>9.0 <span class=\"_ _a\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _1e1\"> </span>38<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3 <span class=\"_ _a\"></span> <span class=\"_ _57\"> </span>1<span class=\"_ _3\"></span>.6 <span class=\"_ _a\"></span> <span class=\"_ _29\"> </span>1<span class=\"_ _3\"></span>58<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls0 ws70 gsb7\">The f<span class=\"_ _2\"></span>air value approach w<span class=\"_ _2\"></span>as applied to all insurance contracts not measured under P<span class=\"_ _a\"></span>AA in Movestic at transition. Note <span class=\"_ _2\"></span>A6(a) provides further details relating to </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gsb8\">fair v<span class=\"_ _2\"></span>alue methodology applied for contracts in Mo<span class=\"_ _2\"></span>vestic.<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff62 fs1 fc1 sc0 lseb wsfb gsc0\">216<span class=\"_ _d\"> </span><span class=\"ff67 ls3 ws2\">CHE<span class=\"_ _3\"></span>SNA<span class=\"_ _3\"></span>R<span class=\"_ _3\"></span>A ANNUAL R<span class=\"_ _3\"></span>EPORT A<span class=\"_ _3\"></span>ND ACCOU<span class=\"_ _3\"></span>NTS 2023<span class=\"_ _421\"> </span></span></div>IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS <span class=\"_ _e\"> </span>(b) <span class=\"_ _3\"></span>Insurance contract balances \u2013 analysis b<span class=\"_ _2\"></span>y measurement component \u2013 contr<span class=\"_ _2\"></span>acts not measur<span class=\"_ _2\"></span>ed under P<span class=\"_ _a\"></span>AA <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _e\"> </span>Pr<span class=\"_ _3\"></span>ese<span class=\"_ _3\"></span>nt <span class=\"_ _4\"></span>valu<span class=\"_ _3\"></span>e  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _127\"> </span>o<span class=\"_ _3\"></span>f <span class=\"_ _3\"></span>fu<span class=\"_ _3\"></span>ture  <span class=\"_ _11b\"> </span>Risk  <span class=\"_ _156\"> </span>   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _185\"> </span>ca<span class=\"_ _3\"></span>sh <span class=\"_ _4\"></span>flows  <span class=\"_ _146\"> </span>ad<span class=\"_ _3\"></span>jus<span class=\"_ _3\"></span>tme<span class=\"_ _3\"></span>nt  <span class=\"_ _44\"> </span>C<span class=\"_ _3\"></span>SM  <span class=\"_ _46\"> </span>T<span class=\"_ _a\"></span>o<span class=\"_ _3\"></span>tal <span class=\"_ _19e\"> </span> <span class=\"_ _3\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce con<span class=\"_ _3\"></span>trac<span class=\"_ _3\"></span>t li<span class=\"_ _3\"></span>abili<span class=\"_ _3\"></span>tie<span class=\"_ _3\"></span>s as at 1 Ja<span class=\"_ _3\"></span>nuar<span class=\"_ _3\"></span>y 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>3 <span class=\"_ _2e\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _150\"> </span>1<span class=\"_ _4\"></span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4 <span class=\"_ _0\"></span> <span class=\"_ _56\"> </span>1<span class=\"_ _3\"></span>.1 <span class=\"_ _a\"></span> <span class=\"_ _165\"> </span>4<span class=\"_ _3\"></span>.<span class=\"_ _4\"></span>5 <span class=\"_ _a\"></span> <span class=\"_ _14b\"> </span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>7<span class=\"_ _2\"></span>.0<span class=\"_ _421\"> </span>Changes that relate to cur<span class=\"_ _2\"></span>rent ser<span class=\"_ _3\"></span>vice<span class=\"_ _421\"> </span>CSM <span class=\"_ _3\"></span>recognised <span class=\"_ _3\"></span>for <span class=\"_ _3\"></span>services <span class=\"_ _3\"></span>provided <span class=\"_ _238\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _1b7\"> </span>(0.3 <span class=\"_ _0\"></span>) <span class=\"_ _14e\"> </span>(0.3 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>Change in risk adjustment for non-financial risk for risk e<span class=\"_ _2\"></span>xpired <span class=\"_ _165\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _e9\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _10f\"> </span>(0.1 <span class=\"_ _31\"></span>) <span class=\"_ _ae\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _179\"> </span>(0.1 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Experience a<span class=\"_ _3\"></span>djustments <span class=\"_ _22\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _57\"> </span>0.3  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _57\"> </span>0.3<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l chan<span class=\"_ _3\"></span>ges t<span class=\"_ _3\"></span>hat re<span class=\"_ _3\"></span>late to cu<span class=\"_ _3\"></span>rrent s<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _94\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _12e\"> </span>0.<span class=\"_ _4\"></span>3 <span class=\"_ _a\"></span> <span class=\"_ _12b\"> </span>(0<span class=\"_ _3\"></span>.1 <span class=\"_ _31\"></span>) <span class=\"_ _7b\"> </span>(0<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3 <span class=\"_ _31\"></span>) <span class=\"_ _5b\"> </span>(<span class=\"_ _3\"></span>0.1 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Changes that relate to future<span class=\"_ _2\"></span> ser<span class=\"_ _3\"></span>vice<span class=\"_ _421\"> </span>Changes in estimates that adjust the CSM <span class=\"_ _1cb\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _152\"> </span>(0.8 <span class=\"_ _31\"></span>) <span class=\"_ _57\"> </span>0.1 <span class=\"_ _a\"></span> <span class=\"_ _10e\"> </span>0.7 <span class=\"_ _a\"></span> <span class=\"_ _b9\"> </span>\u2013<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l chan<span class=\"_ _3\"></span>ges t<span class=\"_ _3\"></span>hat re<span class=\"_ _3\"></span>late to f<span class=\"_ _3\"></span>uture s<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _97\"> </span> <span class=\"_ _0\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _c2\"> </span>(0<span class=\"_ _3\"></span>.8 <span class=\"_ _31\"></span>) <span class=\"_ _8f\"> </span>0<span class=\"_ _3\"></span>.1 <span class=\"_ _a\"></span> <span class=\"_ _8f\"> </span>0.7 <span class=\"_ _a\"></span> <span class=\"_ _b9\"> </span>\u2013<span class=\"_ _421\"> </span>Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>ser<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>resu<span class=\"_ _3\"></span>lt <span class=\"_ _d9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _114\"> </span>(<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>5 <span class=\"_ _0\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _12e\"> </span>0.<span class=\"_ _3\"></span>4  <span class=\"_ _165\"> </span>(0<span class=\"_ _3\"></span>.1 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Net <span class=\"_ _3\"></span>finance <span class=\"_ _3\"></span>expenses <span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>rom <span class=\"_ _3\"></span>insurance <span class=\"_ _3\"></span>contracts <span class=\"_ _152\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _152\"> </span>14<span class=\"_ _3\"></span>.0  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _57\"> </span>0.2  <span class=\"_ _12b\"> </span>14.2<span class=\"_ _421\"> </span>Effect of movements in e<span class=\"_ _2\"></span>xchange rat<span class=\"_ _2\"></span>es <span class=\"_ _a0\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _1b7\"> </span>(2<span class=\"_ _3\"></span>.6 <span class=\"_ _31\"></span>) <span class=\"_ _ae\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _8f\"> </span>(0.1 <span class=\"_ _31\"></span>) <span class=\"_ _152\"> </span>(2.7 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>mount<span class=\"_ _3\"></span>s <span class=\"_ _4\"></span>rec<span class=\"_ _3\"></span>ogni<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>in <span class=\"_ _4\"></span>co<span class=\"_ _3\"></span>mpre<span class=\"_ _3\"></span>hen<span class=\"_ _3\"></span>sive <span class=\"_ _4\"></span>in<span class=\"_ _3\"></span>come <span class=\"_ _146\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5b\"> </span>1<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>9  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _179\"> </span>0.<span class=\"_ _3\"></span>5  <span class=\"_ _20a\"> </span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4 Cash flows<span class=\"_ _421\"> </span>Pr<span class=\"_ _2\"></span>emiums <span class=\"_ _3\"></span>received <span class=\"_ _236\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _10e\"> </span>9.8  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _57\"> </span>9.8<span class=\"_ _421\"> </span>Claims and other directly attributable e<span class=\"_ _2\"></span>xpenses paid <span class=\"_ _2e\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _12b\"> </span>(6<span class=\"_ _3\"></span>.7 <span class=\"_ _31\"></span>) <span class=\"_ _ae\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _12b\"> </span>(6<span class=\"_ _3\"></span>.7 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ash <span class=\"_ _4\"></span>flo<span class=\"_ _3\"></span>ws <span class=\"_ _1a4\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _94\"> </span>3<span class=\"_ _3\"></span>.1  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _94\"> </span>3<span class=\"_ _3\"></span>.1<span class=\"_ _421\"> </span>Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce con<span class=\"_ _3\"></span>trac<span class=\"_ _3\"></span>t li<span class=\"_ _3\"></span>abili<span class=\"_ _3\"></span>tie<span class=\"_ _3\"></span>s as at 3<span class=\"_ _3\"></span>1 Dec<span class=\"_ _3\"></span>emb<span class=\"_ _3\"></span>er 20<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>3 <span class=\"_ _6d\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _29\"> </span>1<span class=\"_ _3\"></span>25<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4 <span class=\"_ _a\"></span> <span class=\"_ _56\"> </span>1<span class=\"_ _3\"></span>.1 <span class=\"_ _a\"></span> <span class=\"_ _12e\"> </span>5<span class=\"_ _3\"></span>.0 <span class=\"_ _2\"></span> <span class=\"_ _14b\"> </span>1<span class=\"_ _3\"></span>31<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _e\"> </span>Pr<span class=\"_ _3\"></span>ese<span class=\"_ _3\"></span>nt <span class=\"_ _4\"></span>valu<span class=\"_ _3\"></span>e  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _127\"> </span>o<span class=\"_ _3\"></span>f <span class=\"_ _3\"></span>fu<span class=\"_ _3\"></span>ture  <span class=\"_ _11b\"> </span>Risk  <span class=\"_ _156\"> </span>   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _185\"> </span>ca<span class=\"_ _3\"></span>sh <span class=\"_ _4\"></span>flows  <span class=\"_ _146\"> </span>ad<span class=\"_ _3\"></span>jus<span class=\"_ _3\"></span>tme<span class=\"_ _3\"></span>nt  <span class=\"_ _44\"> </span>C<span class=\"_ _3\"></span>SM  <span class=\"_ _46\"> </span>T<span class=\"_ _a\"></span>o<span class=\"_ _3\"></span>tal <span class=\"_ _19e\"> </span> <span class=\"_ _3\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce con<span class=\"_ _3\"></span>trac<span class=\"_ _3\"></span>t li<span class=\"_ _3\"></span>abili<span class=\"_ _3\"></span>tie<span class=\"_ _3\"></span>s as at 1 Ja<span class=\"_ _3\"></span>nuar<span class=\"_ _3\"></span>y 2<span class=\"_ _3\"></span>022 <span class=\"_ _f1\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _29\"> </span>12<span class=\"_ _3\"></span>9<span class=\"_ _3\"></span>.4 <span class=\"_ _a\"></span> <span class=\"_ _10e\"> </span>1<span class=\"_ _3\"></span>.4 <span class=\"_ _2\"></span> <span class=\"_ _179\"> </span>5<span class=\"_ _3\"></span>.7 <span class=\"_ _a\"></span> <span class=\"_ _15c\"> </span>1<span class=\"_ _3\"></span>36<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5<span class=\"_ _421\"> </span>Changes that relate to cur<span class=\"_ _2\"></span>rent ser<span class=\"_ _3\"></span>vice<span class=\"_ _421\"> </span>CSM <span class=\"_ _3\"></span>recognised <span class=\"_ _3\"></span>for <span class=\"_ _3\"></span>services <span class=\"_ _3\"></span>provided <span class=\"_ _238\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _1b7\"> </span>(0.2 <span class=\"_ _0\"></span>) <span class=\"_ _14e\"> </span>(0.2 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Change in risk adjustment for non-financial risk for risk e<span class=\"_ _2\"></span>xpired <span class=\"_ _165\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _e9\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _10f\"> </span>(0.1 <span class=\"_ _31\"></span>) <span class=\"_ _ae\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _179\"> </span>(0.1 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Experience a<span class=\"_ _3\"></span>djustments <span class=\"_ _22\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _57\"> </span>0.2  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _57\"> </span>0.2<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l chan<span class=\"_ _3\"></span>ges t<span class=\"_ _3\"></span>hat re<span class=\"_ _3\"></span>late to cu<span class=\"_ _3\"></span>rrent s<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _94\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _12e\"> </span>0<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2 <span class=\"_ _a\"></span> <span class=\"_ _12b\"> </span>(0<span class=\"_ _3\"></span>.1 <span class=\"_ _31\"></span>) <span class=\"_ _7b\"> </span>(<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>2 <span class=\"_ _31\"></span>) <span class=\"_ _114\"> </span>(0.<span class=\"_ _3\"></span>1 <span class=\"_ _f\"></span>)<span class=\"_ _421\"> </span>Changes that relate to future<span class=\"_ _2\"></span> ser<span class=\"_ _3\"></span>vice<span class=\"_ _421\"> </span>Changes in estimates that adjust the CSM <span class=\"_ _1cb\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _17c\"> </span>1.1 <span class=\"_ _a\"></span> <span class=\"_ _12b\"> </span>(0.2 <span class=\"_ _31\"></span>) <span class=\"_ _114\"> </span>(0.9 <span class=\"_ _31\"></span>) <span class=\"_ _ae\"> </span>\u2013<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l chan<span class=\"_ _3\"></span>ges t<span class=\"_ _3\"></span>hat re<span class=\"_ _3\"></span>late to f<span class=\"_ _3\"></span>uture s<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _97\"> </span> <span class=\"_ _0\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _20b\"> </span>1<span class=\"_ _3\"></span>.1 <span class=\"_ _2\"></span> <span class=\"_ _5b\"> </span>(0.<span class=\"_ _3\"></span>2 <span class=\"_ _31\"></span>) <span class=\"_ _7b\"> </span>(0<span class=\"_ _3\"></span>.9 <span class=\"_ _31\"></span>) <span class=\"_ _ae\"> </span>\u2013<span class=\"_ _421\"> </span>Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>ser<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>resu<span class=\"_ _3\"></span>lt <span class=\"_ _d9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b1\"> </span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3  <span class=\"_ _114\"> </span>(<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>3 <span class=\"_ _7\"></span>) <span class=\"_ _8f\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.1 <span class=\"_ _7\"></span>) <span class=\"_ _152\"> </span>(0.<span class=\"_ _3\"></span>1 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Net <span class=\"_ _3\"></span>finance <span class=\"_ _3\"></span>expenses <span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>rom <span class=\"_ _3\"></span>insurance <span class=\"_ _3\"></span>contracts <span class=\"_ _152\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _c2\"> </span>(18.5 <span class=\"_ _0\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _c2\"> </span>(18.5 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>Effect of movements in e<span class=\"_ _2\"></span>xchange rat<span class=\"_ _2\"></span>es <span class=\"_ _a0\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _1b7\"> </span>(2.9 <span class=\"_ _7\"></span>) <span class=\"_ _ae\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _179\"> </span>(0.1 <span class=\"_ _31\"></span>) <span class=\"_ _114\"> </span>(3.0 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l amou<span class=\"_ _3\"></span>nts r<span class=\"_ _3\"></span>eco<span class=\"_ _3\"></span>gnis<span class=\"_ _3\"></span>ed in c<span class=\"_ _3\"></span>omp<span class=\"_ _3\"></span>rehe<span class=\"_ _3\"></span>nsi<span class=\"_ _3\"></span>ve inc<span class=\"_ _3\"></span>ome <span class=\"_ _6d\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _150\"> </span>(<span class=\"_ _3\"></span>20<span class=\"_ _3\"></span>.1 <span class=\"_ _31\"></span>) <span class=\"_ _7b\"> </span>(0<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3 <span class=\"_ _31\"></span>) <span class=\"_ _5b\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2 <span class=\"_ _31\"></span>) <span class=\"_ _28\"> </span>(2<span class=\"_ _3\"></span>1.<span class=\"_ _3\"></span>6 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Cash flows<span class=\"_ _421\"> </span>Pr<span class=\"_ _2\"></span>emiums <span class=\"_ _3\"></span>received <span class=\"_ _236\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _57\"> </span>9.<span class=\"_ _3\"></span>3  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _1a1\"> </span>9.3<span class=\"_ _421\"> </span>Claims and other directly attributable e<span class=\"_ _2\"></span>xpenses paid <span class=\"_ _2e\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _12e\"> </span>(7<span class=\"_ _a\"></span>.2 <span class=\"_ _31\"></span>) <span class=\"_ _15b\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _e9\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _12e\"> </span>(7<span class=\"_ _a\"></span>.<span class=\"_ _3\"></span>2 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ash <span class=\"_ _4\"></span>flo<span class=\"_ _3\"></span>ws <span class=\"_ _1a4\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _94\"> </span>2<span class=\"_ _3\"></span>.1  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _94\"> </span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>1<span class=\"_ _421\"> </span>Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce con<span class=\"_ _3\"></span>trac<span class=\"_ _3\"></span>t li<span class=\"_ _3\"></span>abili<span class=\"_ _3\"></span>tie<span class=\"_ _3\"></span>s as at 3<span class=\"_ _3\"></span>1 Dec<span class=\"_ _3\"></span>emb<span class=\"_ _3\"></span>er 20<span class=\"_ _3\"></span>22 <span class=\"_ _128\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _150\"> </span>1<span class=\"_ _4\"></span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4 <span class=\"_ _a\"></span> <span class=\"_ _20b\"> </span>1<span class=\"_ _3\"></span>.1 <span class=\"_ _2\"></span> <span class=\"_ _165\"> </span>4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5 <span class=\"_ _a\"></span> <span class=\"_ _14b\"> </span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>7.0<span class=\"_ _421\"> </span><span class=\"ff65 ls3 ws2\">CHES<span class=\"_ _277\"></span>NAR<span class=\"_ _283\"></span>A<span class=\"_ _27e\"></span>AN<span class=\"_ _277\"></span>NUAL<span class=\"_ _370\"></span>REPO<span class=\"_ _284\"></span>RT<span class=\"_ _278\"></span>AND<span class=\"_ _3ad\"></span>ACCOUNT<span class=\"_ _27a\"></span>S<span class=\"_ _27b\"></span>20<span class=\"_ _2b5\"></span>23</span><span class=\"_ _3e3\"></span>217<span class=\"_ _421\"> </span><div class=\"t m0 h4 ff67 fs2 fc1 sc0 lsc3 ws82 gs93\">IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS<span class=\"_ _421\"> </span></div><div class=\"t m0 h9 ff68 fs8 fc2 sc0 ls18f ws2 gs94\">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<span class=\"_ _421\"> </span></div><div class=\"t m0 hf ff61 fsc fc2 sc0 ls37 ws2 gs95\">SECTION F \u2013 INSURANCE AND REINSURANCE CONTRA<span class=\"_ _2\"></span>CTS</div><div class=\"t m0 h11 ff63 fsd fc2 sc0 ls2 ws2 gs96\"> <span class=\"_ _74\"> </span>F3 <span class=\"_ _4\"></span>Insurance and r<span class=\"_ _2\"></span>einsurance contr<span class=\"_ _2\"></span>acts \u2013 quantitative analysis of r<span class=\"_ _2\"></span>ecognised amounts \u2013 Mov<span class=\"_ _2\"></span>estic (continued)</div><div class=\"t m0 h11 ff63 fsd fc1 sc0 ls2 ws2 gs19d\"> <span class=\"_ _18\"> </span>(c) <span class=\"_ _4\"></span>Reinsurance contract balances \u2013 analysis b<span class=\"_ _2\"></span>y r<span class=\"_ _2\"></span>emaining cover<span class=\"_ _2\"></span>age and incur<span class=\"_ _a\"></span>red claims</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls190 wsc7 gs361\"> <span class=\"_ _23d\"> </span>Contracts under P<span class=\"_ _a\"></span>A<span class=\"_ _3\"></span>A</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws2 gs4e4\"> <span class=\"_ _23e\"> </span>A<span class=\"_ _3\"></span>sse<span class=\"_ _3\"></span>ts f<span class=\"_ _3\"></span>or in<span class=\"_ _3\"></span>curre<span class=\"_ _3\"></span>d cla<span class=\"_ _3\"></span>ims</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs4e5\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _39\"> </span>As<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>ts <span class=\"_ _4\"></span>for  <span class=\"_ _42\"> </span>PV <span class=\"_ _4\"></span>of  <span class=\"_ _9f\"> </span>  </div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lsd9 ws1bb gs4e6\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _6c\"> </span>remaining  <span class=\"_ _129\"> </span>future  <span class=\"_ _7b\"> </span>Risk  </div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs4e7\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _93\"> </span>c<span class=\"_ _3\"></span>overa<span class=\"_ _3\"></span>ge  <span class=\"_ _185\"> </span>ca<span class=\"_ _3\"></span>sh <span class=\"_ _4\"></span>flows  <span class=\"_ _146\"> </span>ad<span class=\"_ _3\"></span>jus<span class=\"_ _3\"></span>tme<span class=\"_ _3\"></span>nt  <span class=\"_ _28\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls190 ws1e0 gs395\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls2 ws2 gs3fb\">Rei<span class=\"_ _3\"></span>nsur<span class=\"_ _3\"></span>ance c<span class=\"_ _3\"></span>ontr<span class=\"_ _3\"></span>ac<span class=\"_ _3\"></span>t ass<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>s as at 1 J<span class=\"_ _3\"></span>anua<span class=\"_ _3\"></span>ry 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>3 <span class=\"_ _be\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _8f\"> </span>0.<span class=\"_ _3\"></span>3 <span class=\"_ _2\"></span> <span class=\"_ _114\"> </span>1<span class=\"_ _3\"></span>5.<span class=\"_ _3\"></span>2 <span class=\"_ _a\"></span> <span class=\"_ _8f\"> </span>0.<span class=\"_ _3\"></span>3 <span class=\"_ _a\"></span> <span class=\"_ _5b\"> </span>1<span class=\"_ _3\"></span>5.<span class=\"_ _3\"></span>8<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs4dd\">Reinsurance <span class=\"_ _3\"></span>expenses <span class=\"_ _3\"></span>\u2013 <span class=\"_ _3\"></span>allocation <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>reinsurance <span class=\"_ _e7\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12e\"> </span>(2.5 <span class=\"_ _0\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _12e\"> </span>(2.5 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lsd9 ws1bc gs4de\">Amount<span class=\"_ _3\"></span>s recoverable from reinsurers<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 ls4b ws2 gs36a\">Recov<span class=\"_ _2\"></span>eries of incurred claims and other directly at<span class=\"_ _2\"></span>tributable expenses <span class=\"_ _123\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _e9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _56\"> </span>3.1<span class=\"_ _3\"></span> <span class=\"_ _a\"></span> <span class=\"_ _5a\"> </span>0.1  <span class=\"_ _57\"> </span>3.<span class=\"_ _3\"></span>2<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws2 gs4df\">Changes in the expected r<span class=\"_ _2\"></span>ecoveries f<span class=\"_ _2\"></span>or past claims <span class=\"_ _14f\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _e9\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _fe\"> </span>(1.2 <span class=\"_ _31\"></span>) <span class=\"_ _165\"> </span>(0.1 <span class=\"_ _31\"></span>) <span class=\"_ _165\"> </span>(1.<span class=\"_ _3\"></span>3 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs4a2\">Ne<span class=\"_ _3\"></span>t <span class=\"_ _3\"></span>(expe<span class=\"_ _3\"></span>nse<span class=\"_ _3\"></span>s)/inc<span class=\"_ _3\"></span>ome <span class=\"_ _4\"></span>from <span class=\"_ _4\"></span>re<span class=\"_ _3\"></span>insu<span class=\"_ _3\"></span>ranc<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ontra<span class=\"_ _3\"></span>ct<span class=\"_ _3\"></span>s <span class=\"_ _4\"></span>hel<span class=\"_ _3\"></span>d <span class=\"_ _0\"></span> <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14e\"> </span>(2<span class=\"_ _3\"></span>.<span class=\"_ _4\"></span>5 <span class=\"_ _7\"></span>) <span class=\"_ _10f\"> </span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _14e\"> </span>(0.<span class=\"_ _3\"></span>6 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs4a3\">Net <span class=\"_ _3\"></span>finance <span class=\"_ _3\"></span>expenses <span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>rom <span class=\"_ _3\"></span>reinsuranc<span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>contracts <span class=\"_ _119\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _fe\"> </span>0.8  <span class=\"_ _fe\"> </span>(0.1 <span class=\"_ _7\"></span>) <span class=\"_ _179\"> </span>0.7<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs4e0\">Effect <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>movements <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>exchange <span class=\"_ _3\"></span>rat<span class=\"_ _2\"></span>es <span class=\"_ _151\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _12b\"> </span>(0.4 <span class=\"_ _7\"></span>) <span class=\"_ _97\"> </span>\u2013  <span class=\"_ _20a\"> </span>(0.4 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws2 gs36f\">T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l amou<span class=\"_ _3\"></span>nts r<span class=\"_ _3\"></span>eco<span class=\"_ _3\"></span>gnis<span class=\"_ _3\"></span>ed in c<span class=\"_ _3\"></span>omp<span class=\"_ _3\"></span>rehe<span class=\"_ _3\"></span>nsi<span class=\"_ _3\"></span>ve inc<span class=\"_ _3\"></span>ome <span class=\"_ _6d\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _114\"> </span>(2<span class=\"_ _3\"></span>.<span class=\"_ _4\"></span>5 <span class=\"_ _f\"></span>) <span class=\"_ _12b\"> </span>2<span class=\"_ _3\"></span>.<span class=\"_ _4\"></span>3 <span class=\"_ _a\"></span> <span class=\"_ _12b\"> </span>(0<span class=\"_ _3\"></span>.1 <span class=\"_ _31\"></span>) <span class=\"_ _7b\"> </span>(0<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls56 ws152 gs4e8\">Cash flows<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs4bc\">Pr<span class=\"_ _2\"></span>emiums <span class=\"_ _3\"></span>paid <span class=\"_ _4\"></span>net <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>ceding <span class=\"_ _3\"></span>commission <span class=\"_ _e5\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _56\"> </span>1.6  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _56\"> </span>1.6<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs4b6\">Recov<span class=\"_ _2\"></span>eries <span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>rom <span class=\"_ _3\"></span>reinsurance contacts <span class=\"_ _4\"></span>held <span class=\"_ _eb\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _12e\"> </span>(2.6 <span class=\"_ _7\"></span>) <span class=\"_ _97\"> </span>\u2013  <span class=\"_ _165\"> </span>(2.6 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs4b7\">T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ash <span class=\"_ _4\"></span>flo<span class=\"_ _3\"></span>ws <span class=\"_ _1a4\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b1\"> </span>1<span class=\"_ _3\"></span>.6  <span class=\"_ _14e\"> </span>(<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.6 <span class=\"_ _7\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _1b7\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.0 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls2 ws2 gs4a9\">Rei<span class=\"_ _3\"></span>nsur<span class=\"_ _3\"></span>ance c<span class=\"_ _3\"></span>ontr<span class=\"_ _3\"></span>ac<span class=\"_ _3\"></span>t ass<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>s as at 3<span class=\"_ _3\"></span>1 De<span class=\"_ _3\"></span>cemb<span class=\"_ _3\"></span>er 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>3 <span class=\"_ _92\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _c2\"> </span>(<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>6 <span class=\"_ _31\"></span>) <span class=\"_ _45\"> </span>1<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9 <span class=\"_ _a\"></span> <span class=\"_ _12e\"> </span>0<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2 <span class=\"_ _a\"></span> <span class=\"_ _f0\"> </span>1<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls190 wsc7 gs4e9\"> <span class=\"_ _23d\"> </span>Contracts under P<span class=\"_ _a\"></span>A<span class=\"_ _3\"></span>A</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws2 gs4ac\"> <span class=\"_ _23e\"> </span>A<span class=\"_ _3\"></span>sse<span class=\"_ _3\"></span>ts f<span class=\"_ _3\"></span>or in<span class=\"_ _3\"></span>curre<span class=\"_ _3\"></span>d cla<span class=\"_ _3\"></span>ims</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs4ea\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _39\"> </span>As<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>ts <span class=\"_ _4\"></span>for  <span class=\"_ _42\"> </span>PV <span class=\"_ _4\"></span>of  <span class=\"_ _9f\"> </span>  </div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lsd9 ws1bb gs4eb\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _6c\"> </span>remaining  <span class=\"_ _129\"> </span>future  <span class=\"_ _7b\"> </span>Risk  </div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs4ec\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _93\"> </span>c<span class=\"_ _3\"></span>overa<span class=\"_ _3\"></span>ge  <span class=\"_ _185\"> </span>ca<span class=\"_ _3\"></span>sh <span class=\"_ _4\"></span>flows  <span class=\"_ _146\"> </span>ad<span class=\"_ _3\"></span>jus<span class=\"_ _3\"></span>tme<span class=\"_ _3\"></span>nt  <span class=\"_ _28\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls190 ws1e0 gs4ed\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls2 ws2 gs4ee\">Rei<span class=\"_ _3\"></span>nsur<span class=\"_ _3\"></span>ance c<span class=\"_ _3\"></span>ontr<span class=\"_ _3\"></span>ac<span class=\"_ _3\"></span>t ass<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>s as at 1 J<span class=\"_ _3\"></span>anua<span class=\"_ _3\"></span>ry 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2 <span class=\"_ _be\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _14e\"> </span>(0.<span class=\"_ _3\"></span>2 <span class=\"_ _f\"></span>) <span class=\"_ _11b\"> </span>18<span class=\"_ _3\"></span>.6 <span class=\"_ _a\"></span> <span class=\"_ _8f\"> </span>0<span class=\"_ _3\"></span>.6 <span class=\"_ _a\"></span> <span class=\"_ _5b\"> </span>19.0<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs4ef\">Reinsurance <span class=\"_ _3\"></span>expenses <span class=\"_ _3\"></span>\u2013 <span class=\"_ _3\"></span>allocation <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>reinsurance <span class=\"_ _e7\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12e\"> </span>(2.3 <span class=\"_ _0\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _12e\"> </span>(2.3 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lsd9 ws1bc gs4f0\">Amount<span class=\"_ _3\"></span>s recoverable from reinsurers<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 ls4b ws2 gs4f1\">Recov<span class=\"_ _2\"></span>eries of incurred claims and other directly at<span class=\"_ _2\"></span>tributable expenses <span class=\"_ _123\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _e9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _57\"> </span>2<span class=\"_ _3\"></span>.7  <span class=\"_ _b9\"> </span>\u2013  <span class=\"_ _10e\"> </span>2<span class=\"_ _3\"></span>.7<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws2 gs4f2\">Changes in the expected r<span class=\"_ _2\"></span>ecoveries f<span class=\"_ _2\"></span>or past claims <span class=\"_ _14f\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _e9\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _fe\"> </span>(3.1 <span class=\"_ _31\"></span>) <span class=\"_ _114\"> </span>(0.2 <span class=\"_ _7\"></span>) <span class=\"_ _152\"> </span>(3.3 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws2 gs4f3\">Ne<span class=\"_ _3\"></span>t (e<span class=\"_ _2\"></span>xp<span class=\"_ _3\"></span>ens<span class=\"_ _3\"></span>es)/i<span class=\"_ _3\"></span>ncom<span class=\"_ _3\"></span>e from re<span class=\"_ _3\"></span>ins<span class=\"_ _3\"></span>uranc<span class=\"_ _3\"></span>e cont<span class=\"_ _3\"></span>rac<span class=\"_ _3\"></span>ts h<span class=\"_ _3\"></span>eld <span class=\"_ _7\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _114\"> </span>(2<span class=\"_ _3\"></span>.<span class=\"_ _4\"></span>3 <span class=\"_ _31\"></span>) <span class=\"_ _45\"> </span>(0<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4 <span class=\"_ _f\"></span>) <span class=\"_ _11b\"> </span>(<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>2 <span class=\"_ _31\"></span>) <span class=\"_ _11b\"> </span>(2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws2 gs4f4\">Net finance expenses f<span class=\"_ _3\"></span>rom reinsuranc<span class=\"_ _2\"></span>e contracts <span class=\"_ _43\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _e9\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _152\"> </span>(0.4 <span class=\"_ _31\"></span>) <span class=\"_ _165\"> </span>(0.1 <span class=\"_ _31\"></span>) <span class=\"_ _114\"> </span>(0.5 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs4f5\">Effect <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>movements <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>exchange <span class=\"_ _3\"></span>rat<span class=\"_ _2\"></span>es <span class=\"_ _151\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _12b\"> </span>(0.4 <span class=\"_ _7\"></span>) <span class=\"_ _97\"> </span>\u2013  <span class=\"_ _20a\"> </span>(0.4 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws2 gs4f6\">T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l amou<span class=\"_ _3\"></span>nts r<span class=\"_ _3\"></span>eco<span class=\"_ _3\"></span>gnis<span class=\"_ _3\"></span>ed in c<span class=\"_ _3\"></span>omp<span class=\"_ _3\"></span>rehe<span class=\"_ _3\"></span>nsi<span class=\"_ _3\"></span>ve inc<span class=\"_ _3\"></span>ome <span class=\"_ _6d\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _114\"> </span>(2<span class=\"_ _3\"></span>.<span class=\"_ _4\"></span>3 <span class=\"_ _f\"></span>) <span class=\"_ _14e\"> </span>(1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2 <span class=\"_ _31\"></span>) <span class=\"_ _7b\"> </span>(<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>3 <span class=\"_ _31\"></span>) <span class=\"_ _11b\"> </span>(3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls56 ws152 gs4f7\">Cash flows<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs4f8\">Pr<span class=\"_ _2\"></span>emiums <span class=\"_ _3\"></span>paid <span class=\"_ _4\"></span>net <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>ceding <span class=\"_ _3\"></span>commission <span class=\"_ _e5\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _57\"> </span>2.8  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _57\"> </span>2.8<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs4f9\">Recov<span class=\"_ _2\"></span>eries <span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>rom <span class=\"_ _3\"></span>reinsurance contracts <span class=\"_ _3\"></span>held <span class=\"_ _1d0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _12e\"> </span>(2.2 <span class=\"_ _0\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _12e\"> </span>(2.2 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs4fa\">T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ash <span class=\"_ _4\"></span>flo<span class=\"_ _3\"></span>ws <span class=\"_ _1a4\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _179\"> </span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8  <span class=\"_ _14e\"> </span>(<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2 <span class=\"_ _7\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _179\"> </span>0<span class=\"_ _3\"></span>.6<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls2 ws2 gs4fb\">Rei<span class=\"_ _3\"></span>nsur<span class=\"_ _3\"></span>ance c<span class=\"_ _3\"></span>ontr<span class=\"_ _3\"></span>ac<span class=\"_ _3\"></span>t ass<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>s as at 3<span class=\"_ _3\"></span>1 De<span class=\"_ _3\"></span>cemb<span class=\"_ _3\"></span>er 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2 <span class=\"_ _92\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _12e\"> </span>0.<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span> <span class=\"_ _a\"></span> <span class=\"_ _5b\"> </span>1<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2 <span class=\"_ _a\"></span> <span class=\"_ _12e\"> </span>0.<span class=\"_ _4\"></span>3 <span class=\"_ _a\"></span> <span class=\"_ _c2\"> </span>1<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff62 fs1 fc1 sc0 lseb wsfb gsc0\">218<span class=\"_ _d\"> </span><span class=\"ff67 ls3 ws2\">CHES<span class=\"_ _3\"></span>NAR<span class=\"_ _3\"></span>A AN<span class=\"_ _3\"></span>NUAL REPO<span class=\"_ _3\"></span>RT AND <span class=\"_ _3\"></span>ACCOUNT<span class=\"_ _3\"></span>S 20<span class=\"_ _2\"></span>23<span class=\"_ _421\"> </span></span></div>IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS <span class=\"_ _e\"> </span>(d) <span class=\"_ _3\"></span>Reinsurance contract balances \u2013 analysis b<span class=\"_ _2\"></span>y measurement component \u2013 contr<span class=\"_ _2\"></span>acts not measur<span class=\"_ _2\"></span>ed under P<span class=\"_ _a\"></span>AA All Mov<span class=\"_ _2\"></span>estic reinsurance is measured as P<span class=\"_ _a\"></span>AA, therefore no table is presented for analy<span class=\"_ _2\"></span>sis of reinsurance contracts b<span class=\"_ _2\"></span>y measurement component.  (e) <span class=\"_ _3\"></span>Insurance contracts r<span class=\"_ _2\"></span>ecognised in the per<span class=\"_ _2\"></span>iod<span class=\"_ _421\"> </span>There are no material ne<span class=\"_ _2\"></span>w insurance contracts recognised in the period for Mo<span class=\"_ _2\"></span>vestic. <span class=\"_ _10\"> </span>(f) <span class=\"_ _4\"></span>Reinsurance contr<span class=\"_ _2\"></span>acts recognised in the per<span class=\"_ _a\"></span>iod<span class=\"_ _421\"> </span>There are no material ne<span class=\"_ _2\"></span>w reinsurance contracts recognised in the period for Mo<span class=\"_ _2\"></span>vestic. <span class=\"_ _e\"> </span>(g) <span class=\"_ _3\"></span>Expected r<span class=\"_ _2\"></span>ecognition of CSM<span class=\"_ _421\"> </span>In the tables that follo<span class=\"_ _2\"></span>w the CSM accrues interest at the locked-in rate f<span class=\"_ _2\"></span>or GMM portfolios and at current rates f<span class=\"_ _2\"></span>or <span class=\"_ _a\"></span>VF<span class=\"_ _a\"></span>A portfolios from the balance sheet date and is then amortised based on the co<span class=\"_ _2\"></span>verage units of the contract groups to giv<span class=\"_ _2\"></span>e the timeline of the <span class=\"_ _2\"></span>expected recognition.<span class=\"_ _421\"> </span>31 December 2023 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _23a\"> </span>Insurance  <span class=\"_ _4a\"> </span>Reinsurance <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1c7\"> </span>contrac<span class=\"_ _3\"></span>ts  <span class=\"_ _1c7\"> </span>contrac<span class=\"_ _3\"></span>ts <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Not <span class=\"_ _3\"></span>later <span class=\"_ _3\"></span>than <span class=\"_ _3\"></span>one <span class=\"_ _3\"></span>year <span class=\"_ _dd\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _20b\"> </span>0.1  <span class=\"_ _e9\"> </span>\u2013<span class=\"_ _421\"> </span>Later than one ye<span class=\"_ _2\"></span>ar and not later than two y<span class=\"_ _2\"></span>ears <span class=\"_ _7b\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _10f\"> </span>0.2  <span class=\"_ _97\"> </span>\u2013<span class=\"_ _421\"> </span>Later than tw<span class=\"_ _2\"></span>o years and not lat<span class=\"_ _2\"></span>er than three years <span class=\"_ _14f\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _10e\"> </span>0.2 <span class=\"_ _a\"></span> <span class=\"_ _e9\"> </span>\u2013<span class=\"_ _421\"> </span>Later than three y<span class=\"_ _2\"></span>ears and not later than four y<span class=\"_ _2\"></span>ears <span class=\"_ _7c\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _10e\"> </span>0.2 <span class=\"_ _a\"></span> <span class=\"_ _e9\"> </span>\u2013<span class=\"_ _421\"> </span>Later than four y<span class=\"_ _2\"></span>ears and not later than fiv<span class=\"_ _2\"></span>e years <span class=\"_ _119\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _10e\"> </span>0.2 <span class=\"_ _a\"></span> <span class=\"_ _e9\"> </span>\u2013<span class=\"_ _421\"> </span>Later than five y<span class=\"_ _2\"></span>ears and not later than t<span class=\"_ _2\"></span>en years <span class=\"_ _150\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _fe\"> </span>0.9 <span class=\"_ _a\"></span> <span class=\"_ _e9\"> </span>\u2013<span class=\"_ _421\"> </span>Later <span class=\"_ _3\"></span>than <span class=\"_ _3\"></span>ten <span class=\"_ _3\"></span>years <span class=\"_ _b2\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b1\"> </span>3.2  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _179\"> </span>5<span class=\"_ _3\"></span>.0  <span class=\"_ _b4\"> </span>\u2013<span class=\"_ _421\"> </span>31 December 2022 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _23a\"> </span>Insurance  <span class=\"_ _4a\"> </span>Reinsurance <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1c7\"> </span>contrac<span class=\"_ _3\"></span>ts  <span class=\"_ _1c7\"> </span>contrac<span class=\"_ _3\"></span>ts <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Not <span class=\"_ _3\"></span>later <span class=\"_ _3\"></span>than <span class=\"_ _3\"></span>one <span class=\"_ _3\"></span>year <span class=\"_ _dd\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _20b\"> </span>0.1  <span class=\"_ _e9\"> </span>\u2013<span class=\"_ _421\"> </span>Later than one ye<span class=\"_ _2\"></span>ar and not later than two y<span class=\"_ _2\"></span>ears <span class=\"_ _7b\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _1b1\"> </span>0.1 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013<span class=\"_ _421\"> </span>Later than tw<span class=\"_ _2\"></span>o years and not lat<span class=\"_ _2\"></span>er than three years <span class=\"_ _14f\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _5a\"> </span>0.<span class=\"_ _2\"></span>1 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013<span class=\"_ _421\"> </span>Later than three y<span class=\"_ _2\"></span>ears and not later than four y<span class=\"_ _2\"></span>ears <span class=\"_ _7c\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _5a\"> </span>0.1 <span class=\"_ _a\"></span> <span class=\"_ _b9\"> </span>\u2013<span class=\"_ _421\"> </span>Later than four y<span class=\"_ _2\"></span>ears and not later than fiv<span class=\"_ _2\"></span>e years <span class=\"_ _119\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _5a\"> </span>0.<span class=\"_ _2\"></span>1 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013<span class=\"_ _421\"> </span>Later than five y<span class=\"_ _2\"></span>ears and not later than t<span class=\"_ _2\"></span>en years <span class=\"_ _150\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _10e\"> </span>0.7 <span class=\"_ _a\"></span> <span class=\"_ _b9\"> </span>\u2013<span class=\"_ _421\"> </span>Later <span class=\"_ _3\"></span>than <span class=\"_ _3\"></span>ten <span class=\"_ _3\"></span>years <span class=\"_ _b2\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b1\"> </span>3.3  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _8f\"> </span>4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5  <span class=\"_ _158\"> </span>\u2013 <span class=\"_ _e\"> </span>(h) <span class=\"_ _3\"></span>Analysis of claims development<span class=\"_ _421\"> </span>Gross of reinsurance <span class=\"_ _19e\"> </span>  <span class=\"_ _44\"> </span>2018  <span class=\"_ _44\"> </span>2019  <span class=\"_ _e7\"> </span>2020  <span class=\"_ _1e1\"> </span>2021  <span class=\"_ _46\"> </span>2022  <span class=\"_ _46\"> </span>2023 <span class=\"_ _19e\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Estimate of ultimat<span class=\"_ _2\"></span>es<span class=\"_ _421\"> </span>End <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>accident <span class=\"_ _3\"></span>year <span class=\"_ _1a8\"> </span>  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _1b7\"> </span>10.2  <span class=\"_ _57\"> </span>8.3  <span class=\"_ _1a1\"> </span>9.2<span class=\"_ _421\"> </span>One <span class=\"_ _3\"></span>year <span class=\"_ _3\"></span>later <span class=\"_ _1f6\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _20a\"> </span>10.0  <span class=\"_ _57\"> </span>8.5  <span class=\"_ _1b1\"> </span>7.5  Tw<span class=\"_ _2\"></span>o <span class=\"_ _3\"></span>years <span class=\"_ _3\"></span>later <span class=\"_ _1ac\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _14e\"> </span>1<span class=\"_ _3\"></span>0.0  <span class=\"_ _10e\"> </span>8.6<span class=\"_ _3\"></span>  <span class=\"_ _fe\"> </span>9.0  <span class=\"_ _9f\"> </span>  Three <span class=\"_ _3\"></span>years later <span class=\"_ _8d\"> </span>  <span class=\"_ _152\"> </span>14<span class=\"_ _3\"></span>.9  <span class=\"_ _1a1\"> </span>9.7  <span class=\"_ _1b1\"> </span>7<span class=\"_ _2\"></span>.2  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  Four <span class=\"_ _3\"></span>ye<span class=\"_ _2\"></span>ars <span class=\"_ _3\"></span>later <span class=\"_ _1a4\"> </span>  <span class=\"_ _20a\"> </span>14<span class=\"_ _3\"></span>.2  <span class=\"_ _1a1\"> </span>9.7  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  Five <span class=\"_ _3\"></span>ye<span class=\"_ _2\"></span>ars <span class=\"_ _3\"></span>later <span class=\"_ _58\"> </span>  <span class=\"_ _12e\"> </span>13.<span class=\"_ _2\"></span>7  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  Curr<span class=\"_ _2\"></span>ent <span class=\"_ _3\"></span>estimate <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>ultimate <span class=\"_ _3\"></span>claims <span class=\"_ _51\"> </span>  <span class=\"_ _12e\"> </span>13.7  <span class=\"_ _57\"> </span>9.7  <span class=\"_ _1b1\"> </span>7<span class=\"_ _2\"></span>.2  <span class=\"_ _57\"> </span>9.0  <span class=\"_ _1b1\"> </span>7<span class=\"_ _2\"></span>.5  <span class=\"_ _1a1\"> </span>9.2<span class=\"_ _421\"> </span>Cumulative <span class=\"_ _5\"> </span>payments <span class=\"_ _1b0\"> </span> <span class=\"_ _5\"> </span> <span class=\"_ _10f\"> </span>(9.7 ) <span class=\"_ _12e\"> </span>(7<span class=\"_ _2\"></span>.6 ) <span class=\"_ _10e\"> </span>(5.1 ) <span class=\"_ _10f\"> </span>(4.1 ) <span class=\"_ _20a\"> </span>(4.0 ) <span class=\"_ _12e\"> </span>(2.6 )<span class=\"_ _421\"> </span>In <span class=\"_ _3\"></span>balance <span class=\"_ _3\"></span>sheet <span class=\"_ _1ac\"> </span>  <span class=\"_ _fe\"> </span>4.0  <span class=\"_ _56\"> </span>2.1  <span class=\"_ _96\"> </span>2.1  <span class=\"_ _fe\"> </span>4<span class=\"_ _3\"></span>.9  <span class=\"_ _1a1\"> </span>3.5  <span class=\"_ _57\"> </span>6<span class=\"_ _3\"></span>.6<span class=\"_ _421\"> </span>Pr<span class=\"_ _2\"></span>ovision for accident ye<span class=\"_ _2\"></span>ars f<span class=\"_ _3\"></span>rom 2018 to 2023 <span class=\"_ _a7\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _14e\"> </span>23.2<span class=\"_ _421\"> </span>Pr<span class=\"_ _2\"></span>ovision <span class=\"_ _3\"></span>for <span class=\"_ _3\"></span>prior <span class=\"_ _3\"></span>years <span class=\"_ _192\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _1b7\"> </span>19.6<span class=\"_ _421\"> </span>Effect <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>discounting <span class=\"_ _23f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>(5.8 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>Gross <span class=\"_ _4\"></span>liability <span class=\"_ _4\"></span>in <span class=\"_ _3\"></span>balance <span class=\"_ _4\"></span>sheet <span class=\"_ _109\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _c2\"> </span>37<span class=\"_ _2\"></span>.0<span class=\"_ _421\"> </span><span class=\"ff65 ls3 ws2\">CHES<span class=\"_ _283\"></span>NAR<span class=\"_ _277\"></span>A<span class=\"_ _278\"></span>AN<span class=\"_ _277\"></span>NUAL<span class=\"_ _35e\"></span>REPO<span class=\"_ _277\"></span>RT<span class=\"_ _287\"></span>AND<span class=\"_ _392\"></span>ACCOUNT<span class=\"_ _27a\"></span>S<span class=\"_ _27b\"></span>20<span class=\"_ _2b5\"></span>23</span><span class=\"_ _39a\"></span>219<span class=\"_ _421\"> </span><div class=\"t m0 h4 ff67 fs2 fc1 sc0 lsc3 ws82 gs1eb\">IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS<span class=\"_ _421\"> </span></div><div class=\"t m0 h9 ff68 fs8 fc2 sc0 ls18f ws2 gs1ec\">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<span class=\"_ _421\"> </span></div><div class=\"t m0 hf ff61 fsc fc2 sc0 ls37 ws2 gs1ed\">SECTION F \u2013 INSURANCE AND REINSURANCE CONTRA<span class=\"_ _2\"></span>CTS</div><div class=\"t m0 h11 ff63 fsd fc2 sc0 ls2 ws2 gs1ee\"> <span class=\"_ _74\"> </span>F3 <span class=\"_ _4\"></span>Insurance and r<span class=\"_ _2\"></span>einsurance contr<span class=\"_ _2\"></span>acts \u2013 quantitative analysis of r<span class=\"_ _2\"></span>ecognised amounts \u2013 Mov<span class=\"_ _2\"></span>estic (continued)</div><div class=\"t m0 h11 ff63 fsd fc1 sc0 ls2 ws2 gs297\"> <span class=\"_ _e\"> </span>(h) <span class=\"_ _3\"></span>Analysis of claims development (continued)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lsd9 ws1bc gs4bf\">Net of reinsurance</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls119 ws1b4 gs4fd\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _44\"> </span>2018  <span class=\"_ _44\"> </span>2019  <span class=\"_ _e7\"> </span>2020  <span class=\"_ _1e1\"> </span>2021  <span class=\"_ _46\"> </span>2022  <span class=\"_ _46\"> </span>2023</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls190 ws1e0 gs4fe\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws2 gs4c2\">Estimate of ultimat<span class=\"_ _2\"></span>es<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs4ff\">End <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>accident <span class=\"_ _3\"></span>year <span class=\"_ _1a8\"> </span>  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _1b1\"> </span>5.3  <span class=\"_ _1b1\"> </span>5.2<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs500\">One <span class=\"_ _3\"></span>year <span class=\"_ _3\"></span>later <span class=\"_ _1f6\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _57\"> </span>5.4  <span class=\"_ _fe\"> </span>4<span class=\"_ _3\"></span>.9  </div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs501\">Tw<span class=\"_ _2\"></span>o <span class=\"_ _3\"></span>years <span class=\"_ _3\"></span>later <span class=\"_ _1ac\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _1a1\"> </span>5.<span class=\"_ _3\"></span>5  <span class=\"_ _57\"> </span>5.6<span class=\"_ _3\"></span>  <span class=\"_ _9f\"> </span>  </div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs502\">Three <span class=\"_ _3\"></span>years later <span class=\"_ _8d\"> </span>  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _57\"> </span>3.<span class=\"_ _3\"></span>8  <span class=\"_ _10f\"> </span>4<span class=\"_ _3\"></span>.8  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  </div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs503\">Four <span class=\"_ _3\"></span>ye<span class=\"_ _2\"></span>ars <span class=\"_ _3\"></span>later <span class=\"_ _1a4\"> </span>  <span class=\"_ _1b1\"> </span>7<span class=\"_ _2\"></span>.3  <span class=\"_ _1b1\"> </span>3.7  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  </div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs504\">Five <span class=\"_ _3\"></span>ye<span class=\"_ _2\"></span>ars <span class=\"_ _3\"></span>later <span class=\"_ _58\"> </span>  <span class=\"_ _96\"> </span>7.<span class=\"_ _2\"></span>1  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  </div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs505\">Curr<span class=\"_ _2\"></span>ent <span class=\"_ _3\"></span>estimate <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>ultimate <span class=\"_ _3\"></span>claims <span class=\"_ _51\"> </span>  <span class=\"_ _a6\"> </span>7<span class=\"_ _2\"></span>.1  <span class=\"_ _1a1\"> </span>3.7  <span class=\"_ _fe\"> </span>4.8  <span class=\"_ _1b1\"> </span>5.6  <span class=\"_ _fe\"> </span>4.9  <span class=\"_ _1b1\"> </span>5.2<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws1b6 gs506\">Cumulative <span class=\"_ _5\"> </span>payments <span class=\"_ _1b0\"> </span> <span class=\"_ _5\"> </span> <span class=\"_ _179\"> </span>(4.3 ) <span class=\"_ _12e\"> </span>(2.9 ) <span class=\"_ _12e\"> </span>(3.5 ) <span class=\"_ _1b7\"> </span>(3.0 ) <span class=\"_ _165\"> </span>(3.0 ) <span class=\"_ _10f\"> </span>(1.8 )<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs507\">In <span class=\"_ _3\"></span>balance <span class=\"_ _3\"></span>sheet <span class=\"_ _1ac\"> </span>  <span class=\"_ _57\"> </span>2.8  <span class=\"_ _fe\"> </span>0.8  <span class=\"_ _96\"> </span>1.3  <span class=\"_ _1a1\"> </span>2.6  <span class=\"_ _20b\"> </span>1.9  <span class=\"_ _57\"> </span>3.4<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws2 gs508\">Pr<span class=\"_ _2\"></span>ovision for accident ye<span class=\"_ _2\"></span>ars f<span class=\"_ _3\"></span>rom 2018 to 2023 <span class=\"_ _a7\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _12b\"> </span>12.8<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs509\">Pr<span class=\"_ _2\"></span>ovision <span class=\"_ _3\"></span>for <span class=\"_ _3\"></span>prior <span class=\"_ _3\"></span>years <span class=\"_ _192\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _12b\"> </span>13.4<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs50a\">Effect <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>discounting <span class=\"_ _23f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12e\"> </span>(3.5 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lsd9 ws1bb gs50b\">Net <span class=\"_ _4\"></span>liability <span class=\"_ _4\"></span>in <span class=\"_ _3\"></span>balance <span class=\"_ _4\"></span>sheet <span class=\"_ _163\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _c2\"> </span>22<span class=\"_ _3\"></span>.7<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs50c\">The inf<span class=\"_ _2\"></span>ormation in the tables abov<span class=\"_ _2\"></span>e is presented on an undiscounted basis.</div><div class=\"t m0 h11 ff63 fsd fc2 sc0 ls2 ws2 gs50d\"> <span class=\"_ _74\"> </span>F4 <span class=\"_ _4\"></span>Insurance and r<span class=\"_ _2\"></span>einsurance contr<span class=\"_ _2\"></span>acts \u2013 quantitative analysis of r<span class=\"_ _2\"></span>ecognised amounts \u2013 <span class=\"_ _0\"></span>W<span class=\"_ _a\"></span>aard Group</div><div class=\"t m0 h11 ff63 fsd fc1 sc0 ls2 ws2 gs50e\">  (a) <span class=\"_ _3\"></span>Insurance contract balances \u2013 analysis b<span class=\"_ _2\"></span>y remaining co<span class=\"_ _2\"></span>ver<span class=\"_ _2\"></span>age and incur<span class=\"_ _2\"></span>red claims</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lsd9 ws1bc gs50f\"> <span class=\"_ _233\"> </span>Liabilities for <span class=\"ls2 ws2\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lsd9 ws1bc gs510\"> <span class=\"_ _234\"> </span>remaining coverage</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lsd9 ws1bb gs511\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _39\"> </span>Excluding  <span class=\"_ _9f\"> </span>  <span class=\"_ _1c7\"> </span>Liabilities  </div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs512\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5b\"> </span>loss  <span class=\"_ _45\"> </span>L<span class=\"_ _3\"></span>oss  <span class=\"_ _6d\"> </span>for <span class=\"_ _4\"></span>incu<span class=\"_ _3\"></span>rred  </div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls190 ws1e0 gs513\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _146\"> </span>component  <span class=\"_ _128\"> </span>component  <span class=\"_ _76\"> </span>claims  <span class=\"_ _28\"> </span>T<span class=\"_ _a\"></span>otal</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls190 ws1e0 gs514\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls192 ws1bc gs515\">Insurance contrac<span class=\"_ _3\"></span>t liabilities as at 1<span class=\"_ _2\"></span> Januar<span class=\"_ _3\"></span>y 202<span class=\"_ _3\"></span>3 <span class=\"_ _1c6\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _43\"> </span>447.<span class=\"_ _2\"></span>7 <span class=\"_ _a\"></span> <span class=\"_ _10f\"> </span>7.3 <span class=\"_ _a\"></span> <span class=\"_ _8f\"> </span>8<span class=\"_ _3\"></span>.7 <span class=\"_ _a\"></span> <span class=\"_ _43\"> </span>463<span class=\"_ _3\"></span>.7<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws2 gs516\">Chan<span class=\"_ _3\"></span>ges i<span class=\"_ _3\"></span>n the s<span class=\"_ _3\"></span>tatem<span class=\"_ _3\"></span>ent o<span class=\"_ _3\"></span>f pro<span class=\"_ _3\"></span>fit and l<span class=\"_ _3\"></span>os<span class=\"_ _3\"></span>s<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs517\">Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>revenu<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>to<span class=\"_ _3\"></span>tal <span class=\"_ _1ed\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1e1\"> </span>(3<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>.1 <span class=\"_ _7\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _1e1\"> </span>(<span class=\"_ _3\"></span>36<span class=\"_ _3\"></span>.1 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lscd ws52 gs518\">Insura<span class=\"_ _2\"></span>nce service e<span class=\"_ _a\"></span>xpenses<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws2 gs519\">Incurred claims and other dir<span class=\"_ _2\"></span>ectly attributable expenses <span class=\"_ _f9\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _fe\"> </span>(2.1 <span class=\"_ _31\"></span>) <span class=\"_ _f0\"> </span>32.5 <span class=\"_ _2\"></span> <span class=\"_ _f0\"> </span>30.4<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws2 gs51a\">Losses and rev<span class=\"_ _2\"></span>ersals of losses on onerous contracts <span class=\"_ _7c\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _10e\"> </span>7.<span class=\"_ _2\"></span>4 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _10e\"> </span>7.4<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs51b\">Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>ser<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>expen<span class=\"_ _3\"></span>se <span class=\"_ _4\"></span>tot<span class=\"_ _3\"></span>al <span class=\"_ _235\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _10f\"> </span>5<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3  <span class=\"_ _2d\"> </span>3<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5  <span class=\"_ _f0\"> </span>3<span class=\"_ _3\"></span>7<span class=\"_ _2\"></span>.<span class=\"_ _3\"></span>8<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs51c\">Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>ser<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>resu<span class=\"_ _3\"></span>lt <span class=\"_ _d9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1e1\"> </span>(3<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>.1 <span class=\"_ _7\"></span>) <span class=\"_ _165\"> </span>5<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3  <span class=\"_ _f0\"> </span>32<span class=\"_ _3\"></span>.<span class=\"_ _4\"></span>5  <span class=\"_ _94\"> </span>1<span class=\"_ _3\"></span>.7<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs51d\">Net <span class=\"_ _3\"></span>finance <span class=\"_ _3\"></span>expenses <span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>rom <span class=\"_ _3\"></span>insurance <span class=\"_ _3\"></span>contracts <span class=\"_ _152\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _c2\"> </span>49.4  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _5b\"> </span>49<span class=\"_ _2\"></span>.4<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws2 gs51e\">Effect of movements in e<span class=\"_ _2\"></span>xchange rat<span class=\"_ _2\"></span>es <span class=\"_ _a0\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _14e\"> </span>(1<span class=\"_ _3\"></span>1.3 <span class=\"_ _7\"></span>) <span class=\"_ _114\"> </span>(0.2 <span class=\"_ _31\"></span>) <span class=\"_ _114\"> </span>(0.2 <span class=\"_ _31\"></span>) <span class=\"_ _c2\"> </span>(1<span class=\"_ _3\"></span>1.7 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs51f\">T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>mount<span class=\"_ _3\"></span>s <span class=\"_ _4\"></span>rec<span class=\"_ _3\"></span>ogni<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>in <span class=\"_ _4\"></span>co<span class=\"_ _3\"></span>mpre<span class=\"_ _3\"></span>hen<span class=\"_ _3\"></span>sive <span class=\"_ _4\"></span>in<span class=\"_ _3\"></span>come <span class=\"_ _146\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _179\"> </span>2<span class=\"_ _4\"></span>.0  <span class=\"_ _94\"> </span>5<span class=\"_ _3\"></span>.1  <span class=\"_ _2d\"> </span>3<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3  <span class=\"_ _11b\"> </span>39<span class=\"_ _3\"></span>.4<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs520\">Investment <span class=\"_ _3\"></span>components <span class=\"_ _d8\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _c2\"> </span>(62<span class=\"_ _3\"></span>.1 <span class=\"_ _7\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _165\"> </span>62.1  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls56 ws152 gs521\">Cash flows<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs522\">Pr<span class=\"_ _2\"></span>emiums <span class=\"_ _3\"></span>received <span class=\"_ _236\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _152\"> </span>37<span class=\"_ _2\"></span>.6  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _20a\"> </span>37<span class=\"_ _a\"></span>.6<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws2 gs523\">Claims and other directly attributable e<span class=\"_ _2\"></span>xpenses paid <span class=\"_ _2e\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013  <span class=\"_ _14b\"> </span>(92.0 <span class=\"_ _7\"></span>) <span class=\"_ _28\"> </span>(92.0 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs524\">Acquisitions <span class=\"_ _22d\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _46\"> </span>336.6  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _14b\"> </span>336.6<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs525\">T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ash <span class=\"_ _4\"></span>flo<span class=\"_ _3\"></span>ws <span class=\"_ _1a4\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _119\"> </span>374<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _28\"> </span>(9<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.0 <span class=\"_ _7\"></span>) <span class=\"_ _2a\"> </span>28<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls192 ws1bc gs526\">Insurance contrac<span class=\"_ _3\"></span>t liabilities as at 31 December 202<span class=\"_ _3\"></span>3 <span class=\"_ _14\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _42\"> </span>76<span class=\"_ _3\"></span>1.<span class=\"_ _3\"></span>8 <span class=\"_ _a\"></span> <span class=\"_ _c2\"> </span>12<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4 <span class=\"_ _a\"></span> <span class=\"_ _8f\"> </span>1<span class=\"_ _4\"></span>1.1 <span class=\"_ _a\"></span> <span class=\"_ _43\"> </span>785<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff62 fs1 fc1 sc0 ls74 ws7a gs223\">220<span class=\"_ _18\"> </span><span class=\"ff67 ls3 ws2\">C<span class=\"_ _3\"></span>HESN<span class=\"_ _3\"></span>AR<span class=\"_ _3\"></span>A AN<span class=\"_ _3\"></span>NUAL REPOR<span class=\"_ _3\"></span>T AND <span class=\"_ _3\"></span>ACCOUNT<span class=\"_ _3\"></span>S 20<span class=\"_ _2\"></span>23<span class=\"_ _421\"> </span></span></div>IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS <span class=\"_ _233\"> </span>Liabilities for <span class=\"ls2 ws2\"> </span> <span class=\"_ _234\"> </span>remaining coverage <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _39\"> </span>Excluding  <span class=\"_ _9f\"> </span>  <span class=\"_ _1c7\"> </span>Liabilities   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5b\"> </span>loss  <span class=\"_ _45\"> </span>L<span class=\"_ _3\"></span>oss  <span class=\"_ _6d\"> </span>for <span class=\"_ _4\"></span>incu<span class=\"_ _3\"></span>rred   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _146\"> </span>component  <span class=\"_ _128\"> </span>component  <span class=\"_ _76\"> </span>claims  <span class=\"_ _28\"> </span>T<span class=\"_ _a\"></span>otal <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Insurance contrac<span class=\"_ _3\"></span>t liabilities as at 1<span class=\"_ _2\"></span> Januar<span class=\"_ _3\"></span>y 2022 <span class=\"_ _123\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _46\"> </span>375.1 <span class=\"_ _2\"></span> <span class=\"_ _1b7\"> </span>4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8 <span class=\"_ _0\"></span> <span class=\"_ _165\"> </span>6<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4 <span class=\"_ _a\"></span> <span class=\"_ _2a\"> </span>3<span class=\"_ _3\"></span>86<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3<span class=\"_ _421\"> </span>Chan<span class=\"_ _3\"></span>ges i<span class=\"_ _3\"></span>n the s<span class=\"_ _3\"></span>tatem<span class=\"_ _3\"></span>ent o<span class=\"_ _3\"></span>f pro<span class=\"_ _3\"></span>fit and l<span class=\"_ _3\"></span>os<span class=\"_ _3\"></span>s <span class=\"_ _57\"> </span> <span class=\"_ _0\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>revenu<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>to<span class=\"_ _3\"></span>tal <span class=\"_ _1ed\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _150\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>.9 <span class=\"_ _7\"></span>) <span class=\"_ _97\"> </span>\u2013  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _150\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>6.<span class=\"_ _3\"></span>9 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Insura<span class=\"_ _2\"></span>nce service e<span class=\"_ _a\"></span>xpenses<span class=\"_ _421\"> </span>Incurred claims and other dir<span class=\"_ _2\"></span>ectly attributable expenses <span class=\"_ _f9\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _1b1\"> </span>(1.1 <span class=\"_ _31\"></span>) <span class=\"_ _14e\"> </span>15.7 <span class=\"_ _2\"></span> <span class=\"_ _152\"> </span>14.6<span class=\"_ _421\"> </span>Losses and rev<span class=\"_ _2\"></span>ersals of losses on onerous contracts <span class=\"_ _7c\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _57\"> </span>3.2 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013  <span class=\"_ _10e\"> </span>3.<span class=\"_ _3\"></span>2<span class=\"_ _421\"> </span>Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>ser<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>expen<span class=\"_ _3\"></span>se <span class=\"_ _4\"></span>tot<span class=\"_ _3\"></span>al <span class=\"_ _235\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _1b1\"> </span>2<span class=\"_ _4\"></span>.1  <span class=\"_ _14e\"> </span>1<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>.7  <span class=\"_ _114\"> </span>1<span class=\"_ _3\"></span>7.8<span class=\"_ _421\"> </span>Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>ser<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>resu<span class=\"_ _3\"></span>lt <span class=\"_ _d9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _150\"> </span>(<span class=\"_ _3\"></span>16<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9 <span class=\"_ _7\"></span>) <span class=\"_ _10e\"> </span>2<span class=\"_ _3\"></span>.1  <span class=\"_ _152\"> </span>15<span class=\"_ _3\"></span>.7  <span class=\"_ _8f\"> </span>0<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9<span class=\"_ _421\"> </span>Net <span class=\"_ _3\"></span>finance <span class=\"_ _3\"></span>expenses <span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>rom <span class=\"_ _3\"></span>insurance <span class=\"_ _3\"></span>contracts <span class=\"_ _152\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _f0\"> </span>(91.0 <span class=\"_ _7\"></span>) <span class=\"_ _97\"> </span>\u2013  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _f0\"> </span>(91.0 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Effect <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>movements <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>exchange <span class=\"_ _3\"></span>rat<span class=\"_ _2\"></span>es <span class=\"_ _151\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14e\"> </span>23.0  <span class=\"_ _fe\"> </span>0.4  <span class=\"_ _10f\"> </span>0.4  <span class=\"_ _114\"> </span>23.8<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>mount<span class=\"_ _3\"></span>s <span class=\"_ _4\"></span>rec<span class=\"_ _3\"></span>ogni<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>in <span class=\"_ _4\"></span>co<span class=\"_ _3\"></span>mpre<span class=\"_ _3\"></span>hen<span class=\"_ _3\"></span>sive <span class=\"_ _4\"></span>in<span class=\"_ _3\"></span>come <span class=\"_ _146\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _15c\"> </span>(8<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9 <span class=\"_ _7\"></span>) <span class=\"_ _165\"> </span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5  <span class=\"_ _165\"> </span>1<span class=\"_ _3\"></span>6.<span class=\"_ _3\"></span>1  <span class=\"_ _e7\"> </span>(6<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Investment <span class=\"_ _3\"></span>components <span class=\"_ _d8\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _c2\"> </span>(56<span class=\"_ _3\"></span>.1 <span class=\"_ _7\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _165\"> </span>56.1  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span>Cash flows<span class=\"_ _421\"> </span>Pr<span class=\"_ _2\"></span>emiums <span class=\"_ _3\"></span>received <span class=\"_ _236\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _152\"> </span>32.5  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _152\"> </span>32.5<span class=\"_ _421\"> </span>Claims and other directly attributable e<span class=\"_ _2\"></span>xpenses paid <span class=\"_ _2e\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013  <span class=\"_ _150\"> </span>(69.9 <span class=\"_ _31\"></span>) <span class=\"_ _28\"> </span>(69.9 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Acquisitions <span class=\"_ _22d\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _152\"> </span>181.1  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _152\"> </span>181.1<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ash <span class=\"_ _4\"></span>flo<span class=\"_ _3\"></span>ws <span class=\"_ _1a4\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _28\"> </span>2<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>3.<span class=\"_ _3\"></span>6  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _28\"> </span>(69<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9 <span class=\"_ _7\"></span>) <span class=\"_ _119\"> </span>14<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>.7<span class=\"_ _421\"> </span>Insurance contrac<span class=\"_ _3\"></span>t liabilities as at 31 December 202<span class=\"_ _3\"></span>2 <span class=\"_ _14\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _43\"> </span>447<span class=\"_ _2\"></span>.7 <span class=\"_ _a\"></span> <span class=\"_ _10f\"> </span>7<span class=\"_ _2\"></span>.<span class=\"_ _3\"></span>3 <span class=\"_ _a\"></span> <span class=\"_ _8f\"> </span>8<span class=\"_ _3\"></span>.7 <span class=\"_ _a\"></span> <span class=\"_ _2a\"> </span>4<span class=\"_ _3\"></span>63<span class=\"_ _3\"></span>.7<span class=\"_ _421\"> </span>F<span class=\"_ _2\"></span>or the <span class=\"_ _0\"></span>Waard Group, the full retrospectiv<span class=\"_ _2\"></span>e approach at transition has been applied to all insurance contracts.<span class=\"_ _421\"> </span><span class=\"ff65 ls3 ws2\">CHES<span class=\"_ _277\"></span>NAR<span class=\"_ _277\"></span>A<span class=\"_ _278\"></span>AN<span class=\"_ _283\"></span>NUAL<span class=\"_ _379\"></span>REPO<span class=\"_ _279\"></span>RT<span class=\"_ _278\"></span>AND<span class=\"_ _3b0\"></span>ACCOUNT<span class=\"_ _279\"></span>S<span class=\"_ _27b\"></span>20<span class=\"_ _2b5\"></span>23</span><span class=\"_ _3e0\"></span><span class=\"_ _421\"> </span>221<span class=\"_ _421\"> </span><div class=\"t m0 h4 ff67 fs2 fc1 sc0 lsc3 ws82 gs93\">IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS<span class=\"_ _421\"> </span></div><div class=\"t m0 h9 ff68 fs8 fc2 sc0 ls18f ws2 gs94\">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<span class=\"_ _421\"> </span></div><div class=\"t m0 hf ff61 fsc fc2 sc0 ls37 ws2 gs95\">SECTION F \u2013 INSURANCE AND REINSURANCE CONTRA<span class=\"_ _2\"></span>CTS</div><div class=\"t m0 h11 ff63 fsd fc2 sc0 ls2 ws2 gs96\"> <span class=\"_ _74\"> </span>F4 <span class=\"_ _4\"></span>Insurance and r<span class=\"_ _2\"></span>einsurance contr<span class=\"_ _2\"></span>acts \u2013 quantitative analysis of r<span class=\"_ _2\"></span>ecognised amounts \u2013 <span class=\"_ _0\"></span>W<span class=\"_ _a\"></span>aard Group (continued)</div><div class=\"t m0 h11 ff63 fsd fc1 sc0 ls2 ws2 gs19d\"> <span class=\"_ _e\"> </span>(b) <span class=\"_ _3\"></span>Insurance contract balances \u2013 analysis b<span class=\"_ _2\"></span>y measurement component \u2013 contr<span class=\"_ _2\"></span>acts not measur<span class=\"_ _2\"></span>ed under P<span class=\"_ _a\"></span>AA (continued)</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs361\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _e\"> </span>Pr<span class=\"_ _3\"></span>ese<span class=\"_ _3\"></span>nt <span class=\"_ _4\"></span>valu<span class=\"_ _3\"></span>e  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  </div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs362\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _127\"> </span>o<span class=\"_ _3\"></span>f <span class=\"_ _3\"></span>fu<span class=\"_ _3\"></span>ture  <span class=\"_ _11b\"> </span>Risk  <span class=\"_ _156\"> </span>  </div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs363\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _185\"> </span>ca<span class=\"_ _3\"></span>sh <span class=\"_ _4\"></span>flows  <span class=\"_ _146\"> </span>ad<span class=\"_ _3\"></span>jus<span class=\"_ _3\"></span>tme<span class=\"_ _3\"></span>nt  <span class=\"_ _44\"> </span>C<span class=\"_ _3\"></span>SM  <span class=\"_ _46\"> </span>T<span class=\"_ _a\"></span>o<span class=\"_ _3\"></span>tal</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls190 ws1e0 gs364\"> <span class=\"_ _19e\"> </span> <span class=\"_ _3\"></span> <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws2 gs4e7\">Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce con<span class=\"_ _3\"></span>trac<span class=\"_ _3\"></span>t li<span class=\"_ _3\"></span>abili<span class=\"_ _3\"></span>tie<span class=\"_ _3\"></span>s as at 1 Ja<span class=\"_ _3\"></span>nuar<span class=\"_ _3\"></span>y 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>3 <span class=\"_ _2e\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _2a\"> </span>4<span class=\"_ _3\"></span>39<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3 <span class=\"_ _a\"></span> <span class=\"_ _179\"> </span>3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2 <span class=\"_ _a\"></span> <span class=\"_ _5b\"> </span>2<span class=\"_ _3\"></span>1.<span class=\"_ _3\"></span>2 <span class=\"_ _2\"></span> <span class=\"_ _2a\"> </span>4<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>3.7<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lsd9 ws1bc gs3fa\">Changes that relate to cur<span class=\"_ _2\"></span>rent ser<span class=\"_ _3\"></span>vice<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs3fb\">CSM <span class=\"_ _3\"></span>recognised <span class=\"_ _3\"></span>for <span class=\"_ _3\"></span>services <span class=\"_ _3\"></span>provided <span class=\"_ _238\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _165\"> </span>(7.<span class=\"_ _2\"></span>0 <span class=\"_ _0\"></span>) <span class=\"_ _152\"> </span>(7<span class=\"_ _a\"></span>.0 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws2 gs397\">Change in risk adjustment for non-financial risk for risk e<span class=\"_ _2\"></span>xpired <span class=\"_ _165\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _e9\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _20a\"> </span>(0.9 <span class=\"_ _31\"></span>) <span class=\"_ _15b\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _20a\"> </span>(0.9 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs398\">Experience a<span class=\"_ _3\"></span>djustments <span class=\"_ _22\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1a1\"> </span>2.<span class=\"_ _3\"></span>3  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _1b1\"> </span>2.<span class=\"_ _3\"></span>3<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws2 gs36a\">T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l chan<span class=\"_ _3\"></span>ges t<span class=\"_ _3\"></span>hat re<span class=\"_ _3\"></span>late to cu<span class=\"_ _3\"></span>rrent s<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _94\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _8f\"> </span>2<span class=\"_ _3\"></span>.<span class=\"_ _4\"></span>3 <span class=\"_ _a\"></span> <span class=\"_ _c2\"> </span>(0<span class=\"_ _3\"></span>.9 <span class=\"_ _31\"></span>) <span class=\"_ _2d\"> </span>(<span class=\"_ _3\"></span>7<span class=\"_ _2\"></span>.0 <span class=\"_ _31\"></span>) <span class=\"_ _11b\"> </span>(<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>.6 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lsd9 ws1bc gs36b\">Changes that relate to future<span class=\"_ _2\"></span> ser<span class=\"_ _3\"></span>vice<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs4a2\">Contracts <span class=\"_ _3\"></span>initially <span class=\"_ _3\"></span>recognised <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>period <span class=\"_ _a4\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _7b\"> </span>(52.6 <span class=\"_ _0\"></span>) <span class=\"_ _12e\"> </span>6.4  <span class=\"_ _5b\"> </span>46.2  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws2 gs4b1\">Changes in estimates that adjust the CSM <span class=\"_ _1cb\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _2d\"> </span>(15.4 <span class=\"_ _31\"></span>) <span class=\"_ _152\"> </span>(2.2 <span class=\"_ _7\"></span>) <span class=\"_ _14e\"> </span>17<span class=\"_ _2\"></span>.6 <span class=\"_ _a\"></span> <span class=\"_ _e9\"> </span>\u2013<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws2 gs4b2\">Changes in estimates that result in losses or r<span class=\"_ _2\"></span>eversals of losses <span class=\"ls2\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs4b3\">on <span class=\"_ _3\"></span>onerous <span class=\"_ _3\"></span>underlying <span class=\"_ _3\"></span>contracts <span class=\"_ _1fd\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1a1\"> </span>6.7  <span class=\"_ _10e\"> </span>0.6  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _94\"> </span>7.3<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws2 gs4b4\">T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l chan<span class=\"_ _3\"></span>ges t<span class=\"_ _3\"></span>hat re<span class=\"_ _3\"></span>late to f<span class=\"_ _3\"></span>uture s<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _97\"> </span> <span class=\"_ _0\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _150\"> </span>(61<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3 <span class=\"_ _31\"></span>) <span class=\"_ _14e\"> </span>4<span class=\"_ _3\"></span>.8 <span class=\"_ _2\"></span> <span class=\"_ _45\"> </span>6<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8 <span class=\"_ _0\"></span> <span class=\"_ _10f\"> </span>7.<span class=\"_ _3\"></span>3<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs4b5\">Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>ser<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>resu<span class=\"_ _3\"></span>lt <span class=\"_ _d9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _28\"> </span>(5<span class=\"_ _3\"></span>9.<span class=\"_ _3\"></span>0 <span class=\"_ _7\"></span>) <span class=\"_ _165\"> </span>3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9  <span class=\"_ _7b\"> </span>5<span class=\"_ _3\"></span>6.<span class=\"_ _3\"></span>8  <span class=\"_ _94\"> </span>1<span class=\"_ _3\"></span>.7<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs4b6\">Net <span class=\"_ _3\"></span>finance <span class=\"_ _3\"></span>expenses <span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>rom <span class=\"_ _3\"></span>insurance <span class=\"_ _3\"></span>contracts <span class=\"_ _152\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5b\"> </span>46.6  <span class=\"_ _5a\"> </span>1.0  <span class=\"_ _5a\"> </span>1.8  <span class=\"_ _c2\"> </span>49.4<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws2 gs528\">Effect of movements in e<span class=\"_ _2\"></span>xchange rat<span class=\"_ _2\"></span>es <span class=\"_ _a0\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _1b7\"> </span>(9.9 <span class=\"_ _31\"></span>) <span class=\"_ _114\"> </span>(0.2 <span class=\"_ _31\"></span>) <span class=\"_ _165\"> </span>(<span class=\"_ _3\"></span>1.6 <span class=\"_ _31\"></span>) <span class=\"_ _2d\"> </span>(1<span class=\"_ _4\"></span>1.7 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs529\">T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>mount<span class=\"_ _3\"></span>s <span class=\"_ _4\"></span>rec<span class=\"_ _3\"></span>ogni<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>in <span class=\"_ _4\"></span>co<span class=\"_ _3\"></span>mpre<span class=\"_ _3\"></span>hen<span class=\"_ _3\"></span>sive <span class=\"_ _4\"></span>in<span class=\"_ _3\"></span>come <span class=\"_ _146\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _46\"> </span>(<span class=\"_ _3\"></span>22<span class=\"_ _4\"></span>.<span class=\"_ _3\"></span>3 <span class=\"_ _7\"></span>) <span class=\"_ _1b7\"> </span>4<span class=\"_ _3\"></span>.7  <span class=\"_ _f0\"> </span>57.0  <span class=\"_ _11b\"> </span>39.<span class=\"_ _3\"></span>4<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls56 ws152 gs4aa\">Cash flows<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs4b8\">Pr<span class=\"_ _2\"></span>emiums <span class=\"_ _3\"></span>received <span class=\"_ _236\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _152\"> </span>37<span class=\"_ _2\"></span>.6  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _20a\"> </span>37<span class=\"_ _a\"></span>.6<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws2 gs3a6\">Claims and other directly attributable e<span class=\"_ _2\"></span>xpenses paid <span class=\"_ _2e\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _150\"> </span>(92.0 <span class=\"_ _31\"></span>) <span class=\"_ _ae\"> </span>\u2013  <span class=\"_ _97\"> </span>\u2013  <span class=\"_ _14b\"> </span>(92.0 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs52a\">Acquisitions <span class=\"_ _22d\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _46\"> </span>336.6  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _14b\"> </span>336.6<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs52b\">T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ash <span class=\"_ _4\"></span>flo<span class=\"_ _3\"></span>ws <span class=\"_ _1a4\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _119\"> </span>28<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _a3\"> </span>2<span class=\"_ _3\"></span>82<span class=\"_ _4\"></span>.<span class=\"_ _3\"></span>2<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws2 gs3a9\">Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce con<span class=\"_ _3\"></span>trac<span class=\"_ _3\"></span>t li<span class=\"_ _3\"></span>abili<span class=\"_ _3\"></span>tie<span class=\"_ _3\"></span>s as at 3<span class=\"_ _3\"></span>1 Dec<span class=\"_ _3\"></span>emb<span class=\"_ _3\"></span>er 20<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>3 <span class=\"_ _6d\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _43\"> </span>699<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2 <span class=\"_ _a\"></span> <span class=\"_ _179\"> </span>7.9 <span class=\"_ _a\"></span> <span class=\"_ _7b\"> </span>78<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2 <span class=\"_ _a\"></span> <span class=\"_ _43\"> </span>785<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs52c\">The contracts initially recognised in the period relates to the acquisition <span class=\"_ _2\"></span>of Conservatrix.<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff62 fs1 fc1 sc0 lseb wsfb gsc0\">222<span class=\"_ _14c\"> </span><span class=\"ff67 ls3 ws2\">CHES<span class=\"_ _3\"></span>NAR<span class=\"_ _3\"></span>A A<span class=\"_ _3\"></span>NNUAL REPO<span class=\"_ _3\"></span>RT AND <span class=\"_ _3\"></span>ACCOUN<span class=\"_ _3\"></span>TS 20<span class=\"_ _2\"></span>23<span class=\"_ _421\"> </span></span></div>IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _e\"> </span>Pr<span class=\"_ _3\"></span>ese<span class=\"_ _3\"></span>nt <span class=\"_ _4\"></span>valu<span class=\"_ _3\"></span>e  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _127\"> </span>o<span class=\"_ _3\"></span>f <span class=\"_ _3\"></span>fu<span class=\"_ _3\"></span>ture  <span class=\"_ _11b\"> </span>Risk  <span class=\"_ _156\"> </span>   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _185\"> </span>ca<span class=\"_ _3\"></span>sh <span class=\"_ _4\"></span>flows  <span class=\"_ _146\"> </span>ad<span class=\"_ _3\"></span>jus<span class=\"_ _3\"></span>tme<span class=\"_ _3\"></span>nt  <span class=\"_ _44\"> </span>C<span class=\"_ _3\"></span>SM  <span class=\"_ _46\"> </span>T<span class=\"_ _a\"></span>o<span class=\"_ _3\"></span>tal <span class=\"_ _19e\"> </span> <span class=\"_ _3\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce con<span class=\"_ _3\"></span>trac<span class=\"_ _3\"></span>t li<span class=\"_ _3\"></span>abili<span class=\"_ _3\"></span>tie<span class=\"_ _3\"></span>s as at 1 Ja<span class=\"_ _3\"></span>nuar<span class=\"_ _3\"></span>y 2<span class=\"_ _3\"></span>022 <span class=\"_ _f1\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _43\"> </span>3<span class=\"_ _3\"></span>70.<span class=\"_ _3\"></span>5 <span class=\"_ _a\"></span> <span class=\"_ _12e\"> </span>3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8 <span class=\"_ _a\"></span> <span class=\"_ _c2\"> </span>1<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.0 <span class=\"_ _a\"></span> <span class=\"_ _240\"> </span>38<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3<span class=\"_ _421\"> </span>Changes that relate to cur<span class=\"_ _2\"></span>rent ser<span class=\"_ _3\"></span>vice<span class=\"_ _421\"> </span>CSM <span class=\"_ _3\"></span>recognised <span class=\"_ _3\"></span>for <span class=\"_ _3\"></span>services <span class=\"_ _3\"></span>provided <span class=\"_ _238\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _12e\"> </span>(3.7 <span class=\"_ _7\"></span>) <span class=\"_ _20a\"> </span>(3.7 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>Change in risk adjustment for non-financial risk for risk e<span class=\"_ _2\"></span>xpired <span class=\"_ _165\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _e9\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _12b\"> </span>(0.6 <span class=\"_ _31\"></span>) <span class=\"_ _ae\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _20a\"> </span>(0.6 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Experience a<span class=\"_ _3\"></span>djustments <span class=\"_ _22\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _56\"> </span>2.1  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _96\"> </span>2.1<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l chan<span class=\"_ _3\"></span>ges t<span class=\"_ _3\"></span>hat re<span class=\"_ _3\"></span>late to cu<span class=\"_ _3\"></span>rrent s<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _94\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _1a1\"> </span>2<span class=\"_ _3\"></span>.1 <span class=\"_ _a\"></span> <span class=\"_ _5b\"> </span>(0<span class=\"_ _3\"></span>.6 <span class=\"_ _31\"></span>) <span class=\"_ _2d\"> </span>(<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>.7 <span class=\"_ _f\"></span>) <span class=\"_ _2d\"> </span>(<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Changes that relate to future<span class=\"_ _2\"></span> ser<span class=\"_ _3\"></span>vice<span class=\"_ _421\"> </span>Contracts <span class=\"_ _3\"></span>initially <span class=\"_ _3\"></span>recognised <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>period <span class=\"_ _a4\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b7\"> </span>(2<span class=\"_ _3\"></span>.4 <span class=\"_ _7\"></span>) <span class=\"_ _12e\"> </span>0.4  <span class=\"_ _56\"> </span>2.1  <span class=\"_ _5a\"> </span>0.1<span class=\"_ _421\"> </span>Changes in estimates that adjust the CSM <span class=\"_ _1cb\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _7b\"> </span>(14<span class=\"_ _3\"></span>.8 <span class=\"_ _31\"></span>) <span class=\"_ _1a1\"> </span>5.1 <span class=\"_ _2\"></span> <span class=\"_ _57\"> </span>9.<span class=\"_ _2\"></span>7 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 Changes in estimates that result in losses or r<span class=\"_ _2\"></span>eversals of losses <span class=\"ls2\"> </span>on <span class=\"_ _3\"></span>onerous <span class=\"_ _3\"></span>underlying <span class=\"_ _3\"></span>contracts <span class=\"_ _1fd\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b1\"> </span>7<span class=\"_ _2\"></span>.9  <span class=\"_ _12b\"> </span>(4.9 <span class=\"_ _0\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _57\"> </span>3.0<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l chan<span class=\"_ _3\"></span>ges t<span class=\"_ _3\"></span>hat re<span class=\"_ _3\"></span>late to f<span class=\"_ _3\"></span>uture s<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _97\"> </span> <span class=\"_ _0\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _5b\"> </span>(<span class=\"_ _3\"></span>9.<span class=\"_ _3\"></span>3 <span class=\"_ _31\"></span>) <span class=\"_ _152\"> </span>0<span class=\"_ _3\"></span>.6 <span class=\"_ _a\"></span> <span class=\"_ _152\"> </span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.8 <span class=\"_ _2\"></span> <span class=\"_ _1a1\"> </span>3<span class=\"_ _3\"></span>.1<span class=\"_ _421\"> </span>Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>ser<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>resu<span class=\"_ _3\"></span>lt <span class=\"_ _d9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _20a\"> </span>(7.<span class=\"_ _3\"></span>2 <span class=\"_ _7\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _1a1\"> </span>8<span class=\"_ _3\"></span>.1  <span class=\"_ _179\"> </span>0.<span class=\"_ _3\"></span>9<span class=\"_ _421\"> </span>Net finance expenses f<span class=\"_ _3\"></span>rom insurance contr<span class=\"_ _2\"></span>acts <span class=\"_ _152\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _14b\"> </span>(90.3 <span class=\"_ _7\"></span>) <span class=\"_ _c2\"> </span>(0.8 <span class=\"_ _7\"></span>) <span class=\"_ _10e\"> </span>0.1 <span class=\"_ _a\"></span> <span class=\"_ _2d\"> </span>(91.0 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Effect <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>movements <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>exchange <span class=\"_ _3\"></span>rat<span class=\"_ _2\"></span>es <span class=\"_ _151\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14e\"> </span>22<span class=\"_ _3\"></span>.6  <span class=\"_ _10e\"> </span>0.2  <span class=\"_ _5a\"> </span>1.0  <span class=\"_ _114\"> </span>23.<span class=\"_ _3\"></span>8<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l amou<span class=\"_ _3\"></span>nts r<span class=\"_ _3\"></span>eco<span class=\"_ _3\"></span>gnis<span class=\"_ _3\"></span>ed in c<span class=\"_ _3\"></span>omp<span class=\"_ _3\"></span>rehe<span class=\"_ _3\"></span>nsi<span class=\"_ _3\"></span>ve inc<span class=\"_ _3\"></span>ome <span class=\"_ _6d\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _15c\"> </span>(74<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9 <span class=\"_ _f\"></span>) <span class=\"_ _11b\"> </span>(0<span class=\"_ _3\"></span>.6 <span class=\"_ _31\"></span>) <span class=\"_ _20a\"> </span>9<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2 <span class=\"_ _a\"></span> <span class=\"_ _15c\"> </span>(6<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Cash flows<span class=\"_ _421\"> </span>Pr<span class=\"_ _2\"></span>emiums <span class=\"_ _3\"></span>received <span class=\"_ _236\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _152\"> </span>32.5  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _152\"> </span>32.5<span class=\"_ _421\"> </span>Claims and other directly attributable e<span class=\"_ _2\"></span>xpenses paid <span class=\"_ _2e\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _150\"> </span>(69.9 <span class=\"_ _31\"></span>) <span class=\"_ _15b\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _b9\"> </span>\u2013  <span class=\"_ _150\"> </span>(69.9 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Acquisitions <span class=\"_ _22d\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14e\"> </span>1<span class=\"_ _3\"></span>81.1  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _152\"> </span>181.1<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ash <span class=\"_ _4\"></span>flo<span class=\"_ _3\"></span>ws <span class=\"_ _1a4\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _28\"> </span>14<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>.7  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _28\"> </span>14<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>.7<span class=\"_ _421\"> </span>Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce con<span class=\"_ _3\"></span>trac<span class=\"_ _3\"></span>t li<span class=\"_ _3\"></span>abili<span class=\"_ _3\"></span>tie<span class=\"_ _3\"></span>s as at 3<span class=\"_ _3\"></span>1 Dec<span class=\"_ _3\"></span>emb<span class=\"_ _3\"></span>er 20<span class=\"_ _3\"></span>22 <span class=\"_ _128\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _2a\"> </span>4<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>9.<span class=\"_ _3\"></span>3 <span class=\"_ _a\"></span> <span class=\"_ _179\"> </span>3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2 <span class=\"_ _a\"></span> <span class=\"_ _5b\"> </span>2<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2 <span class=\"_ _a\"></span> <span class=\"_ _240\"> </span>46<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>.7<span class=\"_ _421\"> </span>The contracts initially recognised in the period relates to the acquisition <span class=\"_ _2\"></span>of Robein in 2022. <span class=\"_ _18\"> </span>(c) <span class=\"_ _4\"></span>Reinsurance contract balances \u2013 analysis b<span class=\"_ _2\"></span>y r<span class=\"_ _2\"></span>emaining cover<span class=\"_ _2\"></span>age and incur<span class=\"_ _a\"></span>red claims <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _39\"> </span>Assets <span class=\"_ _4\"></span>for<span class=\"_ _2\"></span>  <span class=\"_ _39\"> </span>Asset<span class=\"_ _3\"></span>s<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>for <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _6c\"> </span>remaining  <span class=\"_ _33\"> </span>incurred <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1f9\"> </span>cover<span class=\"_ _3\"></span>age  <span class=\"_ _210\"> </span>cl<span class=\"_ _3\"></span>aims  <span class=\"_ _46\"> </span>T<span class=\"_ _a\"></span>o<span class=\"_ _3\"></span>tal <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Rei<span class=\"_ _3\"></span>nsur<span class=\"_ _3\"></span>ance c<span class=\"_ _3\"></span>ontr<span class=\"_ _3\"></span>ac<span class=\"_ _3\"></span>t ass<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>s as at 1 J<span class=\"_ _3\"></span>anua<span class=\"_ _3\"></span>ry 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>3 <span class=\"_ _be\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _57\"> </span>1.<span class=\"_ _3\"></span>6 <span class=\"_ _a\"></span> <span class=\"_ _57\"> </span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9 <span class=\"_ _a\"></span> <span class=\"_ _179\"> </span>3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5<span class=\"_ _421\"> </span>Reinsurance expenses \u2013 allocation of r<span class=\"_ _2\"></span>einsurance premiums paid <span class=\"_ _e7\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _20a\"> </span>(3.0 <span class=\"_ _31\"></span>) <span class=\"_ _ae\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _12b\"> </span>(3.0 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Amount<span class=\"_ _3\"></span>s recoverable from reinsurers<span class=\"_ _421\"> </span>Recov<span class=\"_ _2\"></span>eries of incurred claims and other directly at<span class=\"_ _2\"></span>tributable expenses <span class=\"_ _123\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _fe\"> </span>3.4<span class=\"_ _3\"></span> <span class=\"_ _2\"></span> <span class=\"_ _10e\"> </span>3.4<span class=\"_ _421\"> </span>Ne<span class=\"_ _3\"></span>t <span class=\"_ _3\"></span>(expe<span class=\"_ _3\"></span>nse<span class=\"_ _3\"></span>s)/inc<span class=\"_ _3\"></span>ome <span class=\"_ _4\"></span>from <span class=\"_ _4\"></span>re<span class=\"_ _3\"></span>insu<span class=\"_ _3\"></span>ranc<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ontra<span class=\"_ _3\"></span>ct<span class=\"_ _3\"></span>s <span class=\"_ _4\"></span>hel<span class=\"_ _3\"></span>d <span class=\"_ _0\"></span> <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _114\"> </span>(<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>.0 <span class=\"_ _7\"></span>) <span class=\"_ _1b7\"> </span>3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4  <span class=\"_ _12e\"> </span>0.<span class=\"_ _3\"></span>4<span class=\"_ _421\"> </span>Net <span class=\"_ _3\"></span>finance <span class=\"_ _3\"></span>expenses <span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>rom <span class=\"_ _3\"></span>reinsuranc<span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>contracts <span class=\"_ _119\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5a\"> </span>0.1  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _5a\"> </span>0.1<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>mount<span class=\"_ _3\"></span>s <span class=\"_ _4\"></span>rec<span class=\"_ _3\"></span>ogni<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>in <span class=\"_ _4\"></span>co<span class=\"_ _3\"></span>mpre<span class=\"_ _3\"></span>hen<span class=\"_ _3\"></span>sive <span class=\"_ _4\"></span>in<span class=\"_ _3\"></span>come <span class=\"_ _146\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _114\"> </span>(<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9 <span class=\"_ _7\"></span>) <span class=\"_ _12b\"> </span>3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4  <span class=\"_ _179\"> </span>0.<span class=\"_ _4\"></span>5<span class=\"_ _421\"> </span>Cash flows<span class=\"_ _421\"> </span>Pr<span class=\"_ _2\"></span>emiums <span class=\"_ _3\"></span>paid <span class=\"_ _1eb\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5a\"> </span>4.1  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _5a\"> </span>4.1<span class=\"_ _421\"> </span>Recov<span class=\"_ _2\"></span>eries <span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>rom <span class=\"_ _3\"></span>reinsurance contracts <span class=\"_ _3\"></span>held <span class=\"_ _1d0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _12e\"> </span>(3.7 <span class=\"_ _0\"></span>) <span class=\"_ _20a\"> </span>(3.7 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ash <span class=\"_ _4\"></span>flo<span class=\"_ _3\"></span>ws <span class=\"_ _1a4\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1a1\"> </span>4<span class=\"_ _3\"></span>.1  <span class=\"_ _152\"> </span>(<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>.7 <span class=\"_ _7\"></span>) <span class=\"_ _152\"> </span>0<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4<span class=\"_ _421\"> </span>Rei<span class=\"_ _3\"></span>nsur<span class=\"_ _3\"></span>ance c<span class=\"_ _3\"></span>ontr<span class=\"_ _3\"></span>ac<span class=\"_ _3\"></span>t ass<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>s as at 3<span class=\"_ _3\"></span>1 De<span class=\"_ _3\"></span>cemb<span class=\"_ _3\"></span>er 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>3 <span class=\"_ _92\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _12e\"> </span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8 <span class=\"_ _2\"></span> <span class=\"_ _57\"> </span>1<span class=\"_ _3\"></span>.6 <span class=\"_ _a\"></span> <span class=\"_ _1b7\"> </span>4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4<span class=\"_ _421\"> </span><span class=\"ff65 ls3 ws2\">CHES<span class=\"_ _277\"></span>NAR<span class=\"_ _277\"></span>A<span class=\"_ _278\"></span>AN<span class=\"_ _283\"></span>NUAL<span class=\"_ _379\"></span>REPO<span class=\"_ _279\"></span>RT<span class=\"_ _278\"></span>AND<span class=\"_ _3b0\"></span>ACCOUNT<span class=\"_ _279\"></span>S<span class=\"_ _27b\"></span>20<span class=\"_ _2b5\"></span>23</span><span class=\"_ _3e5\"></span>223<span class=\"_ _421\"> </span><div class=\"t m0 h4 ff67 fs2 fc1 sc0 lsc3 ws82 gs1eb\">IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS<span class=\"_ _421\"> </span></div><div class=\"t m0 h9 ff68 fs8 fc2 sc0 ls18f ws2 gs1ec\">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<span class=\"_ _421\"> </span></div><div class=\"t m0 hf ff61 fsc fc2 sc0 ls37 ws2 gs1ed\">SECTION F \u2013 INSURANCE AND REINSURANCE CONTRA<span class=\"_ _2\"></span>CTS</div><div class=\"t m0 h11 ff63 fsd fc2 sc0 ls2 ws2 gs1ee\"> <span class=\"_ _74\"> </span>F4 <span class=\"_ _4\"></span>Insurance and r<span class=\"_ _2\"></span>einsurance contr<span class=\"_ _2\"></span>acts \u2013 quantitative analysis of r<span class=\"_ _2\"></span>ecognised amounts \u2013 <span class=\"_ _0\"></span>W<span class=\"_ _a\"></span>aard Group (continued)</div><div class=\"t m0 h11 ff63 fsd fc1 sc0 ls2 ws2 gs297\"> <span class=\"_ _18\"> </span>(c) <span class=\"_ _4\"></span>Reinsurance contract balances \u2013 analysis b<span class=\"_ _2\"></span>y r<span class=\"_ _2\"></span>emaining cover<span class=\"_ _2\"></span>age and incur<span class=\"_ _a\"></span>red claims (continued)</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lscd ws1f1 gs4bf\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _39\"> </span>Assets <span class=\"_ _4\"></span>for<span class=\"_ _2\"></span>  <span class=\"_ _39\"> </span>Asset<span class=\"_ _3\"></span>s <span class=\"_ _3\"></span>for</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lsd9 ws1bb gs4fd\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _6c\"> </span>remaining  <span class=\"_ _33\"> </span>incurred</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs52e\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1f9\"> </span>cover<span class=\"_ _3\"></span>age  <span class=\"_ _210\"> </span>cl<span class=\"_ _3\"></span>aims  <span class=\"_ _46\"> </span>T<span class=\"_ _a\"></span>o<span class=\"_ _3\"></span>tal</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls190 ws1e0 gs52f\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls2 ws2 gs4c3\">Rei<span class=\"_ _3\"></span>nsur<span class=\"_ _3\"></span>ance c<span class=\"_ _3\"></span>ontr<span class=\"_ _3\"></span>ac<span class=\"_ _3\"></span>t ass<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>s as at 1 J<span class=\"_ _3\"></span>anua<span class=\"_ _3\"></span>ry 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2 <span class=\"_ _be\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _8f\"> </span>3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span> <span class=\"_ _a\"></span> <span class=\"_ _8f\"> </span>2<span class=\"_ _3\"></span>.<span class=\"_ _4\"></span>2 <span class=\"_ _a\"></span> <span class=\"_ _10f\"> </span>5<span class=\"_ _3\"></span>.7<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws2 gs530\">Reinsurance expenses \u2013 allocation of r<span class=\"_ _2\"></span>einsurance premiums paid <span class=\"_ _e7\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _1b7\"> </span>(5.5 <span class=\"_ _31\"></span>) <span class=\"_ _15b\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _165\"> </span>(5.5 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lsd9 ws1bc gs4c5\">Amount<span class=\"_ _3\"></span>s recoverable from reinsurers<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 ls4b ws2 gs531\">Recov<span class=\"_ _2\"></span>eries of incurred claims and other directly at<span class=\"_ _2\"></span>tributable expenses <span class=\"_ _123\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _10e\"> </span>3.<span class=\"_ _3\"></span>9 <span class=\"_ _2\"></span> <span class=\"_ _57\"> </span>3.9<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs532\">Ne<span class=\"_ _3\"></span>t <span class=\"_ _3\"></span>(expe<span class=\"_ _3\"></span>nse<span class=\"_ _3\"></span>s)/inc<span class=\"_ _3\"></span>ome <span class=\"_ _4\"></span>from <span class=\"_ _4\"></span>re<span class=\"_ _3\"></span>insu<span class=\"_ _3\"></span>ranc<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ontra<span class=\"_ _3\"></span>ct<span class=\"_ _3\"></span>s <span class=\"_ _4\"></span>hel<span class=\"_ _3\"></span>d <span class=\"_ _0\"></span> <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14e\"> </span>(5<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5 <span class=\"_ _0\"></span>) <span class=\"_ _1b7\"> </span>3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9  <span class=\"_ _165\"> </span>(<span class=\"_ _3\"></span>1.<span class=\"_ _3\"></span>6 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs533\">Net <span class=\"_ _3\"></span>finance <span class=\"_ _3\"></span>expenses <span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>rom <span class=\"_ _3\"></span>reinsuranc<span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>contracts <span class=\"_ _119\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b7\"> </span>(0.3 <span class=\"_ _0\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _165\"> </span>(0.3 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs534\">Effect <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>movements <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>exchange <span class=\"_ _3\"></span>rat<span class=\"_ _2\"></span>es <span class=\"_ _151\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _20b\"> </span>0.1  <span class=\"_ _5a\"> </span>0.1  <span class=\"_ _10e\"> </span>0.2<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs535\">T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>mount<span class=\"_ _3\"></span>s <span class=\"_ _4\"></span>rec<span class=\"_ _3\"></span>ogni<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>in <span class=\"_ _4\"></span>co<span class=\"_ _3\"></span>mpre<span class=\"_ _3\"></span>hen<span class=\"_ _3\"></span>sive <span class=\"_ _4\"></span>in<span class=\"_ _3\"></span>come <span class=\"_ _146\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _152\"> </span>(5<span class=\"_ _3\"></span>.7 <span class=\"_ _7\"></span>) <span class=\"_ _20a\"> </span>4<span class=\"_ _3\"></span>.0  <span class=\"_ _12e\"> </span>(<span class=\"_ _3\"></span>1.7 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls56 ws152 gs536\">Cash flows<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs537\">Pr<span class=\"_ _2\"></span>emiums <span class=\"_ _3\"></span>paid <span class=\"_ _1eb\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _57\"> </span>3.8  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _57\"> </span>3.8<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs538\">Recov<span class=\"_ _2\"></span>eries <span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>rom <span class=\"_ _3\"></span>reinsurance contracts <span class=\"_ _3\"></span>held <span class=\"_ _1d0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _165\"> </span>(4.3 <span class=\"_ _7\"></span>) <span class=\"_ _152\"> </span>(4.3 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs539\">T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ash <span class=\"_ _4\"></span>flo<span class=\"_ _3\"></span>ws <span class=\"_ _1a4\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _179\"> </span>3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8  <span class=\"_ _114\"> </span>(4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3 <span class=\"_ _7\"></span>) <span class=\"_ _f0\"> </span>(0<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls2 ws2 gs53a\">Rei<span class=\"_ _3\"></span>nsur<span class=\"_ _3\"></span>ance c<span class=\"_ _3\"></span>ontr<span class=\"_ _3\"></span>ac<span class=\"_ _3\"></span>t ass<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>s as at 3<span class=\"_ _3\"></span>1 De<span class=\"_ _3\"></span>cemb<span class=\"_ _3\"></span>er 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2 <span class=\"_ _92\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _57\"> </span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>6 <span class=\"_ _a\"></span> <span class=\"_ _57\"> </span>1.<span class=\"_ _3\"></span>9 <span class=\"_ _2\"></span> <span class=\"_ _8f\"> </span>3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs2aa\">F<span class=\"_ _2\"></span>or the <span class=\"_ _0\"></span>Waard Group, the full retrospectiv<span class=\"_ _2\"></span>e approach at transition has been applied to all reinsurance contracts.</div><div class=\"t m0 h11 ff63 fsd fc1 sc0 ls2 ws2 gs53b\"> <span class=\"_ _e\"> </span>(d) <span class=\"_ _3\"></span>Reinsurance contract balances \u2013 analysis b<span class=\"_ _2\"></span>y measurement component \u2013 contr<span class=\"_ _2\"></span>acts not measur<span class=\"_ _2\"></span>ed under P<span class=\"_ _a\"></span>AA</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs53c\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _e\"> </span>Pr<span class=\"_ _3\"></span>ese<span class=\"_ _3\"></span>nt <span class=\"_ _4\"></span>valu<span class=\"_ _3\"></span>e  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  </div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs53d\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _127\"> </span>o<span class=\"_ _3\"></span>f <span class=\"_ _3\"></span>fu<span class=\"_ _3\"></span>ture  <span class=\"_ _11b\"> </span>Risk  <span class=\"_ _156\"> </span>  </div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs53e\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _185\"> </span>ca<span class=\"_ _3\"></span>sh <span class=\"_ _4\"></span>flows  <span class=\"_ _146\"> </span>ad<span class=\"_ _3\"></span>jus<span class=\"_ _3\"></span>tme<span class=\"_ _3\"></span>nt  <span class=\"_ _44\"> </span>C<span class=\"_ _3\"></span>SM  <span class=\"_ _46\"> </span>T<span class=\"_ _a\"></span>o<span class=\"_ _3\"></span>tal</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls190 ws1e0 gs53f\"> <span class=\"_ _19e\"> </span> <span class=\"_ _3\"></span> <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws2 gs540\">Rei<span class=\"_ _3\"></span>nsur<span class=\"_ _3\"></span>ance c<span class=\"_ _3\"></span>ontr<span class=\"_ _3\"></span>ac<span class=\"_ _3\"></span>t ass<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>s as at 1 J<span class=\"_ _3\"></span>anua<span class=\"_ _3\"></span>ry 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>3 <span class=\"_ _5d\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _8f\"> </span>3<span class=\"_ _3\"></span>.6 <span class=\"_ _a\"></span> <span class=\"_ _12e\"> </span>0.<span class=\"_ _4\"></span>5 <span class=\"_ _a\"></span> <span class=\"_ _c2\"> </span>(<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>6 <span class=\"_ _f\"></span>) <span class=\"_ _1b7\"> </span>3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lsd9 ws1bc gs541\">Changes that relate to cur<span class=\"_ _2\"></span>rent ser<span class=\"_ _3\"></span>vice<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs542\">CSM <span class=\"_ _3\"></span>recognised <span class=\"_ _3\"></span>for <span class=\"_ _3\"></span>services <span class=\"_ _3\"></span>received <span class=\"_ _8e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _1a1\"> </span>2<span class=\"_ _3\"></span>.2  <span class=\"_ _1a1\"> </span>2.<span class=\"_ _3\"></span>2<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws2 gs543\">Change in risk adjustment for non-financial risk for risk e<span class=\"_ _2\"></span>xpired <span class=\"_ _165\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _e9\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _12b\"> </span>(0.2 <span class=\"_ _7\"></span>) <span class=\"_ _ae\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _12b\"> </span>(0.2 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs544\">Experience a<span class=\"_ _3\"></span>djustments <span class=\"_ _22\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _20a\"> </span>(0.8 <span class=\"_ _0\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _12b\"> </span>(0.8 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws2 gs545\">T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l chan<span class=\"_ _3\"></span>ges t<span class=\"_ _3\"></span>hat re<span class=\"_ _3\"></span>late to cu<span class=\"_ _3\"></span>rrent s<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _94\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _c2\"> </span>(0<span class=\"_ _3\"></span>.8 <span class=\"_ _31\"></span>) <span class=\"_ _11b\"> </span>(0<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2 <span class=\"_ _f\"></span>) <span class=\"_ _1b7\"> </span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2 <span class=\"_ _a\"></span> <span class=\"_ _57\"> </span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lsd9 ws1bc gs546\">Changes that relate to future<span class=\"_ _2\"></span> ser<span class=\"_ _3\"></span>vice<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws2 gs547\">Changes in estimates that adjust the CSM <span class=\"_ _1cb\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _12b\"> </span>(0.2 <span class=\"_ _31\"></span>) <span class=\"_ _165\"> </span>(0.1 <span class=\"_ _31\"></span>) <span class=\"_ _12e\"> </span>0.3 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws2 gs548\">CSM adjustment for income on initial rec<span class=\"_ _2\"></span>ognition of onerous underlying contracts <span class=\"_ _1c0\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _152\"> </span>(0.8 <span class=\"_ _31\"></span>) <span class=\"_ _5b\"> </span>(0.8 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws2 gs549\">T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l chan<span class=\"_ _3\"></span>ges t<span class=\"_ _3\"></span>hat re<span class=\"_ _3\"></span>late to f<span class=\"_ _3\"></span>uture s<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _97\"> </span> <span class=\"_ _0\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _5b\"> </span>(0.<span class=\"_ _4\"></span>2 <span class=\"_ _f\"></span>) <span class=\"_ _14e\"> </span>(0.1 <span class=\"_ _31\"></span>) <span class=\"_ _11b\"> </span>(0.<span class=\"_ _3\"></span>5 <span class=\"_ _31\"></span>) <span class=\"_ _7b\"> </span>(0.<span class=\"_ _3\"></span>8 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws2 gs54a\">Ne<span class=\"_ _3\"></span>t (expen<span class=\"_ _3\"></span>se)/<span class=\"_ _3\"></span>inco<span class=\"_ _3\"></span>me fro<span class=\"_ _3\"></span>m rein<span class=\"_ _3\"></span>sur<span class=\"_ _3\"></span>ance c<span class=\"_ _3\"></span>ontra<span class=\"_ _3\"></span>ct<span class=\"_ _3\"></span>s he<span class=\"_ _3\"></span>ld <span class=\"_ _4\"></span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _20a\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.0 <span class=\"_ _31\"></span>) <span class=\"_ _7b\"> </span>(<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>3 <span class=\"_ _31\"></span>) <span class=\"_ _10f\"> </span>1<span class=\"_ _3\"></span>.7 <span class=\"_ _0\"></span> <span class=\"_ _165\"> </span>0.<span class=\"_ _3\"></span>4<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs54b\">Net <span class=\"_ _3\"></span>finance <span class=\"_ _3\"></span>income <span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>rom <span class=\"_ _3\"></span>reinsurance <span class=\"_ _3\"></span>contracts <span class=\"_ _3\"></span>held <span class=\"_ _1c3\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5a\"> </span>0.1  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _5a\"> </span>0.1<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws2 gs54c\">T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l amou<span class=\"_ _3\"></span>nts r<span class=\"_ _3\"></span>eco<span class=\"_ _3\"></span>gnis<span class=\"_ _3\"></span>ed in c<span class=\"_ _3\"></span>omp<span class=\"_ _3\"></span>rehe<span class=\"_ _3\"></span>nsi<span class=\"_ _3\"></span>ve inc<span class=\"_ _3\"></span>ome <span class=\"_ _6d\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _5b\"> </span>(0.<span class=\"_ _3\"></span>9 <span class=\"_ _31\"></span>) <span class=\"_ _7b\"> </span>(0<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3 <span class=\"_ _31\"></span>) <span class=\"_ _179\"> </span>1<span class=\"_ _3\"></span>.7 <span class=\"_ _a\"></span> <span class=\"_ _12e\"> </span>0.<span class=\"_ _4\"></span>5<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls56 ws152 gs54d\">Cash flows<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs54e\">Pr<span class=\"_ _2\"></span>emiums <span class=\"_ _3\"></span>paid <span class=\"_ _1eb\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5a\"> </span>4.1  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _5a\"> </span>4.1<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs54f\">Recov<span class=\"_ _2\"></span>eries <span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>rom <span class=\"_ _3\"></span>reinsurance contracts <span class=\"_ _3\"></span>held <span class=\"_ _1d0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12e\"> </span>(3.7 <span class=\"_ _0\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _12e\"> </span>(3.7 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs550\">T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ash <span class=\"_ _4\"></span>flo<span class=\"_ _3\"></span>ws <span class=\"_ _1a4\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12e\"> </span>0.<span class=\"_ _3\"></span>4  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _12e\"> </span>0<span class=\"_ _3\"></span>.4<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws2 gs551\">Rei<span class=\"_ _3\"></span>nsur<span class=\"_ _3\"></span>ance c<span class=\"_ _3\"></span>ontr<span class=\"_ _3\"></span>ac<span class=\"_ _3\"></span>t ass<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>s as at 3<span class=\"_ _3\"></span>1 De<span class=\"_ _3\"></span>cemb<span class=\"_ _3\"></span>er 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>3 <span class=\"_ _146\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _1a1\"> </span>3<span class=\"_ _3\"></span>.1 <span class=\"_ _a\"></span> <span class=\"_ _12e\"> </span>0.<span class=\"_ _3\"></span>2 <span class=\"_ _2\"></span> <span class=\"_ _20b\"> </span>1<span class=\"_ _3\"></span>.1 <span class=\"_ _a\"></span> <span class=\"_ _1b7\"> </span>4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff62 fs1 fc1 sc0 ls4b ws35 gs223\">224<span class=\"_ _74\"> </span><span class=\"ff67 ls3 ws2\">CHES<span class=\"_ _3\"></span>NAR<span class=\"_ _3\"></span>A A<span class=\"_ _3\"></span>NNUAL REPO<span class=\"_ _3\"></span>RT AND <span class=\"_ _3\"></span>ACCOUN<span class=\"_ _3\"></span>TS 202<span class=\"_ _2\"></span>3<span class=\"_ _421\"> </span></span></div>IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _e\"> </span>Pr<span class=\"_ _3\"></span>ese<span class=\"_ _3\"></span>nt <span class=\"_ _4\"></span>valu<span class=\"_ _3\"></span>e  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _127\"> </span>o<span class=\"_ _3\"></span>f <span class=\"_ _3\"></span>fu<span class=\"_ _3\"></span>ture  <span class=\"_ _11b\"> </span>Risk  <span class=\"_ _156\"> </span>   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _185\"> </span>ca<span class=\"_ _3\"></span>sh <span class=\"_ _4\"></span>flows  <span class=\"_ _146\"> </span>ad<span class=\"_ _3\"></span>jus<span class=\"_ _3\"></span>tme<span class=\"_ _3\"></span>nt  <span class=\"_ _44\"> </span>C<span class=\"_ _3\"></span>SM  <span class=\"_ _46\"> </span>T<span class=\"_ _a\"></span>o<span class=\"_ _3\"></span>tal <span class=\"_ _19e\"> </span> <span class=\"_ _3\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Rei<span class=\"_ _3\"></span>nsur<span class=\"_ _3\"></span>ance c<span class=\"_ _3\"></span>ontr<span class=\"_ _3\"></span>ac<span class=\"_ _3\"></span>t ass<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>s as at 1 J<span class=\"_ _3\"></span>anua<span class=\"_ _3\"></span>ry 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2 <span class=\"_ _5d\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _165\"> </span>4<span class=\"_ _3\"></span>.6 <span class=\"_ _a\"></span> <span class=\"_ _12e\"> </span>0.<span class=\"_ _3\"></span>8 <span class=\"_ _a\"></span> <span class=\"_ _12e\"> </span>0.<span class=\"_ _3\"></span>3 <span class=\"_ _a\"></span> <span class=\"_ _10f\"> </span>5<span class=\"_ _3\"></span>.7<span class=\"_ _421\"> </span>Changes that relate to cur<span class=\"_ _2\"></span>rent ser<span class=\"_ _3\"></span>vice<span class=\"_ _421\"> </span>CSM <span class=\"_ _3\"></span>recognised <span class=\"_ _3\"></span>for <span class=\"_ _3\"></span>services <span class=\"_ _3\"></span>received <span class=\"_ _8e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _1b7\"> </span>(0.9 <span class=\"_ _7\"></span>) <span class=\"_ _14e\"> </span>(0.9 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Change in risk adjustment for non-financial risk for risk e<span class=\"_ _2\"></span>xpired <span class=\"_ _165\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _e9\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _12b\"> </span>(0.2 <span class=\"_ _7\"></span>) <span class=\"_ _ae\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _12b\"> </span>(0.2 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Experience a<span class=\"_ _3\"></span>djustments <span class=\"_ _22\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b7\"> </span>(0.5 <span class=\"_ _0\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _165\"> </span>(0.5 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l chan<span class=\"_ _3\"></span>ges t<span class=\"_ _3\"></span>hat re<span class=\"_ _3\"></span>late to cu<span class=\"_ _3\"></span>rrent s<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _94\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _5b\"> </span>(0.<span class=\"_ _4\"></span>5 <span class=\"_ _f\"></span>) <span class=\"_ _11b\"> </span>(0<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2 <span class=\"_ _31\"></span>) <span class=\"_ _7b\"> </span>(0<span class=\"_ _3\"></span>.9 <span class=\"_ _31\"></span>) <span class=\"_ _5b\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.6 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Ne<span class=\"_ _3\"></span>t (expen<span class=\"_ _3\"></span>se)/<span class=\"_ _3\"></span>inco<span class=\"_ _3\"></span>me fro<span class=\"_ _3\"></span>m rein<span class=\"_ _3\"></span>sur<span class=\"_ _3\"></span>ance c<span class=\"_ _3\"></span>ontra<span class=\"_ _3\"></span>ct<span class=\"_ _3\"></span>s he<span class=\"_ _3\"></span>ld <span class=\"_ _4\"></span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _5b\"> </span>(0.<span class=\"_ _4\"></span>5 <span class=\"_ _f\"></span>) <span class=\"_ _11b\"> </span>(<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>2 <span class=\"_ _31\"></span>) <span class=\"_ _7b\"> </span>(0<span class=\"_ _3\"></span>.9 <span class=\"_ _31\"></span>) <span class=\"_ _5b\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.6 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Net finance income f<span class=\"_ _3\"></span>rom reinsurance contr<span class=\"_ _2\"></span>acts held <span class=\"_ _33\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _12b\"> </span>(0.2 <span class=\"_ _31\"></span>) <span class=\"_ _165\"> </span>(0.1 <span class=\"_ _31\"></span>) <span class=\"_ _ae\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _20a\"> </span>(0.3 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Effect <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>movements <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>exchange <span class=\"_ _3\"></span>rat<span class=\"_ _2\"></span>es <span class=\"_ _151\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _57\"> </span>0.2  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _57\"> </span>0.2<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l amou<span class=\"_ _3\"></span>nts r<span class=\"_ _3\"></span>eco<span class=\"_ _3\"></span>gnis<span class=\"_ _3\"></span>ed in c<span class=\"_ _3\"></span>omp<span class=\"_ _3\"></span>rehe<span class=\"_ _3\"></span>nsi<span class=\"_ _3\"></span>ve inc<span class=\"_ _3\"></span>ome <span class=\"_ _6d\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _5b\"> </span>(0.<span class=\"_ _4\"></span>5 <span class=\"_ _f\"></span>) <span class=\"_ _11b\"> </span>(0<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3 <span class=\"_ _31\"></span>) <span class=\"_ _7b\"> </span>(0<span class=\"_ _3\"></span>.9 <span class=\"_ _31\"></span>) <span class=\"_ _14e\"> </span>(1<span class=\"_ _3\"></span>.7 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Cash flows<span class=\"_ _421\"> </span>Pr<span class=\"_ _2\"></span>emiums <span class=\"_ _3\"></span>paid <span class=\"_ _1eb\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _57\"> </span>3.8  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _57\"> </span>3.8<span class=\"_ _421\"> </span>Recov<span class=\"_ _2\"></span>eries <span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>rom <span class=\"_ _3\"></span>reinsurance contracts <span class=\"_ _3\"></span>held <span class=\"_ _1d0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>(4.3 <span class=\"_ _7\"></span>) <span class=\"_ _97\"> </span>\u2013  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _165\"> </span>(4.3 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ash <span class=\"_ _4\"></span>flo<span class=\"_ _3\"></span>ws <span class=\"_ _1a4\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _114\"> </span>(<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>5 <span class=\"_ _0\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _14e\"> </span>(0.<span class=\"_ _3\"></span>5 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>Rei<span class=\"_ _3\"></span>nsur<span class=\"_ _3\"></span>ance c<span class=\"_ _3\"></span>ontr<span class=\"_ _3\"></span>ac<span class=\"_ _3\"></span>t ass<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>s as at 3<span class=\"_ _3\"></span>1 De<span class=\"_ _3\"></span>cemb<span class=\"_ _3\"></span>er 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2 <span class=\"_ _146\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _8f\"> </span>3<span class=\"_ _3\"></span>.6 <span class=\"_ _a\"></span> <span class=\"_ _12e\"> </span>0<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5 <span class=\"_ _a\"></span> <span class=\"_ _5b\"> </span>(0.6 <span class=\"_ _31\"></span>) <span class=\"_ _12b\"> </span>3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5  (e) <span class=\"_ _3\"></span>Insurance contracts r<span class=\"_ _2\"></span>ecognised in the per<span class=\"_ _2\"></span>iod<span class=\"_ _421\"> </span>In the tables that follo<span class=\"_ _2\"></span>w<span class=\"_ _a\"></span>, all insurance and reinsurance contracts recognised in 2023 are in respect of the Conservatrix acquisition. <span class=\"_ _a\"></span>See Note I8 for further details. F<span class=\"_ _2\"></span>or 2022, all insurance and reinsurance contracts recognised are from the Robein acquisition.<span class=\"_ _421\"> </span>Y<span class=\"_ _2\"></span>ea<span class=\"_ _3\"></span>r Ende<span class=\"_ _3\"></span>d 31 D<span class=\"_ _3\"></span>ece<span class=\"_ _3\"></span>mbe<span class=\"_ _3\"></span>r 20<span class=\"_ _3\"></span>23 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _d\"> </span>Non<span class=\"_ _3\"></span>-onerous  <span class=\"_ _1e2\"> </span>O<span class=\"_ _3\"></span>nerous   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1c7\"> </span>contrac<span class=\"_ _3\"></span>ts  <span class=\"_ _1c7\"> </span>contract<span class=\"_ _3\"></span>s  <span class=\"_ _28\"> </span>T<span class=\"_ _a\"></span>otal <span class=\"_ _19e\"> </span> <span class=\"_ _3\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _12e\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m<span class=\"_ _421\"> </span>Es<span class=\"_ _3\"></span>tima<span class=\"_ _3\"></span>tes o<span class=\"_ _3\"></span>f the pr<span class=\"_ _3\"></span>ese<span class=\"_ _3\"></span>nt va<span class=\"_ _3\"></span>lue of f<span class=\"_ _3\"></span>utur<span class=\"_ _3\"></span>e cas<span class=\"_ _3\"></span>h infl<span class=\"_ _3\"></span>ows <span class=\"_ _32\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _153\"> </span>(<span class=\"_ _3\"></span>34<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>.6 <span class=\"_ _31\"></span>) <span class=\"_ _e6\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _9d\"> </span>(3<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>6.<span class=\"_ _3\"></span>6 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Es<span class=\"_ _3\"></span>tima<span class=\"_ _3\"></span>tes o<span class=\"_ _3\"></span>f the pr<span class=\"_ _3\"></span>ese<span class=\"_ _3\"></span>nt va<span class=\"_ _3\"></span>lue of f<span class=\"_ _3\"></span>utur<span class=\"_ _3\"></span>e cas<span class=\"_ _3\"></span>h out<span class=\"_ _3\"></span>flow<span class=\"_ _3\"></span>s<span class=\"_ _421\"> </span>Claims <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>other <span class=\"_ _4\"></span>insurance <span class=\"_ _3\"></span>service <span class=\"_ _3\"></span>expenses <span class=\"_ _3\"></span>payable <span class=\"_ _13b\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _44\"> </span>294<span class=\"_ _3\"></span>.1  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _44\"> </span>294.1<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l es<span class=\"_ _3\"></span>timat<span class=\"_ _3\"></span>es of t<span class=\"_ _3\"></span>he pre<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>nt valu<span class=\"_ _3\"></span>e of fu<span class=\"_ _3\"></span>ture n<span class=\"_ _3\"></span>et ou<span class=\"_ _3\"></span>tflo<span class=\"_ _3\"></span>ws <span class=\"_ _1a1\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _28\"> </span>(52<span class=\"_ _4\"></span>.<span class=\"_ _3\"></span>5 <span class=\"_ _31\"></span>) <span class=\"_ _e6\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _e7\"> </span>(<span class=\"_ _3\"></span>52<span class=\"_ _3\"></span>.<span class=\"_ _4\"></span>5 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Risk <span class=\"_ _3\"></span>adjustment <span class=\"_ _3\"></span>for <span class=\"_ _3\"></span>non-<span class=\"_ _3\"></span>financial <span class=\"_ _3\"></span>risk <span class=\"_ _15a\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _10e\"> </span>6<span class=\"_ _3\"></span>.3  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _57\"> </span>6<span class=\"_ _3\"></span>.3<span class=\"_ _421\"> </span>CSM <span class=\"_ _1db\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _c2\"> </span>46.<span class=\"_ _3\"></span>2  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _c2\"> </span>46<span class=\"_ _3\"></span>.2<span class=\"_ _421\"> </span>Lo<span class=\"_ _3\"></span>sse<span class=\"_ _3\"></span>s <span class=\"_ _4\"></span>reco<span class=\"_ _3\"></span>gni<span class=\"_ _3\"></span>sed <span class=\"_ _4\"></span>on <span class=\"_ _4\"></span>ini<span class=\"_ _3\"></span>tial <span class=\"_ _4\"></span>re<span class=\"_ _3\"></span>cogn<span class=\"_ _3\"></span>itio<span class=\"_ _3\"></span>n <span class=\"_ _ad\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span><span class=\"ff65 ls3 ws2\">CHES<span class=\"_ _277\"></span>NAR<span class=\"_ _277\"></span>A<span class=\"_ _278\"></span>AN<span class=\"_ _277\"></span>NUAL<span class=\"_ _379\"></span>REPO<span class=\"_ _277\"></span>RT<span class=\"_ _27f\"></span>AND<span class=\"_ _3b0\"></span>ACCOUNT<span class=\"_ _27a\"></span>S<span class=\"_ _27b\"></span>20<span class=\"_ _2b5\"></span>23</span><span class=\"_ _3e7\"></span>225<span class=\"_ _421\"> </span><div class=\"t m0 h4 ff67 fs2 fc1 sc0 lsc3 ws82 gs93\">IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS<span class=\"_ _421\"> </span></div><div class=\"t m0 h9 ff68 fs8 fc2 sc0 ls18f ws2 gs94\">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<span class=\"_ _421\"> </span></div><div class=\"t m0 hf ff61 fsc fc2 sc0 ls37 ws2 gs95\">SECTION F \u2013 INSURANCE AND REINSURANCE CONTRA<span class=\"_ _2\"></span>CTS</div><div class=\"t m0 h11 ff63 fsd fc2 sc0 ls2 ws2 gs96\"> <span class=\"_ _74\"> </span>F4 <span class=\"_ _4\"></span>Insurance and r<span class=\"_ _2\"></span>einsurance contr<span class=\"_ _2\"></span>acts \u2013 quantitative analysis of r<span class=\"_ _2\"></span>ecognised amounts \u2013 <span class=\"_ _0\"></span>W<span class=\"_ _a\"></span>aard Group (continued)</div><div class=\"t m0 h11 ff63 fsd fc1 sc0 ls2 ws2 gs19d\">  (e) <span class=\"_ _3\"></span>Insurance contracts r<span class=\"_ _2\"></span>ecognised in the per<span class=\"_ _2\"></span>iod (continued)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws2 gs361\">Y<span class=\"_ _2\"></span>ea<span class=\"_ _3\"></span>r Ende<span class=\"_ _3\"></span>d 31 D<span class=\"_ _3\"></span>ece<span class=\"_ _3\"></span>mbe<span class=\"_ _3\"></span>r 20<span class=\"_ _3\"></span>22</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls9a ws1e4 gs362\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _d\"> </span>Non<span class=\"_ _3\"></span>-onerous  <span class=\"_ _1e2\"> </span>O<span class=\"_ _3\"></span>nerous  </div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls9a ws1e4 gs363\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1c7\"> </span>contrac<span class=\"_ _3\"></span>ts  <span class=\"_ _1c7\"> </span>contract<span class=\"_ _3\"></span>s  <span class=\"_ _28\"> </span>T<span class=\"_ _a\"></span>otal</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls190 ws1e0 gs364\"> <span class=\"_ _19e\"> </span> <span class=\"_ _3\"></span> <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws2 gs4e7\">Es<span class=\"_ _3\"></span>tima<span class=\"_ _3\"></span>tes o<span class=\"_ _3\"></span>f the pr<span class=\"_ _3\"></span>ese<span class=\"_ _3\"></span>nt va<span class=\"_ _3\"></span>lue of f<span class=\"_ _3\"></span>utur<span class=\"_ _3\"></span>e cas<span class=\"_ _3\"></span>h infl<span class=\"_ _3\"></span>ows <span class=\"_ _32\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _47\"> </span>(<span class=\"_ _3\"></span>18<span class=\"_ _3\"></span>0.<span class=\"_ _4\"></span>5 <span class=\"_ _f\"></span>) <span class=\"_ _7b\"> </span>(0.<span class=\"_ _3\"></span>4 <span class=\"_ _31\"></span>) <span class=\"_ _153\"> </span>(<span class=\"_ _3\"></span>18<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>9 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws2 gs49e\">Es<span class=\"_ _3\"></span>tima<span class=\"_ _3\"></span>tes o<span class=\"_ _3\"></span>f the pr<span class=\"_ _3\"></span>ese<span class=\"_ _3\"></span>nt va<span class=\"_ _3\"></span>lue of f<span class=\"_ _3\"></span>utur<span class=\"_ _3\"></span>e cas<span class=\"_ _3\"></span>h out<span class=\"_ _3\"></span>flow<span class=\"_ _3\"></span>s<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs49f\">Claims <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>other <span class=\"_ _4\"></span>insurance <span class=\"_ _3\"></span>service <span class=\"_ _3\"></span>expenses <span class=\"_ _3\"></span>payable <span class=\"_ _13b\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _150\"> </span>178.0  <span class=\"_ _57\"> </span>0.5  <span class=\"_ _45\"> </span>178.5<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws2 gs553\">T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l es<span class=\"_ _3\"></span>timat<span class=\"_ _3\"></span>es of t<span class=\"_ _3\"></span>he pre<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>nt valu<span class=\"_ _3\"></span>e of fu<span class=\"_ _3\"></span>ture n<span class=\"_ _3\"></span>et ca<span class=\"_ _3\"></span>sh ou<span class=\"_ _3\"></span>tfl<span class=\"_ _3\"></span>ows <span class=\"_ _1c6\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _114\"> </span>(2<span class=\"_ _3\"></span>.<span class=\"_ _4\"></span>5 <span class=\"_ _f\"></span>) <span class=\"_ _179\"> </span>0<span class=\"_ _3\"></span>.1 <span class=\"_ _a\"></span> <span class=\"_ _c2\"> </span>(2<span class=\"_ _4\"></span>.4 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs554\">Risk <span class=\"_ _3\"></span>adjustment <span class=\"_ _3\"></span>for <span class=\"_ _3\"></span>non-<span class=\"_ _3\"></span>financial <span class=\"_ _3\"></span>risk <span class=\"_ _15a\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _fe\"> </span>0.4  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _fe\"> </span>0.4<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs555\">CSM <span class=\"_ _1db\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _56\"> </span>2<span class=\"_ _3\"></span>.1  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _96\"> </span>2.1<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs556\">Lo<span class=\"_ _3\"></span>sse<span class=\"_ _3\"></span>s <span class=\"_ _4\"></span>reco<span class=\"_ _3\"></span>gni<span class=\"_ _3\"></span>sed <span class=\"_ _4\"></span>on <span class=\"_ _4\"></span>ini<span class=\"_ _3\"></span>tial <span class=\"_ _4\"></span>re<span class=\"_ _3\"></span>cogn<span class=\"_ _3\"></span>itio<span class=\"_ _3\"></span>n <span class=\"_ _ad\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _1b1\"> </span>0.1  <span class=\"_ _1b1\"> </span>0<span class=\"_ _3\"></span>.1</div><div class=\"t m0 h11 ff63 fsd fc1 sc0 ls2 ws2 gs557\"> <span class=\"_ _10\"> </span>(f) <span class=\"_ _4\"></span>Reinsurance contr<span class=\"_ _2\"></span>acts recognised in the per<span class=\"_ _a\"></span>iod<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs1ac\">There are no material ne<span class=\"_ _2\"></span>w reinsurance contracts recognised in the period for <span class=\"_ _0\"></span>W<span class=\"_ _2\"></span>aard.</div><div class=\"t m0 h11 ff63 fsd fc1 sc0 ls2 ws2 gs558\"> <span class=\"_ _e\"> </span>(g) <span class=\"_ _3\"></span>Expected r<span class=\"_ _2\"></span>ecognition of CSM<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls1c ws2 gsaa\">In the tables that follo<span class=\"_ _2\"></span>w the CSM accrues interest at the locked-in rate f<span class=\"_ _2\"></span>or GMM portfolios and at current rates f<span class=\"_ _2\"></span>or <span class=\"_ _a\"></span>VF<span class=\"_ _a\"></span>A portfolios from the balance sheet date and </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs27e\">is then amortised based on the co<span class=\"_ _2\"></span>verage units of the contract groups to giv<span class=\"_ _2\"></span>e the timeline of the <span class=\"_ _2\"></span>expected recognition.<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls190 wsc7 gs559\">31 December 2023</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lsd9 ws1bb gs55a\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _23a\"> </span>Insurance  <span class=\"_ _4a\"> </span>Reinsurance</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls9a ws1e4 gs55b\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1c7\"> </span>contrac<span class=\"_ _3\"></span>ts  <span class=\"_ _1c7\"> </span>contrac<span class=\"_ _3\"></span>ts</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls190 ws1e0 gs55c\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs55d\">Not <span class=\"_ _3\"></span>later <span class=\"_ _3\"></span>than <span class=\"_ _3\"></span>one <span class=\"_ _3\"></span>year <span class=\"_ _dd\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _10e\"> </span>4.9  <span class=\"_ _10f\"> </span>(1.0 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws2 gs55e\">Later than one ye<span class=\"_ _2\"></span>ar and not later than two y<span class=\"_ _2\"></span>ears <span class=\"_ _7b\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _8f\"> </span>4.4 <span class=\"_ _2\"></span> <span class=\"_ _fe\"> </span>0.6<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws2 gs55f\">Later than tw<span class=\"_ _2\"></span>o years and not lat<span class=\"_ _2\"></span>er than three years <span class=\"_ _14f\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _179\"> </span>4<span class=\"_ _3\"></span>.0 <span class=\"_ _a\"></span> <span class=\"_ _12b\"> </span>(0.2 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws2 gs560\">Later than three y<span class=\"_ _2\"></span>ears and not later than four y<span class=\"_ _2\"></span>ears <span class=\"_ _7c\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _1a1\"> </span>3.7 <span class=\"_ _a\"></span> <span class=\"_ _179\"> </span>(0.1 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws2 gs561\">Later than four y<span class=\"_ _2\"></span>ears and not later than fiv<span class=\"_ _2\"></span>e years <span class=\"_ _119\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _10e\"> </span>3.4 <span class=\"_ _2\"></span> <span class=\"_ _179\"> </span>(0.1 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws2 gs562\">Later than five y<span class=\"_ _2\"></span>ears and not later than t<span class=\"_ _2\"></span>en years <span class=\"_ _150\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _12b\"> </span>13.0 <span class=\"_ _a\"></span> <span class=\"_ _12b\"> </span>(0.3 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs563\">Later <span class=\"_ _3\"></span>than <span class=\"_ _3\"></span>ten <span class=\"_ _3\"></span>years <span class=\"_ _b2\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _2d\"> </span>44.<span class=\"_ _3\"></span>8  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs564\">T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _11b\"> </span>78<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2  <span class=\"_ _fe\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.1 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls190 wsc7 gs565\">31 December 2022</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lsd9 ws1bb gs566\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _23a\"> </span>Insurance  <span class=\"_ _4a\"> </span>Reinsurance</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls9a ws1e4 gs567\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1c7\"> </span>contrac<span class=\"_ _3\"></span>ts  <span class=\"_ _1c7\"> </span>contrac<span class=\"_ _3\"></span>ts</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls190 ws1e0 gs568\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs569\">Not <span class=\"_ _3\"></span>later <span class=\"_ _3\"></span>than <span class=\"_ _3\"></span>one <span class=\"_ _3\"></span>year <span class=\"_ _dd\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b1\"> </span>3.5  <span class=\"_ _20b\"> </span>0.1<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws2 gs56a\">Later than one ye<span class=\"_ _2\"></span>ar and not later than two y<span class=\"_ _2\"></span>ears <span class=\"_ _7b\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _10e\"> </span>3.<span class=\"_ _3\"></span>2 <span class=\"_ _a\"></span> <span class=\"_ _5a\"> </span>0.<span class=\"_ _2\"></span>1<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws2 gs56b\">Later than tw<span class=\"_ _2\"></span>o years and not lat<span class=\"_ _2\"></span>er than three years <span class=\"_ _14f\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _57\"> </span>2.6 <span class=\"_ _a\"></span> <span class=\"_ _5a\"> </span>0.1<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws2 gs56c\">Later than three y<span class=\"_ _2\"></span>ears and not later than four y<span class=\"_ _2\"></span>ears <span class=\"_ _7c\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _57\"> </span>2.<span class=\"_ _3\"></span>2 <span class=\"_ _a\"></span> <span class=\"_ _5a\"> </span>0.<span class=\"_ _2\"></span>1<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws2 gs56d\">Later than four y<span class=\"_ _2\"></span>ears and not later than fiv<span class=\"_ _2\"></span>e years <span class=\"_ _119\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _5a\"> </span>1.9 <span class=\"_ _2\"></span> <span class=\"_ _5a\"> </span>0<span class=\"_ _2\"></span>.1<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws2 gs56e\">Later than five y<span class=\"_ _2\"></span>ears and not later than t<span class=\"_ _2\"></span>en years <span class=\"_ _150\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _57\"> </span>5.6 <span class=\"_ _a\"></span> <span class=\"_ _5a\"> </span>0.1<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs56f\">Later <span class=\"_ _3\"></span>than <span class=\"_ _3\"></span>ten <span class=\"_ _3\"></span>years <span class=\"_ _b2\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b1\"> </span>2.2  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs570\">T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14e\"> </span>21<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2  <span class=\"_ _179\"> </span>0<span class=\"_ _3\"></span>.6<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff62 fs1 fc1 sc0 ls74 ws7a gsc0\">226<span class=\"_ _74\"> </span><span class=\"ff67 ls3 ws2\">CHE<span class=\"_ _3\"></span>SNA<span class=\"_ _3\"></span>R<span class=\"_ _3\"></span>A ANNUAL R<span class=\"_ _3\"></span>EPORT A<span class=\"_ _3\"></span>ND ACCOU<span class=\"_ _3\"></span>NTS 2023<span class=\"_ _421\"> </span></span></div>IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS <span class=\"_ _74\"> </span>F5 <span class=\"_ _4\"></span>Insurance and r<span class=\"_ _2\"></span>einsurance contr<span class=\"_ _2\"></span>acts \u2013 quantitative analysis of r<span class=\"_ _2\"></span>ecognised amounts \u2013 Scildon  (a) <span class=\"_ _3\"></span>Insurance contract balances \u2013 analysis b<span class=\"_ _2\"></span>y remaining co<span class=\"_ _2\"></span>ver<span class=\"_ _2\"></span>age and incur<span class=\"_ _2\"></span>red claims <span class=\"_ _c\"> </span> <span class=\"_ _241\"> </span>Liabilities for <span class=\"ls2 ws2\"> </span> <span class=\"_ _c\"> </span> <span class=\"_ _242\"> </span>remaining coverage <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _39\"> </span>Excluding  <span class=\"_ _9f\"> </span>  <span class=\"_ _1c7\"> </span>Liabilities   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5b\"> </span>loss  <span class=\"_ _45\"> </span>L<span class=\"_ _3\"></span>oss  <span class=\"_ _6d\"> </span>for <span class=\"_ _4\"></span>incu<span class=\"_ _3\"></span>rred   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _146\"> </span>component  <span class=\"_ _128\"> </span>component  <span class=\"_ _76\"> </span>claims  <span class=\"_ _28\"> </span>T<span class=\"_ _a\"></span>otal <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Insurance contrac<span class=\"_ _3\"></span>t liabilities as at 1<span class=\"_ _2\"></span> Januar<span class=\"_ _3\"></span>y 202<span class=\"_ _3\"></span>3 <span class=\"_ _1c6\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _9d\"> </span>1<span class=\"_ _3\"></span>,6<span class=\"_ _3\"></span>33<span class=\"_ _3\"></span>.1 <span class=\"_ _a\"></span> <span class=\"_ _7b\"> </span>76.<span class=\"_ _4\"></span>3 <span class=\"_ _0\"></span> <span class=\"_ _44\"> </span>4<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.0 <span class=\"_ _a\"></span> <span class=\"_ _153\"> </span>1<span class=\"_ _3\"></span>,751<span class=\"_ _3\"></span>.4<span class=\"_ _421\"> </span>Chan<span class=\"_ _3\"></span>ges i<span class=\"_ _3\"></span>n the s<span class=\"_ _3\"></span>tatem<span class=\"_ _3\"></span>ent o<span class=\"_ _3\"></span>f pro<span class=\"_ _3\"></span>fit and l<span class=\"_ _3\"></span>os<span class=\"_ _3\"></span>s <span class=\"_ _57\"> </span> <span class=\"_ _0\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>revenu<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>to<span class=\"_ _3\"></span>tal <span class=\"_ _1ed\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _43\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _4\"></span>1<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>.0 <span class=\"_ _7\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _a3\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>.0 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>Insura<span class=\"_ _2\"></span>nce service e<span class=\"_ _a\"></span>xpenses<span class=\"_ _421\"> </span>Incurred claims and other dir<span class=\"_ _2\"></span>ectly attributable expenses <span class=\"_ _f9\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _150\"> </span>(45.8 <span class=\"_ _31\"></span>) <span class=\"_ _e7\"> </span>120.9 <span class=\"_ _2\"></span> <span class=\"_ _1b7\"> </span>75.1<span class=\"_ _421\"> </span>Losses and rev<span class=\"_ _2\"></span>ersals of losses on onerous contracts <span class=\"_ _7c\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _5b\"> </span>35.4 <span class=\"_ _a\"></span> <span class=\"_ _e9\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _5b\"> </span>35.4<span class=\"_ _421\"> </span>Amortisation <span class=\"_ _3\"></span>of <span class=\"_ _4\"></span>insurance <span class=\"_ _3\"></span>acquisition <span class=\"_ _3\"></span>cash <span class=\"_ _3\"></span>flows <span class=\"_ _1e1\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _57\"> </span>3.4  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _57\"> </span>3.4<span class=\"_ _421\"> </span>Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>ser<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>expen<span class=\"_ _3\"></span>se <span class=\"_ _4\"></span>tot<span class=\"_ _3\"></span>al <span class=\"_ _235\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _8f\"> </span>3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4  <span class=\"_ _14b\"> </span>(<span class=\"_ _3\"></span>10<span class=\"_ _3\"></span>.4 <span class=\"_ _0\"></span>) <span class=\"_ _a3\"> </span>1<span class=\"_ _3\"></span>20<span class=\"_ _3\"></span>.9  <span class=\"_ _150\"> </span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9<span class=\"_ _421\"> </span>Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>ser<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>resu<span class=\"_ _3\"></span>lt <span class=\"_ _d9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _e7\"> </span>(1<span class=\"_ _4\"></span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.6 <span class=\"_ _0\"></span>) <span class=\"_ _15c\"> </span>(<span class=\"_ _3\"></span>10<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4 <span class=\"_ _7\"></span>) <span class=\"_ _119\"> </span>120<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9  <span class=\"_ _fe\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.1 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Net <span class=\"_ _3\"></span>finance <span class=\"_ _3\"></span>expenses <span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>rom <span class=\"_ _3\"></span>insurance <span class=\"_ _3\"></span>contracts <span class=\"_ _152\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1e1\"> </span>162.6  <span class=\"_ _fe\"> </span>0.4  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _45\"> </span>163.0<span class=\"_ _421\"> </span>Effect of movements in e<span class=\"_ _2\"></span>xchange rat<span class=\"_ _2\"></span>es <span class=\"_ _a0\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _11b\"> </span>(37<span class=\"_ _a\"></span>.5 <span class=\"_ _31\"></span>) <span class=\"_ _12e\"> </span>(1.7 <span class=\"_ _31\"></span>) <span class=\"_ _5b\"> </span>(0.9 <span class=\"_ _31\"></span>) <span class=\"_ _44\"> </span>(40.1 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>mount<span class=\"_ _3\"></span>s <span class=\"_ _4\"></span>rec<span class=\"_ _3\"></span>ogni<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>in <span class=\"_ _4\"></span>co<span class=\"_ _3\"></span>mpre<span class=\"_ _3\"></span>hen<span class=\"_ _3\"></span>sive <span class=\"_ _4\"></span>in<span class=\"_ _3\"></span>come <span class=\"_ _146\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14e\"> </span>1<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5  <span class=\"_ _2d\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.7 <span class=\"_ _7\"></span>) <span class=\"_ _a3\"> </span>1<span class=\"_ _3\"></span>20<span class=\"_ _3\"></span>.0  <span class=\"_ _44\"> </span>12<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.8<span class=\"_ _421\"> </span>Investment <span class=\"_ _3\"></span>components <span class=\"_ _d8\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _28\"> </span>(1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>0.6 <span class=\"_ _7\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _11b\"> </span>1<span class=\"_ _3\"></span>10.6  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span>Cash flows<span class=\"_ _421\"> </span>Pr<span class=\"_ _2\"></span>emiums <span class=\"_ _3\"></span>received <span class=\"_ _236\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _7b\"> </span>231.3  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _11b\"> </span>231.3<span class=\"_ _421\"> </span>Claims and other directly attributable e<span class=\"_ _2\"></span>xpenses paid <span class=\"_ _2e\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013  <span class=\"_ _112\"> </span>(236.0 <span class=\"_ _31\"></span>) <span class=\"_ _1c0\"> </span>(236<span class=\"_ _3\"></span>.0 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Insurance <span class=\"_ _3\"></span>acquisition <span class=\"_ _3\"></span>cash <span class=\"_ _3\"></span>flows <span class=\"_ _239\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12e\"> </span>(5.6 <span class=\"_ _7\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _12e\"> </span>(5.6 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ash <span class=\"_ _4\"></span>flo<span class=\"_ _3\"></span>ws <span class=\"_ _1a4\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _29\"> </span>2<span class=\"_ _3\"></span>25<span class=\"_ _3\"></span>.7  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _48\"> </span>(2<span class=\"_ _3\"></span>36<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>0 <span class=\"_ _7\"></span>) <span class=\"_ _28\"> </span>(<span class=\"_ _3\"></span>10<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Insurance contrac<span class=\"_ _3\"></span>t liabilities as at 31 December 202<span class=\"_ _3\"></span>3 <span class=\"_ _14\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _9d\"> </span>1<span class=\"_ _3\"></span>,761<span class=\"_ _3\"></span>.7 <span class=\"_ _0\"></span> <span class=\"_ _44\"> </span>6<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>.6 <span class=\"_ _a\"></span> <span class=\"_ _7b\"> </span>36<span class=\"_ _3\"></span>.6 <span class=\"_ _2\"></span> <span class=\"_ _7e\"> </span>1,<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>62<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9<span class=\"_ _421\"> </span><span class=\"ff65 ls3 ws2\">CHES<span class=\"_ _283\"></span>NAR<span class=\"_ _277\"></span>A<span class=\"_ _278\"></span>A<span class=\"_ _283\"></span>NNUAL<span class=\"_ _27f\"></span>REPO<span class=\"_ _277\"></span>RT<span class=\"_ _287\"></span>AND<span class=\"_ _392\"></span>ACCOUN<span class=\"_ _27a\"></span>TS<span class=\"_ _27b\"></span>202<span class=\"_ _3d6\"></span>3</span><span class=\"_ _3e9\"></span>227<span class=\"_ _421\"> </span><div class=\"t m0 h4 ff67 fs2 fc1 sc0 lsc3 ws82 gs93\">IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS<span class=\"_ _421\"> </span></div><div class=\"t m0 h9 ff68 fs8 fc2 sc0 ls18f ws2 gs94\">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<span class=\"_ _421\"> </span></div><div class=\"t m0 hf ff61 fsc fc2 sc0 ls37 ws2 gs95\">SECTION F \u2013 INSURANCE AND REINSURANCE CONTRA<span class=\"_ _2\"></span>CTS</div><div class=\"t m0 h11 ff63 fsd fc2 sc0 ls2 ws2 gs96\"> <span class=\"_ _74\"> </span>F5 <span class=\"_ _4\"></span>Insurance and r<span class=\"_ _2\"></span>einsurance contr<span class=\"_ _2\"></span>acts \u2013 quantitative analysis of r<span class=\"_ _2\"></span>ecognised amounts \u2013 Scildon (continued)</div><div class=\"t m0 h11 ff63 fsd fc1 sc0 ls2 ws2 gs19d\">  (a) <span class=\"_ _3\"></span>Insurance contract balances \u2013 analysis b<span class=\"_ _2\"></span>y remaining co<span class=\"_ _2\"></span>ver<span class=\"_ _2\"></span>age and incur<span class=\"_ _2\"></span>red claims (continued)</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lsd9 ws1bc gs361\"> <span class=\"_ _c\"> </span> <span class=\"_ _241\"> </span>Liabilities for <span class=\"ls2 ws2\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lsd9 ws1bc gs362\"> <span class=\"_ _c\"> </span> <span class=\"_ _242\"> </span>remaining coverage</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lsd9 ws1bb gs363\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _39\"> </span>Excluding  <span class=\"_ _9f\"> </span>  <span class=\"_ _1c7\"> </span>Liabilities  </div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs364\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5b\"> </span>loss  <span class=\"_ _45\"> </span>L<span class=\"_ _3\"></span>oss  <span class=\"_ _6d\"> </span>for <span class=\"_ _4\"></span>incu<span class=\"_ _3\"></span>rred  </div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls190 ws1e0 gs365\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _146\"> </span>component  <span class=\"_ _128\"> </span>component  <span class=\"_ _76\"> </span>claims  <span class=\"_ _28\"> </span>T<span class=\"_ _a\"></span>otal</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls190 ws1e0 gs366\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls192 ws1bc gs367\">Insurance contrac<span class=\"_ _3\"></span>t liabilities as at 1<span class=\"_ _2\"></span> Januar<span class=\"_ _3\"></span>y 2022 <span class=\"_ _123\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _82\"> </span>1<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>82<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>4 <span class=\"_ _0\"></span> <span class=\"_ _45\"> </span>6<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>9 <span class=\"_ _a\"></span> <span class=\"_ _c2\"> </span>41.<span class=\"_ _3\"></span>2 <span class=\"_ _2\"></span> <span class=\"_ _7c\"> </span>1,<span class=\"_ _3\"></span>92<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws2 gs4a0\">Chan<span class=\"_ _3\"></span>ges i<span class=\"_ _3\"></span>n the s<span class=\"_ _3\"></span>tatem<span class=\"_ _3\"></span>ent o<span class=\"_ _3\"></span>f pro<span class=\"_ _3\"></span>fit and l<span class=\"_ _3\"></span>os<span class=\"_ _3\"></span>s <span class=\"_ _57\"> </span> <span class=\"_ _0\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> </div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs572\">Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>revenu<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>to<span class=\"_ _3\"></span>tal <span class=\"_ _1ed\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _112\"> </span>(<span class=\"_ _3\"></span>13<span class=\"_ _3\"></span>0.<span class=\"_ _4\"></span>5 <span class=\"_ _7\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _112\"> </span>(<span class=\"_ _3\"></span>130<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lscd ws52 gs573\">Insura<span class=\"_ _2\"></span>nce service e<span class=\"_ _a\"></span>xpenses<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws2 gs574\">Incurred claims and other dir<span class=\"_ _2\"></span>ectly attributable expenses <span class=\"_ _f9\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _11b\"> </span>(<span class=\"_ _3\"></span>18.2 <span class=\"_ _31\"></span>) <span class=\"_ _14b\"> </span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>0.9 <span class=\"_ _a\"></span> <span class=\"_ _5b\"> </span>92<span class=\"_ _3\"></span>.7<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws2 gs575\">Losses and rev<span class=\"_ _2\"></span>ersals of losses on onerous contracts <span class=\"_ _7c\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _c2\"> </span>29.4 <span class=\"_ _a\"></span> <span class=\"_ _e9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _c2\"> </span>29.4<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs576\">Amortisation <span class=\"_ _3\"></span>of <span class=\"_ _4\"></span>insurance <span class=\"_ _3\"></span>acquisition <span class=\"_ _3\"></span>cash <span class=\"_ _3\"></span>flows <span class=\"_ _1e1\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b1\"> </span>3.5  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _1b1\"> </span>3.5<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs577\">Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>ser<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>expen<span class=\"_ _3\"></span>se <span class=\"_ _4\"></span>tot<span class=\"_ _3\"></span>al <span class=\"_ _235\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _10f\"> </span>3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5  <span class=\"_ _1b7\"> </span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2  <span class=\"_ _14b\"> </span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>9  <span class=\"_ _28\"> </span>1<span class=\"_ _3\"></span>25<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>6<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs578\">Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>ser<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>resu<span class=\"_ _3\"></span>lt <span class=\"_ _d9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _240\"> </span>(<span class=\"_ _3\"></span>12<span class=\"_ _3\"></span>7<span class=\"_ _2\"></span>.0 <span class=\"_ _7\"></span>) <span class=\"_ _14e\"> </span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2  <span class=\"_ _14b\"> </span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>9  <span class=\"_ _5b\"> </span>(4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs579\">Net <span class=\"_ _3\"></span>finance <span class=\"_ _3\"></span>expenses <span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>rom <span class=\"_ _3\"></span>insurance <span class=\"_ _3\"></span>contracts <span class=\"_ _152\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _43\"> </span>(276.0 <span class=\"_ _7\"></span>) <span class=\"_ _179\"> </span>0.3  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _119\"> </span>(275.7 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs57a\">Effect <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>movements <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>exchange <span class=\"_ _3\"></span>rat<span class=\"_ _2\"></span>es <span class=\"_ _151\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12b\"> </span>90.1  <span class=\"_ _1a1\"> </span>3.9  <span class=\"_ _1a1\"> </span>2<span class=\"_ _3\"></span>.2  <span class=\"_ _5b\"> </span>96<span class=\"_ _3\"></span>.2<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs57b\">T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>mount<span class=\"_ _3\"></span>s <span class=\"_ _4\"></span>rec<span class=\"_ _3\"></span>ogni<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>in <span class=\"_ _4\"></span>co<span class=\"_ _3\"></span>mpre<span class=\"_ _3\"></span>hen<span class=\"_ _3\"></span>sive <span class=\"_ _4\"></span>in<span class=\"_ _3\"></span>come <span class=\"_ _146\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _2a\"> </span>(<span class=\"_ _3\"></span>31<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9 <span class=\"_ _7\"></span>) <span class=\"_ _11b\"> </span>1<span class=\"_ _3\"></span>5.<span class=\"_ _3\"></span>4  <span class=\"_ _2d\"> </span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>.1  <span class=\"_ _47\"> </span>(<span class=\"_ _3\"></span>18<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs57c\">Investment <span class=\"_ _3\"></span>components <span class=\"_ _d8\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _a3\"> </span>(108.0 <span class=\"_ _0\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _14b\"> </span>108.0  <span class=\"_ _e9\"> </span>\u2013<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls56 ws152 gs57d\">Cash flows<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs57e\">Pr<span class=\"_ _2\"></span>emiums <span class=\"_ _3\"></span>received <span class=\"_ _236\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _e7\"> </span>240.3  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _e7\"> </span>240.3<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws2 gs57f\">Claims and other directly attributable e<span class=\"_ _2\"></span>xpenses paid <span class=\"_ _2e\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013  <span class=\"_ _2a\"> </span>(220.3 <span class=\"_ _31\"></span>) <span class=\"_ _3f\"> </span>(220.3 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs580\">Insurance <span class=\"_ _3\"></span>acquisition <span class=\"_ _3\"></span>cash <span class=\"_ _3\"></span>flows <span class=\"_ _239\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>(6.7 <span class=\"_ _0\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _165\"> </span>(6.7 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs581\">T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ash <span class=\"_ _4\"></span>flo<span class=\"_ _3\"></span>ws <span class=\"_ _1a4\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _42\"> </span>2<span class=\"_ _3\"></span>33<span class=\"_ _3\"></span>.6  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _47\"> </span>(<span class=\"_ _3\"></span>22<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>3 <span class=\"_ _0\"></span>) <span class=\"_ _2d\"> </span>1<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls192 ws1bc gs582\">Insurance contrac<span class=\"_ _3\"></span>t liabilities as at 31 December 202<span class=\"_ _3\"></span>2 <span class=\"_ _14\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _9d\"> </span>1<span class=\"_ _3\"></span>,63<span class=\"_ _3\"></span>3.1 <span class=\"_ _2\"></span> <span class=\"_ _7b\"> </span>76.<span class=\"_ _3\"></span>3 <span class=\"_ _2\"></span> <span class=\"_ _44\"> </span>42<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>0 <span class=\"_ _a\"></span> <span class=\"_ _210\"> </span>1<span class=\"_ _3\"></span>,751<span class=\"_ _3\"></span>.4<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs268\">F<span class=\"_ _2\"></span>or <span class=\"_ _2\"></span>Scildon, the full retrospective approach at transition has been applied to all insurance contracts.<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff62 fs1 fc1 sc0 lseb wsfb gsc0\">228<span class=\"_ _74\"> </span><span class=\"ff67 ls3 ws2\">CHESN<span class=\"_ _3\"></span>AR<span class=\"_ _3\"></span>A ANN<span class=\"_ _3\"></span>UAL REPOR<span class=\"_ _3\"></span>T AND <span class=\"_ _3\"></span>ACCOUNT<span class=\"_ _3\"></span>S 20<span class=\"_ _2\"></span>23<span class=\"_ _421\"> </span></span></div>IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS <span class=\"_ _e\"> </span>(b) <span class=\"_ _3\"></span>Insurance contract balances \u2013 analysis b<span class=\"_ _2\"></span>y measurement component \u2013 contr<span class=\"_ _2\"></span>acts not measur<span class=\"_ _2\"></span>ed under P<span class=\"_ _a\"></span>AA <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _e\"> </span>Pr<span class=\"_ _3\"></span>ese<span class=\"_ _3\"></span>nt <span class=\"_ _4\"></span>valu<span class=\"_ _3\"></span>e  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _127\"> </span>o<span class=\"_ _3\"></span>f <span class=\"_ _3\"></span>fu<span class=\"_ _3\"></span>ture  <span class=\"_ _11b\"> </span>Risk  <span class=\"_ _156\"> </span>   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _185\"> </span>ca<span class=\"_ _3\"></span>sh <span class=\"_ _4\"></span>flows  <span class=\"_ _146\"> </span>ad<span class=\"_ _3\"></span>jus<span class=\"_ _3\"></span>tme<span class=\"_ _3\"></span>nt  <span class=\"_ _44\"> </span>C<span class=\"_ _3\"></span>SM  <span class=\"_ _46\"> </span>T<span class=\"_ _a\"></span>o<span class=\"_ _3\"></span>tal <span class=\"_ _19e\"> </span> <span class=\"_ _3\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce con<span class=\"_ _3\"></span>trac<span class=\"_ _3\"></span>t li<span class=\"_ _3\"></span>abili<span class=\"_ _3\"></span>tie<span class=\"_ _3\"></span>s as at 1 Ja<span class=\"_ _3\"></span>nuar<span class=\"_ _3\"></span>y 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>3 <span class=\"_ _2e\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _7c\"> </span>1<span class=\"_ _3\"></span>,6<span class=\"_ _3\"></span>39<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5 <span class=\"_ _a\"></span> <span class=\"_ _1e1\"> </span>2<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5 <span class=\"_ _a\"></span> <span class=\"_ _44\"> </span>8<span class=\"_ _3\"></span>3.<span class=\"_ _3\"></span>4 <span class=\"_ _a\"></span> <span class=\"_ _153\"> </span>1<span class=\"_ _3\"></span>,751<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4<span class=\"_ _421\"> </span>Changes that relate to cur<span class=\"_ _2\"></span>rent ser<span class=\"_ _3\"></span>vice<span class=\"_ _421\"> </span>CSM <span class=\"_ _3\"></span>recognised <span class=\"_ _3\"></span>for <span class=\"_ _3\"></span>services <span class=\"_ _3\"></span>provided <span class=\"_ _238\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _1b7\"> </span>(9.0 <span class=\"_ _7\"></span>) <span class=\"_ _14e\"> </span>(9.0 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Change in risk adjustment for non-financial risk for risk e<span class=\"_ _2\"></span>xpired <span class=\"_ _165\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _e9\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _12e\"> </span>(3.5 <span class=\"_ _31\"></span>) <span class=\"_ _ae\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _165\"> </span>(3.5 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Experience a<span class=\"_ _3\"></span>djustments <span class=\"_ _22\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _150\"> </span>(24.0 <span class=\"_ _0\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _150\"> </span>(24.0 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l chan<span class=\"_ _3\"></span>ges t<span class=\"_ _3\"></span>hat re<span class=\"_ _3\"></span>late to cu<span class=\"_ _3\"></span>rrent s<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _94\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _42\"> </span>(<span class=\"_ _3\"></span>24<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>0 <span class=\"_ _31\"></span>) <span class=\"_ _11b\"> </span>(<span class=\"_ _3\"></span>3.<span class=\"_ _3\"></span>5 <span class=\"_ _31\"></span>) <span class=\"_ _11b\"> </span>(9.<span class=\"_ _3\"></span>0 <span class=\"_ _31\"></span>) <span class=\"_ _43\"> </span>(<span class=\"_ _3\"></span>36<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Changes that relate to future<span class=\"_ _2\"></span> ser<span class=\"_ _3\"></span>vice<span class=\"_ _421\"> </span>Contracts <span class=\"_ _3\"></span>initially <span class=\"_ _3\"></span>recognised <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>period <span class=\"_ _a4\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _152\"> </span>(1<span class=\"_ _3\"></span>1.2 <span class=\"_ _0\"></span>) <span class=\"_ _10f\"> </span>2.6  <span class=\"_ _10f\"> </span>1<span class=\"_ _3\"></span>1.5  <span class=\"_ _1a1\"> </span>2.9<span class=\"_ _421\"> </span>Changes in estimates that adjust the CSM <span class=\"_ _1cb\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _57\"> </span>3.6 <span class=\"_ _a\"></span> <span class=\"_ _20b\"> </span>1.7 <span class=\"_ _a\"></span> <span class=\"_ _165\"> </span>(5.<span class=\"_ _3\"></span>3 <span class=\"_ _31\"></span>) <span class=\"_ _ae\"> </span>\u2013<span class=\"_ _421\"> </span>Changes in estimates that result in losses or r<span class=\"_ _2\"></span>eversals of losses <span class=\"ls2\"> </span>on <span class=\"_ _3\"></span>onerous <span class=\"_ _3\"></span>underlying <span class=\"_ _3\"></span>contracts <span class=\"_ _1fd\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12e\"> </span>33.1  <span class=\"_ _1b7\"> </span>(0.6 <span class=\"_ _7\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _152\"> </span>32.5<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>hang<span class=\"_ _3\"></span>es <span class=\"_ _4\"></span>that <span class=\"_ _4\"></span>rel<span class=\"_ _3\"></span>ate <span class=\"_ _4\"></span>to <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>utur<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vic<span class=\"_ _3\"></span>e <span class=\"_ _b9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _2d\"> </span>2<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5  <span class=\"_ _fe\"> </span>3<span class=\"_ _3\"></span>.7  <span class=\"_ _10f\"> </span>6<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2  <span class=\"_ _11b\"> </span>35<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4<span class=\"_ _421\"> </span>Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>ser<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>resu<span class=\"_ _3\"></span>lt <span class=\"_ _d9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b1\"> </span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5  <span class=\"_ _179\"> </span>0.<span class=\"_ _3\"></span>2  <span class=\"_ _14e\"> </span>(2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8 <span class=\"_ _7\"></span>) <span class=\"_ _8f\"> </span>(<span class=\"_ _3\"></span>1.<span class=\"_ _3\"></span>1 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Net <span class=\"_ _3\"></span>finance <span class=\"_ _3\"></span>expenses <span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>rom <span class=\"_ _3\"></span>insurance <span class=\"_ _3\"></span>contracts <span class=\"_ _152\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1e1\"> </span>159.9  <span class=\"_ _1a1\"> </span>2.<span class=\"_ _3\"></span>2  <span class=\"_ _10e\"> </span>0.9  <span class=\"_ _44\"> </span>163.0<span class=\"_ _421\"> </span>Effect of movements in e<span class=\"_ _2\"></span>xchange rat<span class=\"_ _2\"></span>es <span class=\"_ _a0\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _11b\"> </span>(37<span class=\"_ _a\"></span>.5 <span class=\"_ _31\"></span>) <span class=\"_ _14e\"> </span>(0.7 <span class=\"_ _31\"></span>) <span class=\"_ _1b7\"> </span>(1.9 <span class=\"_ _7\"></span>) <span class=\"_ _150\"> </span>(40.1 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>mount<span class=\"_ _3\"></span>s <span class=\"_ _4\"></span>rec<span class=\"_ _3\"></span>ogni<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>in <span class=\"_ _4\"></span>co<span class=\"_ _3\"></span>mpre<span class=\"_ _3\"></span>hen<span class=\"_ _3\"></span>sive <span class=\"_ _4\"></span>in<span class=\"_ _3\"></span>come <span class=\"_ _146\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _28\"> </span>1<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>.9  <span class=\"_ _94\"> </span>1<span class=\"_ _3\"></span>.7  <span class=\"_ _114\"> </span>(<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8 <span class=\"_ _7\"></span>) <span class=\"_ _28\"> </span>12<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8<span class=\"_ _421\"> </span>Cash flows<span class=\"_ _421\"> </span>Pr<span class=\"_ _2\"></span>emiums <span class=\"_ _3\"></span>received <span class=\"_ _236\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _7b\"> </span>231.3  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _11b\"> </span>231.3<span class=\"_ _421\"> </span>Claims and other directly attributable e<span class=\"_ _2\"></span>xpenses paid <span class=\"_ _2e\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _2a\"> </span>(236.0 <span class=\"_ _31\"></span>) <span class=\"_ _ae\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013  <span class=\"_ _112\"> </span>(236.0 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Insurance <span class=\"_ _3\"></span>acquisition <span class=\"_ _3\"></span>cash <span class=\"_ _3\"></span>flows <span class=\"_ _239\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12e\"> </span>(5.6 <span class=\"_ _7\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _12e\"> </span>(5.6 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ash <span class=\"_ _4\"></span>flo<span class=\"_ _3\"></span>ws <span class=\"_ _1a4\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _150\"> </span>(<span class=\"_ _3\"></span>10<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3 <span class=\"_ _7\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _44\"> </span>(<span class=\"_ _3\"></span>10<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce con<span class=\"_ _3\"></span>trac<span class=\"_ _3\"></span>t li<span class=\"_ _3\"></span>abili<span class=\"_ _3\"></span>tie<span class=\"_ _3\"></span>s as at 3<span class=\"_ _3\"></span>1 Dec<span class=\"_ _3\"></span>emb<span class=\"_ _3\"></span>er 20<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>3 <span class=\"_ _6d\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _129\"> </span>1<span class=\"_ _3\"></span>,75<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>.1 <span class=\"_ _a\"></span> <span class=\"_ _1e1\"> </span>3<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>2 <span class=\"_ _2\"></span> <span class=\"_ _1e1\"> </span>7<span class=\"_ _3\"></span>9.<span class=\"_ _3\"></span>6 <span class=\"_ _a\"></span> <span class=\"_ _7e\"> </span>1,<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>62<span class=\"_ _4\"></span>.9<span class=\"_ _421\"> </span><span class=\"ff65 ls3 ws2\">CHES<span class=\"_ _283\"></span>NAR<span class=\"_ _277\"></span>A<span class=\"_ _278\"></span>AN<span class=\"_ _277\"></span>NUAL<span class=\"_ _35e\"></span>REPO<span class=\"_ _277\"></span>RT<span class=\"_ _287\"></span>AND<span class=\"_ _392\"></span>ACCOUNT<span class=\"_ _27a\"></span>S<span class=\"_ _27b\"></span>20<span class=\"_ _2b5\"></span>23</span><span class=\"_ _3eb\"></span>229<span class=\"_ _421\"> </span><div class=\"t m0 h4 ff67 fs2 fc1 sc0 lsc3 ws82 gs93\">IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS<span class=\"_ _421\"> </span></div><div class=\"t m0 h9 ff68 fs8 fc2 sc0 ls18f ws2 gs94\">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<span class=\"_ _421\"> </span></div><div class=\"t m0 hf ff61 fsc fc2 sc0 ls37 ws2 gs95\">SECTION F \u2013 INSURANCE AND REINSURANCE CONTRA<span class=\"_ _2\"></span>CTS</div><div class=\"t m0 h11 ff63 fsd fc2 sc0 ls2 ws2 gs96\"> <span class=\"_ _74\"> </span>F5 <span class=\"_ _4\"></span>Insurance and r<span class=\"_ _2\"></span>einsurance contr<span class=\"_ _2\"></span>acts \u2013 quantitative analysis of r<span class=\"_ _2\"></span>ecognised amounts \u2013 Scildon (continued)</div><div class=\"t m0 h11 ff63 fsd fc1 sc0 ls2 ws2 gs19d\"> <span class=\"_ _e\"> </span>(b) <span class=\"_ _3\"></span>Insurance contract balances \u2013 analysis b<span class=\"_ _2\"></span>y measurement component \u2013 contr<span class=\"_ _2\"></span>acts not measur<span class=\"_ _2\"></span>ed under P<span class=\"_ _a\"></span>AA (continued)</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs361\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _e\"> </span>Pr<span class=\"_ _3\"></span>ese<span class=\"_ _3\"></span>nt <span class=\"_ _4\"></span>valu<span class=\"_ _3\"></span>e  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  </div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs362\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _127\"> </span>o<span class=\"_ _3\"></span>f <span class=\"_ _3\"></span>fu<span class=\"_ _3\"></span>ture  <span class=\"_ _11b\"> </span>Risk  <span class=\"_ _156\"> </span>  </div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs363\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _185\"> </span>ca<span class=\"_ _3\"></span>sh <span class=\"_ _4\"></span>flows  <span class=\"_ _146\"> </span>ad<span class=\"_ _3\"></span>jus<span class=\"_ _3\"></span>tme<span class=\"_ _3\"></span>nt  <span class=\"_ _44\"> </span>C<span class=\"_ _3\"></span>SM  <span class=\"_ _46\"> </span>T<span class=\"_ _a\"></span>o<span class=\"_ _3\"></span>tal</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls190 ws1e0 gs364\"> <span class=\"_ _19e\"> </span> <span class=\"_ _3\"></span> <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws2 gs4e7\">Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce con<span class=\"_ _3\"></span>trac<span class=\"_ _3\"></span>t li<span class=\"_ _3\"></span>abili<span class=\"_ _3\"></span>tie<span class=\"_ _3\"></span>s as at 1 Ja<span class=\"_ _3\"></span>nuar<span class=\"_ _3\"></span>y 2<span class=\"_ _3\"></span>022 <span class=\"_ _f1\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _11c\"> </span>1<span class=\"_ _3\"></span>,78<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2 <span class=\"_ _a\"></span> <span class=\"_ _7b\"> </span>33<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>0 <span class=\"_ _a\"></span> <span class=\"_ _46\"> </span>1<span class=\"_ _3\"></span>01<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3 <span class=\"_ _a\"></span> <span class=\"_ _7c\"> </span>1<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>92<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lsd9 ws1bc gs3fa\">Changes that relate to cur<span class=\"_ _2\"></span>rent ser<span class=\"_ _3\"></span>vice<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs3fb\">CSM <span class=\"_ _3\"></span>recognised <span class=\"_ _3\"></span>for <span class=\"_ _3\"></span>services <span class=\"_ _3\"></span>provided <span class=\"_ _238\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _f0\"> </span>(10.3 <span class=\"_ _0\"></span>) <span class=\"_ _1e1\"> </span>(10.3 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws2 gs397\">Change in risk adjustment for non-financial risk for risk e<span class=\"_ _2\"></span>xpired <span class=\"_ _165\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _e9\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _1b7\"> </span>(3.8 <span class=\"_ _31\"></span>) <span class=\"_ _15b\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _12b\"> </span>(3.8 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs398\">Experience a<span class=\"_ _3\"></span>djustments <span class=\"_ _22\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1e1\"> </span>(20.2 <span class=\"_ _7\"></span>) <span class=\"_ _97\"> </span>\u2013  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _1e1\"> </span>(20.2 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws2 gs36a\">T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l chan<span class=\"_ _3\"></span>ges t<span class=\"_ _3\"></span>hat re<span class=\"_ _3\"></span>late to cu<span class=\"_ _3\"></span>rrent s<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _94\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _e7\"> </span>(2<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>2 <span class=\"_ _31\"></span>) <span class=\"_ _11b\"> </span>(3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8 <span class=\"_ _f\"></span>) <span class=\"_ _e7\"> </span>(1<span class=\"_ _3\"></span>0.<span class=\"_ _4\"></span>3 <span class=\"_ _31\"></span>) <span class=\"_ _240\"> </span>(3<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lsd9 ws1bc gs36b\">Changes that relate to future<span class=\"_ _2\"></span> ser<span class=\"_ _3\"></span>vice<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs4a2\">Contracts <span class=\"_ _3\"></span>initially <span class=\"_ _3\"></span>recognised <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>period <span class=\"_ _a4\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14e\"> </span>(1<span class=\"_ _4\"></span>1.6 <span class=\"_ _7\"></span>) <span class=\"_ _fe\"> </span>5.2  <span class=\"_ _12b\"> </span>1<span class=\"_ _3\"></span>3.4  <span class=\"_ _57\"> </span>7.<span class=\"_ _2\"></span>0<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws2 gs4b1\">Changes in estimates that adjust the CSM <span class=\"_ _1cb\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _114\"> </span>22<span class=\"_ _3\"></span>.7 <span class=\"_ _a\"></span> <span class=\"_ _57\"> </span>3.2 <span class=\"_ _2\"></span> <span class=\"_ _45\"> </span>(25.9 <span class=\"_ _7\"></span>) <span class=\"_ _ae\"> </span>\u2013<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws2 gs4b2\">Changes in estimates that result in losses or r<span class=\"_ _2\"></span>eversals of losses <span class=\"ls2\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs4b3\">on <span class=\"_ _3\"></span>onerous <span class=\"_ _3\"></span>underlying <span class=\"_ _3\"></span>contracts <span class=\"_ _1fd\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _152\"> </span>22.5  <span class=\"_ _fe\"> </span>(0.1 <span class=\"_ _7\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _114\"> </span>22.4<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws2 gs4b4\">T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l chan<span class=\"_ _3\"></span>ges t<span class=\"_ _3\"></span>hat re<span class=\"_ _3\"></span>late to f<span class=\"_ _3\"></span>uture s<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _97\"> </span> <span class=\"_ _0\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _11b\"> </span>33<span class=\"_ _3\"></span>.6 <span class=\"_ _2\"></span> <span class=\"_ _12e\"> </span>8.<span class=\"_ _3\"></span>3 <span class=\"_ _2\"></span> <span class=\"_ _150\"> </span>(1<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5 <span class=\"_ _31\"></span>) <span class=\"_ _46\"> </span>2<span class=\"_ _3\"></span>9.<span class=\"_ _3\"></span>4<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs4b5\">Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>ser<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>resu<span class=\"_ _3\"></span>lt <span class=\"_ _d9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5b\"> </span>1<span class=\"_ _3\"></span>3.<span class=\"_ _3\"></span>4  <span class=\"_ _8f\"> </span>4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5  <span class=\"_ _28\"> </span>(<span class=\"_ _3\"></span>22<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8 <span class=\"_ _0\"></span>) <span class=\"_ _11b\"> </span>(4<span class=\"_ _3\"></span>.9 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws2 gs4b6\">Net finance expenses f<span class=\"_ _3\"></span>rom insurance contr<span class=\"_ _2\"></span>acts <span class=\"_ _152\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _240\"> </span>(265.3 <span class=\"_ _31\"></span>) <span class=\"_ _45\"> </span>(10.6 <span class=\"_ _31\"></span>) <span class=\"_ _12e\"> </span>0.2 <span class=\"_ _2\"></span> <span class=\"_ _a3\"> </span>(275.7 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs528\">Effect <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>movements <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>exchange <span class=\"_ _3\"></span>rat<span class=\"_ _2\"></span>es <span class=\"_ _151\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5b\"> </span>89.9  <span class=\"_ _20b\"> </span>1.6  <span class=\"_ _10e\"> </span>4<span class=\"_ _3\"></span>.7  <span class=\"_ _5b\"> </span>96.<span class=\"_ _3\"></span>2<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws2 gs529\">T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l amou<span class=\"_ _3\"></span>nts r<span class=\"_ _3\"></span>eco<span class=\"_ _3\"></span>gnis<span class=\"_ _3\"></span>ed in c<span class=\"_ _3\"></span>omp<span class=\"_ _3\"></span>rehe<span class=\"_ _3\"></span>nsi<span class=\"_ _3\"></span>ve inc<span class=\"_ _3\"></span>ome <span class=\"_ _6d\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _1c0\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>62<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>0 <span class=\"_ _31\"></span>) <span class=\"_ _7b\"> </span>(4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5 <span class=\"_ _31\"></span>) <span class=\"_ _28\"> </span>(1<span class=\"_ _3\"></span>7<span class=\"_ _2\"></span>.<span class=\"_ _3\"></span>9 <span class=\"_ _31\"></span>) <span class=\"_ _14f\"> </span>(<span class=\"_ _3\"></span>18<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls56 ws152 gs4aa\">Cash flows<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs4b8\">Pr<span class=\"_ _2\"></span>emiums <span class=\"_ _3\"></span>received <span class=\"_ _236\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _e7\"> </span>240.3  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _e7\"> </span>240.3<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws2 gs3a6\">Claims and other directly attributable e<span class=\"_ _2\"></span>xpenses paid <span class=\"_ _2e\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _2a\"> </span>(220.<span class=\"_ _3\"></span>3 <span class=\"_ _31\"></span>) <span class=\"_ _ae\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _2a\"> </span>(220.<span class=\"_ _3\"></span>3 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs52a\">Insurance <span class=\"_ _3\"></span>acquisition <span class=\"_ _3\"></span>cash <span class=\"_ _3\"></span>flows <span class=\"_ _239\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>(6.7 <span class=\"_ _0\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _165\"> </span>(6.7 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs52b\">T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ash <span class=\"_ _4\"></span>flo<span class=\"_ _3\"></span>ws <span class=\"_ _1a4\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14e\"> </span>13<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _14e\"> </span>1<span class=\"_ _3\"></span>3.<span class=\"_ _4\"></span>3<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws2 gs3a9\">Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce con<span class=\"_ _3\"></span>trac<span class=\"_ _3\"></span>t li<span class=\"_ _3\"></span>abili<span class=\"_ _3\"></span>tie<span class=\"_ _3\"></span>s as at 3<span class=\"_ _3\"></span>1 Dec<span class=\"_ _3\"></span>emb<span class=\"_ _3\"></span>er 20<span class=\"_ _3\"></span>22 <span class=\"_ _128\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _7c\"> </span>1<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>63<span class=\"_ _3\"></span>9.<span class=\"_ _3\"></span>5 <span class=\"_ _a\"></span> <span class=\"_ _7b\"> </span>28<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5 <span class=\"_ _a\"></span> <span class=\"_ _45\"> </span>8<span class=\"_ _3\"></span>3.<span class=\"_ _3\"></span>4 <span class=\"_ _a\"></span> <span class=\"_ _153\"> </span>1<span class=\"_ _3\"></span>,751<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff62 fs1 fc1 sc0 lseb wsfb gsc0\">230<span class=\"_ _18\"> </span><span class=\"ff67 ls3 ws2\">CH<span class=\"_ _3\"></span>ESN<span class=\"_ _3\"></span>AR<span class=\"_ _3\"></span>A ANNUA<span class=\"_ _3\"></span>L REPOR<span class=\"_ _3\"></span>T AND ACCO<span class=\"_ _3\"></span>UNT<span class=\"_ _3\"></span>S 20<span class=\"_ _2\"></span>23<span class=\"_ _421\"> </span></span></div>IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS <span class=\"_ _18\"> </span>(c) <span class=\"_ _4\"></span>Reinsurance contract balances \u2013 analysis b<span class=\"_ _2\"></span>y r<span class=\"_ _2\"></span>emaining cover<span class=\"_ _2\"></span>age and incur<span class=\"_ _a\"></span>red claims <span class=\"_ _c\"> </span> <span class=\"_ _243\"> </span>Asset<span class=\"_ _3\"></span>s fo<span class=\"_ _2\"></span>r <span class=\"ls2 ws2\"> </span> <span class=\"_ _c\"> </span> <span class=\"_ _242\"> </span>remaining coverage <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _39\"> </span>E<span class=\"_ _3\"></span>xclud<span class=\"_ _3\"></span>ing  <span class=\"_ _42\"> </span>Lo<span class=\"_ _3\"></span>ss<span class=\"_ _3\"></span>-  <span class=\"_ _1c1\"> </span>A<span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>ts <span class=\"_ _4\"></span>for   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _74\"> </span>l<span class=\"_ _3\"></span>oss<span class=\"_ _3\"></span>-re<span class=\"_ _3\"></span>cover<span class=\"_ _3\"></span>y  <span class=\"_ _127\"> </span>re<span class=\"_ _3\"></span>cover<span class=\"_ _3\"></span>y  <span class=\"_ _33\"> </span>incu<span class=\"_ _3\"></span>rred   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _146\"> </span>component  <span class=\"_ _128\"> </span>component  <span class=\"_ _76\"> </span>claims  <span class=\"_ _28\"> </span>T<span class=\"_ _a\"></span>otal <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Rei<span class=\"_ _3\"></span>nsur<span class=\"_ _3\"></span>ance c<span class=\"_ _3\"></span>ontr<span class=\"_ _3\"></span>ac<span class=\"_ _3\"></span>t ass<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>s as at 1 J<span class=\"_ _3\"></span>anua<span class=\"_ _3\"></span>ry 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>3 <span class=\"_ _be\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _29\"> </span>(2<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4 <span class=\"_ _31\"></span>) <span class=\"_ _152\"> </span>4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5 <span class=\"_ _a\"></span> <span class=\"_ _8f\"> </span>8<span class=\"_ _3\"></span>.7 <span class=\"_ _a\"></span> <span class=\"_ _150\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Reinsurance expenses \u2013 allocation of r<span class=\"_ _2\"></span>einsurance premiums paid <span class=\"_ _e7\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _2d\"> </span>(21.8 <span class=\"_ _7\"></span>) <span class=\"_ _ae\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _e9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _2d\"> </span>(21.8 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Amount<span class=\"_ _3\"></span>s recoverable from reinsurers<span class=\"_ _421\"> </span>Recov<span class=\"_ _2\"></span>eries of incurred claims and other directly at<span class=\"_ _2\"></span>tributable expenses <span class=\"_ _1c7\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013  <span class=\"_ _1b7\"> </span>17<span class=\"_ _2\"></span>.3 <span class=\"_ _2\"></span> <span class=\"_ _165\"> </span>17.3<span class=\"_ _421\"> </span>Changes <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>the <span class=\"_ _4\"></span>loss-reco<span class=\"_ _2\"></span>very <span class=\"_ _3\"></span>component <span class=\"_ _154\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _20b\"> </span>1.8  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _5a\"> </span>1.<span class=\"_ _3\"></span>8<span class=\"_ _421\"> </span>Ne<span class=\"_ _3\"></span>t <span class=\"_ _3\"></span>(expe<span class=\"_ _3\"></span>nse<span class=\"_ _3\"></span>s)/inc<span class=\"_ _3\"></span>ome <span class=\"_ _4\"></span>from <span class=\"_ _4\"></span>re<span class=\"_ _3\"></span>insu<span class=\"_ _3\"></span>ranc<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ontra<span class=\"_ _3\"></span>ct<span class=\"_ _3\"></span>s <span class=\"_ _4\"></span>hel<span class=\"_ _3\"></span>d <span class=\"_ _0\"></span> <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _44\"> </span>(2<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.8 <span class=\"_ _0\"></span>) <span class=\"_ _179\"> </span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8  <span class=\"_ _152\"> </span>17.<span class=\"_ _3\"></span>3  <span class=\"_ _152\"> </span>(2<span class=\"_ _3\"></span>.7 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Net <span class=\"_ _3\"></span>finance <span class=\"_ _3\"></span>expenses <span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>rom <span class=\"_ _3\"></span>reinsuranc<span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>contracts <span class=\"_ _119\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>(3.4 <span class=\"_ _7\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _165\"> </span>(3.4 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>Effect of movements in e<span class=\"_ _2\"></span>xchange rat<span class=\"_ _2\"></span>es <span class=\"_ _a0\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _fe\"> </span>0.6 <span class=\"_ _a\"></span> <span class=\"_ _179\"> </span>(0.1 <span class=\"_ _31\"></span>) <span class=\"_ _114\"> </span>(0.2 <span class=\"_ _7\"></span>) <span class=\"_ _12e\"> </span>0.3<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>mount<span class=\"_ _3\"></span>s <span class=\"_ _4\"></span>rec<span class=\"_ _3\"></span>ogni<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>in <span class=\"_ _4\"></span>co<span class=\"_ _3\"></span>mpre<span class=\"_ _3\"></span>hen<span class=\"_ _3\"></span>sive <span class=\"_ _4\"></span>in<span class=\"_ _3\"></span>come <span class=\"_ _146\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _28\"> </span>(2<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>.6 <span class=\"_ _7\"></span>) <span class=\"_ _10e\"> </span>1<span class=\"_ _3\"></span>.7  <span class=\"_ _12e\"> </span>1<span class=\"_ _3\"></span>7<span class=\"_ _2\"></span>.1  <span class=\"_ _14e\"> </span>(5<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Cash flows<span class=\"_ _421\"> </span>Pr<span class=\"_ _2\"></span>emiums <span class=\"_ _3\"></span>paid <span class=\"_ _1eb\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _c2\"> </span>24.0  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _5b\"> </span>2<span class=\"_ _2\"></span>4.0<span class=\"_ _421\"> </span>Recov<span class=\"_ _2\"></span>eries <span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>rom <span class=\"_ _3\"></span>reinsurance contracts <span class=\"_ _3\"></span>held <span class=\"_ _1d0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _5b\"> </span>(17.9 <span class=\"_ _7\"></span>) <span class=\"_ _11b\"> </span>(17<span class=\"_ _2\"></span>.9 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ash <span class=\"_ _4\"></span>flo<span class=\"_ _3\"></span>ws <span class=\"_ _1a4\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1e1\"> </span>2<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>.0  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _1e1\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>7<span class=\"_ _2\"></span>.<span class=\"_ _3\"></span>9 <span class=\"_ _7\"></span>) <span class=\"_ _fe\"> </span>6<span class=\"_ _3\"></span>.1<span class=\"_ _421\"> </span>Rei<span class=\"_ _3\"></span>nsur<span class=\"_ _3\"></span>ance c<span class=\"_ _3\"></span>ontr<span class=\"_ _3\"></span>ac<span class=\"_ _3\"></span>t ass<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>s as at 3<span class=\"_ _3\"></span>1 De<span class=\"_ _3\"></span>cemb<span class=\"_ _3\"></span>er 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>3 <span class=\"_ _92\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _15c\"> </span>(<span class=\"_ _3\"></span>29<span class=\"_ _3\"></span>.0<span class=\"_ _3\"></span> <span class=\"_ _f\"></span>)<span class=\"_ _3\"></span> <span class=\"_ _20a\"> </span>6<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2 <span class=\"_ _a\"></span> <span class=\"_ _10f\"> </span>7.9 <span class=\"_ _2\"></span> <span class=\"_ _46\"> </span>(<span class=\"_ _3\"></span>14<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9 <span class=\"_ _31\"></span>) <span class=\"_ _c\"> </span> <span class=\"_ _243\"> </span>Asset<span class=\"_ _3\"></span>s fo<span class=\"_ _2\"></span>r <span class=\"ls2 ws2\"> </span> <span class=\"_ _c\"> </span> <span class=\"_ _242\"> </span>remaining coverage <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _39\"> </span>E<span class=\"_ _3\"></span>xclud<span class=\"_ _3\"></span>ing  <span class=\"_ _42\"> </span>Lo<span class=\"_ _3\"></span>ss<span class=\"_ _3\"></span>-  <span class=\"_ _1c1\"> </span>A<span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>ts <span class=\"_ _4\"></span>for   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _74\"> </span>l<span class=\"_ _3\"></span>oss<span class=\"_ _3\"></span>-re<span class=\"_ _3\"></span>cover<span class=\"_ _3\"></span>y  <span class=\"_ _127\"> </span>re<span class=\"_ _3\"></span>cover<span class=\"_ _3\"></span>y  <span class=\"_ _33\"> </span>incu<span class=\"_ _3\"></span>rred   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _146\"> </span>component  <span class=\"_ _128\"> </span>component  <span class=\"_ _76\"> </span>claims  <span class=\"_ _28\"> </span>T<span class=\"_ _a\"></span>otal <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Rei<span class=\"_ _3\"></span>nsur<span class=\"_ _3\"></span>ance c<span class=\"_ _3\"></span>ontr<span class=\"_ _3\"></span>ac<span class=\"_ _3\"></span>t ass<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>s as at 1 J<span class=\"_ _3\"></span>anua<span class=\"_ _3\"></span>ry 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2 <span class=\"_ _be\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _42\"> </span>(4<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>8 <span class=\"_ _31\"></span>) <span class=\"_ _12b\"> </span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5 <span class=\"_ _2\"></span> <span class=\"_ _1a1\"> </span>5<span class=\"_ _3\"></span>.1 <span class=\"_ _2\"></span> <span class=\"_ _28\"> </span>(3<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Reinsurance expenses \u2013 allocation of r<span class=\"_ _2\"></span>einsurance premiums paid <span class=\"_ _e7\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _11b\"> </span>(19.8 <span class=\"_ _31\"></span>) <span class=\"_ _15b\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _e9\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _11b\"> </span>(<span class=\"_ _3\"></span>19.8 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Amount<span class=\"_ _3\"></span>s recoverable from reinsurers<span class=\"_ _421\"> </span>Recov<span class=\"_ _2\"></span>eries of incurred claims and other directly at<span class=\"_ _2\"></span>tributable expenses <span class=\"_ _1c7\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013  <span class=\"_ _152\"> </span>18.5  <span class=\"_ _152\"> </span>18<span class=\"_ _3\"></span>.5<span class=\"_ _421\"> </span>Changes <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>the <span class=\"_ _4\"></span>loss-reco<span class=\"_ _2\"></span>very <span class=\"_ _3\"></span>component <span class=\"_ _154\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _20b\"> </span>1.8  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _5a\"> </span>1.<span class=\"_ _3\"></span>8<span class=\"_ _421\"> </span>Ne<span class=\"_ _3\"></span>t <span class=\"_ _3\"></span>(expe<span class=\"_ _3\"></span>nse<span class=\"_ _3\"></span>s)/inc<span class=\"_ _3\"></span>ome <span class=\"_ _4\"></span>from <span class=\"_ _4\"></span>re<span class=\"_ _3\"></span>insu<span class=\"_ _3\"></span>ranc<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ontra<span class=\"_ _3\"></span>ct<span class=\"_ _3\"></span>s <span class=\"_ _4\"></span>hel<span class=\"_ _3\"></span>d <span class=\"_ _0\"></span> <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _150\"> </span>(1<span class=\"_ _3\"></span>9.<span class=\"_ _3\"></span>8 <span class=\"_ _7\"></span>) <span class=\"_ _10f\"> </span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8  <span class=\"_ _5b\"> </span>1<span class=\"_ _3\"></span>8.<span class=\"_ _4\"></span>5  <span class=\"_ _8f\"> </span>0<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5<span class=\"_ _421\"> </span>Net <span class=\"_ _3\"></span>finance <span class=\"_ _3\"></span>expenses <span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>rom <span class=\"_ _3\"></span>reinsuranc<span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>contracts <span class=\"_ _119\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12e\"> </span>1<span class=\"_ _4\"></span>1.8  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _12e\"> </span>1<span class=\"_ _4\"></span>1.8<span class=\"_ _421\"> </span>Effect <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>movements <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>exchange <span class=\"_ _3\"></span>rat<span class=\"_ _2\"></span>es <span class=\"_ _151\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _10e\"> </span>(1.7 <span class=\"_ _0\"></span>) <span class=\"_ _8f\"> </span>0.2  <span class=\"_ _10e\"> </span>0.4  <span class=\"_ _94\"> </span>(1.1 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>mount<span class=\"_ _3\"></span>s <span class=\"_ _4\"></span>rec<span class=\"_ _3\"></span>ogni<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>in <span class=\"_ _4\"></span>co<span class=\"_ _3\"></span>mpre<span class=\"_ _3\"></span>hen<span class=\"_ _3\"></span>sive <span class=\"_ _4\"></span>in<span class=\"_ _3\"></span>come <span class=\"_ _146\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _20a\"> </span>(9<span class=\"_ _3\"></span>.7 <span class=\"_ _31\"></span>) <span class=\"_ _1b7\"> </span>2<span class=\"_ _4\"></span>.0  <span class=\"_ _5b\"> </span>18<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9  <span class=\"_ _1b7\"> </span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2<span class=\"_ _421\"> </span>Cash flows<span class=\"_ _421\"> </span>Pr<span class=\"_ _2\"></span>emiums <span class=\"_ _3\"></span>paid <span class=\"_ _1eb\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12e\"> </span>22.1  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _12e\"> </span>22.1<span class=\"_ _421\"> </span>Recov<span class=\"_ _2\"></span>eries <span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>rom <span class=\"_ _3\"></span>reinsurance contracts <span class=\"_ _3\"></span>held <span class=\"_ _1d0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _5b\"> </span>(15.3 <span class=\"_ _0\"></span>) <span class=\"_ _11b\"> </span>(15.3 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ash <span class=\"_ _4\"></span>flo<span class=\"_ _3\"></span>ws <span class=\"_ _1a4\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14e\"> </span>2<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.1  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _45\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>5.<span class=\"_ _4\"></span>3 <span class=\"_ _7\"></span>) <span class=\"_ _12b\"> </span>6<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8<span class=\"_ _421\"> </span>Rei<span class=\"_ _3\"></span>nsur<span class=\"_ _3\"></span>ance c<span class=\"_ _3\"></span>ontr<span class=\"_ _3\"></span>ac<span class=\"_ _3\"></span>t ass<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>s as at 3<span class=\"_ _3\"></span>1 De<span class=\"_ _3\"></span>cemb<span class=\"_ _3\"></span>er 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2 <span class=\"_ _92\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _42\"> </span>(<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>8.<span class=\"_ _3\"></span>4 <span class=\"_ _31\"></span>) <span class=\"_ _152\"> </span>4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5 <span class=\"_ _2\"></span> <span class=\"_ _8f\"> </span>8<span class=\"_ _3\"></span>.7 <span class=\"_ _a\"></span> <span class=\"_ _150\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>F<span class=\"_ _2\"></span>or <span class=\"_ _2\"></span>Scildon, the full retrospective approach at transition has been applied to all reinsurance contracts.<span class=\"_ _421\"> </span><span class=\"ff65 ls3 ws2\">CHES<span class=\"_ _277\"></span>NAR<span class=\"_ _277\"></span>A<span class=\"_ _278\"></span>AN<span class=\"_ _283\"></span>NUAL<span class=\"_ _379\"></span>REPO<span class=\"_ _279\"></span>RT<span class=\"_ _278\"></span>AND<span class=\"_ _3b0\"></span>ACCOUNT<span class=\"_ _279\"></span>S<span class=\"_ _27b\"></span>20<span class=\"_ _2b5\"></span>23</span><span class=\"_ _3e0\"></span><span class=\"_ _421\"> </span>231<span class=\"_ _421\"> </span><div class=\"t m0 h4 ff67 fs2 fc1 sc0 lsc3 ws82 gs93\">IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS<span class=\"_ _421\"> </span></div><div class=\"t m0 h9 ff68 fs8 fc2 sc0 ls18f ws2 gs94\">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<span class=\"_ _421\"> </span></div><div class=\"t m0 hf ff61 fsc fc2 sc0 ls37 ws2 gs95\">SECTION F \u2013 INSURANCE AND REINSURANCE CONTRA<span class=\"_ _2\"></span>CTS</div><div class=\"t m0 h11 ff63 fsd fc2 sc0 ls2 ws2 gs96\"> <span class=\"_ _74\"> </span>F5 <span class=\"_ _4\"></span>Insurance and r<span class=\"_ _2\"></span>einsurance contr<span class=\"_ _2\"></span>acts \u2013 quantitative analysis of r<span class=\"_ _2\"></span>ecognised amounts \u2013 Scildon (continued)</div><div class=\"t m0 h11 ff63 fsd fc1 sc0 ls2 ws2 gs19d\"> <span class=\"_ _e\"> </span>(d) <span class=\"_ _3\"></span>Reinsurance contract balances \u2013 analysis b<span class=\"_ _2\"></span>y measurement component \u2013 contr<span class=\"_ _2\"></span>acts not measur<span class=\"_ _2\"></span>ed under P<span class=\"_ _a\"></span>AA</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs361\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _e\"> </span>Pr<span class=\"_ _3\"></span>ese<span class=\"_ _3\"></span>nt <span class=\"_ _4\"></span>valu<span class=\"_ _3\"></span>e  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  </div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs362\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _93\"> </span> <span class=\"_ _4\"></span>of <span class=\"_ _4\"></span>futu<span class=\"_ _3\"></span>re  <span class=\"_ _7b\"> </span>Ri<span class=\"_ _3\"></span>sk  <span class=\"_ _9f\"> </span>  </div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs363\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _185\"> </span>ca<span class=\"_ _3\"></span>sh <span class=\"_ _4\"></span>flows  <span class=\"_ _146\"> </span>ad<span class=\"_ _3\"></span>jus<span class=\"_ _3\"></span>tme<span class=\"_ _3\"></span>nt  <span class=\"_ _44\"> </span>C<span class=\"_ _3\"></span>SM  <span class=\"_ _46\"> </span>T<span class=\"_ _a\"></span>o<span class=\"_ _3\"></span>tal</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls190 ws1e0 gs364\"> <span class=\"_ _19e\"> </span> <span class=\"_ _3\"></span> <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws2 gs4e7\">Rei<span class=\"_ _3\"></span>nsur<span class=\"_ _3\"></span>ance c<span class=\"_ _3\"></span>ontr<span class=\"_ _3\"></span>ac<span class=\"_ _3\"></span>t ass<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>s as at 1 J<span class=\"_ _3\"></span>anua<span class=\"_ _3\"></span>ry 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>3 <span class=\"_ _5d\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _44\"> </span>(5<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.1 <span class=\"_ _31\"></span>) <span class=\"_ _7b\"> </span>1<span class=\"_ _3\"></span>0.7 <span class=\"_ _a\"></span> <span class=\"_ _7b\"> </span>2<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2 <span class=\"_ _a\"></span> <span class=\"_ _150\"> </span>(<span class=\"_ _3\"></span>15<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lsd9 ws1bc gs49e\">Changes that relate to cur<span class=\"_ _2\"></span>rent ser<span class=\"_ _3\"></span>vice<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs49f\">CSM <span class=\"_ _3\"></span>recognised <span class=\"_ _3\"></span>for <span class=\"_ _3\"></span>services <span class=\"_ _3\"></span>received <span class=\"_ _8e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _12e\"> </span>(2.7 <span class=\"_ _7\"></span>) <span class=\"_ _20a\"> </span>(2<span class=\"_ _3\"></span>.7 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws2 gs4a0\">Change in risk adjustment for non-financial risk for risk e<span class=\"_ _2\"></span>xpired <span class=\"_ _165\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _e9\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _fe\"> </span>(1.3 <span class=\"_ _31\"></span>) <span class=\"_ _15b\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _10f\"> </span>(<span class=\"_ _3\"></span>1.3 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs369\">Experience a<span class=\"_ _3\"></span>djustments <span class=\"_ _22\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _10f\"> </span>(1.0 <span class=\"_ _7\"></span>) <span class=\"_ _97\"> </span>\u2013  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _10f\"> </span>(<span class=\"_ _3\"></span>1.0 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws2 gs4a1\">T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l chan<span class=\"_ _3\"></span>ges t<span class=\"_ _3\"></span>hat re<span class=\"_ _3\"></span>late to cu<span class=\"_ _3\"></span>rrent s<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _94\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _20a\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.0 <span class=\"_ _31\"></span>) <span class=\"_ _5b\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3 <span class=\"_ _31\"></span>) <span class=\"_ _2d\"> </span>(2<span class=\"_ _4\"></span>.7 <span class=\"_ _f\"></span>) <span class=\"_ _11b\"> </span>(5<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>0 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lsd9 ws1bc gs574\">Changes that relate to future<span class=\"_ _2\"></span> ser<span class=\"_ _3\"></span>vice<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs575\">Contracts <span class=\"_ _3\"></span>initially <span class=\"_ _3\"></span>recognised <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>period <span class=\"_ _a4\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _10e\"> </span>(3.1 <span class=\"_ _0\"></span>) <span class=\"_ _12e\"> </span>0.9  <span class=\"_ _1b1\"> </span>2.2  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws2 gs576\">Changes in estimates that adjust the CSM <span class=\"_ _1cb\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _20b\"> </span>1.5 <span class=\"_ _2\"></span> <span class=\"_ _5a\"> </span>1.<span class=\"_ _3\"></span>3 <span class=\"_ _a\"></span> <span class=\"_ _12b\"> </span>(2.8 <span class=\"_ _7\"></span>) <span class=\"_ _ae\"> </span>\u2013<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws2 gs585\">CSM adjustment for income on initial rec<span class=\"_ _2\"></span>ognition of onerous underlying contracts <span class=\"_ _1c0\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _10e\"> </span>0.5 <span class=\"_ _a\"></span> <span class=\"_ _10e\"> </span>0.5<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws2 gs586\">Changes in recov<span class=\"_ _2\"></span>eries of losses on onerous underlying contr<span class=\"_ _2\"></span>acts that adjust the CSM <span class=\"_ _2e\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013  <span class=\"_ _1b1\"> </span>1.<span class=\"_ _3\"></span>8 <span class=\"_ _a\"></span> <span class=\"_ _5a\"> </span>1.8<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws2 gs587\">T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l chan<span class=\"_ _3\"></span>ges t<span class=\"_ _3\"></span>hat re<span class=\"_ _3\"></span>late to f<span class=\"_ _3\"></span>uture s<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _97\"> </span> <span class=\"_ _0\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _12b\"> </span>(<span class=\"_ _3\"></span>1.<span class=\"_ _3\"></span>6 <span class=\"_ _31\"></span>) <span class=\"_ _20a\"> </span>2<span class=\"_ _4\"></span>.<span class=\"_ _3\"></span>2 <span class=\"_ _a\"></span> <span class=\"_ _1a1\"> </span>1<span class=\"_ _3\"></span>.7 <span class=\"_ _0\"></span> <span class=\"_ _8f\"> </span>2<span class=\"_ _3\"></span>.<span class=\"_ _4\"></span>3<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws2 gs4b5\">Ne<span class=\"_ _3\"></span>t (expen<span class=\"_ _3\"></span>se)/<span class=\"_ _3\"></span>inco<span class=\"_ _3\"></span>me fro<span class=\"_ _3\"></span>m rein<span class=\"_ _3\"></span>sur<span class=\"_ _3\"></span>ance c<span class=\"_ _3\"></span>ontra<span class=\"_ _3\"></span>ct<span class=\"_ _3\"></span>s he<span class=\"_ _3\"></span>ld <span class=\"_ _4\"></span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _5b\"> </span>(<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>6 <span class=\"_ _f\"></span>) <span class=\"_ _152\"> </span>0<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9 <span class=\"_ _a\"></span> <span class=\"_ _152\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.0 <span class=\"_ _31\"></span>) <span class=\"_ _2d\"> </span>(<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.7 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws2 gs4b6\">Net finance income f<span class=\"_ _3\"></span>rom reinsurance contr<span class=\"_ _2\"></span>acts held <span class=\"_ _33\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _12b\"> </span>(4.3 <span class=\"_ _31\"></span>) <span class=\"_ _12e\"> </span>0.6 <span class=\"_ _2\"></span> <span class=\"_ _fe\"> </span>0.3 <span class=\"_ _2\"></span> <span class=\"_ _12b\"> </span>(3.4 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws2 gs528\">Effect of movements in e<span class=\"_ _2\"></span>xchange rat<span class=\"_ _2\"></span>es <span class=\"_ _a0\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _17c\"> </span>1.1 <span class=\"_ _a\"></span> <span class=\"_ _12b\"> </span>(0.2 <span class=\"_ _31\"></span>) <span class=\"_ _114\"> </span>(0.6 <span class=\"_ _31\"></span>) <span class=\"_ _12e\"> </span>0.3<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws2 gs529\">T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l amou<span class=\"_ _3\"></span>nts r<span class=\"_ _3\"></span>eco<span class=\"_ _3\"></span>gnis<span class=\"_ _3\"></span>ed in c<span class=\"_ _3\"></span>omp<span class=\"_ _3\"></span>rehe<span class=\"_ _3\"></span>nsi<span class=\"_ _3\"></span>ve inc<span class=\"_ _3\"></span>ome <span class=\"_ _6d\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _5b\"> </span>(5<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8 <span class=\"_ _31\"></span>) <span class=\"_ _8f\"> </span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3 <span class=\"_ _a\"></span> <span class=\"_ _12b\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3 <span class=\"_ _31\"></span>) <span class=\"_ _11b\"> </span>(5<span class=\"_ _3\"></span>.8 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls56 ws152 gs4aa\">Cash flows<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs4b8\">Pr<span class=\"_ _2\"></span>emiums <span class=\"_ _3\"></span>paid <span class=\"_ _1eb\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _c2\"> </span>24.0  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _5b\"> </span>2<span class=\"_ _2\"></span>4.0<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs3a6\">Recov<span class=\"_ _2\"></span>eries <span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>rom <span class=\"_ _3\"></span>reinsurance contracts <span class=\"_ _3\"></span>held <span class=\"_ _1d0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5b\"> </span>(17.9 <span class=\"_ _7\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _5b\"> </span>(17<span class=\"_ _2\"></span>.9 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs3a7\">T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ash <span class=\"_ _4\"></span>flo<span class=\"_ _3\"></span>ws <span class=\"_ _1a4\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b1\"> </span>6<span class=\"_ _3\"></span>.1  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _1b1\"> </span>6<span class=\"_ _3\"></span>.1<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws2 gs3a8\">Rei<span class=\"_ _3\"></span>nsur<span class=\"_ _3\"></span>ance c<span class=\"_ _3\"></span>ontr<span class=\"_ _3\"></span>ac<span class=\"_ _3\"></span>t ass<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>s as at 3<span class=\"_ _3\"></span>1 De<span class=\"_ _3\"></span>cemb<span class=\"_ _3\"></span>er 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>3 <span class=\"_ _146\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _14b\"> </span>(<span class=\"_ _3\"></span>51<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8 <span class=\"_ _31\"></span>) <span class=\"_ _1e1\"> </span>12<span class=\"_ _4\"></span>.0 <span class=\"_ _a\"></span> <span class=\"_ _45\"> </span>2<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>.9 <span class=\"_ _2\"></span> <span class=\"_ _46\"> </span>(<span class=\"_ _3\"></span>14<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9 <span class=\"_ _f\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff62 fs1 fc1 sc0 ls2 ws2 gsc0\">232<span class=\"_ _14c\"> </span><span class=\"ff67 ls3\">CHE<span class=\"_ _3\"></span>SNA<span class=\"_ _3\"></span>RA A<span class=\"_ _3\"></span>NNUAL REP<span class=\"_ _3\"></span>ORT AN<span class=\"_ _3\"></span>D ACCOUN<span class=\"_ _3\"></span>TS 2023<span class=\"_ _421\"> </span></span></div>IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _e\"> </span>Pr<span class=\"_ _3\"></span>ese<span class=\"_ _3\"></span>nt <span class=\"_ _4\"></span>valu<span class=\"_ _3\"></span>e  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _127\"> </span>o<span class=\"_ _3\"></span>f <span class=\"_ _3\"></span>fu<span class=\"_ _3\"></span>ture  <span class=\"_ _11b\"> </span>Risk  <span class=\"_ _156\"> </span>   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _185\"> </span>ca<span class=\"_ _3\"></span>sh <span class=\"_ _4\"></span>flows  <span class=\"_ _146\"> </span>ad<span class=\"_ _3\"></span>jus<span class=\"_ _3\"></span>tme<span class=\"_ _3\"></span>nt  <span class=\"_ _44\"> </span>C<span class=\"_ _3\"></span>SM  <span class=\"_ _46\"> </span>T<span class=\"_ _a\"></span>o<span class=\"_ _3\"></span>tal <span class=\"_ _19e\"> </span> <span class=\"_ _3\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Rei<span class=\"_ _3\"></span>nsur<span class=\"_ _3\"></span>ance c<span class=\"_ _3\"></span>ontr<span class=\"_ _3\"></span>ac<span class=\"_ _3\"></span>t ass<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>s as at 1 J<span class=\"_ _3\"></span>anua<span class=\"_ _3\"></span>ry 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2 <span class=\"_ _5d\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _15c\"> </span>(<span class=\"_ _3\"></span>70.<span class=\"_ _3\"></span>5 <span class=\"_ _31\"></span>) <span class=\"_ _7b\"> </span>10<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2 <span class=\"_ _a\"></span> <span class=\"_ _14e\"> </span>2<span class=\"_ _3\"></span>7<span class=\"_ _2\"></span>.1 <span class=\"_ _a\"></span> <span class=\"_ _28\"> </span>(<span class=\"_ _3\"></span>33<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Changes that relate to cur<span class=\"_ _2\"></span>rent ser<span class=\"_ _3\"></span>vice<span class=\"_ _421\"> </span>CSM <span class=\"_ _3\"></span>recognised <span class=\"_ _3\"></span>for <span class=\"_ _3\"></span>services <span class=\"_ _3\"></span>received <span class=\"_ _8e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _12e\"> </span>(2.7 <span class=\"_ _7\"></span>) <span class=\"_ _20a\"> </span>(2<span class=\"_ _3\"></span>.7 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Change in risk adjustment for non-financial risk for risk e<span class=\"_ _2\"></span>xpired <span class=\"_ _165\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _e9\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _94\"> </span>(1.1 <span class=\"_ _31\"></span>) <span class=\"_ _ae\"> </span>\u2013  <span class=\"_ _1a1\"> </span>(1.1 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Experience a<span class=\"_ _3\"></span>djustments <span class=\"_ _22\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _57\"> </span>2.8  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _57\"> </span>2.8<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l chan<span class=\"_ _3\"></span>ges t<span class=\"_ _3\"></span>hat re<span class=\"_ _3\"></span>late to cu<span class=\"_ _3\"></span>rrent s<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _94\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _12e\"> </span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8 <span class=\"_ _a\"></span> <span class=\"_ _10f\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.1 <span class=\"_ _31\"></span>) <span class=\"_ _2d\"> </span>(2<span class=\"_ _3\"></span>.7 <span class=\"_ _31\"></span>) <span class=\"_ _5b\"> </span>(1<span class=\"_ _3\"></span>.0 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Changes that relate to future<span class=\"_ _2\"></span> ser<span class=\"_ _3\"></span>vice<span class=\"_ _421\"> </span>Contracts <span class=\"_ _3\"></span>initially <span class=\"_ _3\"></span>recognised <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>period <span class=\"_ _a4\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12b\"> </span>(4.9 <span class=\"_ _0\"></span>) <span class=\"_ _57\"> </span>1.4  <span class=\"_ _1b1\"> </span>3.5  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span>Changes in estimates that adjust the CSM <span class=\"_ _1cb\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _10e\"> </span>2.8 <span class=\"_ _2\"></span> <span class=\"_ _fe\"> </span>2<span class=\"_ _3\"></span>.0 <span class=\"_ _a\"></span> <span class=\"_ _152\"> </span>(4.8 <span class=\"_ _31\"></span>) <span class=\"_ _15b\"> </span>\u2013<span class=\"_ _421\"> </span>CSM adjustment for income on initial rec<span class=\"_ _2\"></span>ognition of onerous underlying contracts <span class=\"_ _1c0\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _5a\"> </span>1.<span class=\"_ _2\"></span>4 <span class=\"_ _2\"></span> <span class=\"_ _94\"> </span>1.4<span class=\"_ _421\"> </span>Changes in recov<span class=\"_ _2\"></span>eries of losses on onerous underlying contr<span class=\"_ _2\"></span>acts that adjust the CSM <span class=\"_ _2e\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013  <span class=\"_ _94\"> </span>0.1 <span class=\"_ _a\"></span> <span class=\"_ _5a\"> </span>0<span class=\"_ _2\"></span>.1<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l chan<span class=\"_ _3\"></span>ges t<span class=\"_ _3\"></span>hat re<span class=\"_ _3\"></span>late to f<span class=\"_ _3\"></span>uture s<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _97\"> </span> <span class=\"_ _0\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _1b7\"> </span>(<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.1 <span class=\"_ _31\"></span>) <span class=\"_ _152\"> </span>3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4 <span class=\"_ _a\"></span> <span class=\"_ _12e\"> </span>0.<span class=\"_ _3\"></span>2 <span class=\"_ _a\"></span> <span class=\"_ _57\"> </span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5<span class=\"_ _421\"> </span>Ne<span class=\"_ _3\"></span>t <span class=\"_ _3\"></span>(exp<span class=\"_ _3\"></span>ens<span class=\"_ _3\"></span>e)/i<span class=\"_ _3\"></span>ncom<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>rom <span class=\"_ _4\"></span>rein<span class=\"_ _3\"></span>sura<span class=\"_ _3\"></span>nce <span class=\"_ _4\"></span>con<span class=\"_ _3\"></span>trac<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>s <span class=\"_ _3\"></span>h<span class=\"_ _3\"></span>eld    <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _10f\"> </span>0<span class=\"_ _3\"></span>.7  <span class=\"_ _179\"> </span>2<span class=\"_ _4\"></span>.<span class=\"_ _3\"></span>3  <span class=\"_ _14e\"> </span>(2<span class=\"_ _4\"></span>.<span class=\"_ _3\"></span>5 <span class=\"_ _7\"></span>) <span class=\"_ _1b7\"> </span>0.<span class=\"_ _4\"></span>5<span class=\"_ _421\"> </span>Net finance income f<span class=\"_ _3\"></span>rom reinsurance contr<span class=\"_ _2\"></span>acts held <span class=\"_ _33\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _14e\"> </span>14.0 <span class=\"_ _2\"></span> <span class=\"_ _12b\"> </span>(2.4 <span class=\"_ _31\"></span>) <span class=\"_ _12e\"> </span>0.2 <span class=\"_ _2\"></span> <span class=\"_ _12e\"> </span>1<span class=\"_ _3\"></span>1.8<span class=\"_ _421\"> </span>Effect <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>movements <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>exchange <span class=\"_ _3\"></span>rat<span class=\"_ _2\"></span>es <span class=\"_ _151\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _57\"> </span>(3.1 <span class=\"_ _7\"></span>) <span class=\"_ _8f\"> </span>0.6  <span class=\"_ _5a\"> </span>1.4  <span class=\"_ _5a\"> </span>(1.1 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>mount<span class=\"_ _3\"></span>s <span class=\"_ _4\"></span>rec<span class=\"_ _3\"></span>ogni<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>in <span class=\"_ _4\"></span>co<span class=\"_ _3\"></span>mpre<span class=\"_ _3\"></span>hen<span class=\"_ _3\"></span>sive <span class=\"_ _4\"></span>in<span class=\"_ _3\"></span>come <span class=\"_ _146\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b7\"> </span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>6  <span class=\"_ _8f\"> </span>0<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5  <span class=\"_ _114\"> </span>(0.<span class=\"_ _3\"></span>9 <span class=\"_ _7\"></span>) <span class=\"_ _14e\"> </span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2<span class=\"_ _421\"> </span>Cash flows<span class=\"_ _421\"> </span>Pr<span class=\"_ _2\"></span>emiums <span class=\"_ _3\"></span>paid <span class=\"_ _1eb\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12e\"> </span>22.1  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _12e\"> </span>22.1<span class=\"_ _421\"> </span>Recov<span class=\"_ _2\"></span>eries <span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>rom <span class=\"_ _3\"></span>reinsurance contracts <span class=\"_ _3\"></span>held <span class=\"_ _1d0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5b\"> </span>(15.<span class=\"_ _3\"></span>3 <span class=\"_ _7\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _5b\"> </span>(15.<span class=\"_ _3\"></span>3 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ash <span class=\"_ _4\"></span>flo<span class=\"_ _3\"></span>ws <span class=\"_ _1a4\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _8f\"> </span>6<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _8f\"> </span>6<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8<span class=\"_ _421\"> </span>Rei<span class=\"_ _3\"></span>nsur<span class=\"_ _3\"></span>ance c<span class=\"_ _3\"></span>ontr<span class=\"_ _3\"></span>ac<span class=\"_ _3\"></span>t ass<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>s as at 3<span class=\"_ _3\"></span>1 De<span class=\"_ _3\"></span>cemb<span class=\"_ _3\"></span>er 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2 <span class=\"_ _146\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _44\"> </span>(5<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.1 <span class=\"_ _31\"></span>) <span class=\"_ _7b\"> </span>1<span class=\"_ _3\"></span>0.7 <span class=\"_ _a\"></span> <span class=\"_ _7b\"> </span>2<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2 <span class=\"_ _a\"></span> <span class=\"_ _150\"> </span>(<span class=\"_ _3\"></span>15<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2 <span class=\"_ _31\"></span>)  (e) <span class=\"_ _3\"></span>Insurance contracts r<span class=\"_ _2\"></span>ecognised in the per<span class=\"_ _2\"></span>iod<span class=\"_ _421\"> </span>Y<span class=\"_ _2\"></span>ea<span class=\"_ _3\"></span>r Ende<span class=\"_ _3\"></span>d 31 D<span class=\"_ _3\"></span>ece<span class=\"_ _3\"></span>mbe<span class=\"_ _3\"></span>r 20<span class=\"_ _3\"></span>23 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _d\"> </span>Non<span class=\"_ _3\"></span>-onerous  <span class=\"_ _1e2\"> </span>O<span class=\"_ _3\"></span>nerous   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1c7\"> </span>contrac<span class=\"_ _3\"></span>ts  <span class=\"_ _1c7\"> </span>contract<span class=\"_ _3\"></span>s  <span class=\"_ _28\"> </span>T<span class=\"_ _a\"></span>otal <span class=\"_ _19e\"> </span> <span class=\"_ _3\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _12e\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m<span class=\"_ _421\"> </span>Es<span class=\"_ _3\"></span>tima<span class=\"_ _3\"></span>tes o<span class=\"_ _3\"></span>f the pr<span class=\"_ _3\"></span>ese<span class=\"_ _3\"></span>nt va<span class=\"_ _3\"></span>lue of f<span class=\"_ _3\"></span>utur<span class=\"_ _3\"></span>e cas<span class=\"_ _3\"></span>h infl<span class=\"_ _3\"></span>ows <span class=\"_ _32\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _e7\"> </span>(1<span class=\"_ _4\"></span>1<span class=\"_ _3\"></span>3.<span class=\"_ _3\"></span>1 <span class=\"_ _f\"></span>) <span class=\"_ _a3\"> </span>(46<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2 <span class=\"_ _31\"></span>) <span class=\"_ _48\"> </span>(1<span class=\"_ _3\"></span>59.<span class=\"_ _4\"></span>3 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Es<span class=\"_ _3\"></span>tima<span class=\"_ _3\"></span>tes o<span class=\"_ _3\"></span>f the pr<span class=\"_ _3\"></span>ese<span class=\"_ _3\"></span>nt va<span class=\"_ _3\"></span>lue of f<span class=\"_ _3\"></span>utur<span class=\"_ _3\"></span>e cas<span class=\"_ _3\"></span>h out<span class=\"_ _3\"></span>flow<span class=\"_ _3\"></span>s<span class=\"_ _421\"> </span>Claims <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>other <span class=\"_ _4\"></span>insurance <span class=\"_ _3\"></span>service <span class=\"_ _3\"></span>expenses <span class=\"_ _3\"></span>payable <span class=\"_ _13b\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _114\"> </span>98.3  <span class=\"_ _152\"> </span>4<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>.3  <span class=\"_ _44\"> </span>145.6<span class=\"_ _421\"> </span>Insurance <span class=\"_ _3\"></span>acquisition <span class=\"_ _3\"></span>cash <span class=\"_ _3\"></span>flows <span class=\"_ _239\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5a\"> </span>1.4  <span class=\"_ _5a\"> </span>1.0  <span class=\"_ _57\"> </span>2.4<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l es<span class=\"_ _3\"></span>timat<span class=\"_ _3\"></span>es of t<span class=\"_ _3\"></span>he pre<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>nt valu<span class=\"_ _3\"></span>e of fu<span class=\"_ _3\"></span>ture c<span class=\"_ _3\"></span>as<span class=\"_ _3\"></span>h out<span class=\"_ _3\"></span>flows <span class=\"_ _5b\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _7b\"> </span>9<span class=\"_ _3\"></span>9.7 <span class=\"_ _a\"></span> <span class=\"_ _44\"> </span>4<span class=\"_ _3\"></span>8.<span class=\"_ _4\"></span>3 <span class=\"_ _a\"></span> <span class=\"_ _a3\"> </span>14<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>.0<span class=\"_ _421\"> </span>Risk <span class=\"_ _3\"></span>adjustment <span class=\"_ _3\"></span>for <span class=\"_ _3\"></span>non-<span class=\"_ _3\"></span>financial <span class=\"_ _3\"></span>risk <span class=\"_ _15a\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _20b\"> </span>1.9  <span class=\"_ _fe\"> </span>0.8  <span class=\"_ _1a1\"> </span>2<span class=\"_ _3\"></span>.7<span class=\"_ _421\"> </span>CSM <span class=\"_ _1db\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _179\"> </span>1<span class=\"_ _4\"></span>1.5  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _179\"> </span>1<span class=\"_ _4\"></span>1.5<span class=\"_ _421\"> </span>Lo<span class=\"_ _3\"></span>sse<span class=\"_ _3\"></span>s <span class=\"_ _4\"></span>reco<span class=\"_ _3\"></span>gni<span class=\"_ _3\"></span>sed <span class=\"_ _4\"></span>on <span class=\"_ _4\"></span>ini<span class=\"_ _3\"></span>tial <span class=\"_ _4\"></span>re<span class=\"_ _3\"></span>cogn<span class=\"_ _3\"></span>itio<span class=\"_ _3\"></span>n <span class=\"_ _ad\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _10f\"> </span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9  <span class=\"_ _179\"> </span>2<span class=\"_ _4\"></span>.9<span class=\"_ _421\"> </span><span class=\"ff65 ls3\">CHES<span class=\"_ _277\"></span>NAR<span class=\"_ _277\"></span>A<span class=\"_ _278\"></span>A<span class=\"_ _277\"></span>NNUAL<span class=\"_ _278\"></span>REPO<span class=\"_ _284\"></span>RT<span class=\"_ _27f\"></span>AND<span class=\"_ _392\"></span>ACCOUN<span class=\"_ _279\"></span>TS<span class=\"_ _287\"></span>2023</span><span class=\"_ _3ed\"></span>233<span class=\"_ _421\"> </span>SECTION F \u2013 INSURANCE AND REINSURANCE CONTRA<span class=\"_ _2\"></span>CTS <span class=\"_ _74\"> </span>F5 <span class=\"_ _4\"></span>Insurance and r<span class=\"_ _2\"></span>einsurance contr<span class=\"_ _2\"></span>acts \u2013 quantitative analysis of r<span class=\"_ _2\"></span>ecognised amounts \u2013 Scildon (continued)  (e) <span class=\"_ _3\"></span>Insurance contracts r<span class=\"_ _2\"></span>ecognised in the per<span class=\"_ _2\"></span>iod (continued)<span class=\"_ _421\"> </span>Y<span class=\"_ _2\"></span>ea<span class=\"_ _3\"></span>r Ende<span class=\"_ _3\"></span>d 31 D<span class=\"_ _3\"></span>ece<span class=\"_ _3\"></span>mbe<span class=\"_ _3\"></span>r 20<span class=\"_ _3\"></span>22 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _d\"> </span>Non<span class=\"_ _3\"></span>-onerous  <span class=\"_ _1e2\"> </span>O<span class=\"_ _3\"></span>nerous   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1c7\"> </span>contrac<span class=\"_ _3\"></span>ts  <span class=\"_ _1c7\"> </span>contract<span class=\"_ _3\"></span>s  <span class=\"_ _28\"> </span>T<span class=\"_ _a\"></span>otal <span class=\"_ _19e\"> </span> <span class=\"_ _3\"></span> <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Es<span class=\"_ _3\"></span>tima<span class=\"_ _3\"></span>tes o<span class=\"_ _3\"></span>f the pr<span class=\"_ _3\"></span>ese<span class=\"_ _3\"></span>nt va<span class=\"_ _3\"></span>lue of f<span class=\"_ _3\"></span>utur<span class=\"_ _3\"></span>e cas<span class=\"_ _3\"></span>h infl<span class=\"_ _3\"></span>ows <span class=\"_ _32\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _1c0\"> </span>(<span class=\"_ _3\"></span>13<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5 <span class=\"_ _31\"></span>) <span class=\"_ _240\"> </span>(<span class=\"_ _3\"></span>98<span class=\"_ _3\"></span>.6 <span class=\"_ _31\"></span>) <span class=\"_ _47\"> </span>(<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>33<span class=\"_ _3\"></span>.1 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Es<span class=\"_ _3\"></span>tima<span class=\"_ _3\"></span>tes o<span class=\"_ _3\"></span>f the pr<span class=\"_ _3\"></span>ese<span class=\"_ _3\"></span>nt va<span class=\"_ _3\"></span>lue of f<span class=\"_ _3\"></span>utur<span class=\"_ _3\"></span>e cas<span class=\"_ _3\"></span>h out<span class=\"_ _3\"></span>flow<span class=\"_ _3\"></span>s:<span class=\"_ _421\"> </span>Claims <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>other <span class=\"_ _4\"></span>insurance <span class=\"_ _3\"></span>service <span class=\"_ _3\"></span>expenses <span class=\"_ _3\"></span>payable <span class=\"_ _13b\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _56\"> </span>1.6  <span class=\"_ _20b\"> </span>1.9  <span class=\"_ _1b1\"> </span>3.5<span class=\"_ _421\"> </span>Insurance <span class=\"_ _3\"></span>acquisition <span class=\"_ _3\"></span>cash <span class=\"_ _3\"></span>flows <span class=\"_ _239\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _2d\"> </span>1<span class=\"_ _3\"></span>16.5  <span class=\"_ _f0\"> </span>101.5  <span class=\"_ _150\"> </span>218<span class=\"_ _3\"></span>.0<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l es<span class=\"_ _3\"></span>timat<span class=\"_ _3\"></span>es of t<span class=\"_ _3\"></span>he pre<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>nt valu<span class=\"_ _3\"></span>e of fu<span class=\"_ _3\"></span>ture c<span class=\"_ _3\"></span>as<span class=\"_ _3\"></span>h out<span class=\"_ _3\"></span>flows <span class=\"_ _5b\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _1e1\"> </span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>.1 <span class=\"_ _a\"></span> <span class=\"_ _119\"> </span>1<span class=\"_ _3\"></span>03<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4 <span class=\"_ _a\"></span> <span class=\"_ _e7\"> </span>2<span class=\"_ _3\"></span>21<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5<span class=\"_ _421\"> </span>Risk <span class=\"_ _3\"></span>adjustment <span class=\"_ _3\"></span>for <span class=\"_ _3\"></span>non-<span class=\"_ _3\"></span>financial <span class=\"_ _3\"></span>risk <span class=\"_ _15a\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _57\"> </span>3.0  <span class=\"_ _57\"> </span>2<span class=\"_ _3\"></span>.2  <span class=\"_ _1a1\"> </span>5.<span class=\"_ _3\"></span>2<span class=\"_ _421\"> </span>CSM <span class=\"_ _1db\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12b\"> </span>1<span class=\"_ _3\"></span>3.4  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _1b7\"> </span>13.4<span class=\"_ _421\"> </span>Lo<span class=\"_ _3\"></span>sse<span class=\"_ _3\"></span>s <span class=\"_ _4\"></span>reco<span class=\"_ _3\"></span>gni<span class=\"_ _3\"></span>sed <span class=\"_ _4\"></span>on <span class=\"_ _4\"></span>ini<span class=\"_ _3\"></span>tial <span class=\"_ _4\"></span>re<span class=\"_ _3\"></span>cogn<span class=\"_ _3\"></span>itio<span class=\"_ _3\"></span>n <span class=\"_ _ad\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _fe\"> </span>7<span class=\"_ _2\"></span>.<span class=\"_ _3\"></span>0  <span class=\"_ _10f\"> </span>7.0<span class=\"_ _421\"> </span>All insurance contracts abov<span class=\"_ _2\"></span>e are in respect of ne<span class=\"_ _2\"></span>w business written. <span class=\"_ _10\"> </span>(f) <span class=\"_ _4\"></span>Reinsurance contr<span class=\"_ _2\"></span>acts recognised in the per<span class=\"_ _a\"></span>iod <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14b\"> </span>20<span class=\"_ _2\"></span>23  <span class=\"_ _14b\"> </span>2022 <span class=\"_ _19e\"> </span> <span class=\"_ _3\"></span> <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Estimates of the pr<span class=\"_ _2\"></span>esent value of future cash inflows <span class=\"_ _2e\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _1b7\"> </span>12.5 <span class=\"_ _2\"></span> <span class=\"_ _5b\"> </span>20.5<span class=\"_ _421\"> </span>Estimates of the pr<span class=\"_ _2\"></span>esent value of future cash outflo<span class=\"_ _2\"></span>ws <span class=\"_ _1fc\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _c2\"> </span>(15.6 <span class=\"_ _31\"></span>) <span class=\"_ _46\"> </span>(25.4 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Risk <span class=\"_ _3\"></span>adjustment <span class=\"_ _3\"></span>for <span class=\"_ _3\"></span>non-<span class=\"_ _3\"></span>financial <span class=\"_ _3\"></span>risk <span class=\"_ _15a\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _57\"> </span>0.9  <span class=\"_ _5a\"> </span>1.4<span class=\"_ _421\"> </span>CSM <span class=\"_ _1db\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1a1\"> </span>2.<span class=\"_ _3\"></span>2  <span class=\"_ _1b1\"> </span>3.5<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l valu<span class=\"_ _3\"></span>e of re<span class=\"_ _3\"></span>insu<span class=\"_ _3\"></span>ranc<span class=\"_ _3\"></span>e cont<span class=\"_ _3\"></span>rac<span class=\"_ _3\"></span>ts r<span class=\"_ _3\"></span>eco<span class=\"_ _3\"></span>gnis<span class=\"_ _3\"></span>ed in t<span class=\"_ _3\"></span>he pe<span class=\"_ _3\"></span>riod <span class=\"_ _29\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _b9\"> </span>\u2013<span class=\"_ _421\"> </span>All of the portf<span class=\"_ _2\"></span>olios acquired were originally in a net cost position. <span class=\"_ _2\"></span>All reinsurance contracts abov<span class=\"_ _2\"></span>e are in respect of ne<span class=\"_ _2\"></span>w business written. <span class=\"_ _e\"> </span>(g) <span class=\"_ _3\"></span>Expected r<span class=\"_ _2\"></span>ecognition of CSM<span class=\"_ _421\"> </span>In the tables that follo<span class=\"_ _2\"></span>w the CSM accrues interest at the locked-in rate f<span class=\"_ _2\"></span>or GMM portfolios and at current rates f<span class=\"_ _2\"></span>or <span class=\"_ _a\"></span>VF<span class=\"_ _a\"></span>A portfolios from the balance sheet date and is then amortised based on the co<span class=\"_ _2\"></span>verage units of the contract groups to giv<span class=\"_ _2\"></span>e the timeline of the <span class=\"_ _2\"></span>expected recognition.<span class=\"_ _421\"> </span>31 December 2023 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _23a\"> </span>Insurance  <span class=\"_ _4a\"> </span>Reinsurance <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1c7\"> </span>contrac<span class=\"_ _3\"></span>ts  <span class=\"_ _1c7\"> </span>contrac<span class=\"_ _3\"></span>ts <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Not <span class=\"_ _3\"></span>later <span class=\"_ _3\"></span>than <span class=\"_ _3\"></span>one <span class=\"_ _3\"></span>year <span class=\"_ _dd\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _20b\"> </span>8.1  <span class=\"_ _12e\"> </span>(2.3 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>Later than one ye<span class=\"_ _2\"></span>ar and not later than two y<span class=\"_ _2\"></span>ears <span class=\"_ _7b\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _57\"> </span>7<span class=\"_ _2\"></span>.5 <span class=\"_ _2\"></span> <span class=\"_ _10f\"> </span>(2<span class=\"_ _3\"></span>.1 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Later than tw<span class=\"_ _2\"></span>o years and not lat<span class=\"_ _2\"></span>er than three years <span class=\"_ _14f\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _10e\"> </span>6.9 <span class=\"_ _2\"></span> <span class=\"_ _20a\"> </span>(2<span class=\"_ _3\"></span>.0 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Later than three y<span class=\"_ _2\"></span>ears and not later than four y<span class=\"_ _2\"></span>ears <span class=\"_ _7c\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _57\"> </span>6.3 <span class=\"_ _2\"></span> <span class=\"_ _179\"> </span>(1.9 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Later than four y<span class=\"_ _2\"></span>ears and not later than fiv<span class=\"_ _2\"></span>e years <span class=\"_ _119\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _57\"> </span>5.7 <span class=\"_ _2\"></span> <span class=\"_ _10f\"> </span>(1.7 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Later than five y<span class=\"_ _2\"></span>ears and not later than t<span class=\"_ _2\"></span>en years <span class=\"_ _150\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _10f\"> </span>21.1 <span class=\"_ _2\"></span> <span class=\"_ _12b\"> </span>(6.9 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Later <span class=\"_ _3\"></span>than <span class=\"_ _3\"></span>ten <span class=\"_ _3\"></span>years <span class=\"_ _b2\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5b\"> </span>2<span class=\"_ _2\"></span>4.0  <span class=\"_ _12b\"> </span>(8.0 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _11b\"> </span>7<span class=\"_ _3\"></span>9.6  <span class=\"_ _e7\"> </span>(<span class=\"_ _3\"></span>24<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9 <div class=\"t m0 h3 ff61 fs1 fcb sc0 ls190 wsc7 gs589\">31 December 2022</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lsd9 ws1bb gs58a\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _23a\"> </span>Insurance  <span class=\"_ _4a\"> </span>Reinsurance</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls9a ws1e4 gs58b\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1c7\"> </span>contrac<span class=\"_ _3\"></span>ts  <span class=\"_ _1c7\"> </span>contrac<span class=\"_ _3\"></span>ts</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls190 ws1e0 gs58c\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs58d\">Not <span class=\"_ _3\"></span>later <span class=\"_ _3\"></span>than <span class=\"_ _3\"></span>one <span class=\"_ _3\"></span>year <span class=\"_ _dd\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _fe\"> </span>8<span class=\"_ _3\"></span>.8  <span class=\"_ _165\"> </span>(3.8 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws2 gs58e\">Later than one ye<span class=\"_ _2\"></span>ar and not later than two y<span class=\"_ _2\"></span>ears <span class=\"_ _7b\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _94\"> </span>8.1 <span class=\"_ _a\"></span> <span class=\"_ _94\"> </span>(1.1 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws2 gs58f\">Later than tw<span class=\"_ _2\"></span>o years and not lat<span class=\"_ _2\"></span>er than three years <span class=\"_ _14f\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _57\"> </span>7<span class=\"_ _a\"></span>.4 <span class=\"_ _2\"></span> <span class=\"_ _165\"> </span>(2.2 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws2 gs590\">Later than three y<span class=\"_ _2\"></span>ears and not later than four y<span class=\"_ _2\"></span>ears <span class=\"_ _7c\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _fe\"> </span>6.8  <span class=\"_ _20a\"> </span>(2.0 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws2 gs591\">Later than four y<span class=\"_ _2\"></span>ears and not later than fiv<span class=\"_ _2\"></span>e years <span class=\"_ _119\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _10e\"> </span>6<span class=\"_ _3\"></span>.2 <span class=\"_ _a\"></span> <span class=\"_ _10f\"> </span>(1.9 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws2 gs592\">Later than five y<span class=\"_ _2\"></span>ears and not later than t<span class=\"_ _2\"></span>en years <span class=\"_ _150\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _5b\"> </span>22.8 <span class=\"_ _2\"></span> <span class=\"_ _12e\"> </span>(7<span class=\"_ _a\"></span>.2 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs3d4\">Later <span class=\"_ _3\"></span>than <span class=\"_ _3\"></span>ten <span class=\"_ _3\"></span>years <span class=\"_ _b2\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _152\"> </span>23.3  <span class=\"_ _12b\"> </span>(8.0 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs593\">T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1e1\"> </span>8<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4  <span class=\"_ _28\"> </span>(<span class=\"_ _3\"></span>26<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInsuranceContractsExplanatory",
    "language": "en",
    "entity": "scheme:213800VFRMBRTSZ3SJ06",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-430": {
   "value": "Finance income/(<span class=\"_ _2\"></span>expense<span class=\"_ _3\"></span>s) from insurance contracts is<span class=\"_ _3\"></span>sued<span class=\"_ _421\"> </span>Change in fair value of underlying assets of c<span class=\"_ _2\"></span>ontracts measured <span class=\"ls2\"> </span>under <span class=\"_ _9\"> </span>the <span class=\"_ _e\"> </span>VF<span class=\"_ _2\"></span>A <span class=\"_ _211\"> </span>(75.4 ) <span class=\"_ _46\"> </span>\u2013 <span class=\"_ _5\"> </span> <span class=\"_ _48\"> </span>(5.1 ) <span class=\"_ _127\"> </span>(132.6 ) <span class=\"_ _14b\"> </span>\u2013 <span class=\"_ _5\"> </span> <span class=\"_ _45\"> </span>\u2013 <span class=\"_ _5\"> </span> <span class=\"_ _bf\"> </span>(213.1 )<span class=\"_ _421\"> </span>Interest <span class=\"_ _5\"> </span>accreted <span class=\"_ _212\"> </span>(18.2 ) <span class=\"_ _14b\"> </span>\u2013 <span class=\"_ _5\"> </span> <span class=\"_ _5d\"> </span>(30.0 ) <span class=\"_ _e8\"> </span>(19.1 ) <span class=\"_ _14b\"> </span>\u2013 <span class=\"_ _5\"> </span> <span class=\"_ _45\"> </span>\u2013 <span class=\"_ _5\"> </span> <span class=\"_ _123\"> </span>(67<span class=\"_ _a\"></span>. 3 )<span class=\"_ _421\"> </span>Effect of changes in inter<span class=\"_ _2\"></span>est rates and other financial assumptions <span class=\"_ _1ca\"> </span>2.4 <span class=\"_ _2\"></span> <span class=\"_ _5d\"> </span>(16.0 <span class=\"_ _31\"></span>) <span class=\"_ _1c2\"> </span>(21.<span class=\"_ _3\"></span>2 <span class=\"_ _31\"></span>) <span class=\"_ _91\"> </span>(<span class=\"_ _3\"></span>14.2 <span class=\"_ _31\"></span>) <span class=\"_ _15c\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _46\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _1c3\"> </span>(49.0 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Effect of changes in fulfilment cash flows at curr<span class=\"_ _2\"></span>ent rates when CSM <span class=\"ls2\"> </span>is <span class=\"_ _3\"></span>unlocked <span class=\"_ _3\"></span>at <span class=\"_ _3\"></span>locked <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>rates <span class=\"_ _1dc\"> </span>4.7  <span class=\"_ _14b\"> </span>\u2013  <span class=\"_ _210\"> </span>6<span class=\"_ _3\"></span>.9  <span class=\"_ _153\"> </span>2.9  <span class=\"_ _14b\"> </span>\u2013  <span class=\"_ _14b\"> </span>\u2013  <span class=\"_ _82\"> </span>14.5<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l finan<span class=\"_ _3\"></span>ce inc<span class=\"_ _3\"></span>ome fr<span class=\"_ _3\"></span>om in<span class=\"_ _3\"></span>sura<span class=\"_ _3\"></span>nce co<span class=\"_ _3\"></span>ntra<span class=\"_ _3\"></span>ct<span class=\"_ _3\"></span>s is<span class=\"_ _3\"></span>sue<span class=\"_ _3\"></span>d <span class=\"_ _107\"> </span>(86<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5 <span class=\"_ _31\"></span>) <span class=\"_ _7d\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>.0 <span class=\"_ _31\"></span>) <span class=\"_ _1e3\"> </span>(49<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4 <span class=\"_ _f\"></span>) <span class=\"_ _39\"> </span>(<span class=\"_ _3\"></span>16<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>.0 <span class=\"_ _31\"></span>) <span class=\"_ _42\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _46\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _1c7\"> </span>(31<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>.9 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Finance income from reinsurance contrac<span class=\"_ _3\"></span>ts held<span class=\"_ _421\"> </span>Interest accreted <span class=\"_ _1c9\"> </span>8.<span class=\"_ _3\"></span>8  <span class=\"_ _14b\"> </span>\u2013  <span class=\"_ _48\"> </span>0.1  <span class=\"_ _48\"> </span>(1.1 <span class=\"_ _7\"></span>) <span class=\"_ _e7\"> </span>\u2013  <span class=\"_ _14b\"> </span>\u2013  <span class=\"_ _153\"> </span>7<span class=\"_ _2\"></span>.8<span class=\"_ _421\"> </span>Effect of changes in inter<span class=\"_ _2\"></span>est rates and other financial assumptions <span class=\"_ _b9\"> </span>1.<span class=\"_ _3\"></span>5 <span class=\"_ _2\"></span> <span class=\"_ _14f\"> </span>0.7 <span class=\"_ _a\"></span> <span class=\"_ _46\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _3b\"> </span>(1.6 <span class=\"_ _31\"></span>) <span class=\"_ _15c\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _46\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _76\"> </span>0.6<span class=\"_ _421\"> </span>Effect of changes in fulfilment cash flows at curr<span class=\"_ _2\"></span>ent rates when CSM <span class=\"ls2\"> </span>is unlocked at loc<span class=\"_ _2\"></span>ked in rates <span class=\"_ _213\"> </span>(1.0 <span class=\"_ _31\"></span>) <span class=\"_ _29\"> </span>\u2013  <span class=\"_ _28\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _82\"> </span>(0<span class=\"_ _2\"></span>.7 <span class=\"_ _31\"></span>) <span class=\"_ _15c\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _46\"> </span>\u2013  <span class=\"_ _3b\"> </span>(1.7 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l finan<span class=\"_ _3\"></span>ce expe<span class=\"_ _3\"></span>ns<span class=\"_ _3\"></span>es fro<span class=\"_ _3\"></span>m rein<span class=\"_ _3\"></span>sura<span class=\"_ _3\"></span>nce co<span class=\"_ _3\"></span>ntra<span class=\"_ _3\"></span>ct<span class=\"_ _3\"></span>s he<span class=\"_ _3\"></span>ld <span class=\"_ _214\"> </span>9.<span class=\"_ _3\"></span>3 <span class=\"_ _2\"></span> <span class=\"_ _7c\"> </span>0.7 <span class=\"_ _a\"></span> <span class=\"_ _210\"> </span>0<span class=\"_ _3\"></span>.1 <span class=\"_ _a\"></span> <span class=\"_ _89\"> </span>(<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>.4 <span class=\"_ _31\"></span>) <span class=\"_ _42\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _28\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _3b\"> </span>6.7<span class=\"_ _421\"> </span>Ne t <span class=\"_ _e\"> </span>in s ur an c e <span class=\"_ _e\"> </span>fin a nc e <span class=\"_ _e\"> </span>exp e n s e s <span class=\"_ _215\"> </span>(7<span class=\"_ _3\"></span>7.2 ) <span class=\"_ _2e\"> </span>( 1<span class=\"_ _3\"></span>5 .<span class=\"_ _4\"></span>3 ) <span class=\"_ _37\"> </span>(49.<span class=\"_ _3\"></span>3 ) <span class=\"_ _1c7\"> </span>( 1 6<span class=\"_ _3\"></span>6 .<span class=\"_ _3\"></span>4 ) <span class=\"_ _14b\"> </span>\u2013 <span class=\"_ _5\"> </span> <span class=\"_ _7b\"> </span>\u2013 <span class=\"_ _5\"> </span> <span class=\"_ _1c7\"> </span>(3 0<span class=\"_ _3\"></span>8 .<span class=\"_ _3\"></span>2 Finance income/(<span class=\"_ _2\"></span>expense<span class=\"_ _3\"></span>s) from insurance contracts is<span class=\"_ _3\"></span>sued<span class=\"_ _421\"> </span>Change in fair value of underlying assets of c<span class=\"_ _2\"></span>ontracts measured <span class=\"ls2\"> </span>under <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>VFA <span class=\"_ _219\"> </span>72.3  <span class=\"_ _82\"> </span>18<span class=\"_ _3\"></span>.5  <span class=\"_ _210\"> </span>3.4  <span class=\"_ _bf\"> </span>171.<span class=\"_ _3\"></span>8  <span class=\"_ _14b\"> </span>\u2013  <span class=\"_ _14b\"> </span>\u2013  <span class=\"_ _127\"> </span>266.0<span class=\"_ _421\"> </span>Interest accreted <span class=\"_ _21a\"> </span>5.6  <span class=\"_ _14b\"> </span>\u2013  <span class=\"_ _82\"> </span>(0.5 <span class=\"_ _0\"></span>) <span class=\"_ _1c8\"> </span>12<span class=\"_ _3\"></span>.6  <span class=\"_ _14b\"> </span>\u2013  <span class=\"_ _46\"> </span>\u2013  <span class=\"_ _7c\"> </span>17<span class=\"_ _2\"></span>.7<span class=\"_ _421\"> </span>Effect of changes in inter<span class=\"_ _2\"></span>est rates and other financial assumptions <span class=\"_ _57\"> </span>78.9 <span class=\"_ _a\"></span> <span class=\"_ _76\"> </span>2.0 <span class=\"_ _2\"></span> <span class=\"_ _123\"> </span>92<span class=\"_ _3\"></span>.7 <span class=\"_ _a\"></span> <span class=\"_ _be\"> </span>92.5 <span class=\"_ _a\"></span> <span class=\"_ _46\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _46\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _2e\"> </span>266.1<span class=\"_ _421\"> </span>Effect of changes in fulfilment cash flows at curr<span class=\"_ _2\"></span>ent rates when CSM <span class=\"ls2\"> </span>is unlocked at loc<span class=\"_ _2\"></span>ked in rates <span class=\"_ _213\"> </span>4<span class=\"_ _3\"></span>.8 <span class=\"_ _2\"></span> <span class=\"_ _46\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _e8\"> </span>(4.6 <span class=\"_ _31\"></span>) <span class=\"_ _11c\"> </span>(1.2 <span class=\"_ _7\"></span>) <span class=\"_ _29\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _46\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _3b\"> </span>(1.0 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>fi<span class=\"_ _3\"></span>nanc<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>in<span class=\"_ _3\"></span>com<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>fr<span class=\"_ _3\"></span>om <span class=\"_ _4\"></span>insu<span class=\"_ _3\"></span>ranc<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ontra<span class=\"_ _3\"></span>ct<span class=\"_ _3\"></span>s <span class=\"_ _4\"></span>is<span class=\"_ _3\"></span>sued <span class=\"_ _157\"> </span>16<span class=\"_ _3\"></span>1.<span class=\"_ _3\"></span>6  <span class=\"_ _5d\"> </span>20<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5  <span class=\"_ _123\"> </span>9<span class=\"_ _3\"></span>1.<span class=\"_ _3\"></span>0  <span class=\"_ _7d\"> </span>2<span class=\"_ _3\"></span>75<span class=\"_ _3\"></span>.7  <span class=\"_ _14b\"> </span>\u2013  <span class=\"_ _46\"> </span>\u2013  <span class=\"_ _1e3\"> </span>5<span class=\"_ _3\"></span>48<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8<span class=\"_ _421\"> </span>Finance income from reinsurance contrac<span class=\"_ _3\"></span>ts held<span class=\"_ _421\"> </span>Interest accreted <span class=\"_ _21b\"> </span>1.1  <span class=\"_ _14b\"> </span>\u2013  <span class=\"_ _14b\"> </span>\u2013  <span class=\"_ _210\"> </span>0.5  <span class=\"_ _14b\"> </span>\u2013  <span class=\"_ _14b\"> </span>\u2013  <span class=\"_ _1c0\"> </span>1.6<span class=\"_ _421\"> </span>Effect of changes in inter<span class=\"_ _2\"></span>est rates and other financial assumptions <span class=\"_ _8f\"> </span>(25.2 <span class=\"_ _31\"></span>) <span class=\"_ _1c8\"> </span>(0.5 <span class=\"_ _31\"></span>) <span class=\"_ _be\"> </span>(0.3 <span class=\"_ _31\"></span>) <span class=\"_ _e8\"> </span>1<span class=\"_ _3\"></span>1.0 <span class=\"_ _2\"></span> <span class=\"_ _46\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _46\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _bf\"> </span>(15.0 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Effect of changes in fulfilment cash flows at curr<span class=\"_ _2\"></span>ent rates when CSM <span class=\"ls2\"> </span>is <span class=\"_ _3\"></span>unlocked <span class=\"_ _3\"></span>at <span class=\"_ _3\"></span>locked <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>rates <span class=\"_ _8b\"> </span>\u2013  <span class=\"_ _46\"> </span>\u2013  <span class=\"_ _14b\"> </span>\u2013  <span class=\"_ _210\"> </span>0.3  <span class=\"_ _14b\"> </span>\u2013  <span class=\"_ _14b\"> </span>\u2013  <span class=\"_ _210\"> </span>0.<span class=\"_ _3\"></span>3<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l finan<span class=\"_ _3\"></span>ce expe<span class=\"_ _3\"></span>ns<span class=\"_ _3\"></span>es fro<span class=\"_ _3\"></span>m rein<span class=\"_ _3\"></span>sura<span class=\"_ _3\"></span>nce co<span class=\"_ _3\"></span>ntra<span class=\"_ _3\"></span>ct<span class=\"_ _3\"></span>s he<span class=\"_ _3\"></span>ld <span class=\"_ _16c\"> </span>(24<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>1 <span class=\"_ _f\"></span>) <span class=\"_ _5d\"> </span>(<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>5 <span class=\"_ _31\"></span>) <span class=\"_ _1c2\"> </span>(<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>3 <span class=\"_ _31\"></span>) <span class=\"_ _1c6\"> </span>1<span class=\"_ _4\"></span>1.<span class=\"_ _3\"></span>8 <span class=\"_ _a\"></span> <span class=\"_ _46\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _46\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _bf\"> </span>(<span class=\"_ _3\"></span>13<span class=\"_ _3\"></span>.1<span class=\"_ _421\"> </span><span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Net insurance finance expense<span class=\"_ _3\"></span>s<span class=\"ff60 ls2 ws2\"> <span class=\"_ _1eb\"> </span></span><span class=\"lseb ws1b5\">13<span class=\"_ _3\"></span>7<span class=\"_ _2\"></span>.<span class=\"_ _3\"></span>5  <span class=\"_ _1c2\"> </span>2<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>0  <span class=\"_ _5d\"> </span>90<span class=\"_ _3\"></span>.7  <span class=\"_ _13b\"> </span>2<span class=\"_ _3\"></span>87.5  <span class=\"_ _14b\"> </span>\u2013  <span class=\"_ _14b\"> </span>\u2013  <span class=\"_ _7d\"> </span>5<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>5.7<span class=\"_ _421\"> </span></span>D5 <span class=\"_ _3\"></span>Financing costs<span class=\"_ _421\"> </span>Y<span class=\"_ _2\"></span>ear ended<span class=\"_ _2\"></span> 31 December <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14b\"> </span>20<span class=\"_ _2\"></span>23  <span class=\"_ _14b\"> </span>2022 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Interest expense <span class=\"_ _3\"></span>on <span class=\"_ _4\"></span>bank <span class=\"_ _3\"></span>borro<span class=\"_ _2\"></span>wings <span class=\"_ _1dd\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _57\"> </span>0.7  <span class=\"_ _10e\"> </span>0.6<span class=\"_ _421\"> </span>Interest expense <span class=\"_ _3\"></span>on <span class=\"_ _4\"></span>financial <span class=\"_ _3\"></span>reinsurance <span class=\"_ _a9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _57\"> </span>0.5  <span class=\"_ _fe\"> </span>0.8<span class=\"_ _421\"> </span>Interest expenses <span class=\"_ _3\"></span>on <span class=\"_ _4\"></span>lease <span class=\"_ _3\"></span>liabilities <span class=\"_ _223\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span>Interest expense <span class=\"_ _3\"></span>on <span class=\"_ _4\"></span>Tier <span class=\"_ _3\"></span>2 <span class=\"_ _3\"></span>debt <span class=\"_ _160\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _10e\"> </span>9.8  <span class=\"_ _57\"> </span>8.9<span class=\"_ _421\"> </span>Other <span class=\"_ _3\"></span>interest <span class=\"_ _224\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _57\"> </span>0.2<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>fi<span class=\"_ _3\"></span>nanc<span class=\"_ _3\"></span>ing <span class=\"_ _4\"></span>cos<span class=\"_ _3\"></span>ts <span class=\"_ _55\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _20a\"> </span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.0  <span class=\"_ _114\"> </span>1<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>5<span class=\"_ _421\"> </span>Interest e<span class=\"_ _2\"></span>xpense on bank borro<span class=\"_ _2\"></span>wings and <span class=\"_ _0\"></span>Tier 2 debt is calculated using the eff<span class=\"_ _a\"></span>ective interest rate method and is the total interest expense f<span class=\"_ _2\"></span>or financial liabilities that are not designated at fair v<span class=\"_ _2\"></span>alue through profit or loss",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
    "language": "en",
    "entity": "scheme:213800VFRMBRTSZ3SJ06",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-46": {
   "value": "Finance income/(<span class=\"_ _2\"></span>expense<span class=\"_ _3\"></span>s) from insurance contracts is<span class=\"_ _3\"></span>sued<span class=\"_ _421\"> </span>Change in fair value of underlying assets of c<span class=\"_ _2\"></span>ontracts measured <span class=\"ls2\"> </span>under <span class=\"_ _9\"> </span>the <span class=\"_ _e\"> </span>VF<span class=\"_ _2\"></span>A <span class=\"_ _211\"> </span>(75.4 ) <span class=\"_ _46\"> </span>\u2013 <span class=\"_ _5\"> </span> <span class=\"_ _48\"> </span>(5.1 ) <span class=\"_ _127\"> </span>(132.6 ) <span class=\"_ _14b\"> </span>\u2013 <span class=\"_ _5\"> </span> <span class=\"_ _45\"> </span>\u2013 <span class=\"_ _5\"> </span> <span class=\"_ _bf\"> </span>(213.1 )<span class=\"_ _421\"> </span>Interest <span class=\"_ _5\"> </span>accreted <span class=\"_ _212\"> </span>(18.2 ) <span class=\"_ _14b\"> </span>\u2013 <span class=\"_ _5\"> </span> <span class=\"_ _5d\"> </span>(30.0 ) <span class=\"_ _e8\"> </span>(19.1 ) <span class=\"_ _14b\"> </span>\u2013 <span class=\"_ _5\"> </span> <span class=\"_ _45\"> </span>\u2013 <span class=\"_ _5\"> </span> <span class=\"_ _123\"> </span>(67<span class=\"_ _a\"></span>. 3 )<span class=\"_ _421\"> </span>Effect of changes in inter<span class=\"_ _2\"></span>est rates and other financial assumptions <span class=\"_ _1ca\"> </span>2.4 <span class=\"_ _2\"></span> <span class=\"_ _5d\"> </span>(16.0 <span class=\"_ _31\"></span>) <span class=\"_ _1c2\"> </span>(21.<span class=\"_ _3\"></span>2 <span class=\"_ _31\"></span>) <span class=\"_ _91\"> </span>(<span class=\"_ _3\"></span>14.2 <span class=\"_ _31\"></span>) <span class=\"_ _15c\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _46\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _1c3\"> </span>(49.0 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Effect of changes in fulfilment cash flows at curr<span class=\"_ _2\"></span>ent rates when CSM <span class=\"ls2\"> </span>is <span class=\"_ _3\"></span>unlocked <span class=\"_ _3\"></span>at <span class=\"_ _3\"></span>locked <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>rates <span class=\"_ _1dc\"> </span>4.7  <span class=\"_ _14b\"> </span>\u2013  <span class=\"_ _210\"> </span>6<span class=\"_ _3\"></span>.9  <span class=\"_ _153\"> </span>2.9  <span class=\"_ _14b\"> </span>\u2013  <span class=\"_ _14b\"> </span>\u2013  <span class=\"_ _82\"> </span>14.5<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l finan<span class=\"_ _3\"></span>ce inc<span class=\"_ _3\"></span>ome fr<span class=\"_ _3\"></span>om in<span class=\"_ _3\"></span>sura<span class=\"_ _3\"></span>nce co<span class=\"_ _3\"></span>ntra<span class=\"_ _3\"></span>ct<span class=\"_ _3\"></span>s is<span class=\"_ _3\"></span>sue<span class=\"_ _3\"></span>d <span class=\"_ _107\"> </span>(86<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5 <span class=\"_ _31\"></span>) <span class=\"_ _7d\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>.0 <span class=\"_ _31\"></span>) <span class=\"_ _1e3\"> </span>(49<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4 <span class=\"_ _f\"></span>) <span class=\"_ _39\"> </span>(<span class=\"_ _3\"></span>16<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>.0 <span class=\"_ _31\"></span>) <span class=\"_ _42\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _46\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _1c7\"> </span>(31<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>.9 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Finance income from reinsurance contrac<span class=\"_ _3\"></span>ts held<span class=\"_ _421\"> </span>Interest accreted <span class=\"_ _1c9\"> </span>8.<span class=\"_ _3\"></span>8  <span class=\"_ _14b\"> </span>\u2013  <span class=\"_ _48\"> </span>0.1  <span class=\"_ _48\"> </span>(1.1 <span class=\"_ _7\"></span>) <span class=\"_ _e7\"> </span>\u2013  <span class=\"_ _14b\"> </span>\u2013  <span class=\"_ _153\"> </span>7<span class=\"_ _2\"></span>.8<span class=\"_ _421\"> </span>Effect of changes in inter<span class=\"_ _2\"></span>est rates and other financial assumptions <span class=\"_ _b9\"> </span>1.<span class=\"_ _3\"></span>5 <span class=\"_ _2\"></span> <span class=\"_ _14f\"> </span>0.7 <span class=\"_ _a\"></span> <span class=\"_ _46\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _3b\"> </span>(1.6 <span class=\"_ _31\"></span>) <span class=\"_ _15c\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _46\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _76\"> </span>0.6<span class=\"_ _421\"> </span>Effect of changes in fulfilment cash flows at curr<span class=\"_ _2\"></span>ent rates when CSM <span class=\"ls2\"> </span>is unlocked at loc<span class=\"_ _2\"></span>ked in rates <span class=\"_ _213\"> </span>(1.0 <span class=\"_ _31\"></span>) <span class=\"_ _29\"> </span>\u2013  <span class=\"_ _28\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _82\"> </span>(0<span class=\"_ _2\"></span>.7 <span class=\"_ _31\"></span>) <span class=\"_ _15c\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _46\"> </span>\u2013  <span class=\"_ _3b\"> </span>(1.7 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Finance income/(<span class=\"_ _2\"></span>expense<span class=\"_ _3\"></span>s) from insurance contracts is<span class=\"_ _3\"></span>sued<span class=\"_ _421\"> </span>Change in fair value of underlying assets of c<span class=\"_ _2\"></span>ontracts measured <span class=\"ls2\"> </span>under <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>VFA <span class=\"_ _219\"> </span>72.3  <span class=\"_ _82\"> </span>18<span class=\"_ _3\"></span>.5  <span class=\"_ _210\"> </span>3.4  <span class=\"_ _bf\"> </span>171.<span class=\"_ _3\"></span>8  <span class=\"_ _14b\"> </span>\u2013  <span class=\"_ _14b\"> </span>\u2013  <span class=\"_ _127\"> </span>266.0<span class=\"_ _421\"> </span>Interest accreted <span class=\"_ _21a\"> </span>5.6  <span class=\"_ _14b\"> </span>\u2013  <span class=\"_ _82\"> </span>(0.5 <span class=\"_ _0\"></span>) <span class=\"_ _1c8\"> </span>12<span class=\"_ _3\"></span>.6  <span class=\"_ _14b\"> </span>\u2013  <span class=\"_ _46\"> </span>\u2013  <span class=\"_ _7c\"> </span>17<span class=\"_ _2\"></span>.7<span class=\"_ _421\"> </span>Effect of changes in inter<span class=\"_ _2\"></span>est rates and other financial assumptions <span class=\"_ _57\"> </span>78.9 <span class=\"_ _a\"></span> <span class=\"_ _76\"> </span>2.0 <span class=\"_ _2\"></span> <span class=\"_ _123\"> </span>92<span class=\"_ _3\"></span>.7 <span class=\"_ _a\"></span> <span class=\"_ _be\"> </span>92.5 <span class=\"_ _a\"></span> <span class=\"_ _46\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _46\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _2e\"> </span>266.1<span class=\"_ _421\"> </span>Effect of changes in fulfilment cash flows at curr<span class=\"_ _2\"></span>ent rates when CSM <span class=\"ls2\"> </span>is unlocked at loc<span class=\"_ _2\"></span>ked in rates <span class=\"_ _213\"> </span>4<span class=\"_ _3\"></span>.8 <span class=\"_ _2\"></span> <span class=\"_ _46\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _e8\"> </span>(4.6 <span class=\"_ _31\"></span>) <span class=\"_ _11c\"> </span>(1.2 <span class=\"_ _7\"></span>) <span class=\"_ _29\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _46\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _3b\"> </span>(1.0 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>fi<span class=\"_ _3\"></span>nanc<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>in<span class=\"_ _3\"></span>com<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>fr<span class=\"_ _3\"></span>om <span class=\"_ _4\"></span>insu<span class=\"_ _3\"></span>ranc<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ontra<span class=\"_ _3\"></span>ct<span class=\"_ _3\"></span>s <span class=\"_ _4\"></span>is<span class=\"_ _3\"></span>sued <span class=\"_ _157\"> </span>16<span class=\"_ _3\"></span>1.<span class=\"_ _3\"></span>6  <span class=\"_ _5d\"> </span>20<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5  <span class=\"_ _123\"> </span>9<span class=\"_ _3\"></span>1.<span class=\"_ _3\"></span>0  <span class=\"_ _7d\"> </span>2<span class=\"_ _3\"></span>75<span class=\"_ _3\"></span>.7  <span class=\"_ _14b\"> </span>\u2013  <span class=\"_ _46\"> </span>\u2013  <span class=\"_ _1e3\"> </span>5<span class=\"_ _3\"></span>48<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8<span class=\"_ _421\"> </span>Finance income from reinsurance contrac<span class=\"_ _3\"></span>ts held<span class=\"_ _421\"> </span>Interest accreted <span class=\"_ _21b\"> </span>1.1  <span class=\"_ _14b\"> </span>\u2013  <span class=\"_ _14b\"> </span>\u2013  <span class=\"_ _210\"> </span>0.5  <span class=\"_ _14b\"> </span>\u2013  <span class=\"_ _14b\"> </span>\u2013  <span class=\"_ _1c0\"> </span>1.6<span class=\"_ _421\"> </span>Effect of changes in inter<span class=\"_ _2\"></span>est rates and other financial assumptions <span class=\"_ _8f\"> </span>(25.2 <span class=\"_ _31\"></span>) <span class=\"_ _1c8\"> </span>(0.5 <span class=\"_ _31\"></span>) <span class=\"_ _be\"> </span>(0.3 <span class=\"_ _31\"></span>) <span class=\"_ _e8\"> </span>1<span class=\"_ _3\"></span>1.0 <span class=\"_ _2\"></span> <span class=\"_ _46\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _46\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _bf\"> </span>(15.0 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Effect of changes in fulfilment cash flows at curr<span class=\"_ _2\"></span>ent rates when CSM <span class=\"ls2\"> </span>is <span class=\"_ _3\"></span>unlocked <span class=\"_ _3\"></span>at <span class=\"_ _3\"></span>locked <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>rates <span class=\"_ _8b\"> </span>\u2013  <span class=\"_ _46\"> </span>\u2013  <span class=\"_ _14b\"> </span>\u2013  <span class=\"_ _210\"> </span>0.3  <span class=\"_ _14b\"> </span>\u2013  <span class=\"_ _14b\"> </span>\u2013  <span class=\"_ _210\"> </span>0.<span class=\"_ _3\"></span>3<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l finan<span class=\"_ _3\"></span>ce expe<span class=\"_ _3\"></span>ns<span class=\"_ _3\"></span>es fro<span class=\"_ _3\"></span>m rein<span class=\"_ _3\"></span>sura<span class=\"_ _3\"></span>nce co<span class=\"_ _3\"></span>ntra<span class=\"_ _3\"></span>ct<span class=\"_ _3\"></span>s he<span class=\"_ _3\"></span>ld <span class=\"_ _16c\"> </span>(24<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>1 <span class=\"_ _f\"></span>) <span class=\"_ _5d\"> </span>(<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>5 <span class=\"_ _31\"></span>) <span class=\"_ _1c2\"> </span>(<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>3 <span class=\"_ _31\"></span>) <span class=\"_ _1c6\"> </span>1<span class=\"_ _4\"></span>1.<span class=\"_ _3\"></span>8 <span class=\"_ _a\"></span> <span class=\"_ _46\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _46\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _bf\"> </span>(<span class=\"_ _3\"></span>13<span class=\"_ _3\"></span>.1<span class=\"_ _421\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
    "language": "en",
    "entity": "scheme:213800VFRMBRTSZ3SJ06",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-453": {
   "value": " <span class=\"_ _50\"> </span>co<span class=\"_ _3\"></span>ntracts  <span class=\"_ _114\"> </span>   <span class=\"_ _d3\"> </span>Insurance <span class=\"_ _3\"></span>contrac<span class=\"_ _3\"></span>ts <span class=\"_ _1b1\"> </span>(without  <span class=\"_ _d\"> </span>Chesnara   <span class=\"_ _20e\"> </span>UK  <span class=\"_ _12\"> </span>M<span class=\"_ _3\"></span>oves<span class=\"_ _3\"></span>tic  <span class=\"_ _6c\"> </span>W<span class=\"_ _2\"></span>aar<span class=\"_ _3\"></span>d  <span class=\"_ _8\"> </span>Sc<span class=\"_ _3\"></span>ild<span class=\"_ _3\"></span>on  <span class=\"_ _7d\"> </span>DP<span class=\"_ _3\"></span>Fs <span class=\"_ _7\"></span>) <span class=\"_ _82\"> </span>pl<span class=\"_ _3\"></span>c  <span class=\"_ _37\"> </span>T<span class=\"_ _2\"></span>ot<span class=\"_ _3\"></span>al<span class=\"_ _421\"> </span>Ne<span class=\"_ _3\"></span>t <span class=\"_ _3\"></span>I<span class=\"_ _3\"></span>nvest<span class=\"_ _3\"></span>ment <span class=\"_ _4\"></span>re<span class=\"_ _3\"></span>turn <span class=\"_ _20f\"> </span>\u00a3m  <span class=\"_ _7e\"> </span>\u00a3<span class=\"_ _3\"></span>m  <span class=\"_ _7e\"> </span>\u00a3m  <span class=\"_ _11c\"> </span>\u00a3m  <span class=\"_ _11c\"> </span>\u00a3m  <span class=\"_ _11c\"> </span>\u00a3m  <span class=\"_ _7e\"> </span>\u00a3<span class=\"_ _3\"></span>m<span class=\"_ _421\"> </span>Interest r<span class=\"_ _2\"></span>evenue f<span class=\"_ _3\"></span>rom financial assets not measured at FVTP<span class=\"_ _2\"></span>L <span class=\"_ _214\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _48\"> </span>0<span class=\"_ _2\"></span>.1 <span class=\"_ _a\"></span> <span class=\"_ _46\"> </span>\u2013  <span class=\"_ _28\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _46\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _46\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _48\"> </span>0.1<span class=\"_ _421\"> </span>Net gains on financial investments mandat<span class=\"_ _2\"></span>orily measured as FVTPL <span class=\"_ _15c\"> </span>(1<span class=\"_ _3\"></span>10.8 <span class=\"_ _31\"></span>) <span class=\"_ _1c8\"> </span>(5.8 <span class=\"_ _31\"></span>) <span class=\"_ _33\"> </span>(83.3 <span class=\"_ _31\"></span>) <span class=\"_ _1fc\"> </span>(207<span class=\"_ _a\"></span>.<span class=\"_ _3\"></span>2 <span class=\"_ _31\"></span>) <span class=\"_ _17d\"> </span>(589.3 <span class=\"_ _7\"></span>) <span class=\"_ _82\"> </span>(4.1 <span class=\"_ _31\"></span>) <span class=\"_ _15\"> </span>(1,000.5 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Net gains on financial investments designat<span class=\"_ _2\"></span>ed as FVTPL <span class=\"_ _17a\"> </span>(37<span class=\"_ _2\"></span>.4 <span class=\"_ _31\"></span>) <span class=\"_ _2e\"> </span>(18.5 <span class=\"_ _7\"></span>) <span class=\"_ _1c3\"> </span>(10.0 <span class=\"_ _31\"></span>) <span class=\"_ _33\"> </span>(95.2 <span class=\"_ _7\"></span>) <span class=\"_ _17d\"> </span>(392<span class=\"_ _3\"></span>.9 <span class=\"_ _31\"></span>) <span class=\"_ _7c\"> </span>0.5 <span class=\"_ _a\"></span> <span class=\"_ _62\"> </span>(553.5 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Net gains f<span class=\"_ _3\"></span>rom fair value adjustments to in<span class=\"_ _2\"></span>vestment properties <span class=\"_ _1cb\"> </span>(3.1 <span class=\"_ _31\"></span>) <span class=\"_ _15c\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _46\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _48\"> </span>0.1 <span class=\"_ _a\"></span> <span class=\"_ _46\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _46\"> </span>\u2013  <span class=\"_ _e8\"> </span>(3.0 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota l <span class=\"_ _e\"> </span>ne t <span class=\"_ _e\"> </span>i nve s t me n t <span class=\"_ _e\"> </span>re tu rn <span class=\"_ _218\"> </span>( 1 5 1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3 ) <span class=\"_ _37\"> </span>(2<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2 ) <span class=\"_ _1e2\"> </span>(93<span class=\"_ _3\"></span>.<span class=\"_ _4\"></span>3 ) <span class=\"_ _7f\"> </span>(30 2<span class=\"_ _3\"></span>.<span class=\"_ _4\"></span>3 ) <span class=\"_ _7f\"> </span>(98 2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2 ) <span class=\"_ _ec\"> </span>(3<span class=\"_ _3\"></span>. 6 ) <span class=\"_ _14\"> </span>(<span class=\"_ _3\"></span>1 ,<span class=\"_ _4\"></span>55 6<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9 )<span class=\"_ _421\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInvestmentContractsLiabilitiesExplanatory",
    "language": "en",
    "entity": "scheme:213800VFRMBRTSZ3SJ06",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-457": {
   "value": "Finance income/(<span class=\"_ _2\"></span>expense<span class=\"_ _3\"></span>s) from insurance contracts is<span class=\"_ _3\"></span>sued<span class=\"_ _421\"> </span>Change in fair value of underlying assets of c<span class=\"_ _2\"></span>ontracts measured <span class=\"ls2\"> </span>under <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>VFA <span class=\"_ _219\"> </span>72.3  <span class=\"_ _82\"> </span>18<span class=\"_ _3\"></span>.5  <span class=\"_ _210\"> </span>3.4  <span class=\"_ _bf\"> </span>171.<span class=\"_ _3\"></span>8  <span class=\"_ _14b\"> </span>\u2013  <span class=\"_ _14b\"> </span>\u2013  <span class=\"_ _127\"> </span>266.0<span class=\"_ _421\"> </span>Interest accreted <span class=\"_ _21a\"> </span>5.6  <span class=\"_ _14b\"> </span>\u2013  <span class=\"_ _82\"> </span>(0.5 <span class=\"_ _0\"></span>) <span class=\"_ _1c8\"> </span>12<span class=\"_ _3\"></span>.6  <span class=\"_ _14b\"> </span>\u2013  <span class=\"_ _46\"> </span>\u2013  <span class=\"_ _7c\"> </span>17<span class=\"_ _2\"></span>.7<span class=\"_ _421\"> </span>Effect of changes in inter<span class=\"_ _2\"></span>est rates and other financial assumptions <span class=\"_ _57\"> </span>78.9 <span class=\"_ _a\"></span> <span class=\"_ _76\"> </span>2.0 <span class=\"_ _2\"></span> <span class=\"_ _123\"> </span>92<span class=\"_ _3\"></span>.7 <span class=\"_ _a\"></span> <span class=\"_ _be\"> </span>92.5 <span class=\"_ _a\"></span> <span class=\"_ _46\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _46\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _2e\"> </span>266.1<span class=\"_ _421\"> </span>Effect of changes in fulfilment cash flows at curr<span class=\"_ _2\"></span>ent rates when CSM <span class=\"ls2\"> </span>is unlocked at loc<span class=\"_ _2\"></span>ked in rates <span class=\"_ _213\"> </span>4<span class=\"_ _3\"></span>.8 <span class=\"_ _2\"></span> <span class=\"_ _46\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _e8\"> </span>(4.6 <span class=\"_ _31\"></span>) <span class=\"_ _11c\"> </span>(1.2 <span class=\"_ _7\"></span>) <span class=\"_ _29\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _46\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _3b\"> </span>(1.0 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>fi<span class=\"_ _3\"></span>nanc<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>in<span class=\"_ _3\"></span>com<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>fr<span class=\"_ _3\"></span>om <span class=\"_ _4\"></span>insu<span class=\"_ _3\"></span>ranc<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ontra<span class=\"_ _3\"></span>ct<span class=\"_ _3\"></span>s <span class=\"_ _4\"></span>is<span class=\"_ _3\"></span>sued <span class=\"_ _157\"> </span>16<span class=\"_ _3\"></span>1.<span class=\"_ _3\"></span>6  <span class=\"_ _5d\"> </span>20<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5  <span class=\"_ _123\"> </span>9<span class=\"_ _3\"></span>1.<span class=\"_ _3\"></span>0  <span class=\"_ _7d\"> </span>2<span class=\"_ _3\"></span>75<span class=\"_ _3\"></span>.7  <span class=\"_ _14b\"> </span>\u2013  <span class=\"_ _46\"> </span>\u2013  <span class=\"_ _1e3\"> </span>5<span class=\"_ _3\"></span>48<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8<span class=\"_ _421\"> </span>Finance income from reinsurance contrac<span class=\"_ _3\"></span>ts held<span class=\"_ _421\"> </span>Interest accreted <span class=\"_ _21b\"> </span>1.1  <span class=\"_ _14b\"> </span>\u2013  <span class=\"_ _14b\"> </span>\u2013  <span class=\"_ _210\"> </span>0.5  <span class=\"_ _14b\"> </span>\u2013  <span class=\"_ _14b\"> </span>\u2013  <span class=\"_ _1c0\"> </span>1.6<span class=\"_ _421\"> </span>Effect of changes in inter<span class=\"_ _2\"></span>est rates and other financial assumptions <span class=\"_ _8f\"> </span>(25.2 <span class=\"_ _31\"></span>) <span class=\"_ _1c8\"> </span>(0.5 <span class=\"_ _31\"></span>) <span class=\"_ _be\"> </span>(0.3 <span class=\"_ _31\"></span>) <span class=\"_ _e8\"> </span>1<span class=\"_ _3\"></span>1.0 <span class=\"_ _2\"></span> <span class=\"_ _46\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _46\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _bf\"> </span>(15.0 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Effect of changes in fulfilment cash flows at curr<span class=\"_ _2\"></span>ent rates when CSM <span class=\"ls2\"> </span>is <span class=\"_ _3\"></span>unlocked <span class=\"_ _3\"></span>at <span class=\"_ _3\"></span>locked <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>rates <span class=\"_ _8b\"> </span>\u2013  <span class=\"_ _46\"> </span>\u2013  <span class=\"_ _14b\"> </span>\u2013  <span class=\"_ _210\"> </span>0.3  <span class=\"_ _14b\"> </span>\u2013  <span class=\"_ _14b\"> </span>\u2013  <span class=\"_ _210\"> </span>0.<span class=\"_ _3\"></span>3<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l finan<span class=\"_ _3\"></span>ce expe<span class=\"_ _3\"></span>ns<span class=\"_ _3\"></span>es fro<span class=\"_ _3\"></span>m rein<span class=\"_ _3\"></span>sura<span class=\"_ _3\"></span>nce co<span class=\"_ _3\"></span>ntra<span class=\"_ _3\"></span>ct<span class=\"_ _3\"></span>s he<span class=\"_ _3\"></span>ld <span class=\"_ _16c\"> </span>(24<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>1 <span class=\"_ _f\"></span>) <span class=\"_ _5d\"> </span>(<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>5 <span class=\"_ _31\"></span>) <span class=\"_ _1c2\"> </span>(<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>3 <span class=\"_ _31\"></span>) <span class=\"_ _1c6\"> </span>1<span class=\"_ _4\"></span>1.<span class=\"_ _3\"></span>8 <span class=\"_ _a\"></span> <span class=\"_ _46\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _46\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _bf\"> </span>(<span class=\"_ _3\"></span>13<span class=\"_ _3\"></span>.1<span class=\"_ _421\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
    "language": "en",
    "entity": "scheme:213800VFRMBRTSZ3SJ06",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-47": {
   "value": " <span class=\"_ _e\"> </span>D3 <span class=\"_ _3\"></span>Fees,<span class=\"_ _2\"></span> commission and other operating income<span class=\"_ _421\"> </span>Y<span class=\"_ _2\"></span>ear ended<span class=\"_ _2\"></span> 31 December <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _e9\"> </span>2023  <span class=\"_ _33\"> </span>2022 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _187\"> </span>\u00a3m  <span class=\"_ _7e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Policy-b<span class=\"_ _2\"></span>ased <span class=\"_ _3\"></span>fees <span class=\"_ _e2\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _a4\"> </span>3.2  <span class=\"_ _3f\"> </span>1.7<span class=\"_ _421\"> </span>Fund <span class=\"_ _3\"></span>management-based <span class=\"_ _3\"></span>fees <span class=\"_ _3\"></span>recognised <span class=\"_ _3\"></span>under <span class=\"_ _3\"></span>IFRS <span class=\"_ _3\"></span>15 <span class=\"_ _13c\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>45.5  <span class=\"_ _ec\"> </span>25.9<span class=\"_ _421\"> </span>Change <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>deferred <span class=\"_ _3\"></span>income <span class=\"_ _3\"></span>\u2013 <span class=\"_ _3\"></span>gross <span class=\"_ _21d\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _ad\"> </span>0.6  <span class=\"_ _43\"> </span>1.1<span class=\"_ _421\"> </span>Commission <span class=\"_ _3\"></span>income <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>rom <span class=\"_ _3\"></span>investment <span class=\"_ _3\"></span>contracts <span class=\"_ _f0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _138\"> </span>20.4  <span class=\"_ _82\"> </span>21.4<span class=\"_ _421\"> </span>Fee <span class=\"_ _3\"></span>income <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>rom <span class=\"_ _3\"></span>investment <span class=\"_ _3\"></span>managers <span class=\"_ _168\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _3a\"> </span>1.<span class=\"_ _3\"></span>3  <span class=\"_ _47\"> </span>1.4<span class=\"_ _421\"> </span>Charges <span class=\"_ _3\"></span>to <span class=\"_ _3\"></span>policyholder <span class=\"_ _3\"></span>funds <span class=\"_ _3\"></span>for <span class=\"_ _3\"></span>yield <span class=\"_ _3\"></span>tax <span class=\"_ _3a\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _187\"> </span>17.9  <span class=\"_ _210\"> </span>8.3<span class=\"_ _421\"> </span>Other <span class=\"_ _3\"></span>types <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>operating <span class=\"_ _4\"></span>income <span class=\"_ _1fd\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _21e\"> </span>0.5  <span class=\"_ _82\"> </span>(0.2 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>ee, <span class=\"_ _4\"></span>co<span class=\"_ _3\"></span>mmis<span class=\"_ _3\"></span>sio<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>nd <span class=\"_ _4\"></span>othe<span class=\"_ _3\"></span>r <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>per<span class=\"_ _3\"></span>ating <span class=\"_ _4\"></span>in<span class=\"_ _3\"></span>come <span class=\"_ _f6\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _186\"> </span>8<span class=\"_ _3\"></span>9.<span class=\"_ _3\"></span>4  <span class=\"_ _bf\"> </span>59<span class=\"_ _3\"></span>.6<span class=\"_ _421\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFeeAndCommissionIncomeExpenseExplanatory",
    "language": "en",
    "entity": "scheme:213800VFRMBRTSZ3SJ06",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-454": {
   "value": "D4 <span class=\"_ _3\"></span>Expenses by natur<span class=\"_ _2\"></span>e<span class=\"_ _421\"> </span>Y<span class=\"_ _2\"></span>ear ended<span class=\"_ _2\"></span> 31 December 202<span class=\"_ _3\"></span>3 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _39\"> </span>I<span class=\"_ _3\"></span>nsurance  <span class=\"_ _3f\"> </span>Othe<span class=\"_ _3\"></span>r  <span class=\"_ _3f\"> </span>Other   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _189\"> </span>acquisitio<span class=\"_ _3\"></span>n  <span class=\"_ _30\"> </span>attributable  <span class=\"_ _7f\"> </span>ope<span class=\"_ _3\"></span>rating   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _185\"> </span>cash <span class=\"_ _3\"></span>flows  <span class=\"_ _f6\"> </span>e<span class=\"_ _2\"></span>xpenses  <span class=\"_ _f6\"> </span>expe<span class=\"_ _2\"></span>nses  <span class=\"_ _28\"> </span>T<span class=\"_ _a\"></span>otal <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _46\"> </span>Not<span class=\"_ _3\"></span>e  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3<span class=\"_ _3\"></span>m  <span class=\"_ _165\"> </span>\u00a3<span class=\"_ _3\"></span>m<span class=\"_ _421\"> </span>Administrative expense<span class=\"_ _3\"></span>s<span class=\"_ _421\"> </span>Personnel-relat<span class=\"_ _2\"></span>ed <span class=\"_ _3\"></span>costs <span class=\"_ _d4\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _ae\"> </span><span class=\"ff61 ls77 ws7c\">I1</span>  <span class=\"_ _1a1\"> </span>2.2  <span class=\"_ _165\"> </span>1<span class=\"_ _3\"></span>3.6  <span class=\"_ _5b\"> </span>25.4  <span class=\"_ _12b\"> </span>41.<span class=\"_ _3\"></span>2<span class=\"_ _421\"> </span>Investment <span class=\"_ _3\"></span>management <span class=\"_ _3\"></span>fees <span class=\"_ _163\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _1b1\"> </span>2.3  <span class=\"_ _56\"> </span>1.<span class=\"_ _3\"></span>3  <span class=\"_ _1a1\"> </span>3.6<span class=\"_ _421\"> </span>Costs <span class=\"_ _3\"></span>paid <span class=\"_ _3\"></span>to <span class=\"_ _3\"></span>third-party <span class=\"_ _3\"></span>administrator<span class=\"_ _2\"></span>s <span class=\"_ _21f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _1a1\"> </span>9.7  <span class=\"_ _57\"> </span>3.9  <span class=\"_ _165\"> </span>13.6<span class=\"_ _421\"> </span>Other <span class=\"_ _3\"></span>goods <span class=\"_ _3\"></span>and <span class=\"_ _4\"></span>services <span class=\"_ _220\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1a1\"> </span>3.<span class=\"_ _3\"></span>3  <span class=\"_ _12b\"> </span>13.0  <span class=\"_ _5b\"> </span>28<span class=\"_ _3\"></span>.9  <span class=\"_ _5b\"> </span>45.<span class=\"_ _3\"></span>2<span class=\"_ _421\"> </span>Depreciation <span class=\"_ _3\"></span>charge <span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>property <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>equipment <span class=\"_ _e7\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _20b\"> </span>0.1  <span class=\"_ _10e\"> </span>0.5  <span class=\"_ _57\"> </span>0.2  <span class=\"_ _fe\"> </span>0.8<span class=\"_ _421\"> </span>Depreciation <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>right-of-use <span class=\"_ _3\"></span>assets <span class=\"_ _221\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _fe\"> </span>0.4  <span class=\"_ _fe\"> </span>0.4<span class=\"_ _421\"> </span>Amortisation <span class=\"_ _3\"></span>charge <span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>software <span class=\"_ _3\"></span>assets <span class=\"_ _189\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _57\"> </span>2.0  <span class=\"_ _57\"> </span>2.0<span class=\"_ _421\"> </span>Sub<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>tota<span class=\"_ _3\"></span>l <span class=\"_ _102\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _10f\"> </span>5<span class=\"_ _3\"></span>.6  <span class=\"_ _152\"> </span>39<span class=\"_ _3\"></span>.1  <span class=\"_ _114\"> </span>6<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.1  <span class=\"_ _29\"> </span>1<span class=\"_ _3\"></span>06<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8<span class=\"_ _421\"> </span>Com<span class=\"_ _3\"></span>mis<span class=\"_ _3\"></span>sion<span class=\"_ _3\"></span>, new b<span class=\"_ _3\"></span>usi<span class=\"_ _3\"></span>nes<span class=\"_ _3\"></span>s and re<span class=\"_ _3\"></span>newa<span class=\"_ _3\"></span>l cos<span class=\"_ _3\"></span>ts<span class=\"_ _421\"> </span>Insurance <span class=\"_ _3\"></span>contracts <span class=\"_ _ba\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _1b1\"> </span>3.5  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _94\"> </span>3.5<span class=\"_ _421\"> </span>Investment <span class=\"_ _3\"></span>contracts <span class=\"_ _1c5\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _5b\"> </span>29.4  <span class=\"_ _114\"> </span>29.4<span class=\"_ _421\"> </span>Sub<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>tota<span class=\"_ _3\"></span>l <span class=\"_ _102\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _10f\"> </span>3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5  <span class=\"_ _11b\"> </span>29<span class=\"_ _3\"></span>.4  <span class=\"_ _2d\"> </span>3<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9<span class=\"_ _421\"> </span>Amor<span class=\"_ _3\"></span>tisation and Impairment of intangible asset<span class=\"_ _3\"></span>s<span class=\"_ _421\"> </span>Acquired <span class=\"_ _3\"></span>value of <span class=\"_ _4\"></span>in-forc<span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>business <span class=\"_ _194\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _114\"> </span>28.6  <span class=\"_ _114\"> </span>28.6<span class=\"_ _421\"> </span>Deferred a<span class=\"_ _3\"></span>cquisition <span class=\"_ _3\"></span>costs <span class=\"_ _1a0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _1b1\"> </span>7.6  <span class=\"_ _1a1\"> </span>7<span class=\"_ _2\"></span>.6<span class=\"_ _421\"> </span>Sub<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>tota<span class=\"_ _3\"></span>l <span class=\"_ _102\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _2d\"> </span>36<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2  <span class=\"_ _2d\"> </span>3<span class=\"_ _3\"></span>6.<span class=\"_ _4\"></span>2<span class=\"_ _421\"> </span>Other expenses<span class=\"_ _421\"> </span>Payment of yield tax r<span class=\"_ _2\"></span>elating to policyholders funds <span class=\"_ _1c8\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _1b7\"> </span>17.9 <span class=\"_ _a\"></span> <span class=\"_ _1b7\"> </span>17<span class=\"_ _2\"></span>.9<span class=\"_ _421\"> </span>Other <span class=\"_ _8b\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _1a1\"> </span>2.9  <span class=\"_ _10e\"> </span>4<span class=\"_ _3\"></span>.3  <span class=\"_ _1b1\"> </span>7.2<span class=\"_ _421\"> </span>Sub<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>tota<span class=\"_ _3\"></span>l <span class=\"_ _102\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _179\"> </span>2<span class=\"_ _4\"></span>.9  <span class=\"_ _f0\"> </span>22<span class=\"_ _4\"></span>.<span class=\"_ _3\"></span>2  <span class=\"_ _14e\"> </span>2<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>.1<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _10f\"> </span>5<span class=\"_ _3\"></span>.6  <span class=\"_ _11b\"> </span>45<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5  <span class=\"_ _e7\"> </span>149.<span class=\"_ _3\"></span>9  <span class=\"_ _15c\"> </span>2<span class=\"_ _3\"></span>01<span class=\"_ _3\"></span>.0<span class=\"_ _421\"> </span>Y<span class=\"_ _2\"></span>ear ended<span class=\"_ _2\"></span> 31 December 2022 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _39\"> </span>I<span class=\"_ _3\"></span>nsurance  <span class=\"_ _3f\"> </span>Othe<span class=\"_ _3\"></span>r  <span class=\"_ _3f\"> </span>Other   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _92\"> </span>acquis<span class=\"_ _3\"></span>ition  <span class=\"_ _30\"> </span>attributable  <span class=\"_ _7f\"> </span>op<span class=\"_ _3\"></span>erating   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _185\"> </span>cash <span class=\"_ _3\"></span>flows  <span class=\"_ _f6\"> </span>e<span class=\"_ _2\"></span>xpenses  <span class=\"_ _f6\"> </span>expe<span class=\"_ _2\"></span>nses  <span class=\"_ _28\"> </span>T<span class=\"_ _a\"></span>otal <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _46\"> </span>Not<span class=\"_ _3\"></span>e  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3<span class=\"_ _3\"></span>m  <span class=\"_ _165\"> </span>\u00a3<span class=\"_ _3\"></span>m<span class=\"_ _421\"> </span>Administrative expense<span class=\"_ _3\"></span>s<span class=\"_ _421\"> </span>Personnel-relat<span class=\"_ _2\"></span>ed <span class=\"_ _3\"></span>costs <span class=\"_ _d4\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _ae\"> </span><span class=\"ff61 ls77 ws7c\">I1</span>  <span class=\"_ _10f\"> </span>4<span class=\"_ _3\"></span>.0  <span class=\"_ _fe\"> </span>12.1  <span class=\"_ _12b\"> </span>21.<span class=\"_ _3\"></span>8  <span class=\"_ _14e\"> </span>37.9<span class=\"_ _421\"> </span>Investment <span class=\"_ _3\"></span>management <span class=\"_ _3\"></span>fees <span class=\"_ _163\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _57\"> </span>0.3  <span class=\"_ _5a\"> </span>1.4  <span class=\"_ _56\"> </span>1.7<span class=\"_ _421\"> </span>Costs <span class=\"_ _3\"></span>paid <span class=\"_ _3\"></span>to <span class=\"_ _3\"></span>third-party <span class=\"_ _3\"></span>administrator<span class=\"_ _2\"></span>s <span class=\"_ _21f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _fe\"> </span>8.0  <span class=\"_ _fe\"> </span>4.8  <span class=\"_ _1b7\"> </span>12.<span class=\"_ _3\"></span>8<span class=\"_ _421\"> </span>Other <span class=\"_ _3\"></span>goods <span class=\"_ _3\"></span>and <span class=\"_ _4\"></span>services <span class=\"_ _220\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1a1\"> </span>2.7  <span class=\"_ _1a1\"> </span>9.7  <span class=\"_ _1b7\"> </span>17.<span class=\"_ _2\"></span>0  <span class=\"_ _114\"> </span>29.4<span class=\"_ _421\"> </span>Depreciation <span class=\"_ _3\"></span>charge <span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>property <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>equipment <span class=\"_ _e7\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _fe\"> </span>0.4  <span class=\"_ _57\"> </span>0.3  <span class=\"_ _10e\"> </span>0.7<span class=\"_ _421\"> </span>Depreciation <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>right-of-use <span class=\"_ _3\"></span>assets <span class=\"_ _221\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _5a\"> </span>0.1  <span class=\"_ _10e\"> </span>0.6  <span class=\"_ _57\"> </span>0.<span class=\"_ _2\"></span>7<span class=\"_ _421\"> </span>Amortisation <span class=\"_ _3\"></span>charge <span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>software <span class=\"_ _3\"></span>assets <span class=\"_ _189\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _5a\"> </span>1.<span class=\"_ _3\"></span>8  <span class=\"_ _5a\"> </span>1.8<span class=\"_ _421\"> </span>Sub<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>tota<span class=\"_ _3\"></span>l <span class=\"_ _102\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _10f\"> </span>6<span class=\"_ _3\"></span>.7  <span class=\"_ _11b\"> </span>30<span class=\"_ _3\"></span>.6  <span class=\"_ _f0\"> </span>47.7  <span class=\"_ _1e1\"> </span>8<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>.0<span class=\"_ _421\"> </span>Com<span class=\"_ _3\"></span>mis<span class=\"_ _3\"></span>sion<span class=\"_ _3\"></span>, new b<span class=\"_ _3\"></span>usi<span class=\"_ _3\"></span>nes<span class=\"_ _3\"></span>s and re<span class=\"_ _3\"></span>newa<span class=\"_ _3\"></span>l cos<span class=\"_ _3\"></span>ts<span class=\"_ _421\"> </span>Insurance <span class=\"_ _3\"></span>contracts <span class=\"_ _ba\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _10e\"> </span>6<span class=\"_ _3\"></span>.4  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _10e\"> </span>6.4<span class=\"_ _421\"> </span>Investment <span class=\"_ _3\"></span>contracts <span class=\"_ _1c5\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _165\"> </span>29.1  <span class=\"_ _12e\"> </span>29<span class=\"_ _2\"></span>.1<span class=\"_ _421\"> </span>Sub<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>tota<span class=\"_ _3\"></span>l <span class=\"_ _102\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _12e\"> </span>6<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4  <span class=\"_ _14e\"> </span>2<span class=\"_ _3\"></span>9.1  <span class=\"_ _f0\"> </span>3<span class=\"_ _3\"></span>5.<span class=\"_ _4\"></span>5<span class=\"_ _421\"> </span>Amor<span class=\"_ _3\"></span>tisation of intangible asse<span class=\"_ _3\"></span>ts<span class=\"_ _421\"> </span>Acquired <span class=\"_ _3\"></span>value of <span class=\"_ _4\"></span>in-forc<span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>business <span class=\"_ _194\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _94\"> </span>7<span class=\"_ _2\"></span>.2  <span class=\"_ _94\"> </span>7<span class=\"_ _2\"></span>.2<span class=\"_ _421\"> </span>Deferred a<span class=\"_ _3\"></span>cquisition <span class=\"_ _3\"></span>costs <span class=\"_ _1a0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _57\"> </span>8<span class=\"_ _3\"></span>.5  <span class=\"_ _57\"> </span>8.5<span class=\"_ _421\"> </span>Sub<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>tota<span class=\"_ _3\"></span>l <span class=\"_ _102\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _14e\"> </span>1<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>.7  <span class=\"_ _14e\"> </span>1<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>.7<span class=\"_ _421\"> </span>Other expenses<span class=\"_ _421\"> </span>Payment of yield tax r<span class=\"_ _2\"></span>elating to policyholders funds <span class=\"_ _1c8\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _10e\"> </span>8.3 <span class=\"_ _2\"></span> <span class=\"_ _fe\"> </span>8<span class=\"_ _3\"></span>.3<span class=\"_ _421\"> </span>Other <span class=\"_ _8b\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _56\"> </span>1.9  <span class=\"_ _5a\"> </span>0.1  <span class=\"_ _57\"> </span>2.0<span class=\"_ _421\"> </span>Sub<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>tota<span class=\"_ _3\"></span>l <span class=\"_ _102\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _1a1\"> </span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9  <span class=\"_ _12e\"> </span>8<span class=\"_ _3\"></span>.4  <span class=\"_ _114\"> </span>10<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _10f\"> </span>6<span class=\"_ _3\"></span>.7  <span class=\"_ _7b\"> </span>3<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9  <span class=\"_ _42\"> </span>1<span class=\"_ _3\"></span>00<span class=\"_ _3\"></span>.9  <span class=\"_ _e7\"> </span>146<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5<span class=\"_ _421\"> </span>I<span class=\"_ _421\"> </span>ncluded in other goods and services abo<span class=\"_ _2\"></span>ve are the f<span class=\"_ _2\"></span>ollowing amounts pay<span class=\"_ _2\"></span>able to the auditor and its associates, e<span class=\"_ _2\"></span>xclusive <span class=\"_ _2\"></span>of <span class=\"_ _a\"></span>V<span class=\"_ _2\"></span>A<span class=\"_ _a\"></span>T<span class=\"_ _7\"></span>.<span class=\"_ _421\"> </span>Y<span class=\"_ _2\"></span>ear ended<span class=\"_ _2\"></span> 31 December <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14b\"> </span>20<span class=\"_ _2\"></span>23  <span class=\"_ _14b\"> </span>2022 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Fees pay<span class=\"_ _2\"></span>able to the company\u2019s audit<span class=\"_ _2\"></span>or for the audit of the company\u2019s financial stat<span class=\"_ _2\"></span>ements <span class=\"_ _1\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _fe\"> </span>0.6 <span class=\"_ _a\"></span> <span class=\"_ _10f\"> </span>0.4<span class=\"_ _421\"> </span>Fees pay<span class=\"_ _2\"></span>able to the company\u2019s audit<span class=\"_ _2\"></span>or and its associates for other services to the gr<span class=\"_ _2\"></span>oup:<span class=\"_ _421\"> </span>The audit of the company\u2019s subsidiaries pursuant t<span class=\"_ _2\"></span>o legislation* <span class=\"_ _e7\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _5a\"> </span>1.9 <span class=\"_ _2\"></span> <span class=\"_ _5a\"> </span>1.7<span class=\"_ _421\"> </span>Audit-relat<span class=\"_ _2\"></span>ed <span class=\"_ _3\"></span>assurance <span class=\"_ _3\"></span>services*<span class=\"_ _3\"></span>* <span class=\"_ _51\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _57\"> </span>2.0  <span class=\"_ _99\"> </span>1.1<span class=\"_ _421\"> </span>Non-audit <span class=\"_ _3\"></span>services <span class=\"_ _bb\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5a\"> </span>0.1  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12e\"> </span>4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>6  <span class=\"_ _fe\"> </span>3.<span class=\"_ _3\"></span>2 <span class=\"_ _222\"></span>*Includes \u00a31<span class=\"_ _7\"></span>.6m (2022: \u00a30.6m) audit fees in respect of the Mo<span class=\"_ _2\"></span>vestic, <span class=\"_ _0\"></span>W<span class=\"_ _a\"></span>aard and Scildon audit in the <span class=\"_ _a\"></span>year perf<span class=\"_ _2\"></span>ormed by EY<span class=\"_ _31\"></span>.  <span class=\"_ _fb\"></span>*<span class=\"_ _2\"></span>*Includes \u00a30.<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>m (2022: \u00a30.3m) f<span class=\"_ _2\"></span>ees related to assurance services in respect of <span class=\"_ _0\"></span>W<span class=\"_ _2\"></span>aard and <span class=\"_ _2\"></span>Scildon in the <span class=\"_ _a\"></span>year performed b<span class=\"_ _2\"></span>y EY<span class=\"_ _7\"></span>.<span class=\"_ _421\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
    "language": "en",
    "entity": "scheme:213800VFRMBRTSZ3SJ06",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-447": {
   "value": "D4 <span class=\"_ _3\"></span>Expenses by natur<span class=\"_ _2\"></span>e<span class=\"_ _421\"> </span>Y<span class=\"_ _2\"></span>ear ended<span class=\"_ _2\"></span> 31 December 202<span class=\"_ _3\"></span>3 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _39\"> </span>I<span class=\"_ _3\"></span>nsurance  <span class=\"_ _3f\"> </span>Othe<span class=\"_ _3\"></span>r  <span class=\"_ _3f\"> </span>Other   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _189\"> </span>acquisitio<span class=\"_ _3\"></span>n  <span class=\"_ _30\"> </span>attributable  <span class=\"_ _7f\"> </span>ope<span class=\"_ _3\"></span>rating   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _185\"> </span>cash <span class=\"_ _3\"></span>flows  <span class=\"_ _f6\"> </span>e<span class=\"_ _2\"></span>xpenses  <span class=\"_ _f6\"> </span>expe<span class=\"_ _2\"></span>nses  <span class=\"_ _28\"> </span>T<span class=\"_ _a\"></span>otal <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _46\"> </span>Not<span class=\"_ _3\"></span>e  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3<span class=\"_ _3\"></span>m  <span class=\"_ _165\"> </span>\u00a3<span class=\"_ _3\"></span>m<span class=\"_ _421\"> </span>Administrative expense<span class=\"_ _3\"></span>s<span class=\"_ _421\"> </span>Personnel-relat<span class=\"_ _2\"></span>ed <span class=\"_ _3\"></span>costs <span class=\"_ _d4\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _ae\"> </span><span class=\"ff61 ls77 ws7c\">I1</span>  <span class=\"_ _1a1\"> </span>2.2  <span class=\"_ _165\"> </span>1<span class=\"_ _3\"></span>3.6  <span class=\"_ _5b\"> </span>25.4  <span class=\"_ _12b\"> </span>41.<span class=\"_ _3\"></span>2<span class=\"_ _421\"> </span>Investment <span class=\"_ _3\"></span>management <span class=\"_ _3\"></span>fees <span class=\"_ _163\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _1b1\"> </span>2.3  <span class=\"_ _56\"> </span>1.<span class=\"_ _3\"></span>3  <span class=\"_ _1a1\"> </span>3.6<span class=\"_ _421\"> </span>Costs <span class=\"_ _3\"></span>paid <span class=\"_ _3\"></span>to <span class=\"_ _3\"></span>third-party <span class=\"_ _3\"></span>administrator<span class=\"_ _2\"></span>s <span class=\"_ _21f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _1a1\"> </span>9.7  <span class=\"_ _57\"> </span>3.9  <span class=\"_ _165\"> </span>13.6<span class=\"_ _421\"> </span>Other <span class=\"_ _3\"></span>goods <span class=\"_ _3\"></span>and <span class=\"_ _4\"></span>services <span class=\"_ _220\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1a1\"> </span>3.<span class=\"_ _3\"></span>3  <span class=\"_ _12b\"> </span>13.0  <span class=\"_ _5b\"> </span>28<span class=\"_ _3\"></span>.9  <span class=\"_ _5b\"> </span>45.<span class=\"_ _3\"></span>2<span class=\"_ _421\"> </span>Depreciation <span class=\"_ _3\"></span>charge <span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>property <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>equipment <span class=\"_ _e7\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _20b\"> </span>0.1  <span class=\"_ _10e\"> </span>0.5  <span class=\"_ _57\"> </span>0.2  <span class=\"_ _fe\"> </span>0.8<span class=\"_ _421\"> </span>Depreciation <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>right-of-use <span class=\"_ _3\"></span>assets <span class=\"_ _221\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _fe\"> </span>0.4  <span class=\"_ _fe\"> </span>0.4<span class=\"_ _421\"> </span>Amortisation <span class=\"_ _3\"></span>charge <span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>software <span class=\"_ _3\"></span>assets <span class=\"_ _189\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _57\"> </span>2.0  <span class=\"_ _57\"> </span>2.0<span class=\"_ _421\"> </span>Sub<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>tota<span class=\"_ _3\"></span>l <span class=\"_ _102\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _10f\"> </span>5<span class=\"_ _3\"></span>.6  <span class=\"_ _152\"> </span>39<span class=\"_ _3\"></span>.1  <span class=\"_ _114\"> </span>6<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.1  <span class=\"_ _29\"> </span>1<span class=\"_ _3\"></span>06<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8<span class=\"_ _421\"> </span>Com<span class=\"_ _3\"></span>mis<span class=\"_ _3\"></span>sion<span class=\"_ _3\"></span>, new b<span class=\"_ _3\"></span>usi<span class=\"_ _3\"></span>nes<span class=\"_ _3\"></span>s and re<span class=\"_ _3\"></span>newa<span class=\"_ _3\"></span>l cos<span class=\"_ _3\"></span>ts<span class=\"_ _421\"> </span>Insurance <span class=\"_ _3\"></span>contracts <span class=\"_ _ba\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _1b1\"> </span>3.5  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _94\"> </span>3.5<span class=\"_ _421\"> </span>Investment <span class=\"_ _3\"></span>contracts <span class=\"_ _1c5\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _5b\"> </span>29.4  <span class=\"_ _114\"> </span>29.4<span class=\"_ _421\"> </span>Sub<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>tota<span class=\"_ _3\"></span>l <span class=\"_ _102\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _10f\"> </span>3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5  <span class=\"_ _11b\"> </span>29<span class=\"_ _3\"></span>.4  <span class=\"_ _2d\"> </span>3<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9<span class=\"_ _421\"> </span>Amor<span class=\"_ _3\"></span>tisation and Impairment of intangible asset<span class=\"_ _3\"></span>s<span class=\"_ _421\"> </span>Acquired <span class=\"_ _3\"></span>value of <span class=\"_ _4\"></span>in-forc<span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>business <span class=\"_ _194\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _114\"> </span>28.6  <span class=\"_ _114\"> </span>28.6<span class=\"_ _421\"> </span>Deferred a<span class=\"_ _3\"></span>cquisition <span class=\"_ _3\"></span>costs <span class=\"_ _1a0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _1b1\"> </span>7.6  <span class=\"_ _1a1\"> </span>7<span class=\"_ _2\"></span>.6<span class=\"_ _421\"> </span>Sub<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>tota<span class=\"_ _3\"></span>l <span class=\"_ _102\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _2d\"> </span>36<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2  <span class=\"_ _2d\"> </span>3<span class=\"_ _3\"></span>6.<span class=\"_ _4\"></span>2<span class=\"_ _421\"> </span>Other expenses<span class=\"_ _421\"> </span>Payment of yield tax r<span class=\"_ _2\"></span>elating to policyholders funds <span class=\"_ _1c8\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _1b7\"> </span>17.9 <span class=\"_ _a\"></span> <span class=\"_ _1b7\"> </span>17<span class=\"_ _2\"></span>.9<span class=\"_ _421\"> </span>Other <span class=\"_ _8b\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _1a1\"> </span>2.9  <span class=\"_ _10e\"> </span>4<span class=\"_ _3\"></span>.3  <span class=\"_ _1b1\"> </span>7.2<span class=\"_ _421\"> </span>Sub<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>tota<span class=\"_ _3\"></span>l <span class=\"_ _102\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _179\"> </span>2<span class=\"_ _4\"></span>.9  <span class=\"_ _f0\"> </span>22<span class=\"_ _4\"></span>.<span class=\"_ _3\"></span>2  <span class=\"_ _14e\"> </span>2<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>.1<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _10f\"> </span>5<span class=\"_ _3\"></span>.6  <span class=\"_ _11b\"> </span>45<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5  <span class=\"_ _e7\"> </span>149.<span class=\"_ _3\"></span>9  <span class=\"_ _15c\"> </span>2<span class=\"_ _3\"></span>01<span class=\"_ _3\"></span>.0<span class=\"_ _421\"> </span>Y<span class=\"_ _2\"></span>ear ended<span class=\"_ _2\"></span> 31 December 2022 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _39\"> </span>I<span class=\"_ _3\"></span>nsurance  <span class=\"_ _3f\"> </span>Othe<span class=\"_ _3\"></span>r  <span class=\"_ _3f\"> </span>Other   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _92\"> </span>acquis<span class=\"_ _3\"></span>ition  <span class=\"_ _30\"> </span>attributable  <span class=\"_ _7f\"> </span>op<span class=\"_ _3\"></span>erating   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _185\"> </span>cash <span class=\"_ _3\"></span>flows  <span class=\"_ _f6\"> </span>e<span class=\"_ _2\"></span>xpenses  <span class=\"_ _f6\"> </span>expe<span class=\"_ _2\"></span>nses  <span class=\"_ _28\"> </span>T<span class=\"_ _a\"></span>otal <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _46\"> </span>Not<span class=\"_ _3\"></span>e  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3<span class=\"_ _3\"></span>m  <span class=\"_ _165\"> </span>\u00a3<span class=\"_ _3\"></span>m<span class=\"_ _421\"> </span>Administrative expense<span class=\"_ _3\"></span>s<span class=\"_ _421\"> </span>Personnel-relat<span class=\"_ _2\"></span>ed <span class=\"_ _3\"></span>costs <span class=\"_ _d4\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _ae\"> </span><span class=\"ff61 ls77 ws7c\">I1</span>  <span class=\"_ _10f\"> </span>4<span class=\"_ _3\"></span>.0  <span class=\"_ _fe\"> </span>12.1  <span class=\"_ _12b\"> </span>21.<span class=\"_ _3\"></span>8  <span class=\"_ _14e\"> </span>37.9<span class=\"_ _421\"> </span>Investment <span class=\"_ _3\"></span>management <span class=\"_ _3\"></span>fees <span class=\"_ _163\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _57\"> </span>0.3  <span class=\"_ _5a\"> </span>1.4  <span class=\"_ _56\"> </span>1.7<span class=\"_ _421\"> </span>Costs <span class=\"_ _3\"></span>paid <span class=\"_ _3\"></span>to <span class=\"_ _3\"></span>third-party <span class=\"_ _3\"></span>administrator<span class=\"_ _2\"></span>s <span class=\"_ _21f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _fe\"> </span>8.0  <span class=\"_ _fe\"> </span>4.8  <span class=\"_ _1b7\"> </span>12.<span class=\"_ _3\"></span>8<span class=\"_ _421\"> </span>Other <span class=\"_ _3\"></span>goods <span class=\"_ _3\"></span>and <span class=\"_ _4\"></span>services <span class=\"_ _220\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1a1\"> </span>2.7  <span class=\"_ _1a1\"> </span>9.7  <span class=\"_ _1b7\"> </span>17.<span class=\"_ _2\"></span>0  <span class=\"_ _114\"> </span>29.4<span class=\"_ _421\"> </span>Depreciation <span class=\"_ _3\"></span>charge <span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>property <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>equipment <span class=\"_ _e7\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _fe\"> </span>0.4  <span class=\"_ _57\"> </span>0.3  <span class=\"_ _10e\"> </span>0.7<span class=\"_ _421\"> </span>Depreciation <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>right-of-use <span class=\"_ _3\"></span>assets <span class=\"_ _221\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _5a\"> </span>0.1  <span class=\"_ _10e\"> </span>0.6  <span class=\"_ _57\"> </span>0.<span class=\"_ _2\"></span>7<span class=\"_ _421\"> </span>Amortisation <span class=\"_ _3\"></span>charge <span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>software <span class=\"_ _3\"></span>assets <span class=\"_ _189\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _5a\"> </span>1.<span class=\"_ _3\"></span>8  <span class=\"_ _5a\"> </span>1.8<span class=\"_ _421\"> </span>Sub<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>tota<span class=\"_ _3\"></span>l <span class=\"_ _102\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _10f\"> </span>6<span class=\"_ _3\"></span>.7  <span class=\"_ _11b\"> </span>30<span class=\"_ _3\"></span>.6  <span class=\"_ _f0\"> </span>47.7  <span class=\"_ _1e1\"> </span>8<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>.0<span class=\"_ _421\"> </span>Com<span class=\"_ _3\"></span>mis<span class=\"_ _3\"></span>sion<span class=\"_ _3\"></span>, new b<span class=\"_ _3\"></span>usi<span class=\"_ _3\"></span>nes<span class=\"_ _3\"></span>s and re<span class=\"_ _3\"></span>newa<span class=\"_ _3\"></span>l cos<span class=\"_ _3\"></span>ts<span class=\"_ _421\"> </span>Insurance <span class=\"_ _3\"></span>contracts <span class=\"_ _ba\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _10e\"> </span>6<span class=\"_ _3\"></span>.4  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _10e\"> </span>6.4<span class=\"_ _421\"> </span>Investment <span class=\"_ _3\"></span>contracts <span class=\"_ _1c5\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _165\"> </span>29.1  <span class=\"_ _12e\"> </span>29<span class=\"_ _2\"></span>.1<span class=\"_ _421\"> </span>Sub<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>tota<span class=\"_ _3\"></span>l <span class=\"_ _102\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _12e\"> </span>6<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4  <span class=\"_ _14e\"> </span>2<span class=\"_ _3\"></span>9.1  <span class=\"_ _f0\"> </span>3<span class=\"_ _3\"></span>5.<span class=\"_ _4\"></span>5<span class=\"_ _421\"> </span>Amor<span class=\"_ _3\"></span>tisation of intangible asse<span class=\"_ _3\"></span>ts<span class=\"_ _421\"> </span>Acquired <span class=\"_ _3\"></span>value of <span class=\"_ _4\"></span>in-forc<span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>business <span class=\"_ _194\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _94\"> </span>7<span class=\"_ _2\"></span>.2  <span class=\"_ _94\"> </span>7<span class=\"_ _2\"></span>.2<span class=\"_ _421\"> </span>Deferred a<span class=\"_ _3\"></span>cquisition <span class=\"_ _3\"></span>costs <span class=\"_ _1a0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _57\"> </span>8<span class=\"_ _3\"></span>.5  <span class=\"_ _57\"> </span>8.5<span class=\"_ _421\"> </span>Sub<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>tota<span class=\"_ _3\"></span>l <span class=\"_ _102\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _14e\"> </span>1<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>.7  <span class=\"_ _14e\"> </span>1<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>.7<span class=\"_ _421\"> </span>Other expenses<span class=\"_ _421\"> </span>Payment of yield tax r<span class=\"_ _2\"></span>elating to policyholders funds <span class=\"_ _1c8\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _10e\"> </span>8.3 <span class=\"_ _2\"></span> <span class=\"_ _fe\"> </span>8<span class=\"_ _3\"></span>.3<span class=\"_ _421\"> </span>Other <span class=\"_ _8b\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _56\"> </span>1.9  <span class=\"_ _5a\"> </span>0.1  <span class=\"_ _57\"> </span>2.0<span class=\"_ _421\"> </span>Sub<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>tota<span class=\"_ _3\"></span>l <span class=\"_ _102\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _1a1\"> </span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9  <span class=\"_ _12e\"> </span>8<span class=\"_ _3\"></span>.4  <span class=\"_ _114\"> </span>10<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _10f\"> </span>6<span class=\"_ _3\"></span>.7  <span class=\"_ _7b\"> </span>3<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9  <span class=\"_ _42\"> </span>1<span class=\"_ _3\"></span>00<span class=\"_ _3\"></span>.9  <span class=\"_ _e7\"> </span>146<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5<span class=\"_ _421\"> </span>I<span class=\"_ _421\"> </span>ncluded in other goods and services abo<span class=\"_ _2\"></span>ve are the f<span class=\"_ _2\"></span>ollowing amounts pay<span class=\"_ _2\"></span>able to the auditor and its associates, e<span class=\"_ _2\"></span>xclusive <span class=\"_ _2\"></span>of <span class=\"_ _a\"></span>V<span class=\"_ _2\"></span>A<span class=\"_ _a\"></span>T<span class=\"_ _7\"></span>.<span class=\"_ _421\"> </span>Y<span class=\"_ _2\"></span>ear ended<span class=\"_ _2\"></span> 31 December <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14b\"> </span>20<span class=\"_ _2\"></span>23  <span class=\"_ _14b\"> </span>2022 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Fees pay<span class=\"_ _2\"></span>able to the company\u2019s audit<span class=\"_ _2\"></span>or for the audit of the company\u2019s financial stat<span class=\"_ _2\"></span>ements <span class=\"_ _1\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _fe\"> </span>0.6 <span class=\"_ _a\"></span> <span class=\"_ _10f\"> </span>0.4<span class=\"_ _421\"> </span>Fees pay<span class=\"_ _2\"></span>able to the company\u2019s audit<span class=\"_ _2\"></span>or and its associates for other services to the gr<span class=\"_ _2\"></span>oup:<span class=\"_ _421\"> </span>The audit of the company\u2019s subsidiaries pursuant t<span class=\"_ _2\"></span>o legislation* <span class=\"_ _e7\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _5a\"> </span>1.9 <span class=\"_ _2\"></span> <span class=\"_ _5a\"> </span>1.7<span class=\"_ _421\"> </span>Audit-relat<span class=\"_ _2\"></span>ed <span class=\"_ _3\"></span>assurance <span class=\"_ _3\"></span>services*<span class=\"_ _3\"></span>* <span class=\"_ _51\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _57\"> </span>2.0  <span class=\"_ _99\"> </span>1.1<span class=\"_ _421\"> </span>Non-audit <span class=\"_ _3\"></span>services <span class=\"_ _bb\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5a\"> </span>0.1  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12e\"> </span>4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>6  <span class=\"_ _fe\"> </span>3.<span class=\"_ _3\"></span>2 <span class=\"_ _222\"></span>*Includes \u00a31<span class=\"_ _7\"></span>.6m (2022: \u00a30.6m) audit fees in respect of the Mo<span class=\"_ _2\"></span>vestic, <span class=\"_ _0\"></span>W<span class=\"_ _a\"></span>aard and Scildon audit in the <span class=\"_ _a\"></span>year perf<span class=\"_ _2\"></span>ormed by EY<span class=\"_ _31\"></span>.  <span class=\"_ _fb\"></span>*<span class=\"_ _2\"></span>*Includes \u00a30.<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>m (2022: \u00a30.3m) f<span class=\"_ _2\"></span>ees related to assurance services in respect of <span class=\"_ _0\"></span>W<span class=\"_ _2\"></span>aard and <span class=\"_ _2\"></span>Scildon in the <span class=\"_ _a\"></span>year performed b<span class=\"_ _2\"></span>y EY<span class=\"_ _7\"></span>.<span class=\"_ _421\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfExpensesExplanatory",
    "language": "en",
    "entity": "scheme:213800VFRMBRTSZ3SJ06",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-48": {
   "value": "D4 <span class=\"_ _3\"></span>Expenses by natur<span class=\"_ _2\"></span>e<span class=\"_ _421\"> </span>Y<span class=\"_ _2\"></span>ear ended<span class=\"_ _2\"></span> 31 December 202<span class=\"_ _3\"></span>3 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _39\"> </span>I<span class=\"_ _3\"></span>nsurance  <span class=\"_ _3f\"> </span>Othe<span class=\"_ _3\"></span>r  <span class=\"_ _3f\"> </span>Other   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _189\"> </span>acquisitio<span class=\"_ _3\"></span>n  <span class=\"_ _30\"> </span>attributable  <span class=\"_ _7f\"> </span>ope<span class=\"_ _3\"></span>rating   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _185\"> </span>cash <span class=\"_ _3\"></span>flows  <span class=\"_ _f6\"> </span>e<span class=\"_ _2\"></span>xpenses  <span class=\"_ _f6\"> </span>expe<span class=\"_ _2\"></span>nses  <span class=\"_ _28\"> </span>T<span class=\"_ _a\"></span>otal <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _46\"> </span>Not<span class=\"_ _3\"></span>e  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3<span class=\"_ _3\"></span>m  <span class=\"_ _165\"> </span>\u00a3<span class=\"_ _3\"></span>m<span class=\"_ _421\"> </span>Administrative expense<span class=\"_ _3\"></span>s<span class=\"_ _421\"> </span>Personnel-relat<span class=\"_ _2\"></span>ed <span class=\"_ _3\"></span>costs <span class=\"_ _d4\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _ae\"> </span><span class=\"ff61 ls77 ws7c\">I1</span>  <span class=\"_ _1a1\"> </span>2.2  <span class=\"_ _165\"> </span>1<span class=\"_ _3\"></span>3.6  <span class=\"_ _5b\"> </span>25.4  <span class=\"_ _12b\"> </span>41.<span class=\"_ _3\"></span>2<span class=\"_ _421\"> </span>Investment <span class=\"_ _3\"></span>management <span class=\"_ _3\"></span>fees <span class=\"_ _163\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _1b1\"> </span>2.3  <span class=\"_ _56\"> </span>1.<span class=\"_ _3\"></span>3  <span class=\"_ _1a1\"> </span>3.6<span class=\"_ _421\"> </span>Costs <span class=\"_ _3\"></span>paid <span class=\"_ _3\"></span>to <span class=\"_ _3\"></span>third-party <span class=\"_ _3\"></span>administrator<span class=\"_ _2\"></span>s <span class=\"_ _21f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _1a1\"> </span>9.7  <span class=\"_ _57\"> </span>3.9  <span class=\"_ _165\"> </span>13.6<span class=\"_ _421\"> </span>Other <span class=\"_ _3\"></span>goods <span class=\"_ _3\"></span>and <span class=\"_ _4\"></span>services <span class=\"_ _220\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1a1\"> </span>3.<span class=\"_ _3\"></span>3  <span class=\"_ _12b\"> </span>13.0  <span class=\"_ _5b\"> </span>28<span class=\"_ _3\"></span>.9  <span class=\"_ _5b\"> </span>45.<span class=\"_ _3\"></span>2<span class=\"_ _421\"> </span>Depreciation <span class=\"_ _3\"></span>charge <span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>property <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>equipment <span class=\"_ _e7\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _20b\"> </span>0.1  <span class=\"_ _10e\"> </span>0.5  <span class=\"_ _57\"> </span>0.2  <span class=\"_ _fe\"> </span>0.8<span class=\"_ _421\"> </span>Depreciation <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>right-of-use <span class=\"_ _3\"></span>assets <span class=\"_ _221\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _fe\"> </span>0.4  <span class=\"_ _fe\"> </span>0.4<span class=\"_ _421\"> </span>Amortisation <span class=\"_ _3\"></span>charge <span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>software <span class=\"_ _3\"></span>assets <span class=\"_ _189\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _57\"> </span>2.0  <span class=\"_ _57\"> </span>2.0<span class=\"_ _421\"> </span>Sub<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>tota<span class=\"_ _3\"></span>l <span class=\"_ _102\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _10f\"> </span>5<span class=\"_ _3\"></span>.6  <span class=\"_ _152\"> </span>39<span class=\"_ _3\"></span>.1  <span class=\"_ _114\"> </span>6<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.1  <span class=\"_ _29\"> </span>1<span class=\"_ _3\"></span>06<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8<span class=\"_ _421\"> </span>Com<span class=\"_ _3\"></span>mis<span class=\"_ _3\"></span>sion<span class=\"_ _3\"></span>, new b<span class=\"_ _3\"></span>usi<span class=\"_ _3\"></span>nes<span class=\"_ _3\"></span>s and re<span class=\"_ _3\"></span>newa<span class=\"_ _3\"></span>l cos<span class=\"_ _3\"></span>ts<span class=\"_ _421\"> </span>Insurance <span class=\"_ _3\"></span>contracts <span class=\"_ _ba\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _1b1\"> </span>3.5  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _94\"> </span>3.5<span class=\"_ _421\"> </span>Investment <span class=\"_ _3\"></span>contracts <span class=\"_ _1c5\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _5b\"> </span>29.4  <span class=\"_ _114\"> </span>29.4<span class=\"_ _421\"> </span>Sub<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>tota<span class=\"_ _3\"></span>l <span class=\"_ _102\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _10f\"> </span>3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5  <span class=\"_ _11b\"> </span>29<span class=\"_ _3\"></span>.4  <span class=\"_ _2d\"> </span>3<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9<span class=\"_ _421\"> </span>Amor<span class=\"_ _3\"></span>tisation and Impairment of intangible asset<span class=\"_ _3\"></span>s<span class=\"_ _421\"> </span>Acquired <span class=\"_ _3\"></span>value of <span class=\"_ _4\"></span>in-forc<span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>business <span class=\"_ _194\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _114\"> </span>28.6  <span class=\"_ _114\"> </span>28.6<span class=\"_ _421\"> </span>Deferred a<span class=\"_ _3\"></span>cquisition <span class=\"_ _3\"></span>costs <span class=\"_ _1a0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _1b1\"> </span>7.6  <span class=\"_ _1a1\"> </span>7<span class=\"_ _2\"></span>.6<span class=\"_ _421\"> </span>Sub<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>tota<span class=\"_ _3\"></span>l <span class=\"_ _102\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _2d\"> </span>36<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2  <span class=\"_ _2d\"> </span>3<span class=\"_ _3\"></span>6.<span class=\"_ _4\"></span>2<span class=\"_ _421\"> </span>Other expenses<span class=\"_ _421\"> </span>Payment of yield tax r<span class=\"_ _2\"></span>elating to policyholders funds <span class=\"_ _1c8\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _1b7\"> </span>17.9 <span class=\"_ _a\"></span> <span class=\"_ _1b7\"> </span>17<span class=\"_ _2\"></span>.9<span class=\"_ _421\"> </span>Other <span class=\"_ _8b\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _1a1\"> </span>2.9  <span class=\"_ _10e\"> </span>4<span class=\"_ _3\"></span>.3  <span class=\"_ _1b1\"> </span>7.2<span class=\"_ _421\"> </span>Sub<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>tota<span class=\"_ _3\"></span>l <span class=\"_ _102\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _179\"> </span>2<span class=\"_ _4\"></span>.9  <span class=\"_ _f0\"> </span>22<span class=\"_ _4\"></span>.<span class=\"_ _3\"></span>2  <span class=\"_ _14e\"> </span>2<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>.1<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _10f\"> </span>5<span class=\"_ _3\"></span>.6  <span class=\"_ _11b\"> </span>45<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5  <span class=\"_ _e7\"> </span>149.<span class=\"_ _3\"></span>9  <span class=\"_ _15c\"> </span>2<span class=\"_ _3\"></span>01<span class=\"_ _3\"></span>.0<span class=\"_ _421\"> </span>Y<span class=\"_ _2\"></span>ear ended<span class=\"_ _2\"></span> 31 December 2022 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _39\"> </span>I<span class=\"_ _3\"></span>nsurance  <span class=\"_ _3f\"> </span>Othe<span class=\"_ _3\"></span>r  <span class=\"_ _3f\"> </span>Other   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _92\"> </span>acquis<span class=\"_ _3\"></span>ition  <span class=\"_ _30\"> </span>attributable  <span class=\"_ _7f\"> </span>op<span class=\"_ _3\"></span>erating   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _185\"> </span>cash <span class=\"_ _3\"></span>flows  <span class=\"_ _f6\"> </span>e<span class=\"_ _2\"></span>xpenses  <span class=\"_ _f6\"> </span>expe<span class=\"_ _2\"></span>nses  <span class=\"_ _28\"> </span>T<span class=\"_ _a\"></span>otal <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _46\"> </span>Not<span class=\"_ _3\"></span>e  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3<span class=\"_ _3\"></span>m  <span class=\"_ _165\"> </span>\u00a3<span class=\"_ _3\"></span>m<span class=\"_ _421\"> </span>Administrative expense<span class=\"_ _3\"></span>s<span class=\"_ _421\"> </span>Personnel-relat<span class=\"_ _2\"></span>ed <span class=\"_ _3\"></span>costs <span class=\"_ _d4\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _ae\"> </span><span class=\"ff61 ls77 ws7c\">I1</span>  <span class=\"_ _10f\"> </span>4<span class=\"_ _3\"></span>.0  <span class=\"_ _fe\"> </span>12.1  <span class=\"_ _12b\"> </span>21.<span class=\"_ _3\"></span>8  <span class=\"_ _14e\"> </span>37.9<span class=\"_ _421\"> </span>Investment <span class=\"_ _3\"></span>management <span class=\"_ _3\"></span>fees <span class=\"_ _163\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _57\"> </span>0.3  <span class=\"_ _5a\"> </span>1.4  <span class=\"_ _56\"> </span>1.7<span class=\"_ _421\"> </span>Costs <span class=\"_ _3\"></span>paid <span class=\"_ _3\"></span>to <span class=\"_ _3\"></span>third-party <span class=\"_ _3\"></span>administrator<span class=\"_ _2\"></span>s <span class=\"_ _21f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _fe\"> </span>8.0  <span class=\"_ _fe\"> </span>4.8  <span class=\"_ _1b7\"> </span>12.<span class=\"_ _3\"></span>8<span class=\"_ _421\"> </span>Other <span class=\"_ _3\"></span>goods <span class=\"_ _3\"></span>and <span class=\"_ _4\"></span>services <span class=\"_ _220\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1a1\"> </span>2.7  <span class=\"_ _1a1\"> </span>9.7  <span class=\"_ _1b7\"> </span>17.<span class=\"_ _2\"></span>0  <span class=\"_ _114\"> </span>29.4<span class=\"_ _421\"> </span>Depreciation <span class=\"_ _3\"></span>charge <span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>property <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>equipment <span class=\"_ _e7\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _fe\"> </span>0.4  <span class=\"_ _57\"> </span>0.3  <span class=\"_ _10e\"> </span>0.7<span class=\"_ _421\"> </span>Depreciation <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>right-of-use <span class=\"_ _3\"></span>assets <span class=\"_ _221\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _5a\"> </span>0.1  <span class=\"_ _10e\"> </span>0.6  <span class=\"_ _57\"> </span>0.<span class=\"_ _2\"></span>7<span class=\"_ _421\"> </span>Amortisation <span class=\"_ _3\"></span>charge <span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>software <span class=\"_ _3\"></span>assets <span class=\"_ _189\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _5a\"> </span>1.<span class=\"_ _3\"></span>8  <span class=\"_ _5a\"> </span>1.8<span class=\"_ _421\"> </span>Sub<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>tota<span class=\"_ _3\"></span>l <span class=\"_ _102\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _10f\"> </span>6<span class=\"_ _3\"></span>.7  <span class=\"_ _11b\"> </span>30<span class=\"_ _3\"></span>.6  <span class=\"_ _f0\"> </span>47.7  <span class=\"_ _1e1\"> </span>8<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>.0<span class=\"_ _421\"> </span>Com<span class=\"_ _3\"></span>mis<span class=\"_ _3\"></span>sion<span class=\"_ _3\"></span>, new b<span class=\"_ _3\"></span>usi<span class=\"_ _3\"></span>nes<span class=\"_ _3\"></span>s and re<span class=\"_ _3\"></span>newa<span class=\"_ _3\"></span>l cos<span class=\"_ _3\"></span>ts<span class=\"_ _421\"> </span>Insurance <span class=\"_ _3\"></span>contracts <span class=\"_ _ba\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _10e\"> </span>6<span class=\"_ _3\"></span>.4  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _10e\"> </span>6.4<span class=\"_ _421\"> </span>Investment <span class=\"_ _3\"></span>contracts <span class=\"_ _1c5\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _165\"> </span>29.1  <span class=\"_ _12e\"> </span>29<span class=\"_ _2\"></span>.1<span class=\"_ _421\"> </span>Sub<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>tota<span class=\"_ _3\"></span>l <span class=\"_ _102\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _12e\"> </span>6<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4  <span class=\"_ _14e\"> </span>2<span class=\"_ _3\"></span>9.1  <span class=\"_ _f0\"> </span>3<span class=\"_ _3\"></span>5.<span class=\"_ _4\"></span>5<span class=\"_ _421\"> </span>Amor<span class=\"_ _3\"></span>tisation of intangible asse<span class=\"_ _3\"></span>ts<span class=\"_ _421\"> </span>Acquired <span class=\"_ _3\"></span>value of <span class=\"_ _4\"></span>in-forc<span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>business <span class=\"_ _194\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _94\"> </span>7<span class=\"_ _2\"></span>.2  <span class=\"_ _94\"> </span>7<span class=\"_ _2\"></span>.2<span class=\"_ _421\"> </span>Deferred a<span class=\"_ _3\"></span>cquisition <span class=\"_ _3\"></span>costs <span class=\"_ _1a0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _57\"> </span>8<span class=\"_ _3\"></span>.5  <span class=\"_ _57\"> </span>8.5<span class=\"_ _421\"> </span>Sub<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>tota<span class=\"_ _3\"></span>l <span class=\"_ _102\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _14e\"> </span>1<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>.7  <span class=\"_ _14e\"> </span>1<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>.7<span class=\"_ _421\"> </span>Other expenses<span class=\"_ _421\"> </span>Payment of yield tax r<span class=\"_ _2\"></span>elating to policyholders funds <span class=\"_ _1c8\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _10e\"> </span>8.3 <span class=\"_ _2\"></span> <span class=\"_ _fe\"> </span>8<span class=\"_ _3\"></span>.3<span class=\"_ _421\"> </span>Other <span class=\"_ _8b\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _56\"> </span>1.9  <span class=\"_ _5a\"> </span>0.1  <span class=\"_ _57\"> </span>2.0<span class=\"_ _421\"> </span>Sub<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>tota<span class=\"_ _3\"></span>l <span class=\"_ _102\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _1a1\"> </span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9  <span class=\"_ _12e\"> </span>8<span class=\"_ _3\"></span>.4  <span class=\"_ _114\"> </span>10<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _10f\"> </span>6<span class=\"_ _3\"></span>.7  <span class=\"_ _7b\"> </span>3<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9  <span class=\"_ _42\"> </span>1<span class=\"_ _3\"></span>00<span class=\"_ _3\"></span>.9  <span class=\"_ _e7\"> </span>146<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5<span class=\"_ _421\"> </span>I<span class=\"_ _421\"> </span>ncluded in other goods and services abo<span class=\"_ _2\"></span>ve are the f<span class=\"_ _2\"></span>ollowing amounts pay<span class=\"_ _2\"></span>able to the auditor and its associates, e<span class=\"_ _2\"></span>xclusive <span class=\"_ _2\"></span>of <span class=\"_ _a\"></span>V<span class=\"_ _2\"></span>A<span class=\"_ _a\"></span>T<span class=\"_ _7\"></span>.<span class=\"_ _421\"> </span>Y<span class=\"_ _2\"></span>ear ended<span class=\"_ _2\"></span> 31 December <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14b\"> </span>20<span class=\"_ _2\"></span>23  <span class=\"_ _14b\"> </span>2022 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Fees pay<span class=\"_ _2\"></span>able to the company\u2019s audit<span class=\"_ _2\"></span>or for the audit of the company\u2019s financial stat<span class=\"_ _2\"></span>ements <span class=\"_ _1\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _fe\"> </span>0.6 <span class=\"_ _a\"></span> <span class=\"_ _10f\"> </span>0.4<span class=\"_ _421\"> </span>Fees pay<span class=\"_ _2\"></span>able to the company\u2019s audit<span class=\"_ _2\"></span>or and its associates for other services to the gr<span class=\"_ _2\"></span>oup:<span class=\"_ _421\"> </span>The audit of the company\u2019s subsidiaries pursuant t<span class=\"_ _2\"></span>o legislation* <span class=\"_ _e7\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _5a\"> </span>1.9 <span class=\"_ _2\"></span> <span class=\"_ _5a\"> </span>1.7<span class=\"_ _421\"> </span>Audit-relat<span class=\"_ _2\"></span>ed <span class=\"_ _3\"></span>assurance <span class=\"_ _3\"></span>services*<span class=\"_ _3\"></span>* <span class=\"_ _51\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _57\"> </span>2.0  <span class=\"_ _99\"> </span>1.1<span class=\"_ _421\"> </span>Non-audit <span class=\"_ _3\"></span>services <span class=\"_ _bb\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5a\"> </span>0.1  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12e\"> </span>4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>6  <span class=\"_ _fe\"> </span>3.<span class=\"_ _3\"></span>2 <span class=\"_ _222\"></span>*Includes \u00a31<span class=\"_ _7\"></span>.6m (2022: \u00a30.6m) audit fees in respect of the Mo<span class=\"_ _2\"></span>vestic, <span class=\"_ _0\"></span>W<span class=\"_ _a\"></span>aard and Scildon audit in the <span class=\"_ _a\"></span>year perf<span class=\"_ _2\"></span>ormed by EY<span class=\"_ _31\"></span>.  <span class=\"_ _fb\"></span>*<span class=\"_ _2\"></span>*Includes \u00a30.<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>m (2022: \u00a30.3m) f<span class=\"_ _2\"></span>ees related to assurance services in respect of <span class=\"_ _0\"></span>W<span class=\"_ _2\"></span>aard and <span class=\"_ _2\"></span>Scildon in the <span class=\"_ _a\"></span>year performed b<span class=\"_ _2\"></span>y EY",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory",
    "language": "en",
    "entity": "scheme:213800VFRMBRTSZ3SJ06",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-431": {
   "value": "<div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs3d0\">Depreciation <span class=\"_ _3\"></span>charge <span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>property <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>equipment <span class=\"_ _e7\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _20b\"> </span>0.1  <span class=\"_ _10e\"> </span>0.5  <span class=\"_ _57\"> </span>0.2  <span class=\"_ _fe\"> </span>0.8<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs3d1\">Depreciation <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>right-of-use <span class=\"_ _3\"></span>assets <span class=\"_ _221\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _fe\"> </span>0.4  <span class=\"_ _fe\"> </span>0.4<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs3d2\">Amortisation <span class=\"_ _3\"></span>charge <span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>software <span class=\"_ _3\"></span>assets <span class=\"_ _189\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _57\"> </span>2.0  <span class=\"_ _57\"> </span>2.0<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs3d4\">Depreciation <span class=\"_ _3\"></span>charge <span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>property <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>equipment <span class=\"_ _e7\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _fe\"> </span>0.4  <span class=\"_ _57\"> </span>0.3  <span class=\"_ _10e\"> </span>0.7<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs3d5\">Depreciation <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>right-of-use <span class=\"_ _3\"></span>assets <span class=\"_ _221\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _5a\"> </span>0.1  <span class=\"_ _10e\"> </span>0.6  <span class=\"_ _57\"> </span>0.<span class=\"_ _2\"></span>7<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs3d6\">Amortisation <span class=\"_ _3\"></span>charge <span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>software <span class=\"_ _3\"></span>assets <span class=\"_ _189\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _5a\"> </span>1.<span class=\"_ _3\"></span>8  <span class=\"_ _5a\"> </span>1.8<span class=\"_ _421\"> </span></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
    "language": "en",
    "entity": "scheme:213800VFRMBRTSZ3SJ06",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-432": {
   "value": "ncluded in other goods and services abo<span class=\"_ _2\"></span>ve are the f<span class=\"_ _2\"></span>ollowing amounts pay<span class=\"_ _2\"></span>able to the auditor and its associates, e<span class=\"_ _2\"></span>xclusive <span class=\"_ _2\"></span>of <span class=\"_ _a\"></span>V<span class=\"_ _2\"></span>A<span class=\"_ _a\"></span>T<span class=\"_ _7\"></span>.<span class=\"_ _421\"> </span>Y<span class=\"_ _2\"></span>ear ended<span class=\"_ _2\"></span> 31 December <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14b\"> </span>20<span class=\"_ _2\"></span>23  <span class=\"_ _14b\"> </span>2022 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Fees pay<span class=\"_ _2\"></span>able to the company\u2019s audit<span class=\"_ _2\"></span>or for the audit of the company\u2019s financial stat<span class=\"_ _2\"></span>ements <span class=\"_ _1\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _fe\"> </span>0.6 <span class=\"_ _a\"></span> <span class=\"_ _10f\"> </span>0.4<span class=\"_ _421\"> </span>Fees pay<span class=\"_ _2\"></span>able to the company\u2019s audit<span class=\"_ _2\"></span>or and its associates for other services to the gr<span class=\"_ _2\"></span>oup:<span class=\"_ _421\"> </span>The audit of the company\u2019s subsidiaries pursuant t<span class=\"_ _2\"></span>o legislation* <span class=\"_ _e7\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _5a\"> </span>1.9 <span class=\"_ _2\"></span> <span class=\"_ _5a\"> </span>1.7<span class=\"_ _421\"> </span>Audit-relat<span class=\"_ _2\"></span>ed <span class=\"_ _3\"></span>assurance <span class=\"_ _3\"></span>services*<span class=\"_ _3\"></span>* <span class=\"_ _51\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _57\"> </span>2.0  <span class=\"_ _99\"> </span>1.1<span class=\"_ _421\"> </span>Non-audit <span class=\"_ _3\"></span>services <span class=\"_ _bb\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5a\"> </span>0.1  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12e\"> </span>4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>6  <span class=\"_ _fe\"> </span>3.<span class=\"_ _3\"></span>2 <span class=\"_ _222\"></span>*Includes \u00a31<span class=\"_ _7\"></span>.6m (2022: \u00a30.6m) audit fees in respect of the Mo<span class=\"_ _2\"></span>vestic, <span class=\"_ _0\"></span>W<span class=\"_ _a\"></span>aard and Scildon audit in the <span class=\"_ _a\"></span>year perf<span class=\"_ _2\"></span>ormed by EY<span class=\"_ _31\"></span>.  <span class=\"_ _fb\"></span>*<span class=\"_ _2\"></span>*Includes \u00a30.<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>m (2022: \u00a30.3m) f<span class=\"_ _2\"></span>ees related to assurance services in respect of <span class=\"_ _0\"></span>W<span class=\"_ _2\"></span>aard and <span class=\"_ _2\"></span>Scildon in the <span class=\"_ _a\"></span>year performed b<span class=\"_ _2\"></span>y EY<span class=\"_ _7\"></span>.<span class=\"_ _421\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
    "language": "en",
    "entity": "scheme:213800VFRMBRTSZ3SJ06",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-49": {
   "value": "D5 <span class=\"_ _3\"></span>Financing costs<span class=\"_ _421\"> </span>Y<span class=\"_ _2\"></span>ear ended<span class=\"_ _2\"></span> 31 December <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14b\"> </span>20<span class=\"_ _2\"></span>23  <span class=\"_ _14b\"> </span>2022 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Interest expense <span class=\"_ _3\"></span>on <span class=\"_ _4\"></span>bank <span class=\"_ _3\"></span>borro<span class=\"_ _2\"></span>wings <span class=\"_ _1dd\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _57\"> </span>0.7  <span class=\"_ _10e\"> </span>0.6<span class=\"_ _421\"> </span>Interest expense <span class=\"_ _3\"></span>on <span class=\"_ _4\"></span>financial <span class=\"_ _3\"></span>reinsurance <span class=\"_ _a9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _57\"> </span>0.5  <span class=\"_ _fe\"> </span>0.8<span class=\"_ _421\"> </span>Interest expenses <span class=\"_ _3\"></span>on <span class=\"_ _4\"></span>lease <span class=\"_ _3\"></span>liabilities <span class=\"_ _223\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span>Interest expense <span class=\"_ _3\"></span>on <span class=\"_ _4\"></span>Tier <span class=\"_ _3\"></span>2 <span class=\"_ _3\"></span>debt <span class=\"_ _160\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _10e\"> </span>9.8  <span class=\"_ _57\"> </span>8.9<span class=\"_ _421\"> </span>Other <span class=\"_ _3\"></span>interest <span class=\"_ _224\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _57\"> </span>0.2<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>fi<span class=\"_ _3\"></span>nanc<span class=\"_ _3\"></span>ing <span class=\"_ _4\"></span>cos<span class=\"_ _3\"></span>ts <span class=\"_ _55\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _20a\"> </span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.0  <span class=\"_ _114\"> </span>1<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>5<span class=\"_ _421\"> </span>Interest e<span class=\"_ _2\"></span>xpense on bank borro<span class=\"_ _2\"></span>wings and <span class=\"_ _0\"></span>Tier 2 debt is calculated using the eff<span class=\"_ _a\"></span>ective interest rate method and is the total interest expense f<span class=\"_ _2\"></span>or financial liabilities that are not designated at fair v<span class=\"_ _2\"></span>alue through profit or loss",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
    "language": "en",
    "entity": "scheme:213800VFRMBRTSZ3SJ06",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-50": {
   "value": " <span class=\"_ _e\"> </span>D6 <span class=\"_ _3\"></span>Income tax<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l inco<span class=\"_ _3\"></span>me ta<span class=\"_ _3\"></span>x comp<span class=\"_ _3\"></span>rise<span class=\"_ _3\"></span>s Y<span class=\"_ _2\"></span>ear ended<span class=\"_ _2\"></span> 31 December <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14b\"> </span>20<span class=\"_ _2\"></span>23  <span class=\"_ _14b\"> </span>2022 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>CA <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>other <span class=\"_ _3\"></span>group <span class=\"_ _3\"></span>\u2013 <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>et <span class=\"_ _3\"></span>credit <span class=\"_ _106\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5b\"> </span>20.4  <span class=\"_ _5b\"> </span>24.6<span class=\"_ _421\"> </span>Movestic <span class=\"_ _120\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span>W<span class=\"_ _2\"></span>aard <span class=\"_ _3\"></span>Group <span class=\"_ _3\"></span>\u2013 <span class=\"_ _3\"></span>net <span class=\"_ _3\"></span>expense <span class=\"_ _225\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _fe\"> </span>(1.6 <span class=\"_ _0\"></span>) <span class=\"_ _165\"> </span>(0.1 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Scildon <span class=\"_ _3\"></span>\u2013 <span class=\"_ _3\"></span>net <span class=\"_ _4\"></span>(expense)/<span class=\"_ _a\"></span>credit <span class=\"_ _178\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _fe\"> </span>(1.9 <span class=\"_ _7\"></span>) <span class=\"_ _fe\"> </span>3.9<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>et <span class=\"_ _4\"></span>cre<span class=\"_ _3\"></span>dit <span class=\"_ _88\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5b\"> </span>1<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9  <span class=\"_ _1e1\"> </span>2<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>.4<span class=\"_ _421\"> </span>UK businesses<span class=\"_ _421\"> </span>CA a<span class=\"_ _3\"></span>nd oth<span class=\"_ _3\"></span>er gro<span class=\"_ _3\"></span>up ac<span class=\"_ _3\"></span>ti<span class=\"_ _3\"></span>viti<span class=\"_ _3\"></span>es<span class=\"_ _421\"> </span>Y<span class=\"_ _2\"></span>ear ended<span class=\"_ _2\"></span> 31 December <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14b\"> </span>20<span class=\"_ _2\"></span>23  <span class=\"_ _14b\"> </span>2022 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Current tax<span class=\"_ _421\"> </span>Curr<span class=\"_ _2\"></span>ent <span class=\"_ _3\"></span>year <span class=\"_ _3\"></span>expense <span class=\"_ _216\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _12e\"> </span>(3.<span class=\"_ _3\"></span>2 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Overseas tax <span class=\"_ _1ab\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>(0.3 <span class=\"_ _7\"></span>) <span class=\"_ _97\"> </span>\u2013<span class=\"_ _421\"> </span>Adjustment <span class=\"_ _3\"></span>to <span class=\"_ _3\"></span>prior <span class=\"_ _3\"></span>years <span class=\"_ _d9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _96\"> </span>1.5<span class=\"_ _421\"> </span>Net <span class=\"_ _3\"></span>expense <span class=\"_ _1a9\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _165\"> </span>(0.3 <span class=\"_ _0\"></span>) <span class=\"_ _12e\"> </span>(1.7 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Deferred tax<span class=\"_ _421\"> </span>Origination <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>reversal <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>temporary <span class=\"_ _3\"></span>differences <span class=\"_ _42\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _114\"> </span>20.7  <span class=\"_ _114\"> </span>26.<span class=\"_ _3\"></span>3<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>ncom<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>x <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>red<span class=\"_ _3\"></span>it <span class=\"_ _205\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _1e1\"> </span>2<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>4  <span class=\"_ _7b\"> </span>2<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>.6<span class=\"_ _421\"> </span>Re<span class=\"_ _3\"></span>conc<span class=\"_ _3\"></span>iliat<span class=\"_ _3\"></span>ion o<span class=\"_ _3\"></span>f ef<span class=\"_ _3\"></span>fe<span class=\"_ _3\"></span>ct<span class=\"_ _3\"></span>ive tax r<span class=\"_ _3\"></span>ate on p<span class=\"_ _3\"></span>rofi<span class=\"_ _3\"></span>t bef<span class=\"_ _3\"></span>ore t<span class=\"_ _3\"></span>ax<span class=\"_ _421\"> </span>Y<span class=\"_ _2\"></span>ear ended<span class=\"_ _2\"></span> 31 December <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14b\"> </span>20<span class=\"_ _2\"></span>23  <span class=\"_ _14b\"> </span>2022 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Pro<span class=\"_ _3\"></span>fit<span class=\"_ _3\"></span>/(los<span class=\"_ _3\"></span>s) <span class=\"_ _3\"></span>b<span class=\"_ _3\"></span>ef<span class=\"_ _3\"></span>ore <span class=\"_ _4\"></span>tax <span class=\"_ _1ad\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _46\"> </span>(2<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3 <span class=\"_ _7\"></span>) <span class=\"_ _119\"> </span>(<span class=\"_ _3\"></span>80<span class=\"_ _3\"></span>.7 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Income tax using the domestic corporation tax rat<span class=\"_ _2\"></span>e of 23.<span class=\"_ _3\"></span>5% (2022: 19.0%) <span class=\"_ _4a\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _57\"> </span>6.2 <span class=\"_ _a\"></span> <span class=\"_ _165\"> </span>15.3<span class=\"_ _421\"> </span>Non-taxable <span class=\"_ _3\"></span>profit <span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>acquisition <span class=\"_ _3\"></span>of <span class=\"_ _4\"></span>subsidiary <span class=\"_ _94\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _1b7\"> </span>(4<span class=\"_ _3\"></span>.7 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Impact <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>small <span class=\"_ _4\"></span>companies <span class=\"_ _3\"></span>rat<span class=\"_ _2\"></span>e <span class=\"_ _1be\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _10e\"> </span>(1.5 <span class=\"_ _0\"></span>) <span class=\"_ _15b\"> </span>\u2013<span class=\"_ _421\"> </span>Other <span class=\"_ _3\"></span>permanent <span class=\"_ _3\"></span>differences <span class=\"_ _178\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b7\"> </span>(0.6 <span class=\"_ _7\"></span>) <span class=\"_ _179\"> </span>0.2<span class=\"_ _421\"> </span>Effect of UK tax bases on insurance profits <span class=\"_ _a4\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _12e\"> </span>(7<span class=\"_ _2\"></span>.5 <span class=\"_ _31\"></span>) <span class=\"_ _179\"> </span>7<span class=\"_ _2\"></span>.8<span class=\"_ _421\"> </span>Offset <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>ranked investment <span class=\"_ _3\"></span>income <span class=\"_ _17a\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _56\"> </span>1.2  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span>V<span class=\"_ _2\"></span>ariation in rat<span class=\"_ _2\"></span>e of tax on amortisation of acquired in-force value <span class=\"_ _45\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _1b7\"> </span>13.<span class=\"_ _3\"></span>3 <span class=\"_ _a\"></span> <span class=\"_ _57\"> </span>3.<span class=\"_ _3\"></span>3<span class=\"_ _421\"> </span>Foreign tax <span class=\"_ _1ec\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>(0.3 <span class=\"_ _7\"></span>) <span class=\"_ _97\"> </span>\u2013<span class=\"_ _421\"> </span>Effect <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>deferred <span class=\"_ _3\"></span>tax <span class=\"_ _3\"></span>not <span class=\"_ _3\"></span>recognised <span class=\"_ _196\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _179\"> </span>10.1  <span class=\"_ _20a\"> </span>(0.4 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Effect <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>change <span class=\"_ _3\"></span>in <span class=\"_ _4\"></span>tax <span class=\"_ _3\"></span>rate <span class=\"_ _226\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b7\"> </span>(0.2 <span class=\"_ _0\"></span>) <span class=\"_ _94\"> </span>3.1<span class=\"_ _421\"> </span>Other <span class=\"_ _8b\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b7\"> </span>(0.3 <span class=\"_ _0\"></span>) <span class=\"_ _15b\"> </span>\u2013<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>ncom<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>x <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>red<span class=\"_ _3\"></span>it <span class=\"_ _205\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _1e1\"> </span>2<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>4  <span class=\"_ _7b\"> </span>2<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>.6<span class=\"_ _421\"> </span>The Finance <span class=\"_ _2\"></span>Act 202<span class=\"_ _0\"></span>1 increased the rate of corporation tax from 1<span class=\"_ _2\"></span>9% to 25% from 1 April 2023. Mov<span class=\"_ _2\"></span>estic<span class=\"_ _421\"> </span>The current tax and def<span class=\"_ _a\"></span>erred tax for Mo<span class=\"_ _2\"></span>vestic was \u00a3Nil in the <span class=\"_ _0\"></span>year ended 31 December 2023 (31 December 2022: \u00a3Nil).<span class=\"_ _421\"> </span>Re<span class=\"_ _3\"></span>conc<span class=\"_ _3\"></span>iliat<span class=\"_ _3\"></span>ion o<span class=\"_ _3\"></span>f ef<span class=\"_ _3\"></span>fe<span class=\"_ _3\"></span>ct<span class=\"_ _3\"></span>ive tax r<span class=\"_ _3\"></span>ate on p<span class=\"_ _3\"></span>rofi<span class=\"_ _3\"></span>t bef<span class=\"_ _3\"></span>ore t<span class=\"_ _3\"></span>ax Y<span class=\"_ _2\"></span>ear ended<span class=\"_ _2\"></span> 31 December <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14b\"> </span>20<span class=\"_ _2\"></span>23  <span class=\"_ _14b\"> </span>2022 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Pro<span class=\"_ _3\"></span>fit <span class=\"_ _4\"></span>bef<span class=\"_ _3\"></span>ore <span class=\"_ _4\"></span>tax <span class=\"_ _142\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _179\"> </span>5<span class=\"_ _3\"></span>.4  <span class=\"_ _94\"> </span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5<span class=\"_ _421\"> </span>Income tax using the domestic corporation tax rat<span class=\"_ _2\"></span>e of 20.6<span class=\"_ _2\"></span>% (20.6<span class=\"_ _2\"></span>%) <span class=\"_ _be\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _1b1\"> </span>(1.1 <span class=\"_ _31\"></span>) <span class=\"_ _14e\"> </span>(0.5 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Non-taxable <span class=\"_ _3\"></span>income <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>relation <span class=\"_ _3\"></span>to <span class=\"_ _3\"></span>unit-linked <span class=\"_ _3\"></span>business <span class=\"_ _39\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _56\"> </span>1.<span class=\"_ _3\"></span>2  <span class=\"_ _20b\"> </span>1.<span class=\"_ _3\"></span>5<span class=\"_ _421\"> </span>Non-taxable <span class=\"_ _3\"></span>fair <span class=\"_ _3\"></span>value <span class=\"_ _3\"></span>adjustment <span class=\"_ _182\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span>Unrecognised <span class=\"_ _3\"></span>tax <span class=\"_ _3\"></span>recov<span class=\"_ _2\"></span>erable <span class=\"_ _ff\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>(0.3 <span class=\"_ _0\"></span>) <span class=\"_ _15b\"> </span>\u2013<span class=\"_ _421\"> </span>Non-deductible <span class=\"_ _3\"></span>expenses <span class=\"_ _227\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _57\"> </span>0.2  <span class=\"_ _12b\"> </span>(0.9 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Under<span class=\"_ _2\"></span>/(over) <span class=\"_ _3\"></span>pro<span class=\"_ _2\"></span>vided <span class=\"_ _3\"></span>in <span class=\"_ _4\"></span>prior <span class=\"_ _3\"></span>ye<span class=\"_ _2\"></span>ars <span class=\"_ _1a7\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _fe\"> </span>(0.1 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l inco<span class=\"_ _3\"></span>me ta<span class=\"_ _3\"></span>x cred<span class=\"_ _3\"></span>it<span class=\"_ _3\"></span>/(expens<span class=\"_ _3\"></span>e)<span class=\"ff60 ls2 ws1e9\"> <span class=\"_ _52\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span></span><span class=\"ls2\">\u2013<span class=\"ff60 ws1e9\">  <span class=\"_ _158\"> </span></span>\u2013<span class=\"_ _421\"> </span></span>W<span class=\"_ _a\"></span>aard Group<span class=\"_ _421\"> </span>Waard Group<span class=\"_ _421\"> </span>Y<span class=\"_ _2\"></span>ear ended<span class=\"_ _2\"></span> 31 December <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14b\"> </span>20<span class=\"_ _2\"></span>23  <span class=\"_ _14b\"> </span>2022 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Current tax<span class=\"_ _421\"> </span>Curr<span class=\"_ _2\"></span>ent <span class=\"_ _3\"></span>year <span class=\"_ _3\"></span>expense <span class=\"_ _216\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _fe\"> </span>(1.7 <span class=\"_ _0\"></span>) <span class=\"_ _fe\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.1 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Adjustment <span class=\"_ _3\"></span>to <span class=\"_ _3\"></span>prior <span class=\"_ _3\"></span>years <span class=\"_ _d9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _57\"> </span>4.7  <span class=\"_ _e9\"> </span>\u2013<span class=\"_ _421\"> </span>Net <span class=\"_ _3\"></span>expenses <span class=\"_ _b6\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _10e\"> </span>3.<span class=\"_ _3\"></span>0  <span class=\"_ _1b1\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.1 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Deferred tax<span class=\"_ _421\"> </span>Origination <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>reversal <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>temporary <span class=\"_ _3\"></span>differences <span class=\"_ _42\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12b\"> </span>(4.6 <span class=\"_ _0\"></span>) <span class=\"_ _57\"> </span>1.0<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>ncom<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>x <span class=\"_ _3\"></span>ex<span class=\"_ _3\"></span>pen<span class=\"_ _3\"></span>se <span class=\"_ _228\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>(<span class=\"_ _3\"></span>1.<span class=\"_ _3\"></span>6 <span class=\"_ _7\"></span>) <span class=\"_ _152\"> </span>(0<span class=\"_ _3\"></span>.1 <span class=\"_ _e\"> </span>D6 <span class=\"_ _3\"></span>Income tax (continued)<span class=\"_ _421\"> </span>W<span class=\"_ _a\"></span>aard Group (continued)<span class=\"_ _421\"> </span>Re<span class=\"_ _3\"></span>conc<span class=\"_ _3\"></span>iliat<span class=\"_ _3\"></span>ion o<span class=\"_ _3\"></span>f ef<span class=\"_ _3\"></span>fe<span class=\"_ _3\"></span>ct<span class=\"_ _3\"></span>ive tax r<span class=\"_ _3\"></span>ate on p<span class=\"_ _3\"></span>rofi<span class=\"_ _3\"></span>t bef<span class=\"_ _3\"></span>ore t<span class=\"_ _3\"></span>ax<span class=\"_ _421\"> </span>Y<span class=\"_ _2\"></span>ear ended<span class=\"_ _2\"></span> 31 December <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14b\"> </span>20<span class=\"_ _2\"></span>23  <span class=\"_ _14b\"> </span>2022 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Lo<span class=\"_ _3\"></span>ss <span class=\"_ _4\"></span>be<span class=\"_ _3\"></span>fore <span class=\"_ _4\"></span>ta<span class=\"_ _3\"></span>x <span class=\"_ _88\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _114\"> </span>14<span class=\"_ _3\"></span>.7  <span class=\"_ _14e\"> </span>(2<span class=\"_ _3\"></span>.<span class=\"_ _4\"></span>3 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Income tax using the domestic corporation tax rat<span class=\"_ _2\"></span>e of 25%   <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _12b\"> </span>(3.8 <span class=\"_ _7\"></span>) <span class=\"_ _12e\"> </span>0.6<span class=\"_ _421\"> </span>Non-taxable <span class=\"_ _3\"></span>fair <span class=\"_ _3\"></span>value <span class=\"_ _3\"></span>adjustment <span class=\"_ _182\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _56\"> </span>1.7  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>emporary <span class=\"_ _3\"></span>differences <span class=\"_ _19f\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _20b\"> </span>1.0  <span class=\"_ _1b7\"> </span>(0.7 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Reversal of <span class=\"_ _4\"></span>temporary <span class=\"_ _3\"></span>difference <span class=\"_ _109\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>(0.5 <span class=\"_ _7\"></span>) <span class=\"_ _97\"> </span>\u2013<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>ncom<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>x <span class=\"_ _3\"></span>ex<span class=\"_ _3\"></span>pen<span class=\"_ _3\"></span>se <span class=\"_ _228\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>(<span class=\"_ _3\"></span>1.<span class=\"_ _3\"></span>6 <span class=\"_ _7\"></span>) <span class=\"_ _152\"> </span>(0<span class=\"_ _3\"></span>.1 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Scildon<span class=\"_ _421\"> </span>Scildon<span class=\"_ _421\"> </span>Y<span class=\"_ _2\"></span>ear ended<span class=\"_ _2\"></span> 31 December <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14b\"> </span>20<span class=\"_ _2\"></span>23  <span class=\"_ _14b\"> </span>2022 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Curre<span class=\"_ _3\"></span>nt <span class=\"_ _4\"></span>tax <span class=\"_ _11a\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12e\"> </span>4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8  <span class=\"_ _5b\"> </span>(4.<span class=\"_ _3\"></span>0 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Adjustments <span class=\"_ _3\"></span>for <span class=\"_ _3\"></span>prior <span class=\"_ _3\"></span>year <span class=\"_ _18c\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _b4\"> </span>\u2013<span class=\"_ _421\"> </span>Net <span class=\"_ _3\"></span>expense <span class=\"_ _1a9\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _fe\"> </span>4.<span class=\"_ _3\"></span>8  <span class=\"_ _20a\"> </span>(4.0 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Deferred tax<span class=\"_ _421\"> </span>Origination <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>reversal <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>temporary <span class=\"_ _3\"></span>differences <span class=\"_ _42\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>(6.7 <span class=\"_ _0\"></span>) <span class=\"_ _10f\"> </span>7<span class=\"_ _2\"></span>.8<span class=\"_ _421\"> </span>Impact <span class=\"_ _3\"></span>to <span class=\"_ _3\"></span>changes <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>tax <span class=\"_ _4\"></span>rat<span class=\"_ _2\"></span>es <span class=\"_ _4e\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _20b\"> </span>0.1<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>ncom<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>x <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>red<span class=\"_ _3\"></span>it <span class=\"_ _205\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _1b7\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.9 <span class=\"_ _7\"></span>) <span class=\"_ _12e\"> </span>3.<span class=\"_ _3\"></span>9<span class=\"_ _421\"> </span>Re<span class=\"_ _3\"></span>conc<span class=\"_ _3\"></span>iliat<span class=\"_ _3\"></span>ion o<span class=\"_ _3\"></span>f ef<span class=\"_ _3\"></span>fe<span class=\"_ _3\"></span>ct<span class=\"_ _3\"></span>ive tax r<span class=\"_ _3\"></span>ate on p<span class=\"_ _3\"></span>rofi<span class=\"_ _3\"></span>t bef<span class=\"_ _3\"></span>ore t<span class=\"_ _3\"></span>ax<span class=\"_ _421\"> </span>Y<span class=\"_ _2\"></span>ear ended<span class=\"_ _2\"></span> 31 December <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14b\"> </span>20<span class=\"_ _2\"></span>23  <span class=\"_ _14b\"> </span>2022 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Lo<span class=\"_ _3\"></span>ss <span class=\"_ _4\"></span>be<span class=\"_ _3\"></span>fore <span class=\"_ _4\"></span>ta<span class=\"_ _3\"></span>x <span class=\"_ _88\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _fe\"> </span>7.<span class=\"_ _3\"></span>5  <span class=\"_ _44\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Income tax using the domestic corporation tax rat<span class=\"_ _2\"></span>e of 25%   <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _179\"> </span>(<span class=\"_ _3\"></span>1.9 <span class=\"_ _31\"></span>) <span class=\"_ _1b7\"> </span>4<span class=\"_ _3\"></span>.0<span class=\"_ _421\"> </span>Permanent <span class=\"_ _3\"></span>differenc<span class=\"_ _2\"></span>es <span class=\"_ _dd\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _20b\"> </span>0.1  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>emporary <span class=\"_ _3\"></span>differences <span class=\"_ _19f\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _fe\"> </span>(0.1 <span class=\"_ _7\"></span>) <span class=\"_ _12e\"> </span>(0.<span class=\"_ _2\"></span>1 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>ncom<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>x <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>red<span class=\"_ _3\"></span>it <span class=\"_ _205\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _1b7\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.9 <span class=\"_ _7\"></span>) <span class=\"_ _12e\"> </span>3.<span class=\"_ _3\"></span>9<span class=\"_ _421\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
    "language": "en",
    "entity": "scheme:213800VFRMBRTSZ3SJ06",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-448": {
   "value": " <span class=\"_ _18\"> </span>E1 <span class=\"_ _4\"></span>Intangible assets<span class=\"_ _421\"> </span>Y<span class=\"_ _2\"></span>ear ended<span class=\"_ _2\"></span> 31 December 202<span class=\"_ _3\"></span>3 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _62\"> </span>Sof<span class=\"_ _3\"></span>tware   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14b\"> </span>AVIF  <span class=\"_ _43\"> </span>AVCR  <span class=\"_ _153\"> </span>as<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>ts  <span class=\"_ _28\"> </span>Total <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Cost<span class=\"_ _3\"></span>:<span class=\"_ _421\"> </span>Ba<span class=\"_ _3\"></span>lance <span class=\"_ _4\"></span>at <span class=\"_ _4\"></span>1 <span class=\"_ _4\"></span>Janu<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y <span class=\"_ _1b0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _150\"> </span>1<span class=\"_ _3\"></span>13<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9  <span class=\"_ _10f\"> </span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3  <span class=\"_ _2d\"> </span>2<span class=\"_ _3\"></span>9.<span class=\"_ _4\"></span>5  <span class=\"_ _e7\"> </span>14<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>.7<span class=\"_ _421\"> </span>Additions <span class=\"_ _229\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span>Additions <span class=\"_ _3\"></span>\u2013 <span class=\"_ _3\"></span>arising <span class=\"_ _3\"></span>on <span class=\"_ _4\"></span>acquisition <span class=\"_ _f5\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _1a1\"> </span>2.<span class=\"_ _3\"></span>3  <span class=\"_ _1a1\"> </span>2.3<span class=\"_ _421\"> </span>Foreign exchange <span class=\"_ _3\"></span>translation <span class=\"_ _3\"></span>difference <span class=\"_ _175\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _fe\"> </span>(<span class=\"_ _3\"></span>1.6 <span class=\"_ _7\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _165\"> </span>(0.7 <span class=\"_ _7\"></span>) <span class=\"_ _20a\"> </span>(2.3 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>Ba<span class=\"_ _3\"></span>lance <span class=\"_ _4\"></span>at <span class=\"_ _4\"></span>31 <span class=\"_ _4\"></span>D<span class=\"_ _3\"></span>ecem<span class=\"_ _3\"></span>ber <span class=\"_ _d9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _150\"> </span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3  <span class=\"_ _10f\"> </span>2<span class=\"_ _4\"></span>.<span class=\"_ _3\"></span>3  <span class=\"_ _12e\"> </span>31<span class=\"_ _3\"></span>.1  <span class=\"_ _28\"> </span>145<span class=\"_ _3\"></span>.7<span class=\"_ _421\"> </span>Ba<span class=\"_ _3\"></span>lance <span class=\"_ _4\"></span>at <span class=\"_ _4\"></span>1 <span class=\"_ _4\"></span>Janu<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y <span class=\"_ _1b0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _45\"> </span>4<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5  <span class=\"_ _1b1\"> </span>2<span class=\"_ _4\"></span>.1  <span class=\"_ _11b\"> </span>2<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>2  <span class=\"_ _7b\"> </span>70<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8<span class=\"_ _421\"> </span>Amortisation <span class=\"_ _3\"></span>for <span class=\"_ _3\"></span>the <span class=\"_ _4\"></span>year <span class=\"_ _177\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _94\"> </span>7.5  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _57\"> </span>2.0  <span class=\"_ _1a1\"> </span>9.5<span class=\"_ _421\"> </span>Impairment <span class=\"_ _3\"></span>for <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>year <span class=\"_ _1ad\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b7\"> </span>21.0  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _1b7\"> </span>21.0<span class=\"_ _421\"> </span>Foreign exchange <span class=\"_ _3\"></span>translation <span class=\"_ _3\"></span>difference <span class=\"_ _175\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b7\"> </span>(0.9 <span class=\"_ _7\"></span>) <span class=\"_ _97\"> </span>\u2013  <span class=\"_ _1b7\"> </span>(0.5 <span class=\"_ _7\"></span>) <span class=\"_ _12e\"> </span>(1.4 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Ba<span class=\"_ _3\"></span>lance <span class=\"_ _4\"></span>at <span class=\"_ _4\"></span>31 <span class=\"_ _4\"></span>D<span class=\"_ _3\"></span>ecem<span class=\"_ _3\"></span>ber <span class=\"_ _d9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14e\"> </span>76<span class=\"_ _3\"></span>.1  <span class=\"_ _94\"> </span>2<span class=\"_ _3\"></span>.1  <span class=\"_ _152\"> </span>2<span class=\"_ _3\"></span>1.7  <span class=\"_ _11b\"> </span>99<span class=\"_ _3\"></span>.9<span class=\"_ _421\"> </span>Carr<span class=\"_ _3\"></span>ying amounts:<span class=\"_ _421\"> </span>At <span class=\"_ _4\"></span>1 <span class=\"_ _3\"></span>J<span class=\"_ _3\"></span>anuar<span class=\"_ _3\"></span>y <span class=\"_ _f8\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _7b\"> </span>6<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>.4  <span class=\"_ _10f\"> </span>0.<span class=\"_ _3\"></span>2  <span class=\"_ _10f\"> </span>9<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3  <span class=\"_ _7b\"> </span>74<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9<span class=\"_ _421\"> </span>At <span class=\"_ _4\"></span>31 <span class=\"_ _4\"></span>De<span class=\"_ _3\"></span>cemb<span class=\"_ _3\"></span>er <span class=\"_ _59\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _2d\"> </span>36<span class=\"_ _3\"></span>.<span class=\"_ _4\"></span>3  <span class=\"_ _8f\"> </span>0<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2  <span class=\"_ _10f\"> </span>9.<span class=\"_ _4\"></span>3  <span class=\"_ _1e1\"> </span>45<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8<span class=\"_ _421\"> </span>Y<span class=\"_ _2\"></span>ear ended<span class=\"_ _2\"></span> 31 December 2022 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _62\"> </span>Sof<span class=\"_ _3\"></span>tware   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14b\"> </span>AVIF  <span class=\"_ _43\"> </span>AVCR  <span class=\"_ _153\"> </span>as<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>ts  <span class=\"_ _28\"> </span>Total <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Cost<span class=\"_ _3\"></span>:<span class=\"_ _421\"> </span>Ba<span class=\"_ _3\"></span>lance <span class=\"_ _4\"></span>at <span class=\"_ _4\"></span>1 <span class=\"_ _4\"></span>Janu<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y <span class=\"_ _1b0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _7b\"> </span>60<span class=\"_ _3\"></span>.6  <span class=\"_ _10f\"> </span>2<span class=\"_ _3\"></span>.<span class=\"_ _4\"></span>3  <span class=\"_ _5b\"> </span>27<span class=\"_ _2\"></span>.7  <span class=\"_ _7b\"> </span>9<span class=\"_ _3\"></span>0.6<span class=\"_ _421\"> </span>Additions <span class=\"_ _229\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span>Additions <span class=\"_ _3\"></span>\u2013 <span class=\"_ _3\"></span>arising <span class=\"_ _3\"></span>on <span class=\"_ _4\"></span>acquisition <span class=\"_ _f5\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5b\"> </span>54.7  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _57\"> </span>2.4  <span class=\"_ _8f\"> </span>57<span class=\"_ _a\"></span>.1<span class=\"_ _421\"> </span>Foreign exchange <span class=\"_ _3\"></span>translation <span class=\"_ _3\"></span>difference <span class=\"_ _175\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _10f\"> </span>(1.4 <span class=\"_ _0\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _1b7\"> </span>(0.6 <span class=\"_ _7\"></span>) <span class=\"_ _14e\"> </span>(2<span class=\"_ _3\"></span>.0 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Ba<span class=\"_ _3\"></span>lance <span class=\"_ _4\"></span>at <span class=\"_ _4\"></span>31 <span class=\"_ _4\"></span>D<span class=\"_ _3\"></span>ecem<span class=\"_ _3\"></span>ber <span class=\"_ _d9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _150\"> </span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9  <span class=\"_ _179\"> </span>2<span class=\"_ _4\"></span>.<span class=\"_ _3\"></span>3  <span class=\"_ _11b\"> </span>2<span class=\"_ _3\"></span>9<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5  <span class=\"_ _e7\"> </span>1<span class=\"_ _3\"></span>45<span class=\"_ _3\"></span>.7<span class=\"_ _421\"> </span>Ba<span class=\"_ _3\"></span>lance <span class=\"_ _4\"></span>at <span class=\"_ _4\"></span>1 <span class=\"_ _4\"></span>Janu<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y <span class=\"_ _1b0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _7b\"> </span>42<span class=\"_ _4\"></span>.<span class=\"_ _3\"></span>3  <span class=\"_ _1b1\"> </span>2<span class=\"_ _4\"></span>.1  <span class=\"_ _c2\"> </span>1<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>.8  <span class=\"_ _2d\"> </span>6<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2<span class=\"_ _421\"> </span>Amortisation <span class=\"_ _3\"></span>for <span class=\"_ _3\"></span>the <span class=\"_ _4\"></span>year <span class=\"_ _177\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _94\"> </span>7<span class=\"_ _2\"></span>.2  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _5a\"> </span>1.<span class=\"_ _3\"></span>8  <span class=\"_ _10e\"> </span>9.0<span class=\"_ _421\"> </span>Foreign exchange <span class=\"_ _3\"></span>translation <span class=\"_ _3\"></span>difference <span class=\"_ _175\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _10f\"> </span>(1.0 <span class=\"_ _0\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _20a\"> </span>(0.4 <span class=\"_ _7\"></span>) <span class=\"_ _12e\"> </span>(1.4 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Ba<span class=\"_ _3\"></span>lance <span class=\"_ _4\"></span>at <span class=\"_ _4\"></span>31 <span class=\"_ _4\"></span>D<span class=\"_ _3\"></span>ecem<span class=\"_ _3\"></span>ber <span class=\"_ _d9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1e1\"> </span>4<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5  <span class=\"_ _1b1\"> </span>2<span class=\"_ _4\"></span>.1  <span class=\"_ _11b\"> </span>20<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2  <span class=\"_ _7b\"> </span>70<span class=\"_ _3\"></span>.8<span class=\"_ _421\"> </span>Carr<span class=\"_ _3\"></span>ying amounts:<span class=\"_ _421\"> </span>At <span class=\"_ _4\"></span>1 <span class=\"_ _3\"></span>J<span class=\"_ _3\"></span>anuar<span class=\"_ _3\"></span>y <span class=\"_ _f8\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5b\"> </span>1<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3  <span class=\"_ _179\"> </span>0<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2  <span class=\"_ _8f\"> </span>8<span class=\"_ _3\"></span>.9  <span class=\"_ _f0\"> </span>27.4<span class=\"_ _421\"> </span>At <span class=\"_ _4\"></span>31 <span class=\"_ _4\"></span>De<span class=\"_ _3\"></span>cemb<span class=\"_ _3\"></span>er <span class=\"_ _59\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _7b\"> </span>6<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4  <span class=\"_ _8f\"> </span>0<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2  <span class=\"_ _10f\"> </span>9.<span class=\"_ _3\"></span>3  <span class=\"_ _11b\"> </span>74.<span class=\"_ _3\"></span>9<span class=\"_ _421\"> </span>The amortisation charged to the Consolidated <span class=\"_ _a\"></span>Statement of Comprehensive Income is recognised in <span class=\"_ _2\"></span>other operating e<span class=\"_ _2\"></span>xpenses (see Note D4)",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
    "language": "en",
    "entity": "scheme:213800VFRMBRTSZ3SJ06",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-433": {
   "value": "Def<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>red acquisition costs<span class=\"_ _421\"> </span>Y<span class=\"_ _2\"></span>ear ended<span class=\"_ _2\"></span> 31 December <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14b\"> </span>20<span class=\"_ _2\"></span>23  <span class=\"_ _14b\"> </span>2022 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Ba<span class=\"_ _3\"></span>lance <span class=\"_ _4\"></span>at <span class=\"_ _4\"></span>1 <span class=\"_ _4\"></span>Janu<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y <span class=\"_ _1b0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14e\"> </span>51<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2  <span class=\"_ _11b\"> </span>5<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>.0<span class=\"_ _421\"> </span>Additions <span class=\"_ _229\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _57\"> </span>8.3  <span class=\"_ _1b1\"> </span>7<span class=\"_ _2\"></span>.9<span class=\"_ _421\"> </span>Amortisation <span class=\"_ _3\"></span>charged <span class=\"_ _3\"></span>to <span class=\"_ _3\"></span>income <span class=\"_ _109\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _8f\"> </span>(7<span class=\"_ _2\"></span>.6 <span class=\"_ _7\"></span>) <span class=\"_ _152\"> </span>(8.5 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>Foreign exchange <span class=\"_ _3\"></span>translation <span class=\"_ _3\"></span>difference <span class=\"_ _175\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _fe\"> </span>(<span class=\"_ _3\"></span>1.3 <span class=\"_ _0\"></span>) <span class=\"_ _12e\"> </span>(1.<span class=\"_ _3\"></span>2 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Ba<span class=\"_ _3\"></span>lance <span class=\"_ _4\"></span>at <span class=\"_ _4\"></span>31 <span class=\"_ _4\"></span>D<span class=\"_ _3\"></span>ecem<span class=\"_ _3\"></span>ber <span class=\"_ _d9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _11b\"> </span>5<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>6  <span class=\"_ _114\"> </span>5<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2<span class=\"_ _421\"> </span>Curr<span class=\"_ _2\"></span>ent <span class=\"_ _1f4\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _1a1\"> </span>1<span class=\"_ _3\"></span>1.1  <span class=\"_ _10f\"> </span>1<span class=\"_ _3\"></span>1.2<span class=\"_ _421\"> </span>Non-current <span class=\"_ _1a9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _152\"> </span>39.5  <span class=\"_ _2d\"> </span>40.0<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _11b\"> </span>50<span class=\"_ _3\"></span>.6  <span class=\"_ _14e\"> </span>5<span class=\"_ _3\"></span>1.<span class=\"_ _3\"></span>2<span class=\"_ _421\"> </span>The amortisation charged to income is recognised in <span class=\"_ _2\"></span>other operating e<span class=\"_ _2\"></span>xpenses (see Note D4",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDeferredAcquisitionCostsArisingFromInsuranceContractsExplanatory",
    "language": "en",
    "entity": "scheme:213800VFRMBRTSZ3SJ06",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-51": {
   "value": " <span class=\"_ _18\"> </span>E2 <span class=\"_ _4\"></span>Proper<span class=\"_ _2\"></span>ty and equipment<span class=\"_ _421\"> </span>31 December <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14b\"> </span>20<span class=\"_ _2\"></span>23  <span class=\"_ _14b\"> </span>2022 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Cost<span class=\"_ _3\"></span>:<span class=\"_ _421\"> </span>Ba<span class=\"_ _3\"></span>lance <span class=\"_ _4\"></span>at <span class=\"_ _4\"></span>1 <span class=\"_ _4\"></span>Janu<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y <span class=\"_ _1b0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5b\"> </span>19<span class=\"_ _3\"></span>.0  <span class=\"_ _5b\"> </span>14<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5<span class=\"_ _421\"> </span>Additions <span class=\"_ _3\"></span>\u2013 <span class=\"_ _3\"></span>Arising <span class=\"_ _3\"></span>on <span class=\"_ _4\"></span>acquisition <span class=\"_ _22a\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _fe\"> </span>4.4<span class=\"_ _421\"> </span>Additions <span class=\"_ _229\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _20b\"> </span>1.9  <span class=\"_ _fe\"> </span>0.4<span class=\"_ _421\"> </span>Disposals <span class=\"_ _1e6\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _1b7\"> </span>(0.3 <span class=\"_ _7\"></span>) <span class=\"_ _8f\"> </span>(1.6 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Revaluation <span class=\"_ _11a\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _57\"> </span>0.3  <span class=\"_ _10e\"> </span>0.8<span class=\"_ _421\"> </span>Foreign exchange <span class=\"_ _3\"></span>translation <span class=\"_ _3\"></span>difference <span class=\"_ _175\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>(0.3 <span class=\"_ _7\"></span>) <span class=\"_ _179\"> </span>0.<span class=\"_ _3\"></span>5<span class=\"_ _421\"> </span>Ba<span class=\"_ _3\"></span>lance <span class=\"_ _4\"></span>at <span class=\"_ _4\"></span>31 <span class=\"_ _4\"></span>D<span class=\"_ _3\"></span>ecem<span class=\"_ _3\"></span>ber <span class=\"_ _d9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _11b\"> </span>2<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>6  <span class=\"_ _5b\"> </span>19<span class=\"_ _3\"></span>.0<span class=\"_ _421\"> </span>Amor<span class=\"_ _3\"></span>tisation and impairment losses<span class=\"_ _3\"></span>:<span class=\"_ _421\"> </span>Ba<span class=\"_ _3\"></span>lance <span class=\"_ _4\"></span>at <span class=\"_ _4\"></span>1 <span class=\"_ _4\"></span>Janu<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y <span class=\"_ _1b0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _10f\"> </span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.1  <span class=\"_ _179\"> </span>6<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>6<span class=\"_ _421\"> </span>Additions <span class=\"_ _3\"></span>\u2013 <span class=\"_ _3\"></span>Arising <span class=\"_ _3\"></span>on <span class=\"_ _4\"></span>acquisition <span class=\"_ _22a\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _fe\"> </span>4.4<span class=\"_ _421\"> </span>Depreciation <span class=\"_ _3\"></span>charge <span class=\"_ _3\"></span>for <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>year <span class=\"_ _22b\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _fe\"> </span>0.8  <span class=\"_ _5a\"> </span>1.4<span class=\"_ _421\"> </span>Disposals <span class=\"_ _1e6\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _179\"> </span>(1<span class=\"_ _3\"></span>.4 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>Foreign exchange <span class=\"_ _3\"></span>translation <span class=\"_ _3\"></span>difference <span class=\"_ _175\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _57\"> </span>0.3  <span class=\"_ _20b\"> </span>0.1<span class=\"_ _421\"> </span>Ba<span class=\"_ _3\"></span>lance <span class=\"_ _4\"></span>at <span class=\"_ _4\"></span>31 <span class=\"_ _4\"></span>D<span class=\"_ _3\"></span>ecem<span class=\"_ _3\"></span>ber <span class=\"_ _d9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14e\"> </span>12<span class=\"_ _4\"></span>.<span class=\"_ _3\"></span>2  <span class=\"_ _10f\"> </span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.1<span class=\"_ _421\"> </span>Car<span class=\"_ _3\"></span>ry<span class=\"_ _3\"></span>ing <span class=\"_ _4\"></span>amo<span class=\"_ _3\"></span>unt<span class=\"_ _3\"></span>s <span class=\"_ _3\"></span>at <span class=\"_ _4\"></span>3<span class=\"_ _3\"></span>1 <span class=\"_ _3\"></span>D<span class=\"_ _3\"></span>ece<span class=\"_ _3\"></span>mbe<span class=\"_ _3\"></span>r <span class=\"_ _1ea\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12e\"> </span>8<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4  <span class=\"_ _fe\"> </span>7.9<span class=\"_ _421\"> </span>The group leases se<span class=\"_ _2\"></span>veral assets including <span class=\"_ _2\"></span>office buildings, office and IT equipment and motor v<span class=\"_ _2\"></span>ehicles. <span class=\"_ _0\"></span>The a<span class=\"_ _2\"></span>verage lease term is 3 <span class=\"_ _a\"></span>years. Right<span class=\"_ _2\"></span>-of-use assets <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _15b\"> </span>Non-inves<span class=\"_ _3\"></span>tment  <span class=\"_ _73\"> </span>  <span class=\"_ _14b\"> </span>202<span class=\"_ _3\"></span>3 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _af\"> </span>proper<span class=\"_ _3\"></span>ty  <span class=\"_ _3f\"> </span>O<span class=\"_ _3\"></span>ther<span class=\"_ _2\"></span>  <span class=\"_ _28\"> </span>T<span class=\"_ _2\"></span>otal <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _15f\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Car<span class=\"_ _3\"></span>ry<span class=\"_ _3\"></span>ing <span class=\"_ _4\"></span>amo<span class=\"_ _3\"></span>unt<span class=\"_ _3\"></span>s <span class=\"_ _3\"></span>at <span class=\"_ _4\"></span>1 <span class=\"_ _4\"></span>Janu<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y <span class=\"_ _22b\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _94\"> </span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2  <span class=\"_ _1a1\"> </span>0.<span class=\"_ _3\"></span>1  <span class=\"_ _1a1\"> </span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3<span class=\"_ _421\"> </span>Additions <span class=\"_ _229\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _fe\"> </span>0.8  <span class=\"_ _fe\"> </span>0.8<span class=\"_ _421\"> </span>Disposals <span class=\"_ _1e6\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _b4\"> </span>\u2013<span class=\"_ _421\"> </span>Depreciation <span class=\"_ _3\"></span>charge <span class=\"_ _11d\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12b\"> </span>(0.4 <span class=\"_ _7\"></span>) <span class=\"_ _114\"> </span>(0.4 <span class=\"_ _7\"></span>) <span class=\"_ _114\"> </span>(0.8 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>Foreign exchange <span class=\"_ _3\"></span>translation <span class=\"_ _3\"></span>difference <span class=\"_ _175\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _57\"> </span>0.3  <span class=\"_ _1b7\"> </span>(0.3 <span class=\"_ _0\"></span>) <span class=\"_ _15b\"> </span>\u2013<span class=\"_ _421\"> </span>Car<span class=\"_ _3\"></span>ry<span class=\"_ _3\"></span>ing <span class=\"_ _4\"></span>amo<span class=\"_ _3\"></span>unt<span class=\"_ _3\"></span>s <span class=\"_ _3\"></span>at <span class=\"_ _4\"></span>3<span class=\"_ _3\"></span>1 <span class=\"_ _3\"></span>D<span class=\"_ _3\"></span>ece<span class=\"_ _3\"></span>mbe<span class=\"_ _3\"></span>r <span class=\"_ _1ea\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _a6\"> </span>1<span class=\"_ _3\"></span>.1  <span class=\"_ _179\"> </span>0<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2  <span class=\"_ _1a1\"> </span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3<span class=\"_ _421\"> </span>Am<span class=\"_ _3\"></span>ount re<span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>gnis<span class=\"_ _3\"></span>ed in p<span class=\"_ _3\"></span>rofi<span class=\"_ _3\"></span>t and lo<span class=\"_ _3\"></span>ss <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _15b\"> </span>Non-inves<span class=\"_ _3\"></span>tment  <span class=\"_ _73\"> </span>  <span class=\"_ _14b\"> </span>202<span class=\"_ _3\"></span>3 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _af\"> </span>proper<span class=\"_ _3\"></span>ty  <span class=\"_ _3f\"> </span>O<span class=\"_ _3\"></span>ther<span class=\"_ _2\"></span>  <span class=\"_ _28\"> </span>T<span class=\"_ _2\"></span>otal <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _15f\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Fixed lease <span class=\"_ _3\"></span>expense <span class=\"_ _209\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _5a\"> </span>0.1  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _20b\"> </span>0.1<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ash <span class=\"_ _4\"></span>ou<span class=\"_ _3\"></span>tfl<span class=\"_ _3\"></span>ow <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>or <span class=\"_ _4\"></span>lea<span class=\"_ _3\"></span>ses <span class=\"_ _54\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1a1\"> </span>0<span class=\"_ _3\"></span>.1  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _1b1\"> </span>0.1<span class=\"_ _421\"> </span>Right<span class=\"_ _2\"></span>-of-use assets <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _15b\"> </span>Non-inves<span class=\"_ _3\"></span>tment  <span class=\"_ _73\"> </span>  <span class=\"_ _14b\"> </span>2<span class=\"_ _3\"></span>022 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _af\"> </span>proper<span class=\"_ _3\"></span>ty  <span class=\"_ _3f\"> </span>O<span class=\"_ _3\"></span>ther<span class=\"_ _2\"></span>  <span class=\"_ _28\"> </span>T<span class=\"_ _2\"></span>otal <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _15f\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Car<span class=\"_ _3\"></span>ry<span class=\"_ _3\"></span>ing <span class=\"_ _4\"></span>amo<span class=\"_ _3\"></span>unt<span class=\"_ _3\"></span>s <span class=\"_ _3\"></span>at <span class=\"_ _4\"></span>1 <span class=\"_ _4\"></span>Janu<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y <span class=\"_ _22b\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b1\"> </span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9  <span class=\"_ _1a1\"> </span>0.1  <span class=\"_ _10f\"> </span>2<span class=\"_ _3\"></span>.0<span class=\"_ _421\"> </span>Additions <span class=\"_ _229\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5a\"> </span>0.1  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _5a\"> </span>0.1<span class=\"_ _421\"> </span>Disposals <span class=\"_ _1e6\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>(0.2 <span class=\"_ _0\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _1b7\"> </span>(0.2 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>Depreciation <span class=\"_ _3\"></span>charge <span class=\"_ _11d\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>(0.7 <span class=\"_ _7\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _165\"> </span>(0.7 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Car<span class=\"_ _3\"></span>ry<span class=\"_ _3\"></span>ing <span class=\"_ _4\"></span>amo<span class=\"_ _3\"></span>unt<span class=\"_ _3\"></span>s <span class=\"_ _3\"></span>at <span class=\"_ _4\"></span>3<span class=\"_ _3\"></span>1 <span class=\"_ _3\"></span>D<span class=\"_ _3\"></span>ece<span class=\"_ _3\"></span>mbe<span class=\"_ _3\"></span>r <span class=\"_ _1ea\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _a6\"> </span>1<span class=\"_ _3\"></span>.1  <span class=\"_ _1a1\"> </span>0<span class=\"_ _3\"></span>.1  <span class=\"_ _1b1\"> </span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2<span class=\"_ _421\"> </span>Am<span class=\"_ _3\"></span>ount re<span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>gnis<span class=\"_ _3\"></span>ed in p<span class=\"_ _3\"></span>rofi<span class=\"_ _3\"></span>t and lo<span class=\"_ _3\"></span>ss <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _15b\"> </span>Non-inves<span class=\"_ _3\"></span>tment  <span class=\"_ _73\"> </span>  <span class=\"_ _14b\"> </span>2<span class=\"_ _3\"></span>022 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _af\"> </span>proper<span class=\"_ _3\"></span>ty  <span class=\"_ _3f\"> </span>O<span class=\"_ _3\"></span>ther<span class=\"_ _2\"></span>  <span class=\"_ _28\"> </span>T<span class=\"_ _2\"></span>otal <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _15f\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Fixed lease <span class=\"_ _3\"></span>expense <span class=\"_ _209\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _10e\"> </span>0.6  <span class=\"_ _5a\"> </span>0.1  <span class=\"_ _10e\"> </span>0.7<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ash <span class=\"_ _4\"></span>ou<span class=\"_ _3\"></span>tfl<span class=\"_ _3\"></span>ow <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>or <span class=\"_ _4\"></span>lea<span class=\"_ _3\"></span>ses <span class=\"_ _54\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _179\"> </span>0.<span class=\"_ _3\"></span>6  <span class=\"_ _1a1\"> </span>0<span class=\"_ _3\"></span>.1  <span class=\"_ _10f\"> </span>0.7",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
    "language": "en",
    "entity": "scheme:213800VFRMBRTSZ3SJ06",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-52": {
   "value": "<span class=\"_ _18\"> </span>E3 <span class=\"_ _4\"></span>Inv<span class=\"_ _2\"></span>estment properties<span class=\"_ _421\"> </span>31 December <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14b\"> </span>20<span class=\"_ _2\"></span>23  <span class=\"_ _14b\"> </span>2022 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Ba<span class=\"_ _3\"></span>lance <span class=\"_ _4\"></span>at <span class=\"_ _4\"></span>1 <span class=\"_ _4\"></span>Janu<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y <span class=\"_ _1b0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1e1\"> </span>9<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5  <span class=\"_ _96\"> </span>1<span class=\"_ _3\"></span>.1<span class=\"_ _421\"> </span>Additions <span class=\"_ _3\"></span>\u2013 <span class=\"_ _3\"></span>Arising <span class=\"_ _3\"></span>on <span class=\"_ _4\"></span>acquisition <span class=\"_ _22a\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _150\"> </span>103.0<span class=\"_ _421\"> </span>Additions <span class=\"_ _229\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1a1\"> </span>2<span class=\"_ _3\"></span>.3  <span class=\"_ _10e\"> </span>0.9<span class=\"_ _421\"> </span>Disposals <span class=\"_ _1e6\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _12b\"> </span>(6.0 <span class=\"_ _7\"></span>) <span class=\"_ _152\"> </span>(2<span class=\"_ _3\"></span>.9 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Revaluation <span class=\"_ _11a\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12e\"> </span>(2.7 <span class=\"_ _0\"></span>) <span class=\"_ _20a\"> </span>(7.7 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Foreign exchange <span class=\"_ _3\"></span>translation <span class=\"_ _3\"></span>difference <span class=\"_ _175\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _20b\"> </span>0.1<span class=\"_ _421\"> </span>Ba<span class=\"_ _3\"></span>lance <span class=\"_ _4\"></span>at <span class=\"_ _4\"></span>31 <span class=\"_ _4\"></span>D<span class=\"_ _3\"></span>ecem<span class=\"_ _3\"></span>ber <span class=\"_ _d9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5b\"> </span>8<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>.1  <span class=\"_ _1e1\"> </span>9<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5<span class=\"_ _421\"> </span>Inv<span class=\"_ _2\"></span>estment properties were bought f<span class=\"_ _2\"></span>or investment purposes in line with the in<span class=\"_ _2\"></span>vestment strategy <span class=\"_ _2\"></span>of the group. <span class=\"_ _0\"></span>The properties are independently valued in accordance with International <span class=\"_ _a\"></span>V<span class=\"_ _2\"></span>aluation <span class=\"_ _2\"></span>Standards on the basis <span class=\"_ _2\"></span>of determining the open market v<span class=\"_ _2\"></span>alue of the in<span class=\"_ _2\"></span>vestment properties <span class=\"_ _2\"></span>on an annual basis. <span class=\"_ _0\"></span>The latest valuations<span class=\"_ _2\"></span> were conducted as at 31 December 2022. <span class=\"_ _7\"></span>There is no observable input and theref<span class=\"_ _2\"></span>ore its classed as Le<span class=\"_ _2\"></span>vel 3 totalling \u00a388.<span class=\"_ _a\"></span>1m, see Note E4(b).<span class=\"_ _421\"> </span>Both <span class=\"_ _2\"></span>of these amounts are disclosed in net investment ret<span class=\"_ _2\"></span>urn (see Note D2). Expenses incur<span class=\"_ _2\"></span>red in the operation and maintenance of in<span class=\"_ _2\"></span>vestment properties are disclosed in other <span class=\"_ _2\"></span>operating expenses (see Note D4",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory",
    "language": "en",
    "entity": "scheme:213800VFRMBRTSZ3SJ06",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-53": {
   "value": " <span class=\"_ _18\"> </span><span class=\"ff63\">E4  <span class=\"_ _7\"></span>Financial inv<span class=\"_ _2\"></span>estments</span>  (a) <span class=\"_ _3\"></span>Financial investments b<span class=\"_ _2\"></span>y classification<span class=\"_ _421\"> </span>The carrying amounts <span class=\"_ _2\"></span>of the financial inv<span class=\"_ _2\"></span>estments and other financial assets and liabilities held b<span class=\"_ _2\"></span>y the group at the balance sheet date are as follows:<span class=\"_ _421\"> </span>31 December 2023 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _80\"> </span>A<span class=\"_ _3\"></span>mor<span class=\"_ _3\"></span>tis<span class=\"_ _3\"></span>ed  <span class=\"_ _5d\"> </span>F<span class=\"_ _3\"></span>V<span class=\"_ _3\"></span>T<span class=\"_ _3\"></span>PL <span class=\"_ _3\"></span>\u2013  <span class=\"_ _5d\"> </span>F<span class=\"_ _3\"></span>V<span class=\"_ _3\"></span>T<span class=\"_ _3\"></span>PL <span class=\"_ _4\"></span>\u2013   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _7b\"> </span>c<span class=\"_ _3\"></span>ost  <span class=\"_ _14\"> </span>d<span class=\"_ _3\"></span>esi<span class=\"_ _3\"></span>gnate<span class=\"_ _3\"></span>d  <span class=\"_ _15\"> </span>mand<span class=\"_ _3\"></span>ator<span class=\"_ _3\"></span>y  <span class=\"_ _28\"> </span>Total <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Financial investments<span class=\"_ _421\"> </span>Equity <span class=\"_ _3\"></span>securities <span class=\"_ _1ac\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _150\"> </span>194<span class=\"_ _3\"></span>.2  <span class=\"_ _150\"> </span>194<span class=\"_ _3\"></span>.2<span class=\"_ _421\"> </span>Holdings <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>collective <span class=\"_ _3\"></span>investment <span class=\"_ _3\"></span>schemes <span class=\"_ _eb\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _153\"> </span>8,<span class=\"_ _3\"></span>37<span class=\"_ _2\"></span>6.2  <span class=\"_ _9d\"> </span>8,376.2<span class=\"_ _421\"> </span>Debt <span class=\"_ _3\"></span>securities <span class=\"_ _3\"></span>\u2013 <span class=\"_ _3\"></span>government <span class=\"_ _3\"></span>bonds <span class=\"_ _40\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _45\"> </span>716<span class=\"_ _3\"></span>.5  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _1e1\"> </span>716.5<span class=\"_ _421\"> </span>Debt <span class=\"_ _3\"></span>securities <span class=\"_ _3\"></span>\u2013 <span class=\"_ _3\"></span>other <span class=\"_ _1cf\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _46\"> </span>520.6  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _46\"> </span>520.6<span class=\"_ _421\"> </span>Policyholder <span class=\"_ _3\"></span>funds <span class=\"_ _3\"></span>help <span class=\"_ _3\"></span>by <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>group <span class=\"_ _af\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _2a\"> </span>1,281.8  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _2a\"> </span>1,281.8<span class=\"_ _421\"> </span>Mortgage <span class=\"_ _3\"></span>loan <span class=\"_ _3\"></span>portfolio <span class=\"_ _d6\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _e7\"> </span>366<span class=\"_ _3\"></span>.8  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _28\"> </span>366.8<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _e8\"> </span>2<span class=\"_ _4\"></span>,8<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>.7  <span class=\"_ _1c8\"> </span>8<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>570<span class=\"_ _3\"></span>.4  <span class=\"_ _82\"> </span>11<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>45<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>.1<span class=\"_ _421\"> </span>De<span class=\"_ _3\"></span>riva<span class=\"_ _3\"></span>tive<span class=\"_ _3\"></span>s and ot<span class=\"_ _3\"></span>her fi<span class=\"_ _3\"></span>nanc<span class=\"_ _3\"></span>ial as<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>ts<span class=\"_ _421\"> </span>Derivativ<span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>financial <span class=\"_ _4\"></span>instruments <span class=\"_ _1af\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _57\"> </span>0.3  <span class=\"_ _10e\"> </span>0.3<span class=\"_ _421\"> </span>Other <span class=\"_ _3\"></span>assets <span class=\"_ _1a9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _152\"> </span>57<span class=\"_ _2\"></span>.7  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _152\"> </span>57.<span class=\"_ _2\"></span>7<span class=\"_ _421\"> </span>Cash <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>cash <span class=\"_ _3\"></span>equivalents <span class=\"_ _ee\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _14b\"> </span>146.0  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _14b\"> </span>146.0<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>fi<span class=\"_ _3\"></span>nanc<span class=\"_ _3\"></span>ial <span class=\"_ _4\"></span>inves<span class=\"_ _3\"></span>tme<span class=\"_ _3\"></span>nts <span class=\"_ _4\"></span>an<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>fi<span class=\"_ _3\"></span>nanc<span class=\"_ _3\"></span>ial <span class=\"_ _4\"></span>ass<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>s <span class=\"_ _3b\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5b\"> </span>57.7  <span class=\"_ _14f\"> </span>3,<span class=\"_ _3\"></span>031<span class=\"_ _3\"></span>.7  <span class=\"_ _82\"> </span>8,<span class=\"_ _4\"></span>570.7  <span class=\"_ _e8\"> </span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>66<span class=\"_ _3\"></span>0.1<span class=\"_ _421\"> </span>Financial liabilities<span class=\"_ _421\"> </span>Investment contr<span class=\"_ _2\"></span>acts at fair value through profit or loss  <span class=\"_ _8c\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _97\"> </span>\u2013  <span class=\"_ _76\"> </span>5,872<span class=\"_ _3\"></span>.3 <span class=\"_ _a\"></span> <span class=\"_ _e9\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _153\"> </span>5,872.<span class=\"_ _3\"></span>3<span class=\"_ _421\"> </span>Liabilities relating to polic<span class=\"_ _2\"></span>yholder funds help by the group <span class=\"_ _14c\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _3e\"> </span>1,281.<span class=\"_ _3\"></span>8 <span class=\"_ _a\"></span> <span class=\"_ _e9\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _3e\"> </span>1,<span class=\"_ _3\"></span>281.8<span class=\"_ _421\"> </span>Derivativ<span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>financial <span class=\"_ _4\"></span>instruments <span class=\"_ _1af\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _3\"></span> <span class=\"_ _ae\"> </span>\u2013  <span class=\"_ _10f\"> </span>4<span class=\"_ _3\"></span>.4  <span class=\"_ _10f\"> </span>4.4<span class=\"_ _421\"> </span>Borro<span class=\"_ _2\"></span>wings <span class=\"_ _1ae\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _46\"> </span>207<span class=\"_ _a\"></span>.9  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _46\"> </span>207<span class=\"_ _2\"></span>.9 Other <span class=\"_ _3\"></span>current <span class=\"_ _3\"></span>liabilities <span class=\"_ _fc\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _c2\"> </span>13<span class=\"_ _3\"></span>1.7  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _c2\"> </span>13<span class=\"_ _3\"></span>1.7<span class=\"_ _421\"> </span>T<span class=\"_ _a\"></span>o<span class=\"_ _3\"></span>tal <span class=\"_ _3\"></span>financial <span class=\"_ _4\"></span>liabilities <span class=\"_ _1ed\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _42\"> </span>339<span class=\"_ _3\"></span>.6  <span class=\"_ _129\"> </span>7<span class=\"_ _2\"></span>,15<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>.1  <span class=\"_ _165\"> </span>4<span class=\"_ _3\"></span>.4  <span class=\"_ _3b\"> </span>7<span class=\"_ _a\"></span>,<span class=\"_ _3\"></span>498<span class=\"_ _3\"></span>.1<span class=\"_ _421\"> </span>31 December 2022 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _80\"> </span>A<span class=\"_ _3\"></span>mor<span class=\"_ _3\"></span>tis<span class=\"_ _3\"></span>ed  <span class=\"_ _5d\"> </span>F<span class=\"_ _3\"></span>V<span class=\"_ _3\"></span>T<span class=\"_ _3\"></span>PL <span class=\"_ _3\"></span>\u2013  <span class=\"_ _5d\"> </span>F<span class=\"_ _3\"></span>V<span class=\"_ _3\"></span>T<span class=\"_ _3\"></span>PL <span class=\"_ _4\"></span>\u2013   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _7b\"> </span>c<span class=\"_ _3\"></span>ost  <span class=\"_ _14\"> </span>d<span class=\"_ _3\"></span>esi<span class=\"_ _3\"></span>gnate<span class=\"_ _3\"></span>d  <span class=\"_ _15\"> </span>mand<span class=\"_ _3\"></span>ator<span class=\"_ _3\"></span>y  <span class=\"_ _28\"> </span>Total <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Financial investments<span class=\"_ _421\"> </span>Equity <span class=\"_ _3\"></span>securities <span class=\"_ _1ac\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _44\"> </span>160.2  <span class=\"_ _44\"> </span>160.2<span class=\"_ _421\"> </span>Holdings <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>collective <span class=\"_ _3\"></span>investment <span class=\"_ _3\"></span>schemes <span class=\"_ _eb\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _48\"> </span>8,189.7  <span class=\"_ _48\"> </span>8,189.7<span class=\"_ _421\"> </span>Debt <span class=\"_ _3\"></span>securities <span class=\"_ _3\"></span>\u2013 <span class=\"_ _3\"></span>government <span class=\"_ _3\"></span>bonds <span class=\"_ _40\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _150\"> </span>445.1  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _150\"> </span>445.1<span class=\"_ _421\"> </span>Debt <span class=\"_ _3\"></span>securities <span class=\"_ _3\"></span>\u2013 <span class=\"_ _3\"></span>other <span class=\"_ _1cf\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _29\"> </span>489.0  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _29\"> </span>489.0<span class=\"_ _421\"> </span>Policyholder <span class=\"_ _3\"></span>funds <span class=\"_ _3\"></span>help <span class=\"_ _3\"></span>by <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>group <span class=\"_ _af\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _29\"> </span>986<span class=\"_ _3\"></span>.8  <span class=\"_ _15c\"> </span>986.8<span class=\"_ _421\"> </span>Mortgage <span class=\"_ _3\"></span>loan <span class=\"_ _3\"></span>portfolio <span class=\"_ _d6\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _e7\"> </span>266.0  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _e7\"> </span>266<span class=\"_ _3\"></span>.0<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _210\"> </span>1<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>00<span class=\"_ _3\"></span>.1  <span class=\"_ _7e\"> </span>9,<span class=\"_ _3\"></span>33<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>.7  <span class=\"_ _f1\"> </span>10<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>36<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8<span class=\"_ _421\"> </span>De<span class=\"_ _3\"></span>riva<span class=\"_ _3\"></span>tive<span class=\"_ _3\"></span>s and ot<span class=\"_ _3\"></span>her fi<span class=\"_ _3\"></span>nanc<span class=\"_ _3\"></span>ial as<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>ts<span class=\"_ _421\"> </span>Derivativ<span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>financial <span class=\"_ _4\"></span>instruments <span class=\"_ _1af\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _5a\"> </span>0.1  <span class=\"_ _5a\"> </span>0.1<span class=\"_ _421\"> </span>Other <span class=\"_ _3\"></span>assets <span class=\"_ _1a9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _f0\"> </span>46.4  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _f0\"> </span>46<span class=\"_ _3\"></span>.4<span class=\"_ _421\"> </span>Cash <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>cash <span class=\"_ _3\"></span>equivalents <span class=\"_ _ee\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _15c\"> </span>204<span class=\"_ _3\"></span>.6  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _15c\"> </span>204<span class=\"_ _3\"></span>.6<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>fi<span class=\"_ _3\"></span>nanc<span class=\"_ _3\"></span>ial <span class=\"_ _4\"></span>inves<span class=\"_ _3\"></span>tme<span class=\"_ _3\"></span>nts <span class=\"_ _4\"></span>an<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>fi<span class=\"_ _3\"></span>nanc<span class=\"_ _3\"></span>ial <span class=\"_ _4\"></span>ass<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>s <span class=\"_ _3b\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _45\"> </span>46<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4  <span class=\"_ _7e\"> </span>1<span class=\"_ _3\"></span>,4<span class=\"_ _3\"></span>04<span class=\"_ _3\"></span>.7  <span class=\"_ _e8\"> </span>9<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>36<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8  <span class=\"_ _bf\"> </span>1<span class=\"_ _3\"></span>0,787.9<span class=\"_ _421\"> </span>Financial liabilities<span class=\"_ _421\"> </span>Investment contr<span class=\"_ _2\"></span>acts at fair value through profit or loss  <span class=\"_ _8c\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _97\"> </span>\u2013  <span class=\"_ _3b\"> </span>5,660.8 <span class=\"_ _a\"></span> <span class=\"_ _e9\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _14f\"> </span>5,660.8<span class=\"_ _421\"> </span>Liabilities relating to polic<span class=\"_ _2\"></span>yholder funds help by the group <span class=\"_ _14c\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _42\"> </span>986.<span class=\"_ _3\"></span>8 <span class=\"_ _a\"></span> <span class=\"_ _e9\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _29\"> </span>986.8<span class=\"_ _421\"> </span>Derivativ<span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>financial <span class=\"_ _4\"></span>instruments <span class=\"_ _1af\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _57\"> </span>3.8  <span class=\"_ _57\"> </span>3.8<span class=\"_ _421\"> </span>Borro<span class=\"_ _2\"></span>wings <span class=\"_ _1ae\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _44\"> </span>21<span class=\"_ _3\"></span>2.0  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _45\"> </span>212.0<span class=\"_ _421\"> </span>Other <span class=\"_ _3\"></span>current <span class=\"_ _3\"></span>liabilities <span class=\"_ _fc\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _7b\"> </span>123.3  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _11b\"> </span>123.3<span class=\"_ _421\"> </span>T<span class=\"_ _a\"></span>o<span class=\"_ _3\"></span>tal <span class=\"_ _3\"></span>financial <span class=\"_ _4\"></span>liabilities <span class=\"_ _1ed\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _42\"> </span>33<span class=\"_ _3\"></span>5.<span class=\"_ _4\"></span>3  <span class=\"_ _e8\"> </span>6<span class=\"_ _3\"></span>,6<span class=\"_ _3\"></span>47<span class=\"_ _a\"></span>.<span class=\"_ _3\"></span>6  <span class=\"_ _8f\"> </span>3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8  <span class=\"_ _ec\"> </span>6<span class=\"_ _3\"></span>,9<span class=\"_ _3\"></span>86<span class=\"_ _3\"></span>.<span class=\"_ _2\"></span>7<span class=\"_ _421\"> </span>The directors consider that the carrying v<span class=\"_ _2\"></span>alue amounts of financial assets and financial liabilities recorded at amortised cost in the financial statements are<span class=\"_ _421\"> </span> approximately <span class=\"_ _2\"></span>equal to their fair v<span class=\"_ _2\"></span>alues.<span class=\"_ _421\"> </span>IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS <span class=\"_ _e\"> </span>(b) <span class=\"_ _3\"></span>Financial investment f<span class=\"_ _a\"></span>air values<span class=\"_ _421\"> </span>Fair v<span class=\"_ _2\"></span>alue is the amount for which an asset <span class=\"_ _2\"></span>or liability could be ex<span class=\"_ _2\"></span>changed between willing parties in an arm\u2019<span class=\"_ _0\"></span>s length transaction. <span class=\"_ _0\"></span>The tables below sho<span class=\"_ _2\"></span>w the determination of f<span class=\"_ _2\"></span>air value according to a three-lev<span class=\"_ _2\"></span>el valuation hierarch<span class=\"_ _2\"></span>y<span class=\"_ _a\"></span>. Fair values are generally determined at prices quoted in activ<span class=\"_ _2\"></span>e markets (L<span class=\"_ _2\"></span>ev<span class=\"_ _2\"></span>el 1). Howe<span class=\"_ _2\"></span>ver<span class=\"_ _0\"></span>,<span class=\"_ _3\"></span> where such information is not a<span class=\"_ _2\"></span>vailable, the group applies valuation techniques to measure such instr<span class=\"_ _2\"></span>uments. <span class=\"_ _0\"></span>These v<span class=\"_ _2\"></span>aluation techniques make use of mark<span class=\"_ _2\"></span>et-<span class=\"_ _421\"> </span>observ<span class=\"_ _2\"></span>able data f<span class=\"_ _2\"></span>or all significant inputs where possible (Le<span class=\"_ _2\"></span>vel 2), but in some cases it ma<span class=\"_ _2\"></span>y be necessary to estimate other than mark<span class=\"_ _2\"></span>et-observable data within a valuation model f<span class=\"_ _2\"></span>or significant inputs (Le<span class=\"_ _2\"></span>vel 3).<span class=\"_ _421\"> </span>Fair va<span class=\"_ _3\"></span>lue me<span class=\"_ _3\"></span>asu<span class=\"_ _3\"></span>reme<span class=\"_ _3\"></span>nt at 31 D<span class=\"_ _3\"></span>ec<span class=\"_ _3\"></span>emb<span class=\"_ _3\"></span>er 20<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>3 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _76\"> </span>L<span class=\"_ _3\"></span>evel <span class=\"_ _4\"></span>1  <span class=\"_ _11c\"> </span>L<span class=\"_ _3\"></span>evel <span class=\"_ _4\"></span>2  <span class=\"_ _11c\"> </span>L<span class=\"_ _3\"></span>evel <span class=\"_ _4\"></span>3  <span class=\"_ _28\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Investment <span class=\"_ _3\"></span>properties <span class=\"_ _1a5\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _20a\"> </span>88.1  <span class=\"_ _12b\"> </span>88.1<span class=\"_ _421\"> </span>Financial asse<span class=\"_ _3\"></span>ts<span class=\"_ _421\"> </span>Equities <span class=\"_ _3\"></span>\u2013 <span class=\"_ _3\"></span>Listed <span class=\"_ _176\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _150\"> </span>194<span class=\"_ _3\"></span>.2  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _150\"> </span>194.2<span class=\"_ _421\"> </span>Holdings <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>collective <span class=\"_ _3\"></span>investment <span class=\"_ _3\"></span>schemes <span class=\"_ _eb\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9d\"> </span>8<span class=\"_ _3\"></span>,233.7  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _45\"> </span>142.5  <span class=\"_ _9d\"> </span>8,376.2<span class=\"_ _421\"> </span>Debt <span class=\"_ _3\"></span>securities <span class=\"_ _3\"></span>\u2013 <span class=\"_ _3\"></span>government <span class=\"_ _3\"></span>bonds <span class=\"_ _40\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _45\"> </span>716<span class=\"_ _3\"></span>.5  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _45\"> </span>71<span class=\"_ _3\"></span>6.5<span class=\"_ _421\"> </span>Debt <span class=\"_ _3\"></span>securities <span class=\"_ _3\"></span>\u2013 <span class=\"_ _3\"></span>other <span class=\"_ _4\"></span>debt <span class=\"_ _3\"></span>securities <span class=\"_ _25\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _46\"> </span>520.6  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _46\"> </span>520.<span class=\"_ _2\"></span>6<span class=\"_ _421\"> </span>Policyholders\u2019 <span class=\"_ _3\"></span>funds <span class=\"_ _3\"></span>held <span class=\"_ _3\"></span>by <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>group <span class=\"_ _16f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1c0\"> </span>1,239.4  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _5b\"> </span>42.4  <span class=\"_ _112\"> </span>1,281.8<span class=\"_ _421\"> </span>Mortgage <span class=\"_ _3\"></span>loan <span class=\"_ _3\"></span>portfolio <span class=\"_ _d6\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _e7\"> </span>366<span class=\"_ _3\"></span>.8  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _28\"> </span>366.8<span class=\"_ _421\"> </span>Derivativ<span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>financial <span class=\"_ _4\"></span>instruments <span class=\"_ _1af\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _57\"> </span>0.3  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _57\"> </span>0.3<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _33\"> </span>10<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>90<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4  <span class=\"_ _46\"> </span>3<span class=\"_ _3\"></span>67.1  <span class=\"_ _a3\"> </span>2<span class=\"_ _3\"></span>73<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>0  <span class=\"_ _5d\"> </span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5<span class=\"_ _421\"> </span>Curr<span class=\"_ _2\"></span>ent <span class=\"_ _1f4\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9d\"> </span>9,095.5<span class=\"_ _421\"> </span>Non-current <span class=\"_ _1a9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _3b\"> </span>2<span class=\"_ _3\"></span>,449.0<span class=\"_ _421\"> </span>T<span class=\"_ _a\"></span>o<span class=\"_ _3\"></span>tal <span class=\"_ _1e0\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _bf\"> </span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>54<span class=\"_ _3\"></span>4.<span class=\"_ _3\"></span>5<span class=\"_ _421\"> </span>Financial liabilities<span class=\"_ _421\"> </span>Investment contr<span class=\"_ _2\"></span>acts at fair value through profit or loss <span class=\"_ _15\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _210\"> </span>5,872<span class=\"_ _3\"></span>.3 <span class=\"_ _a\"></span> <span class=\"_ _e9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _210\"> </span>5,872.<span class=\"_ _3\"></span>3<span class=\"_ _421\"> </span>Liabilities related t<span class=\"_ _2\"></span>o policyholders\u2019 funds held by the group <span class=\"_ _4\"></span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _3f\"> </span>1,<span class=\"_ _3\"></span>281.8 <span class=\"_ _a\"></span> <span class=\"_ _e9\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _e9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _3e\"> </span>1,281.8<span class=\"_ _421\"> </span>Derivativ<span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>financial <span class=\"_ _4\"></span>instruments <span class=\"_ _1af\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _10f\"> </span>4<span class=\"_ _3\"></span>.4  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _fe\"> </span>4.4<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _210\"> </span>1<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>28<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.8  <span class=\"_ _7e\"> </span>5<span class=\"_ _3\"></span>,8<span class=\"_ _3\"></span>76<span class=\"_ _3\"></span>.7  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _14f\"> </span>7,15<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5<span class=\"_ _421\"> </span>Fair va<span class=\"_ _3\"></span>lue me<span class=\"_ _3\"></span>asu<span class=\"_ _3\"></span>reme<span class=\"_ _3\"></span>nt at 31 D<span class=\"_ _3\"></span>ec<span class=\"_ _3\"></span>emb<span class=\"_ _3\"></span>er 20<span class=\"_ _3\"></span>22 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _76\"> </span>L<span class=\"_ _3\"></span>evel <span class=\"_ _4\"></span>1  <span class=\"_ _11c\"> </span>L<span class=\"_ _3\"></span>evel <span class=\"_ _4\"></span>2  <span class=\"_ _11c\"> </span>L<span class=\"_ _3\"></span>evel <span class=\"_ _4\"></span>3  <span class=\"_ _28\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Investment <span class=\"_ _3\"></span>properties <span class=\"_ _1a5\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _56\"> </span>1.2  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _14e\"> </span>93.3  <span class=\"_ _5b\"> </span>94.5<span class=\"_ _421\"> </span>Financial asse<span class=\"_ _3\"></span>ts<span class=\"_ _421\"> </span>Equities <span class=\"_ _3\"></span>\u2013 <span class=\"_ _3\"></span>Listed <span class=\"_ _176\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _44\"> </span>160.2  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _44\"> </span>160.2<span class=\"_ _421\"> </span>Holdings <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>collective <span class=\"_ _3\"></span>investment <span class=\"_ _3\"></span>schemes <span class=\"_ _eb\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9d\"> </span>7,997<span class=\"_ _a\"></span>.8  <span class=\"_ _5b\"> </span>46.5  <span class=\"_ _150\"> </span>145.4  <span class=\"_ _48\"> </span>8,189.7<span class=\"_ _421\"> </span>Debt <span class=\"_ _3\"></span>securities <span class=\"_ _3\"></span>\u2013 <span class=\"_ _3\"></span>government <span class=\"_ _3\"></span>bonds <span class=\"_ _40\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _15c\"> </span>420.9  <span class=\"_ _114\"> </span>24.2  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _150\"> </span>445.1<span class=\"_ _421\"> </span>Debt <span class=\"_ _3\"></span>securities <span class=\"_ _3\"></span>\u2013 <span class=\"_ _3\"></span>other <span class=\"_ _4\"></span>debt <span class=\"_ _3\"></span>securities <span class=\"_ _25\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _29\"> </span>434.0  <span class=\"_ _114\"> </span>55.0  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _29\"> </span>489.0<span class=\"_ _421\"> </span>Policyholders\u2019 <span class=\"_ _3\"></span>funds <span class=\"_ _3\"></span>held <span class=\"_ _3\"></span>by <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>group <span class=\"_ _16f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1e1\"> </span>951.7  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _12e\"> </span>35.1  <span class=\"_ _15c\"> </span>986.8<span class=\"_ _421\"> </span>Mortgage <span class=\"_ _3\"></span>loan <span class=\"_ _3\"></span>portfolio <span class=\"_ _d6\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _e7\"> </span>266.0  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _e7\"> </span>266<span class=\"_ _3\"></span>.0<span class=\"_ _421\"> </span>Derivativ<span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>financial <span class=\"_ _4\"></span>instruments <span class=\"_ _1af\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _5a\"> </span>0.1  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _5a\"> </span>0.1<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _ec\"> </span>9<span class=\"_ _3\"></span>,9<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>5.<span class=\"_ _3\"></span>8  <span class=\"_ _e7\"> </span>3<span class=\"_ _3\"></span>91<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8  <span class=\"_ _a3\"> </span>2<span class=\"_ _3\"></span>73<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8  <span class=\"_ _89\"> </span>10<span class=\"_ _3\"></span>,6<span class=\"_ _3\"></span>31<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4<span class=\"_ _421\"> </span>Curr<span class=\"_ _2\"></span>ent <span class=\"_ _1f4\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _129\"> </span>5,932.9<span class=\"_ _421\"> </span>Non-current <span class=\"_ _1a9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14f\"> </span>4,698<span class=\"_ _3\"></span>.5<span class=\"_ _421\"> </span>T<span class=\"_ _a\"></span>o<span class=\"_ _3\"></span>tal <span class=\"_ _1e0\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _123\"> </span>10,<span class=\"_ _3\"></span>631<span class=\"_ _3\"></span>.4<span class=\"_ _421\"> </span>Financial liabilities<span class=\"_ _421\"> </span>Investment contr<span class=\"_ _2\"></span>acts at fair value through profit or loss <span class=\"_ _15\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _14f\"> </span>5,660<span class=\"_ _2\"></span>.8 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _14f\"> </span>5,660.8<span class=\"_ _421\"> </span>Liabilities related t<span class=\"_ _2\"></span>o policyholders\u2019 funds held by the group <span class=\"_ _4\"></span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _119\"> </span>986.8  <span class=\"_ _97\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013  <span class=\"_ _119\"> </span>986.<span class=\"_ _3\"></span>8<span class=\"_ _421\"> </span>Derivativ<span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>financial <span class=\"_ _4\"></span>instruments <span class=\"_ _1af\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _57\"> </span>3.8  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _57\"> </span>3.8<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _2a\"> </span>98<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8  <span class=\"_ _ec\"> </span>5,<span class=\"_ _3\"></span>66<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>6  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _7c\"> </span>6<span class=\"_ _3\"></span>,6<span class=\"_ _3\"></span>51<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4<span class=\"_ _421\"> </span>Inv<span class=\"_ _2\"></span>estment proper<span class=\"_ _2\"></span>ties<span class=\"_ _421\"> </span>The in<span class=\"_ _2\"></span>vestment properties are v<span class=\"_ _2\"></span>alued by e<span class=\"_ _2\"></span>xternal chartered surve<span class=\"_ _2\"></span>yors using industry standard techniques based <span class=\"_ _2\"></span>on guidance from the Roy<span class=\"_ _2\"></span>al Institute of Chartered Surve<span class=\"_ _2\"></span>yors. <span class=\"_ _0\"></span>T<span class=\"_ _2\"></span>he valuation methodology includes an assessment of general mark<span class=\"_ _2\"></span>et conditions and sector lev<span class=\"_ _2\"></span>el transactions and takes account of <span class=\"_ _2\"></span>expectations<span class=\"_ _2\"></span> <span class=\"_ _19\"></span><span class=\"ls2 ws2\"> </span>of occupancy rates, rental income and gro<span class=\"_ _2\"></span>wth. Properties undergo individual scrutin<span class=\"_ _2\"></span>y using cash flow analy<span class=\"_ _2\"></span>sis to factor in the timing of rental re<span class=\"_ _2\"></span>views, capital expenditure, lease incentiv<span class=\"_ _2\"></span>es, dilapidation and operating <span class=\"_ _2\"></span>expenses; these revie<span class=\"_ _2\"></span>ws utilise both observ<span class=\"_ _2\"></span>able and unobservable input<span class=\"_ _421\"> </span>s. <span class=\"ff65 ls3\">CHES<span class=\"_ _283\"></span>NAR<span class=\"_ _277\"></span>A<span class=\"_ _278\"></span>A<span class=\"_ _283\"></span>NNUAL<span class=\"_ _27f\"></span>REPO<span class=\"_ _277\"></span>RT<span class=\"_ _287\"></span>AND<span class=\"_ _392\"></span>ACCOUN<span class=\"_ _27a\"></span>TS<span class=\"_ _27b\"></span>202<span class=\"_ _3a0\"></span>3</span><span class=\"_ _3d2\"></span>201<span class=\"_ _421\"> </span>IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS<span class=\"_ _421\"> </span>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<span class=\"_ _421\"> </span>SECTION E \u2013 BALANCE SHEET ASSETS <span class=\"_ _18\"> </span><span class=\"ff63\">E4 <span class=\"_ _4\"></span>Financial inv<span class=\"_ _2\"></span>estments (continued)</span><span class=\"_ _e\"> </span>(b) <span class=\"_ _3\"></span>Financial investment f<span class=\"_ _a\"></span>air values (continued)<span class=\"_ _421\"> </span>Holdings in collective in<span class=\"_ _2\"></span>vestment sc<span class=\"_ _2\"></span>hemes<span class=\"_ _421\"> </span>Th<span class=\"_ _3\"></span>e fair valu<span class=\"_ _3\"></span>e of hold<span class=\"_ _3\"></span>ings in c<span class=\"_ _3\"></span>ollec<span class=\"_ _3\"></span>tive inves<span class=\"_ _3\"></span>tment sc<span class=\"_ _3\"></span>hemes c<span class=\"_ _3\"></span>lassi<span class=\"_ _3\"></span>fie<span class=\"_ _3\"></span>d as Level 2 are rel<span class=\"_ _3\"></span>ated to the UK s<span class=\"_ _3\"></span>egme<span class=\"_ _3\"></span>nt and Sc<span class=\"_ _3\"></span>ildo<span class=\"_ _3\"></span>n. Th<span class=\"_ _3\"></span>ese do not m<span class=\"_ _3\"></span>eet the c<span class=\"_ _3\"></span>lassi<span class=\"_ _3\"></span>fic<span class=\"_ _3\"></span>atio<span class=\"_ _3\"></span>n as Level 1<span class=\"_ _0\"></span>, a<span class=\"_ _3\"></span>s their fai<span class=\"_ _3\"></span>r value is d<span class=\"_ _3\"></span>etermine<span class=\"_ _3\"></span>d using va<span class=\"_ _3\"></span>luatio<span class=\"_ _3\"></span>n techniq<span class=\"_ _3\"></span>ues wi<span class=\"_ _3\"></span>th obse<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>vabl<span class=\"_ _3\"></span>e market inpu<span class=\"_ _3\"></span>ts. T<span class=\"_ _3\"></span>he hol<span class=\"_ _3\"></span>dings c<span class=\"_ _3\"></span>lass<span class=\"_ _3\"></span>ifie<span class=\"_ _3\"></span>d as Level 3 \u00a3<span class=\"_ _3\"></span>1<span class=\"_ _2\"></span>42.<span class=\"_ _3\"></span>5m (<span class=\"_ _3\"></span>Dec 2<span class=\"_ _3\"></span>022: \u00a31<span class=\"_ _2\"></span>4<span class=\"_ _3\"></span>5.<span class=\"_ _3\"></span>4m) als<span class=\"_ _3\"></span>o relate to Sc<span class=\"_ _3\"></span>ildo<span class=\"_ _3\"></span>n, and rep<span class=\"_ _3\"></span>resent investm<span class=\"_ _3\"></span>ents hel<span class=\"_ _3\"></span>d in a mor<span class=\"_ _3\"></span>tga<span class=\"_ _3\"></span>ge fun<span class=\"_ _3\"></span>d. Th<span class=\"_ _3\"></span>ese are cl<span class=\"_ _3\"></span>assi<span class=\"_ _3\"></span>fied a<span class=\"_ _3\"></span>s Level 3 as the f<span class=\"_ _3\"></span>air value is d<span class=\"_ _3\"></span>eri<span class=\"_ _3\"></span>ved from val<span class=\"_ _3\"></span>uatio<span class=\"_ _3\"></span>n techni<span class=\"_ _3\"></span>ques th<span class=\"_ _3\"></span>at inclu<span class=\"_ _3\"></span>de inp<span class=\"_ _3\"></span>uts tha<span class=\"_ _3\"></span>t are not bas<span class=\"_ _3\"></span>ed on ob<span class=\"_ _3\"></span>ser<span class=\"_ _3\"></span>vab<span class=\"_ _3\"></span>le mar<span class=\"_ _3\"></span>ket data. P<span class=\"_ _2\"></span>olicyholder funds held by the gr<span class=\"_ _2\"></span>oup<span class=\"_ _421\"> </span>Th<span class=\"_ _3\"></span>ere is also a sm<span class=\"_ _3\"></span>all hol<span class=\"_ _3\"></span>ding of as<span class=\"_ _3\"></span>sets cl<span class=\"_ _3\"></span>assi<span class=\"_ _3\"></span>fied a<span class=\"_ _3\"></span>s Level 3 \u00a342.<span class=\"_ _3\"></span>4m (<span class=\"_ _3\"></span>Dec 2<span class=\"_ _3\"></span>022: \u00a3<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>.<span class=\"_ _0\"></span>1m) from our M<span class=\"_ _3\"></span>ovestic o<span class=\"_ _3\"></span>perat<span class=\"_ _3\"></span>ion whi<span class=\"_ _3\"></span>ch are unlis<span class=\"_ _3\"></span>ted. T<span class=\"_ _3\"></span>he valu<span class=\"_ _3\"></span>ation of th<span class=\"_ _3\"></span>e vast m<span class=\"_ _3\"></span>ajori<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y of these as<span class=\"_ _3\"></span>sets is ba<span class=\"_ _3\"></span>sed on u<span class=\"_ _3\"></span>nobse<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>vable p<span class=\"_ _3\"></span>rice<span class=\"_ _3\"></span>s from tra<span class=\"_ _3\"></span>ding on t<span class=\"_ _3\"></span>he over-th<span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>unter market.<span class=\"_ _421\"> </span>Debt secur<span class=\"_ _2\"></span>ities<span class=\"_ _421\"> </span>Th<span class=\"_ _3\"></span>e debt se<span class=\"_ _3\"></span>curit<span class=\"_ _3\"></span>ies cl<span class=\"_ _3\"></span>assi<span class=\"_ _3\"></span>fied as L<span class=\"_ _3\"></span>evel 2 at 2022 an<span class=\"_ _3\"></span>d 2023 are tr<span class=\"_ _3\"></span>aded i<span class=\"_ _3\"></span>n acti<span class=\"_ _3\"></span>ve markets wi<span class=\"_ _3\"></span>th less d<span class=\"_ _3\"></span>epth or w<span class=\"_ _3\"></span>ide<span class=\"_ _3\"></span>r bid<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>ask s<span class=\"_ _3\"></span>pread<span class=\"_ _3\"></span>s. Thi<span class=\"_ _3\"></span>s does n<span class=\"_ _3\"></span>ot meet the cla<span class=\"_ _3\"></span>ssifi<span class=\"_ _3\"></span>ca<span class=\"_ _3\"></span>tion as L<span class=\"_ _3\"></span>evel 1 input<span class=\"_ _3\"></span>s. Th<span class=\"_ _3\"></span>e fair valu<span class=\"_ _3\"></span>es of debt s<span class=\"_ _3\"></span>ecuri<span class=\"_ _3\"></span>ties not tr<span class=\"_ _3\"></span>ade<span class=\"_ _3\"></span>d in acti<span class=\"_ _3\"></span>ve markets are d<span class=\"_ _3\"></span>etermine<span class=\"_ _3\"></span>d using b<span class=\"_ _3\"></span>roker quotes or va<span class=\"_ _3\"></span>luatio<span class=\"_ _3\"></span>n techniq<span class=\"_ _3\"></span>ues wi<span class=\"_ _3\"></span>th obs<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vabl<span class=\"_ _3\"></span>e market inpu<span class=\"_ _3\"></span>ts. Fin<span class=\"_ _3\"></span>anci<span class=\"_ _3\"></span>al instr<span class=\"_ _3\"></span>uments v<span class=\"_ _3\"></span>alued u<span class=\"_ _3\"></span>sing broker qu<span class=\"_ _3\"></span>otes are cla<span class=\"_ _3\"></span>ssifi<span class=\"_ _3\"></span>ed at L<span class=\"_ _3\"></span>evel 2, onl<span class=\"_ _3\"></span>y where the<span class=\"_ _3\"></span>re is a suffi<span class=\"_ _3\"></span>cient ra<span class=\"_ _3\"></span>nge of ava<span class=\"_ _3\"></span>ilabl<span class=\"_ _3\"></span>e quotes. Th<span class=\"_ _3\"></span>ese asset<span class=\"_ _3\"></span>s were value<span class=\"_ _3\"></span>d using c<span class=\"_ _3\"></span>ounter<span class=\"_ _3\"></span>par<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y or broker qu<span class=\"_ _3\"></span>otes and were pe<span class=\"_ _3\"></span>rio<span class=\"_ _3\"></span>dic<span class=\"_ _3\"></span>ally val<span class=\"_ _3\"></span>idated a<span class=\"_ _3\"></span>gains<span class=\"_ _3\"></span>t third<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>ty m<span class=\"_ _3\"></span>ode<span class=\"_ _3\"></span>ls.<span class=\"_ _421\"> </span>Der<span class=\"_ _2\"></span>iv<span class=\"_ _2\"></span>ative financial instr<span class=\"_ _2\"></span>uments<span class=\"_ _421\"> </span>Th<span class=\"_ _3\"></span>e deri<span class=\"_ _3\"></span>vatives fi<span class=\"_ _3\"></span>nan<span class=\"_ _3\"></span>cial ins<span class=\"_ _3\"></span>trume<span class=\"_ _3\"></span>nts incl<span class=\"_ _3\"></span>ude a foreig<span class=\"_ _3\"></span>n curren<span class=\"_ _3\"></span>cy he<span class=\"_ _3\"></span>dge rel<span class=\"_ _3\"></span>ated to the grou<span class=\"_ _3\"></span>p. Th<span class=\"_ _3\"></span>is was de<span class=\"_ _3\"></span>emed to ma<span class=\"_ _3\"></span>nage t<span class=\"_ _3\"></span>he expo<span class=\"_ _3\"></span>sure to foreign exchan<span class=\"_ _3\"></span>ge moveme<span class=\"_ _3\"></span>nts bet<span class=\"_ _3\"></span>ween ste<span class=\"_ _3\"></span>rling an<span class=\"_ _3\"></span>d both th<span class=\"_ _3\"></span>e euro and Swe<span class=\"_ _3\"></span>dish kro<span class=\"_ _3\"></span>na. An u<span class=\"_ _3\"></span>nca<span class=\"_ _3\"></span>ppe<span class=\"_ _3\"></span>d coll<span class=\"_ _3\"></span>ar whic<span class=\"_ _3\"></span>h cons<span class=\"_ _3\"></span>ists of t<span class=\"_ _3\"></span>wo hed<span class=\"_ _3\"></span>ges:  <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>one hedge to protect against the do<span class=\"_ _2\"></span>wnside (sterling strengthening) (starting at strike <span class=\"_ _2\"></span>A), and one to remov<span class=\"_ _2\"></span>e the upside (weak<span class=\"_ _2\"></span>ening) (strike B); with the strik<span class=\"_ _2\"></span>es of these coordinated to result in no upfront premium.  <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>the 2nd hedge (strike B) creates an uncapped liquidity requirement when it bites.<span class=\"_ _421\"> </span>Th<span class=\"_ _3\"></span>e cap<span class=\"_ _3\"></span>ped c<span class=\"_ _3\"></span>olla<span class=\"_ _3\"></span>r come<span class=\"_ _3\"></span>s with an a<span class=\"_ _3\"></span>ddit<span class=\"_ _3\"></span>ional l<span class=\"_ _3\"></span>eg whi<span class=\"_ _3\"></span>ch creates v<span class=\"_ _3\"></span>alue and l<span class=\"_ _3\"></span>iquid<span class=\"_ _3\"></span>it<span class=\"_ _3\"></span>y when excha<span class=\"_ _3\"></span>nge rate<span class=\"_ _3\"></span>s move beyon<span class=\"_ _3\"></span>d a cer<span class=\"_ _3\"></span>tai<span class=\"_ _3\"></span>n point (st<span class=\"_ _3\"></span>rike C).<span class=\"_ _421\"> </span>W<span class=\"_ _3\"></span>ithin de<span class=\"_ _3\"></span>rivat<span class=\"_ _3\"></span>ive fina<span class=\"_ _3\"></span>ncial i<span class=\"_ _3\"></span>nstru<span class=\"_ _3\"></span>ments is a fi<span class=\"_ _3\"></span>nanc<span class=\"_ _3\"></span>ial reinsur<span class=\"_ _3\"></span>ance e<span class=\"_ _3\"></span>mbed<span class=\"_ _3\"></span>ded d<span class=\"_ _3\"></span>eriv<span class=\"_ _3\"></span>ative rel<span class=\"_ _3\"></span>ated to our M<span class=\"_ _3\"></span>ovestic o<span class=\"_ _3\"></span>perat<span class=\"_ _3\"></span>ion. T<span class=\"_ _3\"></span>he grou<span class=\"_ _3\"></span>p has entered i<span class=\"_ _3\"></span>nto a reinsuranc<span class=\"_ _3\"></span>e cont<span class=\"_ _3\"></span>ract w<span class=\"_ _3\"></span>ith a third p<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y that ha<span class=\"_ _3\"></span>s a sect<span class=\"_ _3\"></span>ion tha<span class=\"_ _3\"></span>t is deem<span class=\"_ _3\"></span>ed to trans<span class=\"_ _3\"></span>fer signi<span class=\"_ _3\"></span>fic<span class=\"_ _3\"></span>ant insur<span class=\"_ _3\"></span>ance ri<span class=\"_ _3\"></span>sk and a sec<span class=\"_ _3\"></span>tion t<span class=\"_ _3\"></span>hat is de<span class=\"_ _3\"></span>emed n<span class=\"_ _3\"></span>ot to transfer si<span class=\"_ _3\"></span>gnifi<span class=\"_ _3\"></span>ca<span class=\"_ _3\"></span>nt insura<span class=\"_ _3\"></span>nce ri<span class=\"_ _3\"></span>sk. T<span class=\"_ _3\"></span>he elem<span class=\"_ _3\"></span>ent of the co<span class=\"_ _3\"></span>ntrac<span class=\"_ _3\"></span>t that do<span class=\"_ _3\"></span>es not tr<span class=\"_ _3\"></span>ansfer sig<span class=\"_ _3\"></span>nifi<span class=\"_ _3\"></span>cant insu<span class=\"_ _3\"></span>ranc<span class=\"_ _3\"></span>e risk has t<span class=\"_ _3\"></span>wo c<span class=\"_ _3\"></span>ompo<span class=\"_ _3\"></span>nents an<span class=\"_ _3\"></span>d has be<span class=\"_ _3\"></span>en acc<span class=\"_ _3\"></span>ounted for a<span class=\"_ _3\"></span>s a finan<span class=\"_ _3\"></span>cial liab<span class=\"_ _3\"></span>ilit<span class=\"_ _3\"></span>y at amo<span class=\"_ _3\"></span>rt<span class=\"_ _3\"></span>ised c<span class=\"_ _3\"></span>ost and an e<span class=\"_ _3\"></span>mbe<span class=\"_ _3\"></span>dde<span class=\"_ _3\"></span>d deri<span class=\"_ _3\"></span>vative as<span class=\"_ _3\"></span>set at fair va<span class=\"_ _3\"></span>lue.<span class=\"_ _421\"> </span>Th<span class=\"_ _3\"></span>e embe<span class=\"_ _3\"></span>dde<span class=\"_ _3\"></span>d deri<span class=\"_ _3\"></span>vative re<span class=\"_ _3\"></span>presents a<span class=\"_ _3\"></span>n optio<span class=\"_ _3\"></span>n to repay the a<span class=\"_ _3\"></span>mounts d<span class=\"_ _3\"></span>ue und<span class=\"_ _3\"></span>er the co<span class=\"_ _3\"></span>ntrac<span class=\"_ _3\"></span>t earl<span class=\"_ _3\"></span>y at a disc<span class=\"_ _3\"></span>ount to the am<span class=\"_ _3\"></span>or<span class=\"_ _3\"></span>tise<span class=\"_ _3\"></span>d cost<span class=\"_ _3\"></span>, with i<span class=\"_ _3\"></span>ts fair va<span class=\"_ _3\"></span>lue bein<span class=\"_ _3\"></span>g determ<span class=\"_ _3\"></span>ined by referenc<span class=\"_ _3\"></span>e to market interest r<span class=\"_ _3\"></span>ate at the bal<span class=\"_ _3\"></span>ance s<span class=\"_ _3\"></span>heet date. I<span class=\"_ _3\"></span>t is, acc<span class=\"_ _3\"></span>ordin<span class=\"_ _3\"></span>gly, determine<span class=\"_ _3\"></span>d at Level 2 in th<span class=\"_ _3\"></span>e three<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>level f<span class=\"_ _3\"></span>air value d<span class=\"_ _3\"></span>etermin<span class=\"_ _3\"></span>ation hiera<span class=\"_ _3\"></span>rchy set out a<span class=\"_ _3\"></span>bove. Fur<span class=\"_ _3\"></span>the<span class=\"_ _3\"></span>r detai<span class=\"_ _3\"></span>l can b<span class=\"_ _3\"></span>e found in N<span class=\"_ _3\"></span>ote E5.<span class=\"_ _421\"> </span>Inv<span class=\"_ _2\"></span>estment contract liabilities<span class=\"_ _421\"> </span>Th<span class=\"_ _3\"></span>e investment c<span class=\"_ _3\"></span>ontra<span class=\"_ _3\"></span>ct lia<span class=\"_ _3\"></span>bilitie<span class=\"_ _3\"></span>s in Level 2 of the v<span class=\"_ _3\"></span>aluati<span class=\"_ _3\"></span>on hier<span class=\"_ _3\"></span>archy represe<span class=\"_ _3\"></span>nt the fair v<span class=\"_ _3\"></span>alue of linked an<span class=\"_ _3\"></span>d non<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>linked li<span class=\"_ _3\"></span>abilit<span class=\"_ _3\"></span>ies valu<span class=\"_ _3\"></span>ed using e<span class=\"_ _3\"></span>sta<span class=\"_ _3\"></span>blishe<span class=\"_ _3\"></span>d actu<span class=\"_ _3\"></span>arial<span class=\"_ _3\"></span> techni<span class=\"_ _3\"></span>ques ut<span class=\"_ _3\"></span>ilising m<span class=\"_ _3\"></span>arket obse<span class=\"_ _3\"></span>rv<span class=\"_ _3\"></span>able d<span class=\"_ _3\"></span>ata for a<span class=\"_ _3\"></span>ll signi<span class=\"_ _3\"></span>fic<span class=\"_ _3\"></span>ant inpu<span class=\"_ _3\"></span>ts, suc<span class=\"_ _3\"></span>h as investm<span class=\"_ _3\"></span>ent yiel<span class=\"_ _3\"></span>ds.<span class=\"_ _421\"> </span>Significant unobserv<span class=\"_ _2\"></span>able inputs in Level 3 instr<span class=\"_ _a\"></span>uments valuations<span class=\"_ _421\"> </span>Th<span class=\"_ _3\"></span>e Level 3 inst<span class=\"_ _3\"></span>rument<span class=\"_ _3\"></span>s held in th<span class=\"_ _3\"></span>e group a<span class=\"_ _3\"></span>re in relatio<span class=\"_ _3\"></span>n to investment<span class=\"_ _3\"></span>s held in an A<span class=\"_ _3\"></span>ego<span class=\"_ _3\"></span>n mana<span class=\"_ _3\"></span>ged D<span class=\"_ _3\"></span>utch Mo<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>tgage F<span class=\"_ _3\"></span>und that c<span class=\"_ _3\"></span>onta<span class=\"_ _3\"></span>ins mor<span class=\"_ _3\"></span>tga<span class=\"_ _3\"></span>ge<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>b<span class=\"_ _3\"></span>acked as<span class=\"_ _3\"></span>sets in the N<span class=\"_ _3\"></span>etherl<span class=\"_ _3\"></span>ands<span class=\"_ _3\"></span>. The f<span class=\"_ _3\"></span>air value of t<span class=\"_ _3\"></span>he mor<span class=\"_ _3\"></span>tga<span class=\"_ _3\"></span>ge fun<span class=\"_ _3\"></span>d is determin<span class=\"_ _3\"></span>ed by the f<span class=\"_ _3\"></span>und man<span class=\"_ _3\"></span>ager o<span class=\"_ _3\"></span>n a monthl<span class=\"_ _3\"></span>y basis u<span class=\"_ _3\"></span>sing an in<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>h<span class=\"_ _3\"></span>ouse valu<span class=\"_ _3\"></span>ation m<span class=\"_ _3\"></span>ode<span class=\"_ _3\"></span>l. Th<span class=\"_ _3\"></span>e valuat<span class=\"_ _3\"></span>ion mod<span class=\"_ _3\"></span>el relies o<span class=\"_ _3\"></span>n a numb<span class=\"_ _3\"></span>er of unob<span class=\"_ _3\"></span>ser<span class=\"_ _3\"></span>vab<span class=\"_ _3\"></span>le inpu<span class=\"_ _3\"></span>ts, the m<span class=\"_ _3\"></span>ost sig<span class=\"_ _3\"></span>nifi<span class=\"_ _3\"></span>cant b<span class=\"_ _3\"></span>eing th<span class=\"_ _3\"></span>e assume<span class=\"_ _3\"></span>d con<span class=\"_ _3\"></span>ditio<span class=\"_ _3\"></span>nal prep<span class=\"_ _3\"></span>ayme<span class=\"_ _3\"></span>nt rate, the di<span class=\"_ _3\"></span>scount r<span class=\"_ _3\"></span>ate and the im<span class=\"_ _3\"></span>pair<span class=\"_ _3\"></span>ment rate, all of w<span class=\"_ _3\"></span>hich are ap<span class=\"_ _3\"></span>plie<span class=\"_ _3\"></span>d to the antic<span class=\"_ _3\"></span>ipated m<span class=\"_ _3\"></span>ode<span class=\"_ _3\"></span>lled c<span class=\"_ _3\"></span>ash fl<span class=\"_ _3\"></span>ows to deri<span class=\"_ _3\"></span>ve the fair v<span class=\"_ _3\"></span>alue of the u<span class=\"_ _3\"></span>nder<span class=\"_ _3\"></span>lying a<span class=\"_ _3\"></span>sset.<span class=\"_ _421\"> </span>Th<span class=\"_ _3\"></span>e assume<span class=\"_ _3\"></span>d Co<span class=\"_ _3\"></span>nditi<span class=\"_ _3\"></span>onal P<span class=\"_ _3\"></span>repay<span class=\"_ _3\"></span>ment Rate (<span class=\"_ _3\"></span>CPR<span class=\"_ _3\"></span>) is used to c<span class=\"_ _3\"></span>alcu<span class=\"_ _3\"></span>late the pro<span class=\"_ _3\"></span>jecte<span class=\"_ _3\"></span>d prepay<span class=\"_ _3\"></span>ment c<span class=\"_ _3\"></span>ash flow p<span class=\"_ _3\"></span>er ind<span class=\"_ _3\"></span>ivid<span class=\"_ _3\"></span>ual lo<span class=\"_ _3\"></span>an and refl<span class=\"_ _3\"></span>ec<span class=\"_ _3\"></span>ts the anti<span class=\"_ _3\"></span>cipa<span class=\"_ _3\"></span>ted earl<span class=\"_ _3\"></span>y repay<span class=\"_ _3\"></span>ment of mo<span class=\"_ _3\"></span>rtg<span class=\"_ _3\"></span>age b<span class=\"_ _3\"></span>alan<span class=\"_ _3\"></span>ces. T<span class=\"_ _3\"></span>he CP<span class=\"_ _3\"></span>R is ba<span class=\"_ _3\"></span>sed on four v<span class=\"_ _3\"></span>aria<span class=\"_ _3\"></span>bles: <span class=\"_ _13c\"> </span>\u2013 <span class=\"_ _3\"></span>Contract age \u2013 T<span class=\"_ _2\"></span>he CPR for ne<span class=\"_ _2\"></span>wly originated mortgage loans will initially be lo<span class=\"_ _2\"></span>w<span class=\"_ _a\"></span>, after which it increases for a couple of <span class=\"_ _0\"></span>years to its maximum e<span class=\"_ _2\"></span>xpected value, and subsequently diminishes o<span class=\"_ _2\"></span>ver time. <span class=\"_ _13c\"> </span>\u2013 <span class=\"_ _3\"></span>Interest rate diff<span class=\"_ _2\"></span>erential \u2013 <span class=\"_ _2\"></span>The diff<span class=\"_ _2\"></span>erence between the contractual rates and cur<span class=\"_ _2\"></span>rent interest rates are positively correlated with prepa<span class=\"_ _2\"></span>yments. <span class=\"_ _0\"></span>When contractual rates are higher than interest rates of ne<span class=\"_ _2\"></span>wly originated mortgages, w<span class=\"_ _2\"></span>e observe more prepa<span class=\"_ _2\"></span>yments and the vice versa. <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>Pre<span class=\"_ _2\"></span>vious partial repayments \u2013 <span class=\"_ _a\"></span>Borro<span class=\"_ _2\"></span>wers who made a partial prepayment in the past, are more lik<span class=\"_ _2\"></span>ely to do so in the future.  <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>Burnout <span class=\"_ _2\"></span>effect \u2013 <span class=\"_ _a\"></span>Borro<span class=\"_ _2\"></span>wers who ha<span class=\"_ _2\"></span>ve not made a prepayment in the past, while their <span class=\"_ _2\"></span>option to prepay w<span class=\"_ _2\"></span>as in the money<span class=\"_ _a\"></span>, are less likely to prepa<span class=\"_ _2\"></span>y in the future. The projected prepa<span class=\"_ _2\"></span>yment cash flows per loan are then combined to deriv<span class=\"_ _2\"></span>e an average <span class=\"_ _2\"></span>expected lif<span class=\"_ _a\"></span>etime CPR, which is then applied to the outstanding balance of the fund. <span class=\"_ _0\"></span>The CPR used in the valuation of the fund as at 3<span class=\"_ _a\"></span>1 December 2023 was 3.2% (3<span class=\"_ _a\"></span>1 December 2022: 4.9%).<span class=\"_ _421\"> </span>The <span class=\"_ _2\"></span>expected projected cash flo<span class=\"_ _2\"></span>ws for each mortgage within the loan portf<span class=\"_ _2\"></span>olio are discounted using rates that are derived using a matrix in<span class=\"_ _2\"></span>volving the follo<span class=\"_ _2\"></span>wing three parameters: <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>The remaining fix<span class=\"_ _2\"></span>ed rate term of the mortgage <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>Index<span class=\"_ _2\"></span>ed Loan to <span class=\"_ _0\"></span>Value (L<span class=\"_ _0\"></span>TV) of <span class=\"_ _2\"></span>each mortgage <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>Current (A<span class=\"_ _a\"></span>egon) mortgage rates<span class=\"_ _421\"> </span>At 3<span class=\"_ _2\"></span>1 December 2023 this resulted in discounting the cash flows in <span class=\"_ _2\"></span>each mortgage using a range from 4.67% to 4.68% (3<span class=\"_ _2\"></span>1 December 2022: 4.29% to 4.92%)<span class=\"_ _421\"> </span>.<span class=\"_ _421\"> </span>202<span class=\"_ _74\"> </span><span class=\"ff67 ls3\">CHESN<span class=\"_ _3\"></span>AR<span class=\"_ _3\"></span>A ANNUAL R<span class=\"_ _3\"></span>EPORT A<span class=\"_ _3\"></span>ND ACCO<span class=\"_ _3\"></span>UNT<span class=\"_ _3\"></span>S 20<span class=\"_ _2\"></span>23<span class=\"_ _421\"> </span></span>An impairment percentage is applied to those loan cash flows which are in arrears, to reflect the chance <span class=\"_ _2\"></span>of the loan actually going into default. F<span class=\"_ _a\"></span>or those loans which are 1, 2 or 3 months in arrears, an impairment percentage is applied to reflect the chance <span class=\"_ _2\"></span>of default. <span class=\"_ _7\"></span>This percentage ranges from 0.60% for 1 month in arrears to 1<span class=\"_ _a\"></span>3.70% for loans which are 3 months in arrears (3<span class=\"_ _a\"></span>1 December 2022: 0.60% for 1 month in arrears to 1<span class=\"_ _a\"></span>3.<span class=\"_ _a\"></span>70% for loans which are 3 months in arrears). Loans which are in def<span class=\"_ _2\"></span>ault receive a 1<span class=\"_ _a\"></span>0<span class=\"_ _3\"></span>0% reduction in value.<span class=\"_ _421\"> </span>The v<span class=\"_ _2\"></span>alue of the fund has the potential to decrease or increase <span class=\"_ _2\"></span>ov<span class=\"_ _2\"></span>er time. <span class=\"_ _0\"></span>This can be as a consequence <span class=\"_ _2\"></span>of a periodic reassessment of the conditional prepayment rate and/or the discount rate used in the valuation model.<span class=\"_ _421\"> </span>A 1 percent increase in the CPR would reduce the v<span class=\"_ _2\"></span>alue of the asset by \u00a31<span class=\"_ _7\"></span>.9m (31 December 2022: \u00a31<span class=\"_ _0\"></span>.7m).<span class=\"_ _421\"> </span>A 1 percent decrease in the CPR would increase the v<span class=\"_ _2\"></span>alue of the asset by \u00a32.<span class=\"_ _0\"></span>1m (31 December 2022: \u00a32.<span class=\"_ _0\"></span>1m).<span class=\"_ _421\"> </span>A 1 percent increase in the discount rate would reduce the v<span class=\"_ _2\"></span>alue of the asset by \u00a31<span class=\"_ _7\"></span>1<span class=\"_ _0\"></span>.4m (31 December 2022: \u00a3<span class=\"_ _2\"></span>9.6m).<span class=\"_ _421\"> </span>A 1 percent decrease in the discount rate would increase the v<span class=\"_ _2\"></span>alue of the asset by \u00a31<span class=\"_ _a\"></span>3.3m (3<span class=\"_ _2\"></span>1 December 2022: \u00a31<span class=\"_ _0\"></span>1<span class=\"_ _a\"></span>.<span class=\"_ _a\"></span>1m).<span class=\"_ _421\"> </span>Reconciliation of Level 3 f<span class=\"_ _a\"></span>air value measur<span class=\"_ _2\"></span>ements of financial instr<span class=\"_ _2\"></span>uments<span class=\"_ _421\"> </span>Level 3 mo<span class=\"_ _2\"></span>vement<span class=\"_ _421\"> </span>31 December <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14b\"> </span>20<span class=\"_ _2\"></span>23  <span class=\"_ _14b\"> </span>2022 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>At <span class=\"_ _4\"></span>sta<span class=\"_ _3\"></span>rt <span class=\"_ _4\"></span>of <span class=\"_ _4\"></span>pe<span class=\"_ _3\"></span>riod <span class=\"_ _1bb\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _119\"> </span>27<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>.8  <span class=\"_ _e7\"> </span>19<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>2<span class=\"_ _421\"> </span>Additions <span class=\"_ _3\"></span>\u2013 <span class=\"_ _3\"></span>acquisition <span class=\"_ _3\"></span>of <span class=\"_ _4\"></span>subsidiary <span class=\"_ _1bd\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _44\"> </span>103.0<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>otal gains and losses recognised in the income stat<span class=\"_ _2\"></span>ement <span class=\"_ _3\"></span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _20a\"> </span>(8.6 <span class=\"_ _31\"></span>) <span class=\"_ _28\"> </span>(30.0 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Purchases <span class=\"_ _22c\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _114\"> </span>22.8  <span class=\"_ _12b\"> </span>14<span class=\"_ _3\"></span>.7<span class=\"_ _421\"> </span>Settlements <span class=\"_ _22d\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _11b\"> </span>(10.8 <span class=\"_ _0\"></span>) <span class=\"_ _c2\"> </span>(1<span class=\"_ _4\"></span>1.5 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Exc<span class=\"_ _2\"></span>hange <span class=\"_ _3\"></span>rate <span class=\"_ _3\"></span>adjustment <span class=\"_ _ee\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b7\"> </span>(4.2 <span class=\"_ _0\"></span>) <span class=\"_ _10f\"> </span>7<span class=\"_ _2\"></span>.4<span class=\"_ _421\"> </span>At <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>end <span class=\"_ _4\"></span>of <span class=\"_ _4\"></span>pe<span class=\"_ _3\"></span>riod <span class=\"_ _216\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _119\"> </span>27<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>.0  <span class=\"_ _119\"> </span>27<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>.8<span class=\"_ _421\"> </span>31 D<span class=\"_ _3\"></span>ece<span class=\"_ _3\"></span>mbe<span class=\"_ _3\"></span>r <span class=\"_ _22e\"> </span>Car<span class=\"_ _3\"></span>ry<span class=\"_ _3\"></span>ing am<span class=\"_ _3\"></span>ount <span class=\"_ _188\"> </span>Fair valu<span class=\"_ _3\"></span>e <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _46\"> </span>202<span class=\"_ _3\"></span>3<span class=\"_ _2\"></span>  <span class=\"_ _14b\"> </span>2022<span class=\"_ _2\"></span>  <span class=\"_ _14b\"> </span>20<span class=\"_ _2\"></span>23  <span class=\"_ _14b\"> </span>2022 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Financial liabilities<span class=\"_ _421\"> </span>Borro<span class=\"_ _2\"></span>wings <span class=\"_ _1ae\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _46\"> </span>207<span class=\"_ _a\"></span>.9  <span class=\"_ _44\"> </span>21<span class=\"_ _3\"></span>2.0  <span class=\"_ _44\"> </span>1<span class=\"_ _3\"></span>55.4  <span class=\"_ _1e1\"> </span>157<span class=\"_ _2\"></span>.0<span class=\"_ _421\"> </span>Borro<span class=\"_ _2\"></span>wings consist of the <span class=\"_ _7\"></span>Tier 2 debt and an amount due in relation to financial reinsurance. <span class=\"_ _0\"></span>The fair v<span class=\"_ _2\"></span>alue of the <span class=\"_ _0\"></span>Tier 2 debt is calculated using quoted prices in active mark<span class=\"_ _2\"></span>ets and they are classified as L<span class=\"_ _2\"></span>evel 1 in the f<span class=\"_ _2\"></span>air value hierarch<span class=\"_ _2\"></span>y<span class=\"_ _a\"></span>. <span class=\"_ _0\"></span>The amount due in relation to financial reinsurance is fair v<span class=\"_ _2\"></span>alued with ref<span class=\"_ _2\"></span>erence to market interest rates at the balance sheet date.<span class=\"_ _421\"> </span>There w<span class=\"_ _2\"></span>ere no other transf<span class=\"_ _2\"></span>ers between L<span class=\"_ _2\"></span>ev<span class=\"_ _2\"></span>els 1<span class=\"_ _0\"></span>,<span class=\"_ _2\"></span> 2 and 3 during the <span class=\"_ _a\"></span>year<span class=\"_ _a\"></span>. <span class=\"_ _0\"></span>The group holds no L<span class=\"_ _2\"></span>ev<span class=\"_ _2\"></span>el 3 liabilities as at the balance sheet date",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
    "language": "en",
    "entity": "scheme:213800VFRMBRTSZ3SJ06",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-434": {
   "value": "The directors consider that the carrying v<span class=\"_ _2\"></span>alue amounts of financial assets and financial liabilities recorded at amortised cost in the financial statements are<span class=\"_ _421\"> </span>approximately <span class=\"_ _2\"></span>equal to their fair v<span class=\"_ _2\"></span>alues.<span class=\"_ _421\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
    "language": "en",
    "entity": "scheme:213800VFRMBRTSZ3SJ06",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-449": {
   "value": " <span class=\"_ _e\"> </span>(b) <span class=\"_ _3\"></span>Financial investment f<span class=\"_ _a\"></span>air values<span class=\"_ _421\"> </span>Fair v<span class=\"_ _2\"></span>alue is the amount for which an asset <span class=\"_ _2\"></span>or liability could be ex<span class=\"_ _2\"></span>changed between willing parties in an arm\u2019<span class=\"_ _0\"></span>s length transaction. <span class=\"_ _0\"></span>The tables below sho<span class=\"_ _2\"></span>w the determination of f<span class=\"_ _2\"></span>air value according to a three-lev<span class=\"_ _2\"></span>el valuation hierarch<span class=\"_ _2\"></span>y<span class=\"_ _a\"></span>. Fair values are generally determined at prices quoted in activ<span class=\"_ _2\"></span>e markets (L<span class=\"_ _2\"></span>ev<span class=\"_ _2\"></span>el 1). Howe<span class=\"_ _2\"></span>ver<span class=\"_ _0\"></span>,<span class=\"_ _3\"></span> where such information is not a<span class=\"_ _2\"></span>vailable, the group applies valuation techniques to measure such instr<span class=\"_ _2\"></span>uments. <span class=\"_ _0\"></span>These v<span class=\"_ _2\"></span>aluation techniques make use of mark<span class=\"_ _2\"></span>et-<span class=\"_ _421\"> </span>observ<span class=\"_ _2\"></span>able data f<span class=\"_ _2\"></span>or all significant inputs where possible (Le<span class=\"_ _2\"></span>vel 2), but in some cases it ma<span class=\"_ _2\"></span>y be necessary to estimate other than mark<span class=\"_ _2\"></span>et-observable data within a valuation model f<span class=\"_ _2\"></span>or significant inputs (Le<span class=\"_ _2\"></span>vel 3).<span class=\"_ _421\"> </span>Fair va<span class=\"_ _3\"></span>lue me<span class=\"_ _3\"></span>asu<span class=\"_ _3\"></span>reme<span class=\"_ _3\"></span>nt at 31 D<span class=\"_ _3\"></span>ec<span class=\"_ _3\"></span>emb<span class=\"_ _3\"></span>er 20<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>3 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _76\"> </span>L<span class=\"_ _3\"></span>evel <span class=\"_ _4\"></span>1  <span class=\"_ _11c\"> </span>L<span class=\"_ _3\"></span>evel <span class=\"_ _4\"></span>2  <span class=\"_ _11c\"> </span>L<span class=\"_ _3\"></span>evel <span class=\"_ _4\"></span>3  <span class=\"_ _28\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Investment <span class=\"_ _3\"></span>properties <span class=\"_ _1a5\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _20a\"> </span>88.1  <span class=\"_ _12b\"> </span>88.1<span class=\"_ _421\"> </span>Financial asse<span class=\"_ _3\"></span>ts<span class=\"_ _421\"> </span>Equities <span class=\"_ _3\"></span>\u2013 <span class=\"_ _3\"></span>Listed <span class=\"_ _176\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _150\"> </span>194<span class=\"_ _3\"></span>.2  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _150\"> </span>194.2<span class=\"_ _421\"> </span>Holdings <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>collective <span class=\"_ _3\"></span>investment <span class=\"_ _3\"></span>schemes <span class=\"_ _eb\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9d\"> </span>8<span class=\"_ _3\"></span>,233.7  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _45\"> </span>142.5  <span class=\"_ _9d\"> </span>8,376.2<span class=\"_ _421\"> </span>Debt <span class=\"_ _3\"></span>securities <span class=\"_ _3\"></span>\u2013 <span class=\"_ _3\"></span>government <span class=\"_ _3\"></span>bonds <span class=\"_ _40\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _45\"> </span>716<span class=\"_ _3\"></span>.5  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _45\"> </span>71<span class=\"_ _3\"></span>6.5<span class=\"_ _421\"> </span>Debt <span class=\"_ _3\"></span>securities <span class=\"_ _3\"></span>\u2013 <span class=\"_ _3\"></span>other <span class=\"_ _4\"></span>debt <span class=\"_ _3\"></span>securities <span class=\"_ _25\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _46\"> </span>520.6  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _46\"> </span>520.<span class=\"_ _2\"></span>6<span class=\"_ _421\"> </span>Policyholders\u2019 <span class=\"_ _3\"></span>funds <span class=\"_ _3\"></span>held <span class=\"_ _3\"></span>by <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>group <span class=\"_ _16f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1c0\"> </span>1,239.4  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _5b\"> </span>42.4  <span class=\"_ _112\"> </span>1,281.8<span class=\"_ _421\"> </span>Mortgage <span class=\"_ _3\"></span>loan <span class=\"_ _3\"></span>portfolio <span class=\"_ _d6\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _e7\"> </span>366<span class=\"_ _3\"></span>.8  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _28\"> </span>366.8<span class=\"_ _421\"> </span>Derivativ<span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>financial <span class=\"_ _4\"></span>instruments <span class=\"_ _1af\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _57\"> </span>0.3  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _57\"> </span>0.3<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _33\"> </span>10<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>90<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4  <span class=\"_ _46\"> </span>3<span class=\"_ _3\"></span>67.1  <span class=\"_ _a3\"> </span>2<span class=\"_ _3\"></span>73<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>0  <span class=\"_ _5d\"> </span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5<span class=\"_ _421\"> </span>Curr<span class=\"_ _2\"></span>ent <span class=\"_ _1f4\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9d\"> </span>9,095.5<span class=\"_ _421\"> </span>Non-current <span class=\"_ _1a9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _3b\"> </span>2<span class=\"_ _3\"></span>,449.0<span class=\"_ _421\"> </span>T<span class=\"_ _a\"></span>o<span class=\"_ _3\"></span>tal <span class=\"_ _1e0\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _bf\"> </span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>54<span class=\"_ _3\"></span>4.<span class=\"_ _3\"></span>5<span class=\"_ _421\"> </span>Financial liabilities<span class=\"_ _421\"> </span>Investment contr<span class=\"_ _2\"></span>acts at fair value through profit or loss <span class=\"_ _15\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _210\"> </span>5,872<span class=\"_ _3\"></span>.3 <span class=\"_ _a\"></span> <span class=\"_ _e9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _210\"> </span>5,872.<span class=\"_ _3\"></span>3<span class=\"_ _421\"> </span>Liabilities related t<span class=\"_ _2\"></span>o policyholders\u2019 funds held by the group <span class=\"_ _4\"></span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _3f\"> </span>1,<span class=\"_ _3\"></span>281.8 <span class=\"_ _a\"></span> <span class=\"_ _e9\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _e9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _3e\"> </span>1,281.8<span class=\"_ _421\"> </span>Derivativ<span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>financial <span class=\"_ _4\"></span>instruments <span class=\"_ _1af\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _10f\"> </span>4<span class=\"_ _3\"></span>.4  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _fe\"> </span>4.4<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _210\"> </span>1<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>28<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.8  <span class=\"_ _7e\"> </span>5<span class=\"_ _3\"></span>,8<span class=\"_ _3\"></span>76<span class=\"_ _3\"></span>.7  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _14f\"> </span>7,15<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5<span class=\"_ _421\"> </span>Fair va<span class=\"_ _3\"></span>lue me<span class=\"_ _3\"></span>asu<span class=\"_ _3\"></span>reme<span class=\"_ _3\"></span>nt at 31 D<span class=\"_ _3\"></span>ec<span class=\"_ _3\"></span>emb<span class=\"_ _3\"></span>er 20<span class=\"_ _3\"></span>22 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _76\"> </span>L<span class=\"_ _3\"></span>evel <span class=\"_ _4\"></span>1  <span class=\"_ _11c\"> </span>L<span class=\"_ _3\"></span>evel <span class=\"_ _4\"></span>2  <span class=\"_ _11c\"> </span>L<span class=\"_ _3\"></span>evel <span class=\"_ _4\"></span>3  <span class=\"_ _28\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Investment <span class=\"_ _3\"></span>properties <span class=\"_ _1a5\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _56\"> </span>1.2  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _14e\"> </span>93.3  <span class=\"_ _5b\"> </span>94.5<span class=\"_ _421\"> </span>Financial asse<span class=\"_ _3\"></span>ts<span class=\"_ _421\"> </span>Equities <span class=\"_ _3\"></span>\u2013 <span class=\"_ _3\"></span>Listed <span class=\"_ _176\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _44\"> </span>160.2  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _44\"> </span>160.2<span class=\"_ _421\"> </span>Holdings <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>collective <span class=\"_ _3\"></span>investment <span class=\"_ _3\"></span>schemes <span class=\"_ _eb\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9d\"> </span>7,997<span class=\"_ _a\"></span>.8  <span class=\"_ _5b\"> </span>46.5  <span class=\"_ _150\"> </span>145.4  <span class=\"_ _48\"> </span>8,189.7<span class=\"_ _421\"> </span>Debt <span class=\"_ _3\"></span>securities <span class=\"_ _3\"></span>\u2013 <span class=\"_ _3\"></span>government <span class=\"_ _3\"></span>bonds <span class=\"_ _40\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _15c\"> </span>420.9  <span class=\"_ _114\"> </span>24.2  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _150\"> </span>445.1<span class=\"_ _421\"> </span>Debt <span class=\"_ _3\"></span>securities <span class=\"_ _3\"></span>\u2013 <span class=\"_ _3\"></span>other <span class=\"_ _4\"></span>debt <span class=\"_ _3\"></span>securities <span class=\"_ _25\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _29\"> </span>434.0  <span class=\"_ _114\"> </span>55.0  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _29\"> </span>489.0<span class=\"_ _421\"> </span>Policyholders\u2019 <span class=\"_ _3\"></span>funds <span class=\"_ _3\"></span>held <span class=\"_ _3\"></span>by <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>group <span class=\"_ _16f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1e1\"> </span>951.7  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _12e\"> </span>35.1  <span class=\"_ _15c\"> </span>986.8<span class=\"_ _421\"> </span>Mortgage <span class=\"_ _3\"></span>loan <span class=\"_ _3\"></span>portfolio <span class=\"_ _d6\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _e7\"> </span>266.0  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _e7\"> </span>266<span class=\"_ _3\"></span>.0<span class=\"_ _421\"> </span>Derivativ<span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>financial <span class=\"_ _4\"></span>instruments <span class=\"_ _1af\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _5a\"> </span>0.1  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _5a\"> </span>0.1<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _ec\"> </span>9<span class=\"_ _3\"></span>,9<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>5.<span class=\"_ _3\"></span>8  <span class=\"_ _e7\"> </span>3<span class=\"_ _3\"></span>91<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8  <span class=\"_ _a3\"> </span>2<span class=\"_ _3\"></span>73<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8  <span class=\"_ _89\"> </span>10<span class=\"_ _3\"></span>,6<span class=\"_ _3\"></span>31<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4<span class=\"_ _421\"> </span>Curr<span class=\"_ _2\"></span>ent <span class=\"_ _1f4\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _129\"> </span>5,932.9<span class=\"_ _421\"> </span>Non-current <span class=\"_ _1a9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14f\"> </span>4,698<span class=\"_ _3\"></span>.5<span class=\"_ _421\"> </span>T<span class=\"_ _a\"></span>o<span class=\"_ _3\"></span>tal <span class=\"_ _1e0\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _123\"> </span>10,<span class=\"_ _3\"></span>631<span class=\"_ _3\"></span>.4<span class=\"_ _421\"> </span>Financial liabilities<span class=\"_ _421\"> </span>Investment contr<span class=\"_ _2\"></span>acts at fair value through profit or loss <span class=\"_ _15\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _14f\"> </span>5,660<span class=\"_ _2\"></span>.8 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _14f\"> </span>5,660.8<span class=\"_ _421\"> </span>Liabilities related t<span class=\"_ _2\"></span>o policyholders\u2019 funds held by the group <span class=\"_ _4\"></span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _119\"> </span>986.8  <span class=\"_ _97\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013  <span class=\"_ _119\"> </span>986.<span class=\"_ _3\"></span>8<span class=\"_ _421\"> </span>Derivativ<span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>financial <span class=\"_ _4\"></span>instruments <span class=\"_ _1af\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _57\"> </span>3.8  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _57\"> </span>3.8<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _2a\"> </span>98<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8  <span class=\"_ _ec\"> </span>5,<span class=\"_ _3\"></span>66<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>6  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _7c\"> </span>6<span class=\"_ _3\"></span>,6<span class=\"_ _3\"></span>51<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4<span class=\"_ _421\"> </span>Inv<span class=\"_ _2\"></span>estment proper<span class=\"_ _2\"></span>ties<span class=\"_ _421\"> </span>The in<span class=\"_ _2\"></span>vestment properties are v<span class=\"_ _2\"></span>alued by e<span class=\"_ _2\"></span>xternal chartered surve<span class=\"_ _2\"></span>yors using industry standard techniques based <span class=\"_ _2\"></span>on guidance from the Roy<span class=\"_ _2\"></span>al Institute of Chartered Surve<span class=\"_ _2\"></span>yors. <span class=\"_ _0\"></span>T<span class=\"_ _2\"></span>he valuation methodology includes an assessment of general mark<span class=\"_ _2\"></span>et conditions and sector lev<span class=\"_ _2\"></span>el transactions and takes account of <span class=\"_ _2\"></span>expectations<span class=\"_ _2\"></span> <span class=\"_ _19\"></span><span class=\"ls2 ws2\"> </span>of occupancy rates, rental income and gro<span class=\"_ _2\"></span>wth. Properties undergo individual scrutin<span class=\"_ _2\"></span>y using cash flow analy<span class=\"_ _2\"></span>sis to factor in the timing of rental re<span class=\"_ _2\"></span>views, capital expenditure, lease incentiv<span class=\"_ _2\"></span>es, dilapidation and operating <span class=\"_ _2\"></span>expenses; these revie<span class=\"_ _2\"></span>ws utilise both observ<span class=\"_ _2\"></span>able and unobservable input<span class=\"_ _421\"> </span><span class=\"_ _e\"> </span>(b) <span class=\"_ _3\"></span>Financial investment f<span class=\"_ _a\"></span>air values (continued)<span class=\"_ _421\"> </span>Holdings in collective in<span class=\"_ _2\"></span>vestment sc<span class=\"_ _2\"></span>hemes<span class=\"_ _421\"> </span>Th<span class=\"_ _3\"></span>e fair valu<span class=\"_ _3\"></span>e of hold<span class=\"_ _3\"></span>ings in c<span class=\"_ _3\"></span>ollec<span class=\"_ _3\"></span>tive inves<span class=\"_ _3\"></span>tment sc<span class=\"_ _3\"></span>hemes c<span class=\"_ _3\"></span>lassi<span class=\"_ _3\"></span>fie<span class=\"_ _3\"></span>d as Level 2 are rel<span class=\"_ _3\"></span>ated to the UK s<span class=\"_ _3\"></span>egme<span class=\"_ _3\"></span>nt and Sc<span class=\"_ _3\"></span>ildo<span class=\"_ _3\"></span>n. Th<span class=\"_ _3\"></span>ese do not m<span class=\"_ _3\"></span>eet the c<span class=\"_ _3\"></span>lassi<span class=\"_ _3\"></span>fic<span class=\"_ _3\"></span>atio<span class=\"_ _3\"></span>n as Level 1<span class=\"_ _0\"></span>, a<span class=\"_ _3\"></span>s their fai<span class=\"_ _3\"></span>r value is d<span class=\"_ _3\"></span>etermine<span class=\"_ _3\"></span>d using va<span class=\"_ _3\"></span>luatio<span class=\"_ _3\"></span>n techniq<span class=\"_ _3\"></span>ues wi<span class=\"_ _3\"></span>th obse<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>vabl<span class=\"_ _3\"></span>e market inpu<span class=\"_ _3\"></span>ts. T<span class=\"_ _3\"></span>he hol<span class=\"_ _3\"></span>dings c<span class=\"_ _3\"></span>lass<span class=\"_ _3\"></span>ifie<span class=\"_ _3\"></span>d as Level 3 \u00a3<span class=\"_ _3\"></span>1<span class=\"_ _2\"></span>42.<span class=\"_ _3\"></span>5m (<span class=\"_ _3\"></span>Dec 2<span class=\"_ _3\"></span>022: \u00a31<span class=\"_ _2\"></span>4<span class=\"_ _3\"></span>5.<span class=\"_ _3\"></span>4m) als<span class=\"_ _3\"></span>o relate to Sc<span class=\"_ _3\"></span>ildo<span class=\"_ _3\"></span>n, and rep<span class=\"_ _3\"></span>resent investm<span class=\"_ _3\"></span>ents hel<span class=\"_ _3\"></span>d in a mor<span class=\"_ _3\"></span>tga<span class=\"_ _3\"></span>ge fun<span class=\"_ _3\"></span>d. Th<span class=\"_ _3\"></span>ese are cl<span class=\"_ _3\"></span>assi<span class=\"_ _3\"></span>fied a<span class=\"_ _3\"></span>s Level 3 as the f<span class=\"_ _3\"></span>air value is d<span class=\"_ _3\"></span>eri<span class=\"_ _3\"></span>ved from val<span class=\"_ _3\"></span>uatio<span class=\"_ _3\"></span>n techni<span class=\"_ _3\"></span>ques th<span class=\"_ _3\"></span>at inclu<span class=\"_ _3\"></span>de inp<span class=\"_ _3\"></span>uts tha<span class=\"_ _3\"></span>t are not bas<span class=\"_ _3\"></span>ed on ob<span class=\"_ _3\"></span>ser<span class=\"_ _3\"></span>vab<span class=\"_ _3\"></span>le mar<span class=\"_ _3\"></span>ket data. P<span class=\"_ _2\"></span>olicyholder funds held by the gr<span class=\"_ _2\"></span>oup<span class=\"_ _421\"> </span>Th<span class=\"_ _3\"></span>ere is also a sm<span class=\"_ _3\"></span>all hol<span class=\"_ _3\"></span>ding of as<span class=\"_ _3\"></span>sets cl<span class=\"_ _3\"></span>assi<span class=\"_ _3\"></span>fied a<span class=\"_ _3\"></span>s Level 3 \u00a342.<span class=\"_ _3\"></span>4m (<span class=\"_ _3\"></span>Dec 2<span class=\"_ _3\"></span>022: \u00a3<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>.<span class=\"_ _0\"></span>1m) from our M<span class=\"_ _3\"></span>ovestic o<span class=\"_ _3\"></span>perat<span class=\"_ _3\"></span>ion whi<span class=\"_ _3\"></span>ch are unlis<span class=\"_ _3\"></span>ted. T<span class=\"_ _3\"></span>he valu<span class=\"_ _3\"></span>ation of th<span class=\"_ _3\"></span>e vast m<span class=\"_ _3\"></span>ajori<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y of these as<span class=\"_ _3\"></span>sets is ba<span class=\"_ _3\"></span>sed on u<span class=\"_ _3\"></span>nobse<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>vable p<span class=\"_ _3\"></span>rice<span class=\"_ _3\"></span>s from tra<span class=\"_ _3\"></span>ding on t<span class=\"_ _3\"></span>he over-th<span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>unter market.<span class=\"_ _421\"> </span>Debt secur<span class=\"_ _2\"></span>ities<span class=\"_ _421\"> </span>Th<span class=\"_ _3\"></span>e debt se<span class=\"_ _3\"></span>curit<span class=\"_ _3\"></span>ies cl<span class=\"_ _3\"></span>assi<span class=\"_ _3\"></span>fied as L<span class=\"_ _3\"></span>evel 2 at 2022 an<span class=\"_ _3\"></span>d 2023 are tr<span class=\"_ _3\"></span>aded i<span class=\"_ _3\"></span>n acti<span class=\"_ _3\"></span>ve markets wi<span class=\"_ _3\"></span>th less d<span class=\"_ _3\"></span>epth or w<span class=\"_ _3\"></span>ide<span class=\"_ _3\"></span>r bid<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>ask s<span class=\"_ _3\"></span>pread<span class=\"_ _3\"></span>s. Thi<span class=\"_ _3\"></span>s does n<span class=\"_ _3\"></span>ot meet the cla<span class=\"_ _3\"></span>ssifi<span class=\"_ _3\"></span>ca<span class=\"_ _3\"></span>tion as L<span class=\"_ _3\"></span>evel 1 input<span class=\"_ _3\"></span>s. Th<span class=\"_ _3\"></span>e fair valu<span class=\"_ _3\"></span>es of debt s<span class=\"_ _3\"></span>ecuri<span class=\"_ _3\"></span>ties not tr<span class=\"_ _3\"></span>ade<span class=\"_ _3\"></span>d in acti<span class=\"_ _3\"></span>ve markets are d<span class=\"_ _3\"></span>etermine<span class=\"_ _3\"></span>d using b<span class=\"_ _3\"></span>roker quotes or va<span class=\"_ _3\"></span>luatio<span class=\"_ _3\"></span>n techniq<span class=\"_ _3\"></span>ues wi<span class=\"_ _3\"></span>th obs<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vabl<span class=\"_ _3\"></span>e market inpu<span class=\"_ _3\"></span>ts. Fin<span class=\"_ _3\"></span>anci<span class=\"_ _3\"></span>al instr<span class=\"_ _3\"></span>uments v<span class=\"_ _3\"></span>alued u<span class=\"_ _3\"></span>sing broker qu<span class=\"_ _3\"></span>otes are cla<span class=\"_ _3\"></span>ssifi<span class=\"_ _3\"></span>ed at L<span class=\"_ _3\"></span>evel 2, onl<span class=\"_ _3\"></span>y where the<span class=\"_ _3\"></span>re is a suffi<span class=\"_ _3\"></span>cient ra<span class=\"_ _3\"></span>nge of ava<span class=\"_ _3\"></span>ilabl<span class=\"_ _3\"></span>e quotes. Th<span class=\"_ _3\"></span>ese asset<span class=\"_ _3\"></span>s were value<span class=\"_ _3\"></span>d using c<span class=\"_ _3\"></span>ounter<span class=\"_ _3\"></span>par<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y or broker qu<span class=\"_ _3\"></span>otes and were pe<span class=\"_ _3\"></span>rio<span class=\"_ _3\"></span>dic<span class=\"_ _3\"></span>ally val<span class=\"_ _3\"></span>idated a<span class=\"_ _3\"></span>gains<span class=\"_ _3\"></span>t third<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>ty m<span class=\"_ _3\"></span>ode<span class=\"_ _3\"></span>ls.<span class=\"_ _421\"> </span>Der<span class=\"_ _2\"></span>iv<span class=\"_ _2\"></span>ative financial instr<span class=\"_ _2\"></span>uments<span class=\"_ _421\"> </span>Th<span class=\"_ _3\"></span>e deri<span class=\"_ _3\"></span>vatives fi<span class=\"_ _3\"></span>nan<span class=\"_ _3\"></span>cial ins<span class=\"_ _3\"></span>trume<span class=\"_ _3\"></span>nts incl<span class=\"_ _3\"></span>ude a foreig<span class=\"_ _3\"></span>n curren<span class=\"_ _3\"></span>cy he<span class=\"_ _3\"></span>dge rel<span class=\"_ _3\"></span>ated to the grou<span class=\"_ _3\"></span>p. Th<span class=\"_ _3\"></span>is was de<span class=\"_ _3\"></span>emed to ma<span class=\"_ _3\"></span>nage t<span class=\"_ _3\"></span>he expo<span class=\"_ _3\"></span>sure to foreign exchan<span class=\"_ _3\"></span>ge moveme<span class=\"_ _3\"></span>nts bet<span class=\"_ _3\"></span>ween ste<span class=\"_ _3\"></span>rling an<span class=\"_ _3\"></span>d both th<span class=\"_ _3\"></span>e euro and Swe<span class=\"_ _3\"></span>dish kro<span class=\"_ _3\"></span>na. An u<span class=\"_ _3\"></span>nca<span class=\"_ _3\"></span>ppe<span class=\"_ _3\"></span>d coll<span class=\"_ _3\"></span>ar whic<span class=\"_ _3\"></span>h cons<span class=\"_ _3\"></span>ists of t<span class=\"_ _3\"></span>wo hed<span class=\"_ _3\"></span>ges:  <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>one hedge to protect against the do<span class=\"_ _2\"></span>wnside (sterling strengthening) (starting at strike <span class=\"_ _2\"></span>A), and one to remov<span class=\"_ _2\"></span>e the upside (weak<span class=\"_ _2\"></span>ening) (strike B); with the strik<span class=\"_ _2\"></span>es of these coordinated to result in no upfront premium.  <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>the 2nd hedge (strike B) creates an uncapped liquidity requirement when it bites.<span class=\"_ _421\"> </span>Th<span class=\"_ _3\"></span>e cap<span class=\"_ _3\"></span>ped c<span class=\"_ _3\"></span>olla<span class=\"_ _3\"></span>r come<span class=\"_ _3\"></span>s with an a<span class=\"_ _3\"></span>ddit<span class=\"_ _3\"></span>ional l<span class=\"_ _3\"></span>eg whi<span class=\"_ _3\"></span>ch creates v<span class=\"_ _3\"></span>alue and l<span class=\"_ _3\"></span>iquid<span class=\"_ _3\"></span>it<span class=\"_ _3\"></span>y when excha<span class=\"_ _3\"></span>nge rate<span class=\"_ _3\"></span>s move beyon<span class=\"_ _3\"></span>d a cer<span class=\"_ _3\"></span>tai<span class=\"_ _3\"></span>n point (st<span class=\"_ _3\"></span>rike C).<span class=\"_ _421\"> </span>W<span class=\"_ _3\"></span>ithin de<span class=\"_ _3\"></span>rivat<span class=\"_ _3\"></span>ive fina<span class=\"_ _3\"></span>ncial i<span class=\"_ _3\"></span>nstru<span class=\"_ _3\"></span>ments is a fi<span class=\"_ _3\"></span>nanc<span class=\"_ _3\"></span>ial reinsur<span class=\"_ _3\"></span>ance e<span class=\"_ _3\"></span>mbed<span class=\"_ _3\"></span>ded d<span class=\"_ _3\"></span>eriv<span class=\"_ _3\"></span>ative rel<span class=\"_ _3\"></span>ated to our M<span class=\"_ _3\"></span>ovestic o<span class=\"_ _3\"></span>perat<span class=\"_ _3\"></span>ion. T<span class=\"_ _3\"></span>he grou<span class=\"_ _3\"></span>p has entered i<span class=\"_ _3\"></span>nto a reinsuranc<span class=\"_ _3\"></span>e cont<span class=\"_ _3\"></span>ract w<span class=\"_ _3\"></span>ith a third p<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y that ha<span class=\"_ _3\"></span>s a sect<span class=\"_ _3\"></span>ion tha<span class=\"_ _3\"></span>t is deem<span class=\"_ _3\"></span>ed to trans<span class=\"_ _3\"></span>fer signi<span class=\"_ _3\"></span>fic<span class=\"_ _3\"></span>ant insur<span class=\"_ _3\"></span>ance ri<span class=\"_ _3\"></span>sk and a sec<span class=\"_ _3\"></span>tion t<span class=\"_ _3\"></span>hat is de<span class=\"_ _3\"></span>emed n<span class=\"_ _3\"></span>ot to transfer si<span class=\"_ _3\"></span>gnifi<span class=\"_ _3\"></span>ca<span class=\"_ _3\"></span>nt insura<span class=\"_ _3\"></span>nce ri<span class=\"_ _3\"></span>sk. T<span class=\"_ _3\"></span>he elem<span class=\"_ _3\"></span>ent of the co<span class=\"_ _3\"></span>ntrac<span class=\"_ _3\"></span>t that do<span class=\"_ _3\"></span>es not tr<span class=\"_ _3\"></span>ansfer sig<span class=\"_ _3\"></span>nifi<span class=\"_ _3\"></span>cant insu<span class=\"_ _3\"></span>ranc<span class=\"_ _3\"></span>e risk has t<span class=\"_ _3\"></span>wo c<span class=\"_ _3\"></span>ompo<span class=\"_ _3\"></span>nents an<span class=\"_ _3\"></span>d has be<span class=\"_ _3\"></span>en acc<span class=\"_ _3\"></span>ounted for a<span class=\"_ _3\"></span>s a finan<span class=\"_ _3\"></span>cial liab<span class=\"_ _3\"></span>ilit<span class=\"_ _3\"></span>y at amo<span class=\"_ _3\"></span>rt<span class=\"_ _3\"></span>ised c<span class=\"_ _3\"></span>ost and an e<span class=\"_ _3\"></span>mbe<span class=\"_ _3\"></span>dde<span class=\"_ _3\"></span>d deri<span class=\"_ _3\"></span>vative as<span class=\"_ _3\"></span>set at fair va<span class=\"_ _3\"></span>lue.<span class=\"_ _421\"> </span>Th<span class=\"_ _3\"></span>e embe<span class=\"_ _3\"></span>dde<span class=\"_ _3\"></span>d deri<span class=\"_ _3\"></span>vative re<span class=\"_ _3\"></span>presents a<span class=\"_ _3\"></span>n optio<span class=\"_ _3\"></span>n to repay the a<span class=\"_ _3\"></span>mounts d<span class=\"_ _3\"></span>ue und<span class=\"_ _3\"></span>er the co<span class=\"_ _3\"></span>ntrac<span class=\"_ _3\"></span>t earl<span class=\"_ _3\"></span>y at a disc<span class=\"_ _3\"></span>ount to the am<span class=\"_ _3\"></span>or<span class=\"_ _3\"></span>tise<span class=\"_ _3\"></span>d cost<span class=\"_ _3\"></span>, with i<span class=\"_ _3\"></span>ts fair va<span class=\"_ _3\"></span>lue bein<span class=\"_ _3\"></span>g determ<span class=\"_ _3\"></span>ined by referenc<span class=\"_ _3\"></span>e to market interest r<span class=\"_ _3\"></span>ate at the bal<span class=\"_ _3\"></span>ance s<span class=\"_ _3\"></span>heet date. I<span class=\"_ _3\"></span>t is, acc<span class=\"_ _3\"></span>ordin<span class=\"_ _3\"></span>gly, determine<span class=\"_ _3\"></span>d at Level 2 in th<span class=\"_ _3\"></span>e three<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>level f<span class=\"_ _3\"></span>air value d<span class=\"_ _3\"></span>etermin<span class=\"_ _3\"></span>ation hiera<span class=\"_ _3\"></span>rchy set out a<span class=\"_ _3\"></span>bove. Fur<span class=\"_ _3\"></span>the<span class=\"_ _3\"></span>r detai<span class=\"_ _3\"></span>l can b<span class=\"_ _3\"></span>e found in N<span class=\"_ _3\"></span>ote E5.<span class=\"_ _421\"> </span>Inv<span class=\"_ _2\"></span>estment contract liabilities<span class=\"_ _421\"> </span>Th<span class=\"_ _3\"></span>e investment c<span class=\"_ _3\"></span>ontra<span class=\"_ _3\"></span>ct lia<span class=\"_ _3\"></span>bilitie<span class=\"_ _3\"></span>s in Level 2 of the v<span class=\"_ _3\"></span>aluati<span class=\"_ _3\"></span>on hier<span class=\"_ _3\"></span>archy represe<span class=\"_ _3\"></span>nt the fair v<span class=\"_ _3\"></span>alue of linked an<span class=\"_ _3\"></span>d non<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>linked li<span class=\"_ _3\"></span>abilit<span class=\"_ _3\"></span>ies valu<span class=\"_ _3\"></span>ed using e<span class=\"_ _3\"></span>sta<span class=\"_ _3\"></span>blishe<span class=\"_ _3\"></span>d actu<span class=\"_ _3\"></span>arial<span class=\"_ _3\"></span> techni<span class=\"_ _3\"></span>ques ut<span class=\"_ _3\"></span>ilising m<span class=\"_ _3\"></span>arket obse<span class=\"_ _3\"></span>rv<span class=\"_ _3\"></span>able d<span class=\"_ _3\"></span>ata for a<span class=\"_ _3\"></span>ll signi<span class=\"_ _3\"></span>fic<span class=\"_ _3\"></span>ant inpu<span class=\"_ _3\"></span>ts, suc<span class=\"_ _3\"></span>h as investm<span class=\"_ _3\"></span>ent yiel<span class=\"_ _3\"></span>ds.<span class=\"_ _421\"> </span>Significant unobserv<span class=\"_ _2\"></span>able inputs in Level 3 instr<span class=\"_ _a\"></span>uments valuations<span class=\"_ _421\"> </span>Th<span class=\"_ _3\"></span>e Level 3 inst<span class=\"_ _3\"></span>rument<span class=\"_ _3\"></span>s held in th<span class=\"_ _3\"></span>e group a<span class=\"_ _3\"></span>re in relatio<span class=\"_ _3\"></span>n to investment<span class=\"_ _3\"></span>s held in an A<span class=\"_ _3\"></span>ego<span class=\"_ _3\"></span>n mana<span class=\"_ _3\"></span>ged D<span class=\"_ _3\"></span>utch Mo<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>tgage F<span class=\"_ _3\"></span>und that c<span class=\"_ _3\"></span>onta<span class=\"_ _3\"></span>ins mor<span class=\"_ _3\"></span>tga<span class=\"_ _3\"></span>ge<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>b<span class=\"_ _3\"></span>acked as<span class=\"_ _3\"></span>sets in the N<span class=\"_ _3\"></span>etherl<span class=\"_ _3\"></span>ands<span class=\"_ _3\"></span>. The f<span class=\"_ _3\"></span>air value of t<span class=\"_ _3\"></span>he mor<span class=\"_ _3\"></span>tga<span class=\"_ _3\"></span>ge fun<span class=\"_ _3\"></span>d is determin<span class=\"_ _3\"></span>ed by the f<span class=\"_ _3\"></span>und man<span class=\"_ _3\"></span>ager o<span class=\"_ _3\"></span>n a monthl<span class=\"_ _3\"></span>y basis u<span class=\"_ _3\"></span>sing an in<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>h<span class=\"_ _3\"></span>ouse valu<span class=\"_ _3\"></span>ation m<span class=\"_ _3\"></span>ode<span class=\"_ _3\"></span>l. Th<span class=\"_ _3\"></span>e valuat<span class=\"_ _3\"></span>ion mod<span class=\"_ _3\"></span>el relies o<span class=\"_ _3\"></span>n a numb<span class=\"_ _3\"></span>er of unob<span class=\"_ _3\"></span>ser<span class=\"_ _3\"></span>vab<span class=\"_ _3\"></span>le inpu<span class=\"_ _3\"></span>ts, the m<span class=\"_ _3\"></span>ost sig<span class=\"_ _3\"></span>nifi<span class=\"_ _3\"></span>cant b<span class=\"_ _3\"></span>eing th<span class=\"_ _3\"></span>e assume<span class=\"_ _3\"></span>d con<span class=\"_ _3\"></span>ditio<span class=\"_ _3\"></span>nal prep<span class=\"_ _3\"></span>ayme<span class=\"_ _3\"></span>nt rate, the di<span class=\"_ _3\"></span>scount r<span class=\"_ _3\"></span>ate and the im<span class=\"_ _3\"></span>pair<span class=\"_ _3\"></span>ment rate, all of w<span class=\"_ _3\"></span>hich are ap<span class=\"_ _3\"></span>plie<span class=\"_ _3\"></span>d to the antic<span class=\"_ _3\"></span>ipated m<span class=\"_ _3\"></span>ode<span class=\"_ _3\"></span>lled c<span class=\"_ _3\"></span>ash fl<span class=\"_ _3\"></span>ows to deri<span class=\"_ _3\"></span>ve the fair v<span class=\"_ _3\"></span>alue of the u<span class=\"_ _3\"></span>nder<span class=\"_ _3\"></span>lying a<span class=\"_ _3\"></span>sset.<span class=\"_ _421\"> </span>Th<span class=\"_ _3\"></span>e assume<span class=\"_ _3\"></span>d Co<span class=\"_ _3\"></span>nditi<span class=\"_ _3\"></span>onal P<span class=\"_ _3\"></span>repay<span class=\"_ _3\"></span>ment Rate (<span class=\"_ _3\"></span>CPR<span class=\"_ _3\"></span>) is used to c<span class=\"_ _3\"></span>alcu<span class=\"_ _3\"></span>late the pro<span class=\"_ _3\"></span>jecte<span class=\"_ _3\"></span>d prepay<span class=\"_ _3\"></span>ment c<span class=\"_ _3\"></span>ash flow p<span class=\"_ _3\"></span>er ind<span class=\"_ _3\"></span>ivid<span class=\"_ _3\"></span>ual lo<span class=\"_ _3\"></span>an and refl<span class=\"_ _3\"></span>ec<span class=\"_ _3\"></span>ts the anti<span class=\"_ _3\"></span>cipa<span class=\"_ _3\"></span>ted earl<span class=\"_ _3\"></span>y repay<span class=\"_ _3\"></span>ment of mo<span class=\"_ _3\"></span>rtg<span class=\"_ _3\"></span>age b<span class=\"_ _3\"></span>alan<span class=\"_ _3\"></span>ces. T<span class=\"_ _3\"></span>he CP<span class=\"_ _3\"></span>R is ba<span class=\"_ _3\"></span>sed on four v<span class=\"_ _3\"></span>aria<span class=\"_ _3\"></span>bles: <span class=\"_ _13c\"> </span>\u2013 <span class=\"_ _3\"></span>Contract age \u2013 T<span class=\"_ _2\"></span>he CPR for ne<span class=\"_ _2\"></span>wly originated mortgage loans will initially be lo<span class=\"_ _2\"></span>w<span class=\"_ _a\"></span>, after which it increases for a couple of <span class=\"_ _0\"></span>years to its maximum e<span class=\"_ _2\"></span>xpected value, and subsequently diminishes o<span class=\"_ _2\"></span>ver time. <span class=\"_ _13c\"> </span>\u2013 <span class=\"_ _3\"></span>Interest rate diff<span class=\"_ _2\"></span>erential \u2013 <span class=\"_ _2\"></span>The diff<span class=\"_ _2\"></span>erence between the contractual rates and cur<span class=\"_ _2\"></span>rent interest rates are positively correlated with prepa<span class=\"_ _2\"></span>yments. <span class=\"_ _0\"></span>When contractual rates are higher than interest rates of ne<span class=\"_ _2\"></span>wly originated mortgages, w<span class=\"_ _2\"></span>e observe more prepa<span class=\"_ _2\"></span>yments and the vice versa. <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>Pre<span class=\"_ _2\"></span>vious partial repayments \u2013 <span class=\"_ _a\"></span>Borro<span class=\"_ _2\"></span>wers who made a partial prepayment in the past, are more lik<span class=\"_ _2\"></span>ely to do so in the future.  <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>Burnout <span class=\"_ _2\"></span>effect \u2013 <span class=\"_ _a\"></span>Borro<span class=\"_ _2\"></span>wers who ha<span class=\"_ _2\"></span>ve not made a prepayment in the past, while their <span class=\"_ _2\"></span>option to prepay w<span class=\"_ _2\"></span>as in the money<span class=\"_ _a\"></span>, are less likely to prepa<span class=\"_ _2\"></span>y in the future. The projected prepa<span class=\"_ _2\"></span>yment cash flows per loan are then combined to deriv<span class=\"_ _2\"></span>e an average <span class=\"_ _2\"></span>expected lif<span class=\"_ _a\"></span>etime CPR, which is then applied to the outstanding balance of the fund. <span class=\"_ _0\"></span>The CPR used in the valuation of the fund as at 3<span class=\"_ _a\"></span>1 December 2023 was 3.2% (3<span class=\"_ _a\"></span>1 December 2022: 4.9%).<span class=\"_ _421\"> </span>The <span class=\"_ _2\"></span>expected projected cash flo<span class=\"_ _2\"></span>ws for each mortgage within the loan portf<span class=\"_ _2\"></span>olio are discounted using rates that are derived using a matrix in<span class=\"_ _2\"></span>volving the follo<span class=\"_ _2\"></span>wing three parameters: <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>The remaining fix<span class=\"_ _2\"></span>ed rate term of the mortgage <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>Index<span class=\"_ _2\"></span>ed Loan to <span class=\"_ _0\"></span>Value (L<span class=\"_ _0\"></span>TV) of <span class=\"_ _2\"></span>each mortgage <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>Current (A<span class=\"_ _a\"></span>egon) mortgage rates<span class=\"_ _421\"> </span>At 3<span class=\"_ _2\"></span>1 December 2023 this resulted in discounting the cash flows in <span class=\"_ _2\"></span>each mortgage using a range from 4.67% to 4.68% (3<span class=\"_ _2\"></span>1 December 2022: 4.29% to 4.92%)<span class=\"_ _421\"> </span>An impairment percentage is applied to those loan cash flows which are in arrears, to reflect the chance <span class=\"_ _2\"></span>of the loan actually going into default. F<span class=\"_ _a\"></span>or those loans which are 1, 2 or 3 months in arrears, an impairment percentage is applied to reflect the chance <span class=\"_ _2\"></span>of default. <span class=\"_ _7\"></span>This percentage ranges from 0.60% for 1 month in arrears to 1<span class=\"_ _a\"></span>3.70% for loans which are 3 months in arrears (3<span class=\"_ _a\"></span>1 December 2022: 0.60% for 1 month in arrears to 1<span class=\"_ _a\"></span>3.<span class=\"_ _a\"></span>70% for loans which are 3 months in arrears). Loans which are in def<span class=\"_ _2\"></span>ault receive a 1<span class=\"_ _a\"></span>0<span class=\"_ _3\"></span>0% reduction in value.<span class=\"_ _421\"> </span>The v<span class=\"_ _2\"></span>alue of the fund has the potential to decrease or increase <span class=\"_ _2\"></span>ov<span class=\"_ _2\"></span>er time. <span class=\"_ _0\"></span>This can be as a consequence <span class=\"_ _2\"></span>of a periodic reassessment of the conditional prepayment rate and/or the discount rate used in the valuation model.<span class=\"_ _421\"> </span>A 1 percent increase in the CPR would reduce the v<span class=\"_ _2\"></span>alue of the asset by \u00a31<span class=\"_ _7\"></span>.9m (31 December 2022: \u00a31<span class=\"_ _0\"></span>.7m).<span class=\"_ _421\"> </span>A 1 percent decrease in the CPR would increase the v<span class=\"_ _2\"></span>alue of the asset by \u00a32.<span class=\"_ _0\"></span>1m (31 December 2022: \u00a32.<span class=\"_ _0\"></span>1m).<span class=\"_ _421\"> </span>A 1 percent increase in the discount rate would reduce the v<span class=\"_ _2\"></span>alue of the asset by \u00a31<span class=\"_ _7\"></span>1<span class=\"_ _0\"></span>.4m (31 December 2022: \u00a3<span class=\"_ _2\"></span>9.6m).<span class=\"_ _421\"> </span>A 1 percent decrease in the discount rate would increase the v<span class=\"_ _2\"></span>alue of the asset by \u00a31<span class=\"_ _a\"></span>3.3m (3<span class=\"_ _2\"></span>1 December 2022: \u00a31<span class=\"_ _0\"></span>1<span class=\"_ _a\"></span>.<span class=\"_ _a\"></span>1m).<span class=\"_ _421\"> </span>Reconciliation of Level 3 f<span class=\"_ _a\"></span>air value measur<span class=\"_ _2\"></span>ements of financial instr<span class=\"_ _2\"></span>uments<span class=\"_ _421\"> </span>Level 3 mo<span class=\"_ _2\"></span>vement<span class=\"_ _421\"> </span>31 December <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14b\"> </span>20<span class=\"_ _2\"></span>23  <span class=\"_ _14b\"> </span>2022 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>At <span class=\"_ _4\"></span>sta<span class=\"_ _3\"></span>rt <span class=\"_ _4\"></span>of <span class=\"_ _4\"></span>pe<span class=\"_ _3\"></span>riod <span class=\"_ _1bb\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _119\"> </span>27<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>.8  <span class=\"_ _e7\"> </span>19<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>2<span class=\"_ _421\"> </span>Additions <span class=\"_ _3\"></span>\u2013 <span class=\"_ _3\"></span>acquisition <span class=\"_ _3\"></span>of <span class=\"_ _4\"></span>subsidiary <span class=\"_ _1bd\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _44\"> </span>103.0<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>otal gains and losses recognised in the income stat<span class=\"_ _2\"></span>ement <span class=\"_ _3\"></span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _20a\"> </span>(8.6 <span class=\"_ _31\"></span>) <span class=\"_ _28\"> </span>(30.0 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Purchases <span class=\"_ _22c\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _114\"> </span>22.8  <span class=\"_ _12b\"> </span>14<span class=\"_ _3\"></span>.7<span class=\"_ _421\"> </span>Settlements <span class=\"_ _22d\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _11b\"> </span>(10.8 <span class=\"_ _0\"></span>) <span class=\"_ _c2\"> </span>(1<span class=\"_ _4\"></span>1.5 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Exc<span class=\"_ _2\"></span>hange <span class=\"_ _3\"></span>rate <span class=\"_ _3\"></span>adjustment <span class=\"_ _ee\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b7\"> </span>(4.2 <span class=\"_ _0\"></span>) <span class=\"_ _10f\"> </span>7<span class=\"_ _2\"></span>.4<span class=\"_ _421\"> </span>At <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>end <span class=\"_ _4\"></span>of <span class=\"_ _4\"></span>pe<span class=\"_ _3\"></span>riod <span class=\"_ _216\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _119\"> </span>27<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>.0  <span class=\"_ _119\"> </span>27<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>.8<span class=\"_ _421\"> </span>31 D<span class=\"_ _3\"></span>ece<span class=\"_ _3\"></span>mbe<span class=\"_ _3\"></span>r <span class=\"_ _22e\"> </span>Car<span class=\"_ _3\"></span>ry<span class=\"_ _3\"></span>ing am<span class=\"_ _3\"></span>ount <span class=\"_ _188\"> </span>Fair valu<span class=\"_ _3\"></span>e <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _46\"> </span>202<span class=\"_ _3\"></span>3<span class=\"_ _2\"></span>  <span class=\"_ _14b\"> </span>2022<span class=\"_ _2\"></span>  <span class=\"_ _14b\"> </span>20<span class=\"_ _2\"></span>23  <span class=\"_ _14b\"> </span>2022 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Financial liabilities<span class=\"_ _421\"> </span>Borro<span class=\"_ _2\"></span>wings <span class=\"_ _1ae\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _46\"> </span>207<span class=\"_ _a\"></span>.9  <span class=\"_ _44\"> </span>21<span class=\"_ _3\"></span>2.0  <span class=\"_ _44\"> </span>1<span class=\"_ _3\"></span>55.4  <span class=\"_ _1e1\"> </span>157<span class=\"_ _2\"></span>.0<span class=\"_ _421\"> </span>Borro<span class=\"_ _2\"></span>wings consist of the <span class=\"_ _7\"></span>Tier 2 debt and an amount due in relation to financial reinsurance. <span class=\"_ _0\"></span>The fair v<span class=\"_ _2\"></span>alue of the <span class=\"_ _0\"></span>Tier 2 debt is calculated using quoted prices in active mark<span class=\"_ _2\"></span>ets and they are classified as L<span class=\"_ _2\"></span>evel 1 in the f<span class=\"_ _2\"></span>air value hierarch<span class=\"_ _2\"></span>y<span class=\"_ _a\"></span>. <span class=\"_ _0\"></span>The amount due in relation to financial reinsurance is fair v<span class=\"_ _2\"></span>alued with ref<span class=\"_ _2\"></span>erence to market interest rates at the balance sheet date.<span class=\"_ _421\"> </span>There w<span class=\"_ _2\"></span>ere no other transf<span class=\"_ _2\"></span>ers between L<span class=\"_ _2\"></span>ev<span class=\"_ _2\"></span>els 1<span class=\"_ _0\"></span>,<span class=\"_ _2\"></span> 2 and 3 during the <span class=\"_ _a\"></span>year<span class=\"_ _a\"></span>. <span class=\"_ _0\"></span>The group holds no L<span class=\"_ _2\"></span>ev<span class=\"_ _2\"></span>el 3 liabilities as at the balance sheet date. <span class=\"_ _18\"> </span>E5 <span class=\"_ _4\"></span>Der<span class=\"_ _2\"></span>ivativ<span class=\"_ _2\"></span>e financial instr<span class=\"_ _2\"></span>uments<span class=\"_ _421\"> </span>Chesnara entered into a f<span class=\"_ _2\"></span>oreign currency hedge which it rolled forw<span class=\"_ _2\"></span>ard and slightly e<span class=\"_ _2\"></span>xpanded in 2023. <span class=\"_ _0\"></span>There are also derivativ<span class=\"_ _2\"></span>es held within the unit-<span class=\"_ _2\"></span>link<span class=\"_ _2\"></span>ed an<span class=\"_ _2\"></span>d with-profits funds, e<span class=\"_ _2\"></span>xcept f<span class=\"_ _2\"></span>or an option to repay a financial reinsurance contract <span class=\"_ _2\"></span>early<span class=\"_ _a\"></span>, which comprises an embedded derivativ<span class=\"_ _2\"></span>e.<span class=\"_ _421\"> </span>31 December <span class=\"_ _149\"> </span>2023<span class=\"_ _2\"></span> 2022 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _2a\"> </span>A<span class=\"_ _3\"></span>sset  <span class=\"_ _1c2\"> </span>L<span class=\"_ _3\"></span>iability  <span class=\"_ _2a\"> </span>As<span class=\"_ _3\"></span>set  <span class=\"_ _1c2\"> </span>L<span class=\"_ _3\"></span>iability <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Exc<span class=\"_ _2\"></span>hange-traded <span class=\"_ _4\"></span>futures <span class=\"_ _177\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _57\"> </span>0.2  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _20b\"> </span>0.1  <span class=\"_ _10f\"> </span>(0.1 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Foreign currency <span class=\"_ _3\"></span>hedge <span class=\"_ _1ad\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _12b\"> </span>(4.4 <span class=\"_ _7\"></span>) <span class=\"_ _97\"> </span>\u2013  <span class=\"_ _12e\"> </span>(3.5 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Financial <span class=\"_ _3\"></span>reinsurance <span class=\"_ _3\"></span>embedded <span class=\"_ _3\"></span>derivativ<span class=\"_ _2\"></span>e <span class=\"_ _126\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _20b\"> </span>0.1  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _165\"> </span>(0.2 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _8f\"> </span>0<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3  <span class=\"_ _5b\"> </span>(4.<span class=\"_ _3\"></span>4 <span class=\"_ _7\"></span>) <span class=\"_ _fe\"> </span>0.1  <span class=\"_ _14e\"> </span>(3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Curr<span class=\"_ _2\"></span>ent <span class=\"_ _1f4\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _57\"> </span>0.3  <span class=\"_ _20a\"> </span>(4.4 <span class=\"_ _0\"></span>) <span class=\"_ _57\"> </span>0.1  <span class=\"_ _12e\"> </span>(3.7 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Non-current <span class=\"_ _1a9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _fe\"> </span>(0.1 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _8f\"> </span>0<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3  <span class=\"_ _5b\"> </span>(4.<span class=\"_ _3\"></span>4 <span class=\"_ _7\"></span>) <span class=\"_ _fe\"> </span>0.1  <span class=\"_ _14e\"> </span>(3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Der<span class=\"_ _2\"></span>iv<span class=\"_ _2\"></span>atives within unit-link<span class=\"_ _2\"></span>ed funds<span class=\"_ _421\"> </span>As part <span class=\"_ _2\"></span>of its investment management strategy<span class=\"_ _0\"></span>, the group purchases derivative financial instr<span class=\"_ _2\"></span>uments as part of its in<span class=\"_ _2\"></span>vestment portfolio f<span class=\"_ _2\"></span>or unit-linked in<span class=\"_ _2\"></span>vestment funds, which match the liabilities arising on its unit-link<span class=\"_ _2\"></span>ed insurance and investment business.<span class=\"_ _421\"> </span>A variety <span class=\"_ _2\"></span>of equity futures are part <span class=\"_ _2\"></span>of the portfolio matching the unit-linked in<span class=\"_ _2\"></span>vestment and insurance liabilities. Deriv<span class=\"_ _2\"></span>atives are used to facilitate more <span class=\"_ _2\"></span>efficient portfolio management allo<span class=\"_ _2\"></span>wing changes in investment strategy to be reflected b<span class=\"_ _2\"></span>y futures transactions rather than a high volume <span class=\"_ _2\"></span>of transactions in the underlying assets",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
    "language": "en",
    "entity": "scheme:213800VFRMBRTSZ3SJ06",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-435": {
   "value": " <span class=\"_ _e\"> </span>(b) <span class=\"_ _3\"></span>Financial investment f<span class=\"_ _a\"></span>air values<span class=\"_ _421\"> </span>Fair v<span class=\"_ _2\"></span>alue is the amount for which an asset <span class=\"_ _2\"></span>or liability could be ex<span class=\"_ _2\"></span>changed between willing parties in an arm\u2019<span class=\"_ _0\"></span>s length transaction. <span class=\"_ _0\"></span>The tables below sho<span class=\"_ _2\"></span>w the determination of f<span class=\"_ _2\"></span>air value according to a three-lev<span class=\"_ _2\"></span>el valuation hierarch<span class=\"_ _2\"></span>y<span class=\"_ _a\"></span>. Fair values are generally determined at prices quoted in activ<span class=\"_ _2\"></span>e markets (L<span class=\"_ _2\"></span>ev<span class=\"_ _2\"></span>el 1). Howe<span class=\"_ _2\"></span>ver<span class=\"_ _0\"></span>,<span class=\"_ _3\"></span> where such information is not a<span class=\"_ _2\"></span>vailable, the group applies valuation techniques to measure such instr<span class=\"_ _2\"></span>uments. <span class=\"_ _0\"></span>These v<span class=\"_ _2\"></span>aluation techniques make use of mark<span class=\"_ _2\"></span>et-<span class=\"_ _421\"> </span>observ<span class=\"_ _2\"></span>able data f<span class=\"_ _2\"></span>or all significant inputs where possible (Le<span class=\"_ _2\"></span>vel 2), but in some cases it ma<span class=\"_ _2\"></span>y be necessary to estimate other than mark<span class=\"_ _2\"></span>et-observable data within a valuation model f<span class=\"_ _2\"></span>or significant inputs (Le<span class=\"_ _2\"></span>vel 3).<span class=\"_ _421\"> </span>Fair va<span class=\"_ _3\"></span>lue me<span class=\"_ _3\"></span>asu<span class=\"_ _3\"></span>reme<span class=\"_ _3\"></span>nt at 31 D<span class=\"_ _3\"></span>ec<span class=\"_ _3\"></span>emb<span class=\"_ _3\"></span>er 20<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>3 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _76\"> </span>L<span class=\"_ _3\"></span>evel <span class=\"_ _4\"></span>1  <span class=\"_ _11c\"> </span>L<span class=\"_ _3\"></span>evel <span class=\"_ _4\"></span>2  <span class=\"_ _11c\"> </span>L<span class=\"_ _3\"></span>evel <span class=\"_ _4\"></span>3  <span class=\"_ _28\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Investment <span class=\"_ _3\"></span>properties <span class=\"_ _1a5\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _20a\"> </span>88.1  <span class=\"_ _12b\"> </span>88.1<span class=\"_ _421\"> </span>Financial asse<span class=\"_ _3\"></span>ts<span class=\"_ _421\"> </span>Equities <span class=\"_ _3\"></span>\u2013 <span class=\"_ _3\"></span>Listed <span class=\"_ _176\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _150\"> </span>194<span class=\"_ _3\"></span>.2  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _150\"> </span>194.2<span class=\"_ _421\"> </span>Holdings <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>collective <span class=\"_ _3\"></span>investment <span class=\"_ _3\"></span>schemes <span class=\"_ _eb\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9d\"> </span>8<span class=\"_ _3\"></span>,233.7  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _45\"> </span>142.5  <span class=\"_ _9d\"> </span>8,376.2<span class=\"_ _421\"> </span>Debt <span class=\"_ _3\"></span>securities <span class=\"_ _3\"></span>\u2013 <span class=\"_ _3\"></span>government <span class=\"_ _3\"></span>bonds <span class=\"_ _40\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _45\"> </span>716<span class=\"_ _3\"></span>.5  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _45\"> </span>71<span class=\"_ _3\"></span>6.5<span class=\"_ _421\"> </span>Debt <span class=\"_ _3\"></span>securities <span class=\"_ _3\"></span>\u2013 <span class=\"_ _3\"></span>other <span class=\"_ _4\"></span>debt <span class=\"_ _3\"></span>securities <span class=\"_ _25\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _46\"> </span>520.6  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _46\"> </span>520.<span class=\"_ _2\"></span>6<span class=\"_ _421\"> </span>Policyholders\u2019 <span class=\"_ _3\"></span>funds <span class=\"_ _3\"></span>held <span class=\"_ _3\"></span>by <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>group <span class=\"_ _16f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1c0\"> </span>1,239.4  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _5b\"> </span>42.4  <span class=\"_ _112\"> </span>1,281.8<span class=\"_ _421\"> </span>Mortgage <span class=\"_ _3\"></span>loan <span class=\"_ _3\"></span>portfolio <span class=\"_ _d6\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _e7\"> </span>366<span class=\"_ _3\"></span>.8  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _28\"> </span>366.8<span class=\"_ _421\"> </span>Derivativ<span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>financial <span class=\"_ _4\"></span>instruments <span class=\"_ _1af\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _57\"> </span>0.3  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _57\"> </span>0.3<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _33\"> </span>10<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>90<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4  <span class=\"_ _46\"> </span>3<span class=\"_ _3\"></span>67.1  <span class=\"_ _a3\"> </span>2<span class=\"_ _3\"></span>73<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>0  <span class=\"_ _5d\"> </span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5<span class=\"_ _421\"> </span>Curr<span class=\"_ _2\"></span>ent <span class=\"_ _1f4\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9d\"> </span>9,095.5<span class=\"_ _421\"> </span>Non-current <span class=\"_ _1a9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _3b\"> </span>2<span class=\"_ _3\"></span>,449.0<span class=\"_ _421\"> </span>T<span class=\"_ _a\"></span>o<span class=\"_ _3\"></span>tal <span class=\"_ _1e0\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _bf\"> </span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>54<span class=\"_ _3\"></span>4.<span class=\"_ _3\"></span>5<span class=\"_ _421\"> </span>Financial liabilities<span class=\"_ _421\"> </span>Investment contr<span class=\"_ _2\"></span>acts at fair value through profit or loss <span class=\"_ _15\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _210\"> </span>5,872<span class=\"_ _3\"></span>.3 <span class=\"_ _a\"></span> <span class=\"_ _e9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _210\"> </span>5,872.<span class=\"_ _3\"></span>3<span class=\"_ _421\"> </span>Liabilities related t<span class=\"_ _2\"></span>o policyholders\u2019 funds held by the group <span class=\"_ _4\"></span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _3f\"> </span>1,<span class=\"_ _3\"></span>281.8 <span class=\"_ _a\"></span> <span class=\"_ _e9\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _e9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _3e\"> </span>1,281.8<span class=\"_ _421\"> </span>Derivativ<span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>financial <span class=\"_ _4\"></span>instruments <span class=\"_ _1af\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _10f\"> </span>4<span class=\"_ _3\"></span>.4  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _fe\"> </span>4.4<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _210\"> </span>1<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>28<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.8  <span class=\"_ _7e\"> </span>5<span class=\"_ _3\"></span>,8<span class=\"_ _3\"></span>76<span class=\"_ _3\"></span>.7  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _14f\"> </span>7,15<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5<span class=\"_ _421\"> </span>Fair va<span class=\"_ _3\"></span>lue me<span class=\"_ _3\"></span>asu<span class=\"_ _3\"></span>reme<span class=\"_ _3\"></span>nt at 31 D<span class=\"_ _3\"></span>ec<span class=\"_ _3\"></span>emb<span class=\"_ _3\"></span>er 20<span class=\"_ _3\"></span>22 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _76\"> </span>L<span class=\"_ _3\"></span>evel <span class=\"_ _4\"></span>1  <span class=\"_ _11c\"> </span>L<span class=\"_ _3\"></span>evel <span class=\"_ _4\"></span>2  <span class=\"_ _11c\"> </span>L<span class=\"_ _3\"></span>evel <span class=\"_ _4\"></span>3  <span class=\"_ _28\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Investment <span class=\"_ _3\"></span>properties <span class=\"_ _1a5\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _56\"> </span>1.2  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _14e\"> </span>93.3  <span class=\"_ _5b\"> </span>94.5<span class=\"_ _421\"> </span>Financial asse<span class=\"_ _3\"></span>ts<span class=\"_ _421\"> </span>Equities <span class=\"_ _3\"></span>\u2013 <span class=\"_ _3\"></span>Listed <span class=\"_ _176\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _44\"> </span>160.2  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _44\"> </span>160.2<span class=\"_ _421\"> </span>Holdings <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>collective <span class=\"_ _3\"></span>investment <span class=\"_ _3\"></span>schemes <span class=\"_ _eb\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9d\"> </span>7,997<span class=\"_ _a\"></span>.8  <span class=\"_ _5b\"> </span>46.5  <span class=\"_ _150\"> </span>145.4  <span class=\"_ _48\"> </span>8,189.7<span class=\"_ _421\"> </span>Debt <span class=\"_ _3\"></span>securities <span class=\"_ _3\"></span>\u2013 <span class=\"_ _3\"></span>government <span class=\"_ _3\"></span>bonds <span class=\"_ _40\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _15c\"> </span>420.9  <span class=\"_ _114\"> </span>24.2  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _150\"> </span>445.1<span class=\"_ _421\"> </span>Debt <span class=\"_ _3\"></span>securities <span class=\"_ _3\"></span>\u2013 <span class=\"_ _3\"></span>other <span class=\"_ _4\"></span>debt <span class=\"_ _3\"></span>securities <span class=\"_ _25\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _29\"> </span>434.0  <span class=\"_ _114\"> </span>55.0  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _29\"> </span>489.0<span class=\"_ _421\"> </span>Policyholders\u2019 <span class=\"_ _3\"></span>funds <span class=\"_ _3\"></span>held <span class=\"_ _3\"></span>by <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>group <span class=\"_ _16f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1e1\"> </span>951.7  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _12e\"> </span>35.1  <span class=\"_ _15c\"> </span>986.8<span class=\"_ _421\"> </span>Mortgage <span class=\"_ _3\"></span>loan <span class=\"_ _3\"></span>portfolio <span class=\"_ _d6\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _e7\"> </span>266.0  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _e7\"> </span>266<span class=\"_ _3\"></span>.0<span class=\"_ _421\"> </span>Derivativ<span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>financial <span class=\"_ _4\"></span>instruments <span class=\"_ _1af\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _5a\"> </span>0.1  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _5a\"> </span>0.1<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _ec\"> </span>9<span class=\"_ _3\"></span>,9<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>5.<span class=\"_ _3\"></span>8  <span class=\"_ _e7\"> </span>3<span class=\"_ _3\"></span>91<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8  <span class=\"_ _a3\"> </span>2<span class=\"_ _3\"></span>73<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8  <span class=\"_ _89\"> </span>10<span class=\"_ _3\"></span>,6<span class=\"_ _3\"></span>31<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4<span class=\"_ _421\"> </span>Curr<span class=\"_ _2\"></span>ent <span class=\"_ _1f4\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _129\"> </span>5,932.9<span class=\"_ _421\"> </span>Non-current <span class=\"_ _1a9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14f\"> </span>4,698<span class=\"_ _3\"></span>.5<span class=\"_ _421\"> </span>T<span class=\"_ _a\"></span>o<span class=\"_ _3\"></span>tal <span class=\"_ _1e0\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _123\"> </span>10,<span class=\"_ _3\"></span>631<span class=\"_ _3\"></span>.4<span class=\"_ _421\"> </span>Financial liabilities<span class=\"_ _421\"> </span>Investment contr<span class=\"_ _2\"></span>acts at fair value through profit or loss <span class=\"_ _15\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _14f\"> </span>5,660<span class=\"_ _2\"></span>.8 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _14f\"> </span>5,660.8<span class=\"_ _421\"> </span>Liabilities related t<span class=\"_ _2\"></span>o policyholders\u2019 funds held by the group <span class=\"_ _4\"></span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _119\"> </span>986.8  <span class=\"_ _97\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013  <span class=\"_ _119\"> </span>986.<span class=\"_ _3\"></span>8<span class=\"_ _421\"> </span>Derivativ<span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>financial <span class=\"_ _4\"></span>instruments <span class=\"_ _1af\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _57\"> </span>3.8  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _57\"> </span>3.8<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _2a\"> </span>98<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8  <span class=\"_ _ec\"> </span>5,<span class=\"_ _3\"></span>66<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>6  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _7c\"> </span>6<span class=\"_ _3\"></span>,6<span class=\"_ _3\"></span>51<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4<span class=\"_ _421\"> </span>Inv<span class=\"_ _2\"></span>estment proper<span class=\"_ _2\"></span>ties<span class=\"_ _421\"> </span>The in<span class=\"_ _2\"></span>vestment properties are v<span class=\"_ _2\"></span>alued by e<span class=\"_ _2\"></span>xternal chartered surve<span class=\"_ _2\"></span>yors using industry standard techniques based <span class=\"_ _2\"></span>on guidance from the Roy<span class=\"_ _2\"></span>al Institute of Chartered Surve<span class=\"_ _2\"></span>yors. <span class=\"_ _0\"></span>T<span class=\"_ _2\"></span>he valuation methodology includes an assessment of general mark<span class=\"_ _2\"></span>et conditions and sector lev<span class=\"_ _2\"></span>el transactions and takes account of <span class=\"_ _2\"></span>expectations<span class=\"_ _2\"></span> <span class=\"_ _19\"></span><span class=\"ls2 ws2\"> </span>of occupancy rates, rental income and gro<span class=\"_ _2\"></span>wth. Properties undergo individual scrutin<span class=\"_ _2\"></span>y using cash flow analy<span class=\"_ _2\"></span>sis to factor in the timing of rental re<span class=\"_ _2\"></span>views, capital expenditure, lease incentiv<span class=\"_ _2\"></span>es, dilapidation and operating <span class=\"_ _2\"></span>expenses; these revie<span class=\"_ _2\"></span>ws utilise both observ<span class=\"_ _2\"></span>able and unobservable input<span class=\"_ _421\"> </span>s. <span class=\"_ _e\"> </span>(b) <span class=\"_ _3\"></span>Financial investment f<span class=\"_ _a\"></span>air values (continued)<span class=\"_ _421\"> </span>Holdings in collective in<span class=\"_ _2\"></span>vestment sc<span class=\"_ _2\"></span>hemes<span class=\"_ _421\"> </span>Th<span class=\"_ _3\"></span>e fair valu<span class=\"_ _3\"></span>e of hold<span class=\"_ _3\"></span>ings in c<span class=\"_ _3\"></span>ollec<span class=\"_ _3\"></span>tive inves<span class=\"_ _3\"></span>tment sc<span class=\"_ _3\"></span>hemes c<span class=\"_ _3\"></span>lassi<span class=\"_ _3\"></span>fie<span class=\"_ _3\"></span>d as Level 2 are rel<span class=\"_ _3\"></span>ated to the UK s<span class=\"_ _3\"></span>egme<span class=\"_ _3\"></span>nt and Sc<span class=\"_ _3\"></span>ildo<span class=\"_ _3\"></span>n. Th<span class=\"_ _3\"></span>ese do not m<span class=\"_ _3\"></span>eet the c<span class=\"_ _3\"></span>lassi<span class=\"_ _3\"></span>fic<span class=\"_ _3\"></span>atio<span class=\"_ _3\"></span>n as Level 1<span class=\"_ _0\"></span>, a<span class=\"_ _3\"></span>s their fai<span class=\"_ _3\"></span>r value is d<span class=\"_ _3\"></span>etermine<span class=\"_ _3\"></span>d using va<span class=\"_ _3\"></span>luatio<span class=\"_ _3\"></span>n techniq<span class=\"_ _3\"></span>ues wi<span class=\"_ _3\"></span>th obse<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>vabl<span class=\"_ _3\"></span>e market inpu<span class=\"_ _3\"></span>ts. T<span class=\"_ _3\"></span>he hol<span class=\"_ _3\"></span>dings c<span class=\"_ _3\"></span>lass<span class=\"_ _3\"></span>ifie<span class=\"_ _3\"></span>d as Level 3 \u00a3<span class=\"_ _3\"></span>1<span class=\"_ _2\"></span>42.<span class=\"_ _3\"></span>5m (<span class=\"_ _3\"></span>Dec 2<span class=\"_ _3\"></span>022: \u00a31<span class=\"_ _2\"></span>4<span class=\"_ _3\"></span>5.<span class=\"_ _3\"></span>4m) als<span class=\"_ _3\"></span>o relate to Sc<span class=\"_ _3\"></span>ildo<span class=\"_ _3\"></span>n, and rep<span class=\"_ _3\"></span>resent investm<span class=\"_ _3\"></span>ents hel<span class=\"_ _3\"></span>d in a mor<span class=\"_ _3\"></span>tga<span class=\"_ _3\"></span>ge fun<span class=\"_ _3\"></span>d. Th<span class=\"_ _3\"></span>ese are cl<span class=\"_ _3\"></span>assi<span class=\"_ _3\"></span>fied a<span class=\"_ _3\"></span>s Level 3 as the f<span class=\"_ _3\"></span>air value is d<span class=\"_ _3\"></span>eri<span class=\"_ _3\"></span>ved from val<span class=\"_ _3\"></span>uatio<span class=\"_ _3\"></span>n techni<span class=\"_ _3\"></span>ques th<span class=\"_ _3\"></span>at inclu<span class=\"_ _3\"></span>de inp<span class=\"_ _3\"></span>uts tha<span class=\"_ _3\"></span>t are not bas<span class=\"_ _3\"></span>ed on ob<span class=\"_ _3\"></span>ser<span class=\"_ _3\"></span>vab<span class=\"_ _3\"></span>le mar<span class=\"_ _3\"></span>ket data. P<span class=\"_ _2\"></span>olicyholder funds held by the gr<span class=\"_ _2\"></span>oup<span class=\"_ _421\"> </span>Th<span class=\"_ _3\"></span>ere is also a sm<span class=\"_ _3\"></span>all hol<span class=\"_ _3\"></span>ding of as<span class=\"_ _3\"></span>sets cl<span class=\"_ _3\"></span>assi<span class=\"_ _3\"></span>fied a<span class=\"_ _3\"></span>s Level 3 \u00a342.<span class=\"_ _3\"></span>4m (<span class=\"_ _3\"></span>Dec 2<span class=\"_ _3\"></span>022: \u00a3<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>.<span class=\"_ _0\"></span>1m) from our M<span class=\"_ _3\"></span>ovestic o<span class=\"_ _3\"></span>perat<span class=\"_ _3\"></span>ion whi<span class=\"_ _3\"></span>ch are unlis<span class=\"_ _3\"></span>ted. T<span class=\"_ _3\"></span>he valu<span class=\"_ _3\"></span>ation of th<span class=\"_ _3\"></span>e vast m<span class=\"_ _3\"></span>ajori<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y of these as<span class=\"_ _3\"></span>sets is ba<span class=\"_ _3\"></span>sed on u<span class=\"_ _3\"></span>nobse<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>vable p<span class=\"_ _3\"></span>rice<span class=\"_ _3\"></span>s from tra<span class=\"_ _3\"></span>ding on t<span class=\"_ _3\"></span>he over-th<span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>unter market.<span class=\"_ _421\"> </span>Debt secur<span class=\"_ _2\"></span>ities<span class=\"_ _421\"> </span>Th<span class=\"_ _3\"></span>e debt se<span class=\"_ _3\"></span>curit<span class=\"_ _3\"></span>ies cl<span class=\"_ _3\"></span>assi<span class=\"_ _3\"></span>fied as L<span class=\"_ _3\"></span>evel 2 at 2022 an<span class=\"_ _3\"></span>d 2023 are tr<span class=\"_ _3\"></span>aded i<span class=\"_ _3\"></span>n acti<span class=\"_ _3\"></span>ve markets wi<span class=\"_ _3\"></span>th less d<span class=\"_ _3\"></span>epth or w<span class=\"_ _3\"></span>ide<span class=\"_ _3\"></span>r bid<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>ask s<span class=\"_ _3\"></span>pread<span class=\"_ _3\"></span>s. Thi<span class=\"_ _3\"></span>s does n<span class=\"_ _3\"></span>ot meet the cla<span class=\"_ _3\"></span>ssifi<span class=\"_ _3\"></span>ca<span class=\"_ _3\"></span>tion as L<span class=\"_ _3\"></span>evel 1 input<span class=\"_ _3\"></span>s. Th<span class=\"_ _3\"></span>e fair valu<span class=\"_ _3\"></span>es of debt s<span class=\"_ _3\"></span>ecuri<span class=\"_ _3\"></span>ties not tr<span class=\"_ _3\"></span>ade<span class=\"_ _3\"></span>d in acti<span class=\"_ _3\"></span>ve markets are d<span class=\"_ _3\"></span>etermine<span class=\"_ _3\"></span>d using b<span class=\"_ _3\"></span>roker quotes or va<span class=\"_ _3\"></span>luatio<span class=\"_ _3\"></span>n techniq<span class=\"_ _3\"></span>ues wi<span class=\"_ _3\"></span>th obs<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vabl<span class=\"_ _3\"></span>e market inpu<span class=\"_ _3\"></span>ts. Fin<span class=\"_ _3\"></span>anci<span class=\"_ _3\"></span>al instr<span class=\"_ _3\"></span>uments v<span class=\"_ _3\"></span>alued u<span class=\"_ _3\"></span>sing broker qu<span class=\"_ _3\"></span>otes are cla<span class=\"_ _3\"></span>ssifi<span class=\"_ _3\"></span>ed at L<span class=\"_ _3\"></span>evel 2, onl<span class=\"_ _3\"></span>y where the<span class=\"_ _3\"></span>re is a suffi<span class=\"_ _3\"></span>cient ra<span class=\"_ _3\"></span>nge of ava<span class=\"_ _3\"></span>ilabl<span class=\"_ _3\"></span>e quotes. Th<span class=\"_ _3\"></span>ese asset<span class=\"_ _3\"></span>s were value<span class=\"_ _3\"></span>d using c<span class=\"_ _3\"></span>ounter<span class=\"_ _3\"></span>par<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y or broker qu<span class=\"_ _3\"></span>otes and were pe<span class=\"_ _3\"></span>rio<span class=\"_ _3\"></span>dic<span class=\"_ _3\"></span>ally val<span class=\"_ _3\"></span>idated a<span class=\"_ _3\"></span>gains<span class=\"_ _3\"></span>t third<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>ty m<span class=\"_ _3\"></span>ode<span class=\"_ _3\"></span>ls.<span class=\"_ _421\"> </span>Der<span class=\"_ _2\"></span>iv<span class=\"_ _2\"></span>ative financial instr<span class=\"_ _2\"></span>uments<span class=\"_ _421\"> </span>Th<span class=\"_ _3\"></span>e deri<span class=\"_ _3\"></span>vatives fi<span class=\"_ _3\"></span>nan<span class=\"_ _3\"></span>cial ins<span class=\"_ _3\"></span>trume<span class=\"_ _3\"></span>nts incl<span class=\"_ _3\"></span>ude a foreig<span class=\"_ _3\"></span>n curren<span class=\"_ _3\"></span>cy he<span class=\"_ _3\"></span>dge rel<span class=\"_ _3\"></span>ated to the grou<span class=\"_ _3\"></span>p. Th<span class=\"_ _3\"></span>is was de<span class=\"_ _3\"></span>emed to ma<span class=\"_ _3\"></span>nage t<span class=\"_ _3\"></span>he expo<span class=\"_ _3\"></span>sure to foreign exchan<span class=\"_ _3\"></span>ge moveme<span class=\"_ _3\"></span>nts bet<span class=\"_ _3\"></span>ween ste<span class=\"_ _3\"></span>rling an<span class=\"_ _3\"></span>d both th<span class=\"_ _3\"></span>e euro and Swe<span class=\"_ _3\"></span>dish kro<span class=\"_ _3\"></span>na. An u<span class=\"_ _3\"></span>nca<span class=\"_ _3\"></span>ppe<span class=\"_ _3\"></span>d coll<span class=\"_ _3\"></span>ar whic<span class=\"_ _3\"></span>h cons<span class=\"_ _3\"></span>ists of t<span class=\"_ _3\"></span>wo hed<span class=\"_ _3\"></span>ges:  <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>one hedge to protect against the do<span class=\"_ _2\"></span>wnside (sterling strengthening) (starting at strike <span class=\"_ _2\"></span>A), and one to remov<span class=\"_ _2\"></span>e the upside (weak<span class=\"_ _2\"></span>ening) (strike B); with the strik<span class=\"_ _2\"></span>es of these coordinated to result in no upfront premium.  <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>the 2nd hedge (strike B) creates an uncapped liquidity requirement when it bites.<span class=\"_ _421\"> </span>Th<span class=\"_ _3\"></span>e cap<span class=\"_ _3\"></span>ped c<span class=\"_ _3\"></span>olla<span class=\"_ _3\"></span>r come<span class=\"_ _3\"></span>s with an a<span class=\"_ _3\"></span>ddit<span class=\"_ _3\"></span>ional l<span class=\"_ _3\"></span>eg whi<span class=\"_ _3\"></span>ch creates v<span class=\"_ _3\"></span>alue and l<span class=\"_ _3\"></span>iquid<span class=\"_ _3\"></span>it<span class=\"_ _3\"></span>y when excha<span class=\"_ _3\"></span>nge rate<span class=\"_ _3\"></span>s move beyon<span class=\"_ _3\"></span>d a cer<span class=\"_ _3\"></span>tai<span class=\"_ _3\"></span>n point (st<span class=\"_ _3\"></span>rike C).<span class=\"_ _421\"> </span>W<span class=\"_ _3\"></span>ithin de<span class=\"_ _3\"></span>rivat<span class=\"_ _3\"></span>ive fina<span class=\"_ _3\"></span>ncial i<span class=\"_ _3\"></span>nstru<span class=\"_ _3\"></span>ments is a fi<span class=\"_ _3\"></span>nanc<span class=\"_ _3\"></span>ial reinsur<span class=\"_ _3\"></span>ance e<span class=\"_ _3\"></span>mbed<span class=\"_ _3\"></span>ded d<span class=\"_ _3\"></span>eriv<span class=\"_ _3\"></span>ative rel<span class=\"_ _3\"></span>ated to our M<span class=\"_ _3\"></span>ovestic o<span class=\"_ _3\"></span>perat<span class=\"_ _3\"></span>ion. T<span class=\"_ _3\"></span>he grou<span class=\"_ _3\"></span>p has entered i<span class=\"_ _3\"></span>nto a reinsuranc<span class=\"_ _3\"></span>e cont<span class=\"_ _3\"></span>ract w<span class=\"_ _3\"></span>ith a third p<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>y that ha<span class=\"_ _3\"></span>s a sect<span class=\"_ _3\"></span>ion tha<span class=\"_ _3\"></span>t is deem<span class=\"_ _3\"></span>ed to trans<span class=\"_ _3\"></span>fer signi<span class=\"_ _3\"></span>fic<span class=\"_ _3\"></span>ant insur<span class=\"_ _3\"></span>ance ri<span class=\"_ _3\"></span>sk and a sec<span class=\"_ _3\"></span>tion t<span class=\"_ _3\"></span>hat is de<span class=\"_ _3\"></span>emed n<span class=\"_ _3\"></span>ot to transfer si<span class=\"_ _3\"></span>gnifi<span class=\"_ _3\"></span>ca<span class=\"_ _3\"></span>nt insura<span class=\"_ _3\"></span>nce ri<span class=\"_ _3\"></span>sk. T<span class=\"_ _3\"></span>he elem<span class=\"_ _3\"></span>ent of the co<span class=\"_ _3\"></span>ntrac<span class=\"_ _3\"></span>t that do<span class=\"_ _3\"></span>es not tr<span class=\"_ _3\"></span>ansfer sig<span class=\"_ _3\"></span>nifi<span class=\"_ _3\"></span>cant insu<span class=\"_ _3\"></span>ranc<span class=\"_ _3\"></span>e risk has t<span class=\"_ _3\"></span>wo c<span class=\"_ _3\"></span>ompo<span class=\"_ _3\"></span>nents an<span class=\"_ _3\"></span>d has be<span class=\"_ _3\"></span>en acc<span class=\"_ _3\"></span>ounted for a<span class=\"_ _3\"></span>s a finan<span class=\"_ _3\"></span>cial liab<span class=\"_ _3\"></span>ilit<span class=\"_ _3\"></span>y at amo<span class=\"_ _3\"></span>rt<span class=\"_ _3\"></span>ised c<span class=\"_ _3\"></span>ost and an e<span class=\"_ _3\"></span>mbe<span class=\"_ _3\"></span>dde<span class=\"_ _3\"></span>d deri<span class=\"_ _3\"></span>vative as<span class=\"_ _3\"></span>set at fair va<span class=\"_ _3\"></span>lue.<span class=\"_ _421\"> </span>Th<span class=\"_ _3\"></span>e embe<span class=\"_ _3\"></span>dde<span class=\"_ _3\"></span>d deri<span class=\"_ _3\"></span>vative re<span class=\"_ _3\"></span>presents a<span class=\"_ _3\"></span>n optio<span class=\"_ _3\"></span>n to repay the a<span class=\"_ _3\"></span>mounts d<span class=\"_ _3\"></span>ue und<span class=\"_ _3\"></span>er the co<span class=\"_ _3\"></span>ntrac<span class=\"_ _3\"></span>t earl<span class=\"_ _3\"></span>y at a disc<span class=\"_ _3\"></span>ount to the am<span class=\"_ _3\"></span>or<span class=\"_ _3\"></span>tise<span class=\"_ _3\"></span>d cost<span class=\"_ _3\"></span>, with i<span class=\"_ _3\"></span>ts fair va<span class=\"_ _3\"></span>lue bein<span class=\"_ _3\"></span>g determ<span class=\"_ _3\"></span>ined by referenc<span class=\"_ _3\"></span>e to market interest r<span class=\"_ _3\"></span>ate at the bal<span class=\"_ _3\"></span>ance s<span class=\"_ _3\"></span>heet date. I<span class=\"_ _3\"></span>t is, acc<span class=\"_ _3\"></span>ordin<span class=\"_ _3\"></span>gly, determine<span class=\"_ _3\"></span>d at Level 2 in th<span class=\"_ _3\"></span>e three<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>level f<span class=\"_ _3\"></span>air value d<span class=\"_ _3\"></span>etermin<span class=\"_ _3\"></span>ation hiera<span class=\"_ _3\"></span>rchy set out a<span class=\"_ _3\"></span>bove. Fur<span class=\"_ _3\"></span>the<span class=\"_ _3\"></span>r detai<span class=\"_ _3\"></span>l can b<span class=\"_ _3\"></span>e found in N<span class=\"_ _3\"></span>ote E5.<span class=\"_ _421\"> </span>Inv<span class=\"_ _2\"></span>estment contract liabilities<span class=\"_ _421\"> </span>Th<span class=\"_ _3\"></span>e investment c<span class=\"_ _3\"></span>ontra<span class=\"_ _3\"></span>ct lia<span class=\"_ _3\"></span>bilitie<span class=\"_ _3\"></span>s in Level 2 of the v<span class=\"_ _3\"></span>aluati<span class=\"_ _3\"></span>on hier<span class=\"_ _3\"></span>archy represe<span class=\"_ _3\"></span>nt the fair v<span class=\"_ _3\"></span>alue of linked an<span class=\"_ _3\"></span>d non<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>linked li<span class=\"_ _3\"></span>abilit<span class=\"_ _3\"></span>ies valu<span class=\"_ _3\"></span>ed using e<span class=\"_ _3\"></span>sta<span class=\"_ _3\"></span>blishe<span class=\"_ _3\"></span>d actu<span class=\"_ _3\"></span>arial<span class=\"_ _3\"></span> techni<span class=\"_ _3\"></span>ques ut<span class=\"_ _3\"></span>ilising m<span class=\"_ _3\"></span>arket obse<span class=\"_ _3\"></span>rv<span class=\"_ _3\"></span>able d<span class=\"_ _3\"></span>ata for a<span class=\"_ _3\"></span>ll signi<span class=\"_ _3\"></span>fic<span class=\"_ _3\"></span>ant inpu<span class=\"_ _3\"></span>ts, suc<span class=\"_ _3\"></span>h as investm<span class=\"_ _3\"></span>ent yiel<span class=\"_ _3\"></span>ds.<span class=\"_ _421\"> </span>Significant unobserv<span class=\"_ _2\"></span>able inputs in Level 3 instr<span class=\"_ _a\"></span>uments valuations<span class=\"_ _421\"> </span>Th<span class=\"_ _3\"></span>e Level 3 inst<span class=\"_ _3\"></span>rument<span class=\"_ _3\"></span>s held in th<span class=\"_ _3\"></span>e group a<span class=\"_ _3\"></span>re in relatio<span class=\"_ _3\"></span>n to investment<span class=\"_ _3\"></span>s held in an A<span class=\"_ _3\"></span>ego<span class=\"_ _3\"></span>n mana<span class=\"_ _3\"></span>ged D<span class=\"_ _3\"></span>utch Mo<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>tgage F<span class=\"_ _3\"></span>und that c<span class=\"_ _3\"></span>onta<span class=\"_ _3\"></span>ins mor<span class=\"_ _3\"></span>tga<span class=\"_ _3\"></span>ge<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>b<span class=\"_ _3\"></span>acked as<span class=\"_ _3\"></span>sets in the N<span class=\"_ _3\"></span>etherl<span class=\"_ _3\"></span>ands<span class=\"_ _3\"></span>. The f<span class=\"_ _3\"></span>air value of t<span class=\"_ _3\"></span>he mor<span class=\"_ _3\"></span>tga<span class=\"_ _3\"></span>ge fun<span class=\"_ _3\"></span>d is determin<span class=\"_ _3\"></span>ed by the f<span class=\"_ _3\"></span>und man<span class=\"_ _3\"></span>ager o<span class=\"_ _3\"></span>n a monthl<span class=\"_ _3\"></span>y basis u<span class=\"_ _3\"></span>sing an in<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>h<span class=\"_ _3\"></span>ouse valu<span class=\"_ _3\"></span>ation m<span class=\"_ _3\"></span>ode<span class=\"_ _3\"></span>l. Th<span class=\"_ _3\"></span>e valuat<span class=\"_ _3\"></span>ion mod<span class=\"_ _3\"></span>el relies o<span class=\"_ _3\"></span>n a numb<span class=\"_ _3\"></span>er of unob<span class=\"_ _3\"></span>ser<span class=\"_ _3\"></span>vab<span class=\"_ _3\"></span>le inpu<span class=\"_ _3\"></span>ts, the m<span class=\"_ _3\"></span>ost sig<span class=\"_ _3\"></span>nifi<span class=\"_ _3\"></span>cant b<span class=\"_ _3\"></span>eing th<span class=\"_ _3\"></span>e assume<span class=\"_ _3\"></span>d con<span class=\"_ _3\"></span>ditio<span class=\"_ _3\"></span>nal prep<span class=\"_ _3\"></span>ayme<span class=\"_ _3\"></span>nt rate, the di<span class=\"_ _3\"></span>scount r<span class=\"_ _3\"></span>ate and the im<span class=\"_ _3\"></span>pair<span class=\"_ _3\"></span>ment rate, all of w<span class=\"_ _3\"></span>hich are ap<span class=\"_ _3\"></span>plie<span class=\"_ _3\"></span>d to the antic<span class=\"_ _3\"></span>ipated m<span class=\"_ _3\"></span>ode<span class=\"_ _3\"></span>lled c<span class=\"_ _3\"></span>ash fl<span class=\"_ _3\"></span>ows to deri<span class=\"_ _3\"></span>ve the fair v<span class=\"_ _3\"></span>alue of the u<span class=\"_ _3\"></span>nder<span class=\"_ _3\"></span>lying a<span class=\"_ _3\"></span>sset.<span class=\"_ _421\"> </span>Th<span class=\"_ _3\"></span>e assume<span class=\"_ _3\"></span>d Co<span class=\"_ _3\"></span>nditi<span class=\"_ _3\"></span>onal P<span class=\"_ _3\"></span>repay<span class=\"_ _3\"></span>ment Rate (<span class=\"_ _3\"></span>CPR<span class=\"_ _3\"></span>) is used to c<span class=\"_ _3\"></span>alcu<span class=\"_ _3\"></span>late the pro<span class=\"_ _3\"></span>jecte<span class=\"_ _3\"></span>d prepay<span class=\"_ _3\"></span>ment c<span class=\"_ _3\"></span>ash flow p<span class=\"_ _3\"></span>er ind<span class=\"_ _3\"></span>ivid<span class=\"_ _3\"></span>ual lo<span class=\"_ _3\"></span>an and refl<span class=\"_ _3\"></span>ec<span class=\"_ _3\"></span>ts the anti<span class=\"_ _3\"></span>cipa<span class=\"_ _3\"></span>ted earl<span class=\"_ _3\"></span>y repay<span class=\"_ _3\"></span>ment of mo<span class=\"_ _3\"></span>rtg<span class=\"_ _3\"></span>age b<span class=\"_ _3\"></span>alan<span class=\"_ _3\"></span>ces. T<span class=\"_ _3\"></span>he CP<span class=\"_ _3\"></span>R is ba<span class=\"_ _3\"></span>sed on four v<span class=\"_ _3\"></span>aria<span class=\"_ _3\"></span>bles: <span class=\"_ _13c\"> </span>\u2013 <span class=\"_ _3\"></span>Contract age \u2013 T<span class=\"_ _2\"></span>he CPR for ne<span class=\"_ _2\"></span>wly originated mortgage loans will initially be lo<span class=\"_ _2\"></span>w<span class=\"_ _a\"></span>, after which it increases for a couple of <span class=\"_ _0\"></span>years to its maximum e<span class=\"_ _2\"></span>xpected value, and subsequently diminishes o<span class=\"_ _2\"></span>ver time. <span class=\"_ _13c\"> </span>\u2013 <span class=\"_ _3\"></span>Interest rate diff<span class=\"_ _2\"></span>erential \u2013 <span class=\"_ _2\"></span>The diff<span class=\"_ _2\"></span>erence between the contractual rates and cur<span class=\"_ _2\"></span>rent interest rates are positively correlated with prepa<span class=\"_ _2\"></span>yments. <span class=\"_ _0\"></span>When contractual rates are higher than interest rates of ne<span class=\"_ _2\"></span>wly originated mortgages, w<span class=\"_ _2\"></span>e observe more prepa<span class=\"_ _2\"></span>yments and the vice versa. <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>Pre<span class=\"_ _2\"></span>vious partial repayments \u2013 <span class=\"_ _a\"></span>Borro<span class=\"_ _2\"></span>wers who made a partial prepayment in the past, are more lik<span class=\"_ _2\"></span>ely to do so in the future.  <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>Burnout <span class=\"_ _2\"></span>effect \u2013 <span class=\"_ _a\"></span>Borro<span class=\"_ _2\"></span>wers who ha<span class=\"_ _2\"></span>ve not made a prepayment in the past, while their <span class=\"_ _2\"></span>option to prepay w<span class=\"_ _2\"></span>as in the money<span class=\"_ _a\"></span>, are less likely to prepa<span class=\"_ _2\"></span>y in the future. The projected prepa<span class=\"_ _2\"></span>yment cash flows per loan are then combined to deriv<span class=\"_ _2\"></span>e an average <span class=\"_ _2\"></span>expected lif<span class=\"_ _a\"></span>etime CPR, which is then applied to the outstanding balance of the fund. <span class=\"_ _0\"></span>The CPR used in the valuation of the fund as at 3<span class=\"_ _a\"></span>1 December 2023 was 3.2% (3<span class=\"_ _a\"></span>1 December 2022: 4.9%).<span class=\"_ _421\"> </span>The <span class=\"_ _2\"></span>expected projected cash flo<span class=\"_ _2\"></span>ws for each mortgage within the loan portf<span class=\"_ _2\"></span>olio are discounted using rates that are derived using a matrix in<span class=\"_ _2\"></span>volving the follo<span class=\"_ _2\"></span>wing three parameters: <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>The remaining fix<span class=\"_ _2\"></span>ed rate term of the mortgage <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>Index<span class=\"_ _2\"></span>ed Loan to <span class=\"_ _0\"></span>Value (L<span class=\"_ _0\"></span>TV) of <span class=\"_ _2\"></span>each mortgage <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _4\"></span>Current (A<span class=\"_ _a\"></span>egon) mortgage rates<span class=\"_ _421\"> </span>At 3<span class=\"_ _2\"></span>1 December 2023 this resulted in discounting the cash flows in <span class=\"_ _2\"></span>each mortgage using a range from 4.67% to 4.68% (3<span class=\"_ _2\"></span>1 December 2022: 4.29% to 4.92%)<span class=\"_ _421\"> </span>.<span class=\"_ _421\"> </span><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls19 ws10a gs442\">An impairment percentage is applied to those loan cash flows which are in arrears, to reflect the chance <span class=\"_ _2\"></span>of the loan actually going into default. F<span class=\"_ _a\"></span>or those loans </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls0 ws12 gs443\">which are 1, 2 or 3 months in arrears, an impairment percentage is applied to reflect the chance <span class=\"_ _2\"></span>of default. <span class=\"_ _7\"></span>This percentage ranges from 0.60% for 1 month in </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls20 ws3e gs444\">arrears to 1<span class=\"_ _a\"></span>3.70% for loans which are 3 months in arrears (3<span class=\"_ _a\"></span>1 December 2022: 0.60% for 1 month in arrears to 1<span class=\"_ _a\"></span>3.<span class=\"_ _a\"></span>70% for loans which are 3 months in arrears). </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs445\">Loans which are in def<span class=\"_ _2\"></span>ault receive a 1<span class=\"_ _a\"></span>0<span class=\"_ _3\"></span>0% reduction in value.<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls18 ws18d gs446\">The v<span class=\"_ _2\"></span>alue of the fund has the potential to decrease or increase <span class=\"_ _2\"></span>ov<span class=\"_ _2\"></span>er time. <span class=\"_ _0\"></span>This can be as a consequence <span class=\"_ _2\"></span>of a periodic reassessment of the conditional prepayment </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs447\">rate and/or the discount rate used in the valuation model.<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs448\">A 1 percent increase in the CPR would reduce the v<span class=\"_ _2\"></span>alue of the asset by \u00a31<span class=\"_ _7\"></span>.9m (31 December 2022: \u00a31<span class=\"_ _0\"></span>.7m).<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs449\">A 1 percent decrease in the CPR would increase the v<span class=\"_ _2\"></span>alue of the asset by \u00a32.<span class=\"_ _0\"></span>1m (31 December 2022: \u00a32.<span class=\"_ _0\"></span>1m).<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs44a\">A 1 percent increase in the discount rate would reduce the v<span class=\"_ _2\"></span>alue of the asset by \u00a31<span class=\"_ _7\"></span>1<span class=\"_ _0\"></span>.4m (31 December 2022: \u00a3<span class=\"_ _2\"></span>9.6m).<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs44b\">A 1 percent decrease in the discount rate would increase the v<span class=\"_ _2\"></span>alue of the asset by \u00a31<span class=\"_ _a\"></span>3.3m (3<span class=\"_ _2\"></span>1 December 2022: \u00a31<span class=\"_ _0\"></span>1<span class=\"_ _a\"></span>.<span class=\"_ _a\"></span>1m).<span class=\"_ _421\"> </span></div><div class=\"t m0 h11 ff63 fsd fc1 sc0 ls2 ws2 gs44c\">Reconciliation of Level 3 f<span class=\"_ _a\"></span>air value measur<span class=\"_ _2\"></span>ements of financial instr<span class=\"_ _2\"></span>uments<span class=\"_ _421\"> </span></div><div class=\"t m0 h11 ff63 fsd fc1 sc0 ls2 ws2 gs44d\">Level 3 mo<span class=\"_ _2\"></span>vement<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls190 wsc7 gs44e\">31 December</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls119 ws1b4 gs44f\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14b\"> </span>20<span class=\"_ _2\"></span>23  <span class=\"_ _14b\"> </span>2022</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls190 ws1e0 gs450\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs451\">At <span class=\"_ _4\"></span>sta<span class=\"_ _3\"></span>rt <span class=\"_ _4\"></span>of <span class=\"_ _4\"></span>pe<span class=\"_ _3\"></span>riod <span class=\"_ _1bb\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _119\"> </span>27<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>.8  <span class=\"_ _e7\"> </span>19<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>2<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs452\">Additions <span class=\"_ _3\"></span>\u2013 <span class=\"_ _3\"></span>acquisition <span class=\"_ _3\"></span>of <span class=\"_ _4\"></span>subsidiary <span class=\"_ _1bd\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _44\"> </span>103.0<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws2 gs453\">T<span class=\"_ _2\"></span>otal gains and losses recognised in the income stat<span class=\"_ _2\"></span>ement <span class=\"_ _3\"></span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _20a\"> </span>(8.6 <span class=\"_ _31\"></span>) <span class=\"_ _28\"> </span>(30.0 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs454\">Purchases <span class=\"_ _22c\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _114\"> </span>22.8  <span class=\"_ _12b\"> </span>14<span class=\"_ _3\"></span>.7<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs455\">Settlements <span class=\"_ _22d\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _11b\"> </span>(10.8 <span class=\"_ _0\"></span>) <span class=\"_ _c2\"> </span>(1<span class=\"_ _4\"></span>1.5 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs456\">Exc<span class=\"_ _2\"></span>hange <span class=\"_ _3\"></span>rate <span class=\"_ _3\"></span>adjustment <span class=\"_ _ee\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b7\"> </span>(4.2 <span class=\"_ _0\"></span>) <span class=\"_ _10f\"> </span>7<span class=\"_ _2\"></span>.4<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs457\">At <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>end <span class=\"_ _4\"></span>of <span class=\"_ _4\"></span>pe<span class=\"_ _3\"></span>riod <span class=\"_ _216\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _119\"> </span>27<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>.0  <span class=\"_ _119\"> </span>27<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>.8<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws2 gs458\">31 D<span class=\"_ _3\"></span>ece<span class=\"_ _3\"></span>mbe<span class=\"_ _3\"></span>r <span class=\"_ _22e\"> </span>Car<span class=\"_ _3\"></span>ry<span class=\"_ _3\"></span>ing am<span class=\"_ _3\"></span>ount <span class=\"_ _188\"> </span>Fair valu<span class=\"_ _3\"></span>e</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls119 ws1b4 gs459\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _46\"> </span>202<span class=\"_ _3\"></span>3<span class=\"_ _2\"></span>  <span class=\"_ _14b\"> </span>2022<span class=\"_ _2\"></span>  <span class=\"_ _14b\"> </span>20<span class=\"_ _2\"></span>23  <span class=\"_ _14b\"> </span>2022</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls190 ws1e0 gs45a\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lsd9 ws1bc gs45b\">Financial liabilities<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs45c\">Borro<span class=\"_ _2\"></span>wings <span class=\"_ _1ae\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _46\"> </span>207<span class=\"_ _a\"></span>.9  <span class=\"_ _44\"> </span>21<span class=\"_ _3\"></span>2.0  <span class=\"_ _44\"> </span>1<span class=\"_ _3\"></span>55.4  <span class=\"_ _1e1\"> </span>157<span class=\"_ _2\"></span>.0<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 lsda ws70 gs45d\">Borro<span class=\"_ _2\"></span>wings consist of the <span class=\"_ _7\"></span>Tier 2 debt and an amount due in relation to financial reinsurance. <span class=\"_ _0\"></span>The fair v<span class=\"_ _2\"></span>alue of the <span class=\"_ _0\"></span>Tier 2 debt is calculated using quoted prices in </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls18 ws72 gs45e\">active mark<span class=\"_ _2\"></span>ets and they are classified as L<span class=\"_ _2\"></span>evel 1 in the f<span class=\"_ _2\"></span>air value hierarch<span class=\"_ _2\"></span>y<span class=\"_ _a\"></span>. <span class=\"_ _0\"></span>The amount due in relation to financial reinsurance is fair v<span class=\"_ _2\"></span>alued with ref<span class=\"_ _2\"></span>erence to market </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs45f\">interest rates at the balance sheet date.<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs460\">There w<span class=\"_ _2\"></span>ere no other transf<span class=\"_ _2\"></span>ers between L<span class=\"_ _2\"></span>ev<span class=\"_ _2\"></span>els 1<span class=\"_ _0\"></span>,<span class=\"_ _2\"></span> 2 and 3 during the <span class=\"_ _a\"></span>year<span class=\"_ _a\"></span>. <span class=\"_ _0\"></span>The group holds no L<span class=\"_ _2\"></span>ev<span class=\"_ _2\"></span>el 3 liabilities as at the balance sheet date.</div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
    "language": "en",
    "entity": "scheme:213800VFRMBRTSZ3SJ06",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-54": {
   "value": " <span class=\"_ _18\"> </span>E5 <span class=\"_ _4\"></span>Der<span class=\"_ _2\"></span>ivativ<span class=\"_ _2\"></span>e financial instr<span class=\"_ _2\"></span>uments<span class=\"_ _421\"> </span>Chesnara entered into a f<span class=\"_ _2\"></span>oreign currency hedge which it rolled forw<span class=\"_ _2\"></span>ard and slightly e<span class=\"_ _2\"></span>xpanded in 2023. <span class=\"_ _0\"></span>There are also derivativ<span class=\"_ _2\"></span>es held within the unit-<span class=\"_ _2\"></span>link<span class=\"_ _2\"></span>ed an<span class=\"_ _2\"></span>d with-profits funds, e<span class=\"_ _2\"></span>xcept f<span class=\"_ _2\"></span>or an option to repay a financial reinsurance contract <span class=\"_ _2\"></span>early<span class=\"_ _a\"></span>, which comprises an embedded derivativ<span class=\"_ _2\"></span>e.<span class=\"_ _421\"> </span>31 December <span class=\"_ _149\"> </span>2023<span class=\"_ _2\"></span> 2022 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _2a\"> </span>A<span class=\"_ _3\"></span>sset  <span class=\"_ _1c2\"> </span>L<span class=\"_ _3\"></span>iability  <span class=\"_ _2a\"> </span>As<span class=\"_ _3\"></span>set  <span class=\"_ _1c2\"> </span>L<span class=\"_ _3\"></span>iability <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Exc<span class=\"_ _2\"></span>hange-traded <span class=\"_ _4\"></span>futures <span class=\"_ _177\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _57\"> </span>0.2  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _20b\"> </span>0.1  <span class=\"_ _10f\"> </span>(0.1 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Foreign currency <span class=\"_ _3\"></span>hedge <span class=\"_ _1ad\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _12b\"> </span>(4.4 <span class=\"_ _7\"></span>) <span class=\"_ _97\"> </span>\u2013  <span class=\"_ _12e\"> </span>(3.5 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Financial <span class=\"_ _3\"></span>reinsurance <span class=\"_ _3\"></span>embedded <span class=\"_ _3\"></span>derivativ<span class=\"_ _2\"></span>e <span class=\"_ _126\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _20b\"> </span>0.1  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _165\"> </span>(0.2 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _8f\"> </span>0<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3  <span class=\"_ _5b\"> </span>(4.<span class=\"_ _3\"></span>4 <span class=\"_ _7\"></span>) <span class=\"_ _fe\"> </span>0.1  <span class=\"_ _14e\"> </span>(3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Curr<span class=\"_ _2\"></span>ent <span class=\"_ _1f4\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _57\"> </span>0.3  <span class=\"_ _20a\"> </span>(4.4 <span class=\"_ _0\"></span>) <span class=\"_ _57\"> </span>0.1  <span class=\"_ _12e\"> </span>(3.7 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Non-current <span class=\"_ _1a9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _fe\"> </span>(0.1 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _8f\"> </span>0<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3  <span class=\"_ _5b\"> </span>(4.<span class=\"_ _3\"></span>4 <span class=\"_ _7\"></span>) <span class=\"_ _fe\"> </span>0.1  <span class=\"_ _14e\"> </span>(3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Der<span class=\"_ _2\"></span>iv<span class=\"_ _2\"></span>atives within unit-link<span class=\"_ _2\"></span>ed funds<span class=\"_ _421\"> </span>As part <span class=\"_ _2\"></span>of its investment management strategy<span class=\"_ _0\"></span>, the group purchases derivative financial instr<span class=\"_ _2\"></span>uments as part of its in<span class=\"_ _2\"></span>vestment portfolio f<span class=\"_ _2\"></span>or unit-linked in<span class=\"_ _2\"></span>vestment funds, which match the liabilities arising on its unit-link<span class=\"_ _2\"></span>ed insurance and investment business.<span class=\"_ _421\"> </span>A variety <span class=\"_ _2\"></span>of equity futures are part <span class=\"_ _2\"></span>of the portfolio matching the unit-linked in<span class=\"_ _2\"></span>vestment and insurance liabilities. Deriv<span class=\"_ _2\"></span>atives are used to facilitate more <span class=\"_ _2\"></span>efficient portfolio management allo<span class=\"_ _2\"></span>wing changes in investment strategy to be reflected b<span class=\"_ _2\"></span>y futures transactions rather than a high volume <span class=\"_ _2\"></span>of transactions in the underlying assets<span class=\"_ _18\"> </span>E5 <span class=\"_ _4\"></span>Der<span class=\"_ _2\"></span>ivativ<span class=\"_ _2\"></span>e financial instr<span class=\"_ _2\"></span>uments (continued)<span class=\"_ _421\"> </span>Der<span class=\"_ _2\"></span>iv<span class=\"_ _2\"></span>atives within unit-link<span class=\"_ _2\"></span>ed funds (continued)<span class=\"_ _421\"> </span>All the contracts are e<span class=\"_ _2\"></span>xchange-traded futures, with their f<span class=\"_ _2\"></span>air value being the bid price at the balance sheet date. <span class=\"_ _0\"></span>The<span class=\"_ _2\"></span>y are, accordingly<span class=\"_ _a\"></span>, determined at Lev<span class=\"_ _2\"></span>el 1 in the three-lev<span class=\"_ _2\"></span>el fair v<span class=\"_ _2\"></span>alue determination hierarchy set out in Note E4(b).<span class=\"_ _421\"> </span>Exchange<span class=\"_ _3\"></span>-traded futures (by geographica<span class=\"_ _3\"></span>l in<span class=\"_ _2\"></span>vestme<span class=\"_ _3\"></span>nt mark<span class=\"_ _2\"></span>et)<span class=\"_ _421\"> </span>31 December <span class=\"_ _22f\"> </span>202<span class=\"_ _3\"></span>3 <span class=\"_ _109\"> </span>2<span class=\"_ _3\"></span>022 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _2a\"> </span>A<span class=\"_ _3\"></span>sset  <span class=\"_ _1c2\"> </span>L<span class=\"_ _3\"></span>iability  <span class=\"_ _2a\"> </span>As<span class=\"_ _3\"></span>set  <span class=\"_ _1c2\"> </span>L<span class=\"_ _3\"></span>iability <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Europe <span class=\"_ _144\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _fe\"> </span>(0.1 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Japan <span class=\"_ _230\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _57\"> </span>0.2  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _20b\"> </span>0.1  <span class=\"_ _e9\"> </span>\u2013<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _179\"> </span>0.<span class=\"_ _3\"></span>2  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _1b1\"> </span>0<span class=\"_ _3\"></span>.1  <span class=\"_ _165\"> </span>(0<span class=\"_ _3\"></span>.1 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Financial reinsur<span class=\"_ _2\"></span>ance embedded der<span class=\"_ _2\"></span>iv<span class=\"_ _2\"></span>ative<span class=\"_ _421\"> </span>In respect of Mo<span class=\"_ _2\"></span>vestic, the group has a reinsurance contract with a third party that has an element that is deemed to transf<span class=\"_ _a\"></span>er significant insurance risk and an element that is deemed not to transf<span class=\"_ _2\"></span>er significant insurance risk. <span class=\"_ _0\"></span>This assessment has been determined b<span class=\"_ _2\"></span>y management based on the contractual terms <span class=\"_ _2\"></span>of the reinsurance agreement. <span class=\"_ _0\"></span>The <span class=\"_ _2\"></span>element of the contract that does not transf<span class=\"_ _a\"></span>er significant insurance risk has two components and has been accounted for as a financial liability at amortised cost and an embedded deriv<span class=\"_ _2\"></span>ative at fair v<span class=\"_ _2\"></span>alue.<span class=\"_ _421\"> </span>The <span class=\"_ _2\"></span>embedded derivativ<span class=\"_ _2\"></span>e represents an option to repay the amounts due under the contract <span class=\"_ _2\"></span>early at a discount to the amortised cost, with its fair v<span class=\"_ _2\"></span>alue being determined by ref<span class=\"_ _a\"></span>erence to market interest rates at the balance sheet date. It is, accordingly<span class=\"_ _a\"></span>, determined at Lev<span class=\"_ _2\"></span>el 2 in the three-lev<span class=\"_ _2\"></span>el fair value determination<span class=\"_ _2\"></span> hierarchy set <span class=\"_ _2\"></span>out in <span class=\"ls2\">Note E4(b).<span class=\"_ _421\"> </span></span>Der<span class=\"_ _2\"></span>iv<span class=\"_ _2\"></span>atives within CA (S&amp;P with-pr<span class=\"_ _2\"></span>ofits funds)<span class=\"_ _421\"> </span>As part <span class=\"_ _2\"></span>of its investment management strategy<span class=\"_ _0\"></span>, CA enters into a limited range of deriv<span class=\"_ _2\"></span>ative instruments to manage its <span class=\"_ _2\"></span>exposure to v<span class=\"_ _2\"></span>arious risks.<span class=\"_ _421\"> </span>CA uses equity inde<span class=\"_ _2\"></span>x futures in order to <span class=\"_ _2\"></span>economically hedge equity mark<span class=\"_ _2\"></span>et risk in the with-profit funds\u2019 in<span class=\"_ _2\"></span>vestments.<span class=\"_ _421\"> </span>The change in f<span class=\"_ _2\"></span>air value <span class=\"_ _2\"></span>of the futures contracts is intended to offset the change in fair v<span class=\"_ _2\"></span>alue of the underlying <span class=\"_ _2\"></span>equities being hedged. CA settles the market v<span class=\"_ _2\"></span>alue of the futures contracts on a daily basis b<span class=\"_ _2\"></span>y paying <span class=\"_ _2\"></span>or receiving a variation margin. <span class=\"_ _0\"></span>T<span class=\"_ _2\"></span>he futures contracts are not discounted as this daily settlement is equal to the change in fair v<span class=\"_ _2\"></span>alue of the futures. <span class=\"_ _2\"></span>As a result, there is no additional fair v<span class=\"_ _2\"></span>alue to recognise in relation to these derivativ<span class=\"_ _2\"></span>es on the balance sheet at the <span class=\"_ _a\"></span>year <span class=\"_ _2\"></span>end.<span class=\"_ _421\"> </span>CA also purchases e<span class=\"_ _2\"></span>xchange rate futures to mitigate <span class=\"_ _2\"></span>ex<span class=\"_ _2\"></span>change rate risk within its with-profits funds.<span class=\"_ _421\"> </span>These contracts are <span class=\"_ _2\"></span>ex<span class=\"_ _2\"></span>change-traded contracts in active markets with their f<span class=\"_ _2\"></span>air value being the bid price at the balance sheet date. <span class=\"_ _0\"></span>T<span class=\"_ _2\"></span>hey are, accordingly<span class=\"_ _a\"></span>, determined at Le<span class=\"_ _2\"></span>vel 1 in the three-le<span class=\"_ _2\"></span>vel fair v<span class=\"_ _2\"></span>alue determination hierarchy set <span class=\"_ _2\"></span>out in Note E4(b)",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
    "language": "en",
    "entity": "scheme:213800VFRMBRTSZ3SJ06",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-455": {
   "value": "<div class=\"t m0 h11 ff63 fsd fc2 sc0 ls2 ws2 gs462\"> <span class=\"_ _18\"></span><span class=\"_ _18\"></span><span class=\"_ _18\"> </span>E6 <span class=\"_ _4\"></span>Other assets<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls190 wsc7 gs463\">31 December</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls119 ws1b4 gs464\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14b\"> </span>20<span class=\"_ _2\"></span>23  <span class=\"_ _14b\"> </span>2022</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls190 ws1e0 gs465\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lsd9 ws1bc gs466\">Receivab<span class=\"_ _3\"></span>les arising from investment contract<span class=\"_ _3\"></span>s<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs467\">Reinsurers <span class=\"_ _3\"></span>share <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>accrued <span class=\"_ _3\"></span>policyholder <span class=\"_ _3\"></span>claims <span class=\"_ _14e\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _20b\"> </span>1.9  <span class=\"_ _10e\"> </span>0.9<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs468\">Receivables <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>rom <span class=\"_ _3\"></span>policyholders <span class=\"_ _231\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b1\"> </span>3.5  <span class=\"_ _1b1\"> </span>3.2<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs469\">Commission <span class=\"_ _3\"></span>receiv<span class=\"_ _2\"></span>ables <span class=\"_ _cd\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5a\"> </span>0.1  <span class=\"_ _5a\"> </span>0.1<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls64 ws1f4 gs46a\">Sub-<span class=\"_ _3\"></span>total <span class=\"_ _102\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _10f\"> </span>5<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5  <span class=\"_ _12e\"> </span>4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls9a ws6a gs46b\">Other receivable<span class=\"_ _3\"></span>s<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs46c\">Accrued <span class=\"_ _3\"></span>interest income <span class=\"_ _205\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b7\"> </span>10.2  <span class=\"_ _57\"> </span>8.5<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs46d\">Receivables <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>rom <span class=\"_ _3\"></span>fund <span class=\"_ _3\"></span>management <span class=\"_ _4\"></span>companies <span class=\"_ _150\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b1\"> </span>3.<span class=\"_ _3\"></span>3  <span class=\"_ _5a\"> </span>1.4<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs46e\">Pr<span class=\"_ _2\"></span>epayments <span class=\"_ _b6\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12e\"> </span>13.7  <span class=\"_ _10e\"> </span>8<span class=\"_ _3\"></span>.5<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs46f\">Income <span class=\"_ _3\"></span>tax <span class=\"_ _3\"></span>balances <span class=\"_ _121\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _20a\"> </span>16.4  <span class=\"_ _57\"> </span>5.8<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs470\">Other <span class=\"_ _8b\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _10e\"> </span>8.6  <span class=\"_ _20a\"> </span>18.0<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls64 ws1f4 gs471\">Sub-<span class=\"_ _3\"></span>total <span class=\"_ _102\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _2d\"> </span>5<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.2  <span class=\"_ _11b\"> </span>42<span class=\"_ _3\"></span>.2<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs472\">T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5b\"> </span>57.<span class=\"_ _2\"></span>7  <span class=\"_ _44\"> </span>4<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs473\">Curr<span class=\"_ _2\"></span>ent <span class=\"_ _1f4\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _c2\"> </span>54<span class=\"_ _3\"></span>.9  <span class=\"_ _5b\"> </span>45.6<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs474\">Non-current <span class=\"_ _1a9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _57\"> </span>2.<span class=\"_ _3\"></span>8  <span class=\"_ _fe\"> </span>0.8<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs475\">T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5b\"> </span>57.<span class=\"_ _2\"></span>7  <span class=\"_ _44\"> </span>4<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4<span class=\"_ _421\"> </span></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
    "language": "en",
    "entity": "scheme:213800VFRMBRTSZ3SJ06",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-436": {
   "value": "<span class=\"_ _18\"> </span>E6 <span class=\"_ _4\"></span>Other assets<span class=\"_ _421\"> </span>31 December <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14b\"> </span>20<span class=\"_ _2\"></span>23  <span class=\"_ _14b\"> </span>2022 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Receivab<span class=\"_ _3\"></span>les arising from investment contract<span class=\"_ _3\"></span>s<span class=\"_ _421\"> </span>Reinsurers <span class=\"_ _3\"></span>share <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>accrued <span class=\"_ _3\"></span>policyholder <span class=\"_ _3\"></span>claims <span class=\"_ _14e\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _20b\"> </span>1.9  <span class=\"_ _10e\"> </span>0.9<span class=\"_ _421\"> </span>Receivables <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>rom <span class=\"_ _3\"></span>policyholders <span class=\"_ _231\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b1\"> </span>3.5  <span class=\"_ _1b1\"> </span>3.2<span class=\"_ _421\"> </span>Commission <span class=\"_ _3\"></span>receiv<span class=\"_ _2\"></span>ables <span class=\"_ _cd\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5a\"> </span>0.1  <span class=\"_ _5a\"> </span>0.1<span class=\"_ _421\"> </span>Sub-<span class=\"_ _3\"></span>total <span class=\"_ _102\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _10f\"> </span>5<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5  <span class=\"_ _12e\"> </span>4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2<span class=\"_ _421\"> </span>Other receivable<span class=\"_ _3\"></span>s<span class=\"_ _421\"> </span>Accrued <span class=\"_ _3\"></span>interest income <span class=\"_ _205\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b7\"> </span>10.2  <span class=\"_ _57\"> </span>8.5<span class=\"_ _421\"> </span>Receivables <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>rom <span class=\"_ _3\"></span>fund <span class=\"_ _3\"></span>management <span class=\"_ _4\"></span>companies <span class=\"_ _150\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b1\"> </span>3.<span class=\"_ _3\"></span>3  <span class=\"_ _5a\"> </span>1.4<span class=\"_ _421\"> </span>Pr<span class=\"_ _2\"></span>epayments <span class=\"_ _b6\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12e\"> </span>13.7  <span class=\"_ _10e\"> </span>8<span class=\"_ _3\"></span>.5<span class=\"_ _421\"> </span>Income <span class=\"_ _3\"></span>tax <span class=\"_ _3\"></span>balances <span class=\"_ _121\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _20a\"> </span>16.4  <span class=\"_ _57\"> </span>5.8<span class=\"_ _421\"> </span>Other <span class=\"_ _8b\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _10e\"> </span>8.6  <span class=\"_ _20a\"> </span>18.0<span class=\"_ _421\"> </span>Sub-<span class=\"_ _3\"></span>total <span class=\"_ _102\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _2d\"> </span>5<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.2  <span class=\"_ _11b\"> </span>42<span class=\"_ _3\"></span>.2<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5b\"> </span>57.<span class=\"_ _2\"></span>7  <span class=\"_ _44\"> </span>4<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4<span class=\"_ _421\"> </span>Curr<span class=\"_ _2\"></span>ent <span class=\"_ _1f4\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _c2\"> </span>54<span class=\"_ _3\"></span>.9  <span class=\"_ _5b\"> </span>45.6<span class=\"_ _421\"> </span>Non-current <span class=\"_ _1a9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _57\"> </span>2.<span class=\"_ _3\"></span>8  <span class=\"_ _fe\"> </span>0.8<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5b\"> </span>57.<span class=\"_ _2\"></span>7  <span class=\"_ _44\"> </span>4<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4<span class=\"_ _421\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory",
    "language": "en",
    "entity": "scheme:213800VFRMBRTSZ3SJ06",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-450": {
   "value": "ncome <span class=\"_ _3\"></span>tax <span class=\"_ _3\"></span>balances <span class=\"_ _121\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _20a\"> </span>16.4  <span class=\"_ _57\"> </span>5.8<span class=\"_ _421\"> </span><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs5e4\">V<span class=\"_ _2\"></span>AT <span class=\"_ _24b\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _57\"> </span>0.2  <span class=\"_ _5a\"> </span>1.0<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs5e5\">Employee tax <span class=\"_ _24c\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _56\"> </span>2<span class=\"_ _3\"></span>.1  <span class=\"_ _1a1\"> </span>3.2<span class=\"_ _421\"> </span></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
    "language": "en",
    "entity": "scheme:213800VFRMBRTSZ3SJ06",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-437": {
   "value": "<span class=\"_ _74\"> </span>F1 <span class=\"_ _4\"></span>Insurance and r<span class=\"_ _2\"></span>einsurance contr<span class=\"_ _2\"></span>acts<span class=\"_ _421\"> </span>The f<span class=\"_ _2\"></span>ollowing notes pro<span class=\"_ _2\"></span>vide a quantitative analysis <span class=\"_ _2\"></span>of the insurance and reinsurance contract assets and liabilities and are disaggregated by the IFRS 8 <span class=\"_ _2\"></span>operating segments. <span class=\"_ _0\"></span>This disaggregation has been chosen f<span class=\"_ _2\"></span>or the following notes because it is the groups vie<span class=\"_ _2\"></span>w that together with the information in the Underwriting Risk section, it provides the most rele<span class=\"_ _2\"></span>vant information f<span class=\"_ _2\"></span>or assessing the eff<span class=\"_ _a\"></span>ect that contracts within the scope of IFRS 1<span class=\"_ _a\"></span>7 hav<span class=\"_ _2\"></span>e on the <span class=\"_ _2\"></span>entity\u2019<span class=\"_ _a\"></span>s financial performance and position.  (a) <span class=\"_ _3\"></span>Composition of the balance sheet<span class=\"_ _421\"> </span>The f<span class=\"_ _2\"></span>ollowing tables sho<span class=\"_ _2\"></span>w the breakdown of the insurance and reinsurance contract assets and liabilities f<span class=\"_ _2\"></span>or each <span class=\"_ _2\"></span>of the operating segments within Chesnara. Note A5(a)(i) pro<span class=\"_ _2\"></span>vides details regarding broad product groups and measurement models. Note B2 provides details f<span class=\"_ _2\"></span>or the values of insurance and reinsurance<span class=\"_ _2\"></span> contracts for the broad product groups within <span class=\"_ _2\"></span>each segment.<span class=\"_ _421\"> </span>31 December 2023 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14f\"> </span>Waard  <span class=\"_ _73\"> </span>   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _7d\"> </span>Moves<span class=\"_ _3\"></span>tic  <span class=\"_ _48\"> </span>Gro<span class=\"_ _3\"></span>up  <span class=\"_ _1c8\"> </span>Sc<span class=\"_ _3\"></span>ild<span class=\"_ _3\"></span>on   <span class=\"_ _166\"> </span> <span class=\"_ _5\"> </span> <span class=\"_ _126\"> </span> <span class=\"_ _5\"> </span> <span class=\"_ _165\"> </span>( UK ) <span class=\"_ _37\"> </span>(Swe d en ) <span class=\"_ _79\"> </span>(Netherlands ) <span class=\"_ _79\"> </span>(Netherlands ) <span class=\"_ _28\"> </span>T<span class=\"_ _2\"></span>ot al <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Insurance contrac<span class=\"_ _3\"></span>ts<span class=\"_ _421\"> </span>Insurance <span class=\"_ _3\"></span>contract <span class=\"_ _3\"></span>liabilities <span class=\"_ _bc\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _47\"> </span>1,383.0  <span class=\"_ _2d\"> </span>171.<span class=\"_ _3\"></span>8  <span class=\"_ _46\"> </span>785.3  <span class=\"_ _48\"> </span>1,862.9  <span class=\"_ _14f\"> </span>4<span class=\"_ _3\"></span>,203.0<span class=\"_ _421\"> </span>Insurance <span class=\"_ _3\"></span>contract <span class=\"_ _3\"></span>assets <span class=\"_ _d9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _20a\"> </span>(4.0 <span class=\"_ _0\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _20a\"> </span>(4.0 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>Net <span class=\"_ _4\"></span>insurance <span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>ntract <span class=\"_ _4\"></span>liabilities <span class=\"_ _21d\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _7c\"> </span>1<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>379.<span class=\"_ _3\"></span>0  <span class=\"_ _14b\"> </span>17<span class=\"_ _3\"></span>1.<span class=\"_ _3\"></span>8  <span class=\"_ _a3\"> </span>785<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3  <span class=\"_ _11c\"> </span>1<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>862<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9  <span class=\"_ _7e\"> </span>4<span class=\"_ _3\"></span>,19<span class=\"_ _3\"></span>9.0<span class=\"_ _421\"> </span>Reinsurance contrac<span class=\"_ _3\"></span>ts<span class=\"_ _421\"> </span>Reinsurance <span class=\"_ _3\"></span>contract <span class=\"_ _3\"></span>assets <span class=\"_ _1a6\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _150\"> </span>166.8  <span class=\"_ _12b\"> </span>14<span class=\"_ _3\"></span>.5  <span class=\"_ _10f\"> </span>4<span class=\"_ _3\"></span>.4  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _45\"> </span>185.7<span class=\"_ _421\"> </span>Reinsurance <span class=\"_ _3\"></span>contract <span class=\"_ _3\"></span>liabilities <span class=\"_ _160\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12e\"> </span>(2.2 <span class=\"_ _0\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _2d\"> </span>(14.9 <span class=\"_ _0\"></span>) <span class=\"_ _14e\"> </span>(17<span class=\"_ _2\"></span>.1 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Ne<span class=\"_ _3\"></span>t <span class=\"_ _3\"></span>re<span class=\"_ _3\"></span>ins<span class=\"_ _3\"></span>uranc<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ontr<span class=\"_ _3\"></span>ac<span class=\"_ _3\"></span>t <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>sse<span class=\"_ _3\"></span>ts <span class=\"_ _182\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _29\"> </span>1<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>.6  <span class=\"_ _5b\"> </span>14<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5  <span class=\"_ _12e\"> </span>4.<span class=\"_ _3\"></span>4  <span class=\"_ _150\"> </span>(14<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9 <span class=\"_ _7\"></span>) <span class=\"_ _a3\"> </span>1<span class=\"_ _3\"></span>68<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>6 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _89\"> </span>Current  <span class=\"_ _4a\"> </span>N<span class=\"_ _3\"></span>on-<span class=\"_ _3\"></span>current<span class=\"_ _2\"></span>  <span class=\"_ _28\"> </span>T<span class=\"_ _2\"></span>otal <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Insurance <span class=\"_ _3\"></span>contract <span class=\"_ _3\"></span>liabilities <span class=\"_ _bc\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _119\"> </span>1,<span class=\"_ _3\"></span>801.1  <span class=\"_ _129\"> </span>2,401.9  <span class=\"_ _14f\"> </span>4,203.0<span class=\"_ _421\"> </span>Insurance <span class=\"_ _3\"></span>contract <span class=\"_ _3\"></span>assets <span class=\"_ _d9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _20a\"> </span>(4.0 <span class=\"_ _0\"></span>) <span class=\"_ _5b\"> </span>(4.0 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>Reinsurance <span class=\"_ _3\"></span>contract <span class=\"_ _3\"></span>assets <span class=\"_ _1a6\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>29.1  <span class=\"_ _45\"> </span>156.6  <span class=\"_ _45\"> </span>185.7<span class=\"_ _421\"> </span>Reinsurance <span class=\"_ _3\"></span>contract <span class=\"_ _3\"></span>liabilities <span class=\"_ _160\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _96\"> </span>2.1  <span class=\"_ _c2\"> </span>(19.2 <span class=\"_ _0\"></span>) <span class=\"_ _14e\"> </span>(17<span class=\"_ _a\"></span>.1 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>31 December 2022 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14f\"> </span>Waard  <span class=\"_ _73\"> </span>   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _7d\"> </span>Moves<span class=\"_ _3\"></span>tic  <span class=\"_ _48\"> </span>Gro<span class=\"_ _3\"></span>up  <span class=\"_ _1c8\"> </span>Sc<span class=\"_ _3\"></span>ild<span class=\"_ _3\"></span>on   <span class=\"_ _166\"> </span> <span class=\"_ _5\"> </span> <span class=\"_ _126\"> </span> <span class=\"_ _5\"> </span> <span class=\"_ _165\"> </span>( UK ) <span class=\"_ _37\"> </span>(Swe d en ) <span class=\"_ _79\"> </span>(Netherlands ) <span class=\"_ _79\"> </span>(Netherlands ) <span class=\"_ _28\"> </span>T<span class=\"_ _2\"></span>ot al <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Insurance contrac<span class=\"_ _3\"></span>ts<span class=\"_ _421\"> </span>Insurance <span class=\"_ _3\"></span>contract <span class=\"_ _3\"></span>liabilities <span class=\"_ _bc\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1c0\"> </span>1,44<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>.6  <span class=\"_ _150\"> </span>158<span class=\"_ _3\"></span>.9  <span class=\"_ _e7\"> </span>463.7  <span class=\"_ _43\"> </span>1,751.4  <span class=\"_ _47\"> </span>3,<span class=\"_ _3\"></span>821.6<span class=\"_ _421\"> </span>Insurance <span class=\"_ _3\"></span>contract <span class=\"_ _3\"></span>assets <span class=\"_ _d9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span>Net <span class=\"_ _4\"></span>insurance <span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>ntract <span class=\"_ _4\"></span>liabilities <span class=\"_ _21d\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _7c\"> </span>1,<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>47<span class=\"_ _a\"></span>.6  <span class=\"_ _e7\"> </span>158<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9  <span class=\"_ _43\"> </span>4<span class=\"_ _3\"></span>63.7  <span class=\"_ _9d\"> </span>1<span class=\"_ _3\"></span>,751.<span class=\"_ _3\"></span>4  <span class=\"_ _3b\"> </span>3,<span class=\"_ _3\"></span>821<span class=\"_ _3\"></span>.6<span class=\"_ _421\"> </span>Reinsurance contrac<span class=\"_ _3\"></span>ts<span class=\"_ _421\"> </span>Reinsurance <span class=\"_ _3\"></span>contract <span class=\"_ _3\"></span>assets <span class=\"_ _1a6\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _45\"> </span>17<span class=\"_ _2\"></span>4.7  <span class=\"_ _1b7\"> </span>15.8  <span class=\"_ _1b1\"> </span>3.5  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _14b\"> </span>194<span class=\"_ _3\"></span>.0<span class=\"_ _421\"> </span>Reinsurance <span class=\"_ _3\"></span>contract <span class=\"_ _3\"></span>liabilities <span class=\"_ _160\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _10e\"> </span>(2<span class=\"_ _3\"></span>.1 <span class=\"_ _7\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _5b\"> </span>(15.2 <span class=\"_ _0\"></span>) <span class=\"_ _11b\"> </span>(<span class=\"_ _3\"></span>17<span class=\"_ _a\"></span>.<span class=\"_ _3\"></span>3 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Ne<span class=\"_ _3\"></span>t <span class=\"_ _3\"></span>re<span class=\"_ _3\"></span>ins<span class=\"_ _3\"></span>uranc<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ontr<span class=\"_ _3\"></span>ac<span class=\"_ _3\"></span>t <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>sse<span class=\"_ _3\"></span>ts <span class=\"_ _182\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _28\"> </span>17<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>6  <span class=\"_ _5b\"> </span>1<span class=\"_ _3\"></span>5.<span class=\"_ _3\"></span>8  <span class=\"_ _fe\"> </span>3.<span class=\"_ _4\"></span>5  <span class=\"_ _44\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2 <span class=\"_ _7\"></span>) <span class=\"_ _29\"> </span>176<span class=\"_ _3\"></span>.7 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _89\"> </span>Current  <span class=\"_ _4a\"> </span>N<span class=\"_ _3\"></span>on-<span class=\"_ _3\"></span>current<span class=\"_ _2\"></span>  <span class=\"_ _28\"> </span>T<span class=\"_ _2\"></span>otal <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Insurance <span class=\"_ _3\"></span>contract <span class=\"_ _3\"></span>liabilities <span class=\"_ _bc\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _44\"> </span>651.4  <span class=\"_ _3f\"> </span>3,170<span class=\"_ _2\"></span>.2  <span class=\"_ _3f\"> </span>3,821.6<span class=\"_ _421\"> </span>Insurance <span class=\"_ _3\"></span>contract <span class=\"_ _3\"></span>assets <span class=\"_ _d9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span>Reinsurance <span class=\"_ _3\"></span>contract <span class=\"_ _3\"></span>assets <span class=\"_ _1a6\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _114\"> </span>33.8  <span class=\"_ _44\"> </span>160.2  <span class=\"_ _14b\"> </span>194<span class=\"_ _3\"></span>.0<span class=\"_ _421\"> </span>Reinsurance <span class=\"_ _3\"></span>contract <span class=\"_ _3\"></span>liabilities <span class=\"_ _160\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12e\"> </span>(2.6 <span class=\"_ _7\"></span>) <span class=\"_ _1e1\"> </span>(14<span class=\"_ _3\"></span>.7 <span class=\"_ _7\"></span>) <span class=\"_ _2d\"> </span>(17<span class=\"_ _2\"></span>.3 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS <span class=\"_ _e\"> </span>(b) <span class=\"_ _3\"></span>Fair v<span class=\"_ _a\"></span>alue of underlying it<span class=\"_ _2\"></span>ems<span class=\"_ _421\"> </span>The f<span class=\"_ _2\"></span>ollowing table sho<span class=\"_ _2\"></span>ws the fair value <span class=\"_ _2\"></span>of the underlying items of the group\u2019<span class=\"_ _0\"></span>s direct participating contracts for each reporting segment. <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14f\"> </span>Waard  <span class=\"_ _73\"> </span>   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _7d\"> </span>Moves<span class=\"_ _3\"></span>tic  <span class=\"_ _48\"> </span>Gro<span class=\"_ _3\"></span>up  <span class=\"_ _1c8\"> </span>Sc<span class=\"_ _3\"></span>ild<span class=\"_ _3\"></span>on   <span class=\"_ _166\"> </span> <span class=\"_ _5\"> </span> <span class=\"_ _126\"> </span> <span class=\"_ _5\"> </span> <span class=\"_ _165\"> </span>( UK ) <span class=\"_ _37\"> </span>(Swe d en ) <span class=\"_ _79\"> </span>(Netherlands ) <span class=\"_ _79\"> </span>(Netherlands ) <span class=\"_ _28\"> </span>T<span class=\"_ _2\"></span>ot al <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Fair v<span class=\"_ _2\"></span>alue of underlying items as at 31 December 2023 <span class=\"_ _1fc\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _14b\"> </span>816.9 <span class=\"_ _2\"></span> <span class=\"_ _45\"> </span>1<span class=\"_ _3\"></span>32.3 <span class=\"_ _a\"></span> <span class=\"_ _114\"> </span>65.2 <span class=\"_ _2\"></span> <span class=\"_ _47\"> </span>1,238.7 <span class=\"_ _2\"></span> <span class=\"_ _3f\"> </span>2<span class=\"_ _3\"></span>,253.1<span class=\"_ _421\"> </span>Fair v<span class=\"_ _2\"></span>alue of underlying items as at 31 December 2022 <span class=\"_ _1fc\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _e7\"> </span>953.0 <span class=\"_ _2\"></span> <span class=\"_ _7b\"> </span>1<span class=\"_ _3\"></span>18<span class=\"_ _3\"></span>.5 <span class=\"_ _a\"></span> <span class=\"_ _c2\"> </span>7<span class=\"_ _a\"></span>4<span class=\"_ _3\"></span>.4 <span class=\"_ _a\"></span> <span class=\"_ _112\"> </span>1,126.0 <span class=\"_ _2\"></span> <span class=\"_ _47\"> </span>2,27<span class=\"_ _3\"></span>1.9<span class=\"_ _421\"> </span>Composition of under<span class=\"_ _2\"></span>lying items<span class=\"_ _421\"> </span>The majority <span class=\"_ _2\"></span>of the fair v<span class=\"_ _2\"></span>alue of underlying items across the group are held in collective in<span class=\"_ _2\"></span>vestment schemes. <span class=\"_ _2\"></span>A small proportion is held in equities, debt securities and in cash and deposits. <span class=\"_ _74\"> </span>F2 <span class=\"_ _4\"></span>Insurance and r<span class=\"_ _2\"></span>einsurance contr<span class=\"_ _2\"></span>acts \u2013 quantitative analysis of r<span class=\"_ _2\"></span>ecognised amounts \u2013 UK  (a) <span class=\"_ _3\"></span>Insurance contract balances \u2013 analysis b<span class=\"_ _2\"></span>y remaining co<span class=\"_ _2\"></span>ver<span class=\"_ _2\"></span>age and incur<span class=\"_ _2\"></span>red claims <span class=\"_ _233\"> </span>Liabilities for <span class=\"ls2 ws2\"> </span> <span class=\"_ _234\"> </span>remaining coverage <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _39\"> </span>Excluding  <span class=\"_ _9f\"> </span>  <span class=\"_ _1c7\"> </span>Liabilities   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5b\"> </span>loss  <span class=\"_ _45\"> </span>L<span class=\"_ _3\"></span>oss  <span class=\"_ _6d\"> </span>for <span class=\"_ _4\"></span>incu<span class=\"_ _3\"></span>rred   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _146\"> </span>component  <span class=\"_ _128\"> </span>component  <span class=\"_ _76\"> </span>claims  <span class=\"_ _28\"> </span>T<span class=\"_ _a\"></span>otal <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Insurance contrac<span class=\"_ _3\"></span>t liabilities as at 1<span class=\"_ _2\"></span> Januar<span class=\"_ _3\"></span>y 202<span class=\"_ _3\"></span>3 <span class=\"_ _1c6\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _11c\"> </span>1<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>38<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3 <span class=\"_ _a\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _7b\"> </span>65<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3 <span class=\"_ _2\"></span> <span class=\"_ _7e\"> </span>1<span class=\"_ _3\"></span>,4<span class=\"_ _3\"></span>47<span class=\"_ _2\"></span>.6<span class=\"_ _421\"> </span>Chan<span class=\"_ _3\"></span>ges i<span class=\"_ _3\"></span>n the s<span class=\"_ _3\"></span>tatem<span class=\"_ _3\"></span>ent o<span class=\"_ _3\"></span>f pro<span class=\"_ _3\"></span>fit and l<span class=\"_ _3\"></span>os<span class=\"_ _3\"></span>s<span class=\"_ _421\"> </span>Insurance revenue<span class=\"_ _421\"> </span>Contracts me<span class=\"_ _2\"></span>asured under the fair value approac<span class=\"_ _2\"></span>h <span class=\"_ _210\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _11b\"> </span>(57<span class=\"_ _a\"></span>.5 <span class=\"_ _7\"></span>) <span class=\"_ _ae\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _7b\"> </span>(57<span class=\"_ _2\"></span>.5 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Contracts me<span class=\"_ _2\"></span>asured under the full retrospective appr<span class=\"_ _2\"></span>oach <span class=\"_ _1\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _12b\"> </span>(8.3 <span class=\"_ _7\"></span>) <span class=\"_ _ae\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _12b\"> </span>(8.3 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>revenu<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>to<span class=\"_ _3\"></span>tal <span class=\"_ _1ed\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _28\"> </span>(6<span class=\"_ _3\"></span>5.<span class=\"_ _3\"></span>8 <span class=\"_ _7\"></span>) <span class=\"_ _97\"> </span>\u2013  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _28\"> </span>(6<span class=\"_ _3\"></span>5.<span class=\"_ _3\"></span>8 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Insura<span class=\"_ _2\"></span>nce service e<span class=\"_ _a\"></span>xpenses<span class=\"_ _421\"> </span>Incurred claims and other dir<span class=\"_ _2\"></span>ectly attributable expenses <span class=\"_ _f9\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _165\"> </span>(2.5 <span class=\"_ _31\"></span>) <span class=\"_ _f0\"> </span>53.<span class=\"_ _3\"></span>2 <span class=\"_ _a\"></span> <span class=\"_ _5b\"> </span>50.7<span class=\"_ _421\"> </span>Losses and rev<span class=\"_ _2\"></span>ersals of losses on onerous contracts <span class=\"_ _7c\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _14e\"> </span>14<span class=\"_ _3\"></span>.9 <span class=\"_ _a\"></span> <span class=\"_ _e9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _14e\"> </span>14<span class=\"_ _3\"></span>.9<span class=\"_ _421\"> </span>Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>ser<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>expen<span class=\"_ _3\"></span>se <span class=\"_ _4\"></span>tot<span class=\"_ _3\"></span>al <span class=\"_ _235\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _5b\"> </span>12<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4  <span class=\"_ _f0\"> </span>53<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2  <span class=\"_ _11b\"> </span>6<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>.6<span class=\"_ _421\"> </span>Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>ser<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>resu<span class=\"_ _3\"></span>lt <span class=\"_ _d9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _28\"> </span>(65<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8 <span class=\"_ _7\"></span>) <span class=\"_ _11b\"> </span>1<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4  <span class=\"_ _2d\"> </span>5<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2  <span class=\"_ _114\"> </span>(<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>2 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Net <span class=\"_ _3\"></span>finance <span class=\"_ _3\"></span>expenses <span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>rom <span class=\"_ _3\"></span>insurance <span class=\"_ _3\"></span>contracts <span class=\"_ _152\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _114\"> </span>86.5  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _5b\"> </span>86<span class=\"_ _3\"></span>.5<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>mount<span class=\"_ _3\"></span>s <span class=\"_ _4\"></span>rec<span class=\"_ _3\"></span>ogni<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>in <span class=\"_ _4\"></span>co<span class=\"_ _3\"></span>mpre<span class=\"_ _3\"></span>hen<span class=\"_ _3\"></span>sive <span class=\"_ _4\"></span>in<span class=\"_ _3\"></span>come <span class=\"_ _146\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _f0\"> </span>20<span class=\"_ _3\"></span>.7  <span class=\"_ _c2\"> </span>1<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4  <span class=\"_ _f0\"> </span>53<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2  <span class=\"_ _7b\"> </span>8<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3<span class=\"_ _421\"> </span>Investment <span class=\"_ _3\"></span>components <span class=\"_ _d8\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14b\"> </span>(131.0 <span class=\"_ _7\"></span>) <span class=\"_ _97\"> </span>\u2013  <span class=\"_ _2d\"> </span>13<span class=\"_ _3\"></span>1.0  <span class=\"_ _e9\"> </span>\u2013<span class=\"_ _421\"> </span>Cash flows<span class=\"_ _421\"> </span>Pr<span class=\"_ _2\"></span>emiums <span class=\"_ _3\"></span>received <span class=\"_ _236\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _152\"> </span>37<span class=\"_ _2\"></span>.5  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _20a\"> </span>37<span class=\"_ _2\"></span>.5<span class=\"_ _421\"> </span>Claims and other directly attributable e<span class=\"_ _2\"></span>xpenses paid <span class=\"_ _2e\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013  <span class=\"_ _a3\"> </span>(<span class=\"_ _3\"></span>183.8 <span class=\"_ _31\"></span>) <span class=\"_ _2a\"> </span>(183.8 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Acquisitions <span class=\"_ _22d\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b7\"> </span>(8.6 <span class=\"_ _0\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _1b7\"> </span>(8.6 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ash <span class=\"_ _4\"></span>flo<span class=\"_ _3\"></span>ws <span class=\"_ _1a4\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _11b\"> </span>28<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _3e\"> </span>(<span class=\"_ _3\"></span>18<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8 <span class=\"_ _7\"></span>) <span class=\"_ _129\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>54<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Insurance contrac<span class=\"_ _3\"></span>t liabilities as at 31 December 202<span class=\"_ _3\"></span>3 <span class=\"_ _14\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _82\"> </span>1<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>30<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>9 <span class=\"_ _a\"></span> <span class=\"_ _f0\"> </span>12<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4 <span class=\"_ _a\"></span> <span class=\"_ _11b\"> </span>65<span class=\"_ _3\"></span>.7 <span class=\"_ _a\"></span> <span class=\"_ _11c\"> </span>1<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>379<span class=\"_ _3\"></span>.0<span class=\"_ _421\"> </span><span class=\"ff65 ls3\"></span><span class=\"ff65 ls3\"></span><span class=\"ff65 ls3\">CHES<span class=\"_ _277\"></span>NAR<span class=\"_ _277\"></span>A<span class=\"_ _278\"></span>A<span class=\"_ _277\"></span>NNUAL<span class=\"_ _278\"></span>REPO<span class=\"_ _284\"></span>RT<span class=\"_ _27f\"></span>AND<span class=\"_ _392\"></span>ACCOUN<span class=\"_ _279\"></span>TS<span class=\"_ _287\"></span>202<span class=\"_ _3d9\"></span>3</span><span class=\"_ _3da\"></span>207<span class=\"_ _421\"> </span>IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS<span class=\"_ _421\"> </span>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<span class=\"_ _421\"> </span>SECTION F \u2013 INSURANCE AND REINSURANCE CONTRA<span class=\"_ _2\"></span>CTS <span class=\"_ _74\"> </span>F2 <span class=\"_ _4\"></span>Insurance and r<span class=\"_ _2\"></span>einsurance contr<span class=\"_ _2\"></span>acts \u2013 quantitative analysis of r<span class=\"_ _2\"></span>ecognised amounts \u2013 UK (continued)  (a) <span class=\"_ _3\"></span>Insurance contract balances \u2013 analysis b<span class=\"_ _2\"></span>y remaining co<span class=\"_ _2\"></span>ver<span class=\"_ _2\"></span>age and incur<span class=\"_ _2\"></span>red claims (continued) <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _69\"> </span>L<span class=\"_ _3\"></span>iabilities <span class=\"_ _3\"></span>fo<span class=\"_ _3\"></span>r  <span class=\"_ _69\"> </span>Liabilities <span class=\"_ _4\"></span>for   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _6c\"> </span>remaining  <span class=\"_ _1e2\"> </span>incurre<span class=\"_ _3\"></span>d   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1f9\"> </span>cover<span class=\"_ _3\"></span>age  <span class=\"_ _210\"> </span>cl<span class=\"_ _3\"></span>aims  <span class=\"_ _46\"> </span>T<span class=\"_ _a\"></span>o<span class=\"_ _3\"></span>tal <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Insurance contrac<span class=\"_ _3\"></span>t liabilities as at 1<span class=\"_ _2\"></span> Januar<span class=\"_ _3\"></span>y 2022 <span class=\"_ _123\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _210\"> </span>1<span class=\"_ _3\"></span>,47<span class=\"_ _3\"></span>1.7 <span class=\"_ _a\"></span> <span class=\"_ _150\"> </span>64<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4 <span class=\"_ _a\"></span> <span class=\"_ _153\"> </span>1<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>536<span class=\"_ _3\"></span>.1<span class=\"_ _421\"> </span>Chan<span class=\"_ _3\"></span>ges i<span class=\"_ _3\"></span>n the s<span class=\"_ _3\"></span>tatem<span class=\"_ _3\"></span>ent o<span class=\"_ _3\"></span>f pro<span class=\"_ _3\"></span>fit and l<span class=\"_ _3\"></span>os<span class=\"_ _3\"></span>s<span class=\"_ _421\"> </span>Insurance revenue<span class=\"_ _421\"> </span>Contracts me<span class=\"_ _2\"></span>asured under the fair value approac<span class=\"_ _2\"></span>h <span class=\"_ _210\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _f0\"> </span>(59.1 <span class=\"_ _31\"></span>) <span class=\"_ _15b\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _c2\"> </span>(59.1 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Contracts me<span class=\"_ _2\"></span>asured under the full retrospective appr<span class=\"_ _2\"></span>oach <span class=\"_ _1\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _20a\"> </span>(6.0 <span class=\"_ _31\"></span>) <span class=\"_ _15b\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _20a\"> </span>(6.0 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>revenu<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>to<span class=\"_ _3\"></span>tal <span class=\"_ _1ed\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1e1\"> </span>(6<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>.1 <span class=\"_ _7\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _1e1\"> </span>(6<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>.1 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Insura<span class=\"_ _2\"></span>nce service e<span class=\"_ _a\"></span>xpenses<span class=\"_ _421\"> </span>Incurred <span class=\"_ _3\"></span>claims <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>other <span class=\"_ _3\"></span>directly <span class=\"_ _3\"></span>attributable <span class=\"_ _3\"></span>expenses <span class=\"_ _128\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _114\"> </span>58.2  <span class=\"_ _14e\"> </span>58.2<span class=\"_ _421\"> </span>Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>ser<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>expen<span class=\"_ _3\"></span>se <span class=\"_ _4\"></span>tot<span class=\"_ _3\"></span>al <span class=\"_ _235\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _11b\"> </span>58<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2  <span class=\"_ _11b\"> </span>5<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2<span class=\"_ _421\"> </span>Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>ser<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>resu<span class=\"_ _3\"></span>lt <span class=\"_ _d9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1e1\"> </span>(6<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>.1 <span class=\"_ _7\"></span>) <span class=\"_ _44\"> </span>5<span class=\"_ _3\"></span>8.<span class=\"_ _3\"></span>2  <span class=\"_ _14e\"> </span>(6<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Net <span class=\"_ _3\"></span>finance <span class=\"_ _3\"></span>expenses <span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>rom <span class=\"_ _3\"></span>insurance <span class=\"_ _3\"></span>contracts <span class=\"_ _152\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _150\"> </span>(161.6 <span class=\"_ _7\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _150\"> </span>(161.6 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>mount<span class=\"_ _3\"></span>s <span class=\"_ _4\"></span>rec<span class=\"_ _3\"></span>ogni<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>in <span class=\"_ _4\"></span>co<span class=\"_ _3\"></span>mpre<span class=\"_ _3\"></span>hen<span class=\"_ _3\"></span>sive <span class=\"_ _4\"></span>in<span class=\"_ _3\"></span>come <span class=\"_ _146\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _1c0\"> </span>(2<span class=\"_ _3\"></span>26<span class=\"_ _3\"></span>.7 <span class=\"_ _7\"></span>) <span class=\"_ _44\"> </span>5<span class=\"_ _3\"></span>8.<span class=\"_ _4\"></span>2  <span class=\"_ _3f\"> </span>(<span class=\"_ _3\"></span>16<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Investment <span class=\"_ _3\"></span>components <span class=\"_ _d8\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _15c\"> </span>(128.<span class=\"_ _3\"></span>2 <span class=\"_ _7\"></span>) <span class=\"_ _14b\"> </span>128.2  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span>Cash flows<span class=\"_ _421\"> </span>Pr<span class=\"_ _2\"></span>emiums <span class=\"_ _3\"></span>received <span class=\"_ _236\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _152\"> </span>33.3  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _152\"> </span>33.3<span class=\"_ _421\"> </span>Claims and other directly attributable e<span class=\"_ _2\"></span>xpenses paid <span class=\"_ _2e\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _97\"> </span>\u2013  <span class=\"_ _42\"> </span>(185.5 <span class=\"_ _31\"></span>) <span class=\"_ _a3\"> </span>(185.5 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Acquisitions <span class=\"_ _22d\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14b\"> </span>232.2  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _150\"> </span>232.2<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ash <span class=\"_ _4\"></span>flo<span class=\"_ _3\"></span>ws <span class=\"_ _1a4\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _119\"> </span>26<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5  <span class=\"_ _112\"> </span>(<span class=\"_ _3\"></span>18<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5 <span class=\"_ _7\"></span>) <span class=\"_ _14b\"> </span>80.<span class=\"_ _3\"></span>0<span class=\"_ _421\"> </span>Insurance contrac<span class=\"_ _3\"></span>t liabilities as at 31 December 202<span class=\"_ _3\"></span>2 <span class=\"_ _14\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _11c\"> </span>1<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>38<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3 <span class=\"_ _a\"></span> <span class=\"_ _7b\"> </span>65<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3 <span class=\"_ _2\"></span> <span class=\"_ _7e\"> </span>1<span class=\"_ _3\"></span>,4<span class=\"_ _3\"></span>47<span class=\"_ _2\"></span>.6<span class=\"_ _421\"> </span>There is no P<span class=\"_ _0\"></span>AA business in the UK segment. Note A6(a) sets out the f<span class=\"_ _2\"></span>air value methodology applied at transition that has been applied for the CA contracts<span class=\"_ _2\"></span> in the UK.<span class=\"_ _421\"> </span>208<span class=\"_ _1\"> </span><span class=\"ff67 ls3 ws2\">CHES<span class=\"_ _3\"></span>NAR<span class=\"_ _3\"></span>A A<span class=\"_ _3\"></span>NNUAL REP<span class=\"_ _3\"></span>ORT AN<span class=\"_ _3\"></span>D ACCOUN<span class=\"_ _3\"></span>TS 2023<span class=\"_ _421\"> </span></span>IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS <span class=\"_ _e\"> </span>(b) <span class=\"_ _3\"></span>Insurance contract balances \u2013 analysis b<span class=\"_ _2\"></span>y measurement component \u2013 contr<span class=\"_ _2\"></span>acts not measur<span class=\"_ _2\"></span>ed under P<span class=\"_ _a\"></span>AA <span class=\"_ _19e\"> </span>  <span class=\"_ _3\"></span> <span class=\"_ _83\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _7f\"> </span>C<span class=\"_ _3\"></span>SM <span class=\"_ _4\"></span>(new  <span class=\"_ _9f\"> </span>   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>   con<span class=\"_ _3\"></span>trac<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>s <span class=\"_ _3\"></span>an<span class=\"_ _3\"></span>d  <span class=\"_ _44\"> </span>C<span class=\"_ _3\"></span>SM   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _e\"> </span>Pr<span class=\"_ _3\"></span>ese<span class=\"_ _3\"></span>nt <span class=\"_ _4\"></span>valu<span class=\"_ _3\"></span>e  <span class=\"_ _9f\"> </span>  <span class=\"_ _1c7\"> </span>con<span class=\"_ _3\"></span>trac<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>s  <span class=\"_ _6c\"> </span>(con<span class=\"_ _3\"></span>trac<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>s   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _127\"> </span>o<span class=\"_ _3\"></span>f <span class=\"_ _3\"></span>fu<span class=\"_ _3\"></span>ture  <span class=\"_ _11b\"> </span>Risk  <span class=\"_ _39\"> </span>mea<span class=\"_ _3\"></span>sur<span class=\"_ _3\"></span>ed  <span class=\"_ _1c1\"> </span>m<span class=\"_ _3\"></span>eas<span class=\"_ _3\"></span>ured   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _185\"> </span>ca<span class=\"_ _3\"></span>sh <span class=\"_ _4\"></span>flows  <span class=\"_ _146\"> </span>ad<span class=\"_ _3\"></span>jus<span class=\"_ _3\"></span>tme<span class=\"_ _3\"></span>nt  <span class=\"_ _80\"> </span>unde<span class=\"_ _3\"></span>r <span class=\"_ _3\"></span>F<span class=\"_ _3\"></span>RA <span class=\"_ _0\"></span>) <span class=\"_ _237\"> </span>und<span class=\"_ _3\"></span>er <span class=\"_ _4\"></span>F<span class=\"_ _3\"></span>V<span class=\"_ _2\"></span>A <span class=\"_ _7\"></span>) <span class=\"_ _42\"> </span>Total <span class=\"_ _19e\"> </span> <span class=\"_ _3\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _12e\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce con<span class=\"_ _3\"></span>trac<span class=\"_ _3\"></span>t li<span class=\"_ _3\"></span>abili<span class=\"_ _3\"></span>tie<span class=\"_ _3\"></span>s as at 1 Ja<span class=\"_ _3\"></span>nuar<span class=\"_ _3\"></span>y 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>3 <span class=\"_ _2e\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _9d\"> </span>1<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>97.1 <span class=\"_ _0\"></span> <span class=\"_ _5b\"> </span>1<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2 <span class=\"_ _a\"></span> <span class=\"_ _20b\"> </span>1<span class=\"_ _3\"></span>.1 <span class=\"_ _2\"></span> <span class=\"_ _7b\"> </span>36<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2 <span class=\"_ _a\"></span> <span class=\"_ _11c\"> </span>1<span class=\"_ _3\"></span>,4<span class=\"_ _3\"></span>47.6<span class=\"_ _421\"> </span>Changes that relate to cur<span class=\"_ _2\"></span>rent ser<span class=\"_ _3\"></span>vice<span class=\"_ _421\"> </span>CSM <span class=\"_ _3\"></span>recognised <span class=\"_ _3\"></span>for <span class=\"_ _3\"></span>services <span class=\"_ _3\"></span>provided <span class=\"_ _238\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _10f\"> </span>(1.4 <span class=\"_ _7\"></span>) <span class=\"_ _179\"> </span>(3.1 <span class=\"_ _7\"></span>) <span class=\"_ _152\"> </span>(4.5 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Change in risk adjustment for non-financial risk for risk e<span class=\"_ _2\"></span>xpired <span class=\"_ _165\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013  <span class=\"_ _12b\"> </span>(2<span class=\"_ _3\"></span>.2 <span class=\"_ _31\"></span>) <span class=\"_ _ae\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013  <span class=\"_ _12b\"> </span>(2<span class=\"_ _3\"></span>.2 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Experience a<span class=\"_ _3\"></span>djustments <span class=\"_ _22\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b7\"> </span>(8.<span class=\"_ _3\"></span>2 <span class=\"_ _7\"></span>) <span class=\"_ _97\"> </span>\u2013  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _165\"> </span>(8.2 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>Revenue r<span class=\"_ _2\"></span>ecognised for incurred policyholder tax e<span class=\"_ _2\"></span>xpenses <span class=\"_ _0\"></span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _179\"> </span>(0.1 <span class=\"_ _31\"></span>) <span class=\"_ _ae\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013  <span class=\"_ _97\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _179\"> </span>(0.1 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l chan<span class=\"_ _3\"></span>ges t<span class=\"_ _3\"></span>hat re<span class=\"_ _3\"></span>late to cu<span class=\"_ _3\"></span>rrent s<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _94\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _5b\"> </span>(8.<span class=\"_ _4\"></span>3 <span class=\"_ _31\"></span>) <span class=\"_ _11b\"> </span>(2<span class=\"_ _3\"></span>.<span class=\"_ _4\"></span>2 <span class=\"_ _f\"></span>) <span class=\"_ _5b\"> </span>(1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4 <span class=\"_ _31\"></span>) <span class=\"_ _14e\"> </span>(3<span class=\"_ _3\"></span>.1 <span class=\"_ _31\"></span>) <span class=\"_ _15c\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>.0 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Changes that relate to future<span class=\"_ _2\"></span> ser<span class=\"_ _3\"></span>vice<span class=\"_ _421\"> </span>Contracts <span class=\"_ _3\"></span>initially <span class=\"_ _3\"></span>recognised <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>period <span class=\"_ _a4\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _f0\"> </span>(12.0 <span class=\"_ _0\"></span>) <span class=\"_ _96\"> </span>1.1  <span class=\"_ _12b\"> </span>10.9  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span>Changes in estimates that adjust the CSM <span class=\"_ _1cb\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _10e\"> </span>9.2 <span class=\"_ _a\"></span> <span class=\"_ _10e\"> </span>0.5 <span class=\"_ _a\"></span> <span class=\"_ _5a\"> </span>1.6 <span class=\"_ _2\"></span> <span class=\"_ _14e\"> </span>(1<span class=\"_ _3\"></span>1.3 <span class=\"_ _31\"></span>) <span class=\"_ _15b\"> </span>\u2013<span class=\"_ _421\"> </span>Changes in estimates that result in losses or r<span class=\"_ _2\"></span>eversals of losses <span class=\"ls2\"> </span>on <span class=\"_ _3\"></span>onerous <span class=\"_ _3\"></span>underlying <span class=\"_ _3\"></span>contracts <span class=\"_ _1fd\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _152\"> </span>14<span class=\"_ _3\"></span>.8  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _152\"> </span>14.<span class=\"_ _3\"></span>8<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l chan<span class=\"_ _3\"></span>ges t<span class=\"_ _3\"></span>hat re<span class=\"_ _3\"></span>late to f<span class=\"_ _3\"></span>uture s<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _97\"> </span> <span class=\"_ _0\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _c2\"> </span>12<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>0 <span class=\"_ _a\"></span> <span class=\"_ _57\"> </span>1.<span class=\"_ _3\"></span>6 <span class=\"_ _a\"></span> <span class=\"_ _5b\"> </span>12<span class=\"_ _3\"></span>.<span class=\"_ _4\"></span>5 <span class=\"_ _a\"></span> <span class=\"_ _1e1\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _4\"></span>1.<span class=\"_ _4\"></span>3 <span class=\"_ _f\"></span>) <span class=\"_ _1e1\"> </span>14<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8<span class=\"_ _421\"> </span>Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>ser<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>resu<span class=\"_ _3\"></span>lt <span class=\"_ _d9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _fe\"> </span>3<span class=\"_ _3\"></span>.7  <span class=\"_ _114\"> </span>(0<span class=\"_ _3\"></span>.6 <span class=\"_ _0\"></span>) <span class=\"_ _165\"> </span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.1  <span class=\"_ _14b\"> </span>(14<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4 <span class=\"_ _7\"></span>) <span class=\"_ _f0\"> </span>(0<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Net <span class=\"_ _3\"></span>finance <span class=\"_ _3\"></span>expenses <span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>rom <span class=\"_ _3\"></span>insurance <span class=\"_ _3\"></span>contracts <span class=\"_ _152\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _f0\"> </span>84.4  <span class=\"_ _57\"> </span>0.7  <span class=\"_ _10e\"> </span>0.7  <span class=\"_ _10e\"> </span>0.7  <span class=\"_ _5b\"> </span>86.5<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>mount<span class=\"_ _3\"></span>s <span class=\"_ _4\"></span>rec<span class=\"_ _3\"></span>ogni<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>in <span class=\"_ _4\"></span>co<span class=\"_ _3\"></span>mpre<span class=\"_ _3\"></span>hen<span class=\"_ _3\"></span>sive <span class=\"_ _4\"></span>in<span class=\"_ _3\"></span>come <span class=\"_ _146\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5b\"> </span>8<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>.1  <span class=\"_ _1a1\"> </span>0<span class=\"_ _3\"></span>.1  <span class=\"_ _20a\"> </span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8  <span class=\"_ _1e1\"> </span>(<span class=\"_ _3\"></span>13<span class=\"_ _3\"></span>.7 <span class=\"_ _7\"></span>) <span class=\"_ _150\"> </span>86<span class=\"_ _3\"></span>.<span class=\"_ _4\"></span>3<span class=\"_ _421\"> </span>Cash flows<span class=\"_ _421\"> </span>Pr<span class=\"_ _2\"></span>emiums <span class=\"_ _3\"></span>received <span class=\"_ _236\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _20a\"> </span>37<span class=\"_ _a\"></span>.5  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _12b\"> </span>37<span class=\"_ _a\"></span>.5<span class=\"_ _421\"> </span>Claims and other directly attributable e<span class=\"_ _2\"></span>xpenses paid <span class=\"_ _2e\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _119\"> </span>(183.8 <span class=\"_ _31\"></span>) <span class=\"_ _15b\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _b9\"> </span>\u2013  <span class=\"_ _97\"> </span>\u2013  <span class=\"_ _a3\"> </span>(<span class=\"_ _3\"></span>183.8 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Acquisitions <span class=\"_ _22d\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b7\"> </span>(8.6 <span class=\"_ _0\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _1b7\"> </span>(8.6 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ash <span class=\"_ _4\"></span>flo<span class=\"_ _3\"></span>ws <span class=\"_ _1a4\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _3f\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>54<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9 <span class=\"_ _7\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _3e\"> </span>(1<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>.9 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce con<span class=\"_ _3\"></span>trac<span class=\"_ _3\"></span>t li<span class=\"_ _3\"></span>abili<span class=\"_ _3\"></span>tie<span class=\"_ _3\"></span>s as at 3<span class=\"_ _3\"></span>1 Dec<span class=\"_ _3\"></span>emb<span class=\"_ _3\"></span>er 20<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>3 <span class=\"_ _6d\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _11c\"> </span>1<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>30<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3 <span class=\"_ _a\"></span> <span class=\"_ _5b\"> </span>1<span class=\"_ _3\"></span>3.<span class=\"_ _4\"></span>3 <span class=\"_ _a\"></span> <span class=\"_ _c2\"> </span>1<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9 <span class=\"_ _a\"></span> <span class=\"_ _7b\"> </span>2<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5 <span class=\"_ _a\"></span> <span class=\"_ _11c\"> </span>1<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>79.<span class=\"_ _3\"></span>0<span class=\"_ _421\"> </span>The contracts initially recognised in the period relate to the acquisition <span class=\"_ _2\"></span>of the term assurance portfolio from Canada Lif<span class=\"_ _2\"></span>e.<span class=\"_ _421\"> </span><span class=\"ff65 ls3 ws2\"></span><span class=\"ff65 ls3 ws2\"></span><span class=\"ff65 ls3 ws2\">CHES<span class=\"_ _277\"></span>NAR<span class=\"_ _277\"></span>A<span class=\"_ _278\"></span>A<span class=\"_ _277\"></span>NNUAL<span class=\"_ _278\"></span>REPO<span class=\"_ _284\"></span>RT<span class=\"_ _27f\"></span>AND<span class=\"_ _392\"></span>ACCOUN<span class=\"_ _279\"></span>TS<span class=\"_ _287\"></span>202<span class=\"_ _3d9\"></span>3</span><span class=\"_ _3dc\"></span>209<span class=\"_ _421\"> </span>IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS<span class=\"_ _421\"> </span>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<span class=\"_ _421\"> </span>SECTION F \u2013 INSURANCE AND REINSURANCE CONTRA<span class=\"_ _2\"></span>CTS <span class=\"_ _74\"> </span>F2 <span class=\"_ _4\"></span>Insurance and r<span class=\"_ _2\"></span>einsurance contr<span class=\"_ _2\"></span>acts \u2013 quantitative analysis of r<span class=\"_ _2\"></span>ecognised amounts \u2013 UK (continued) <span class=\"_ _e\"> </span>(b) <span class=\"_ _3\"></span>Insurance contract balances \u2013 analysis b<span class=\"_ _2\"></span>y measurement component \u2013 contr<span class=\"_ _2\"></span>acts not measur<span class=\"_ _2\"></span>ed under P<span class=\"_ _a\"></span>AA (continued) <span class=\"_ _19e\"> </span>  <span class=\"_ _3\"></span> <span class=\"_ _83\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _7f\"> </span>C<span class=\"_ _3\"></span>SM <span class=\"_ _4\"></span>(new  <span class=\"_ _9f\"> </span>   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>   con<span class=\"_ _3\"></span>trac<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>s <span class=\"_ _3\"></span>an<span class=\"_ _3\"></span>d  <span class=\"_ _44\"> </span>C<span class=\"_ _3\"></span>SM   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _e\"> </span>Pr<span class=\"_ _3\"></span>ese<span class=\"_ _3\"></span>nt <span class=\"_ _4\"></span>valu<span class=\"_ _3\"></span>e  <span class=\"_ _9f\"> </span>  <span class=\"_ _1c7\"> </span>con<span class=\"_ _3\"></span>trac<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>s  <span class=\"_ _6c\"> </span>(con<span class=\"_ _3\"></span>trac<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>s   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _127\"> </span>o<span class=\"_ _3\"></span>f <span class=\"_ _3\"></span>fu<span class=\"_ _3\"></span>ture  <span class=\"_ _11b\"> </span>Risk  <span class=\"_ _39\"> </span>mea<span class=\"_ _3\"></span>sur<span class=\"_ _3\"></span>ed  <span class=\"_ _1c1\"> </span>m<span class=\"_ _3\"></span>eas<span class=\"_ _3\"></span>ured   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _185\"> </span>ca<span class=\"_ _3\"></span>sh <span class=\"_ _4\"></span>flows  <span class=\"_ _146\"> </span>ad<span class=\"_ _3\"></span>jus<span class=\"_ _3\"></span>tme<span class=\"_ _3\"></span>nt  <span class=\"_ _80\"> </span>unde<span class=\"_ _3\"></span>r <span class=\"_ _3\"></span>F<span class=\"_ _3\"></span>RA <span class=\"_ _0\"></span>) <span class=\"_ _237\"> </span>und<span class=\"_ _3\"></span>er <span class=\"_ _4\"></span>F<span class=\"_ _3\"></span>V<span class=\"_ _2\"></span>A <span class=\"_ _7\"></span>) <span class=\"_ _42\"> </span>Total <span class=\"_ _19e\"> </span> <span class=\"_ _3\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _12e\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce con<span class=\"_ _3\"></span>trac<span class=\"_ _3\"></span>t li<span class=\"_ _3\"></span>abili<span class=\"_ _3\"></span>tie<span class=\"_ _3\"></span>s as at 1 Ja<span class=\"_ _3\"></span>nuar<span class=\"_ _3\"></span>y 2<span class=\"_ _3\"></span>022 <span class=\"_ _f1\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _7c\"> </span>1<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>84<span class=\"_ _3\"></span>.1 <span class=\"_ _2\"></span> <span class=\"_ _c2\"> </span>16<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>6 <span class=\"_ _a\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _1e1\"> </span>3<span class=\"_ _3\"></span>5.<span class=\"_ _3\"></span>4 <span class=\"_ _a\"></span> <span class=\"_ _153\"> </span>1<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>36<span class=\"_ _3\"></span>.1<span class=\"_ _421\"> </span>Changes that relate to cur<span class=\"_ _2\"></span>rent ser<span class=\"_ _3\"></span>vice<span class=\"_ _421\"> </span>CSM <span class=\"_ _3\"></span>recognised <span class=\"_ _3\"></span>for <span class=\"_ _3\"></span>services <span class=\"_ _3\"></span>provided <span class=\"_ _238\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _10f\"> </span>(0.1 <span class=\"_ _7\"></span>) <span class=\"_ _152\"> </span>(5.4 <span class=\"_ _7\"></span>) <span class=\"_ _12b\"> </span>(5.5 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>Change in risk adjustment for non-financial risk for risk e<span class=\"_ _2\"></span>xpired <span class=\"_ _165\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013  <span class=\"_ _20a\"> </span>(2.4 <span class=\"_ _31\"></span>) <span class=\"_ _ae\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013  <span class=\"_ _20a\"> </span>(2.4 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Experience a<span class=\"_ _3\"></span>djustments <span class=\"_ _22\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5a\"> </span>1.0  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _5a\"> </span>1.0<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l chan<span class=\"_ _3\"></span>ges t<span class=\"_ _3\"></span>hat re<span class=\"_ _3\"></span>late to cu<span class=\"_ _3\"></span>rrent s<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _94\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _10e\"> </span>1<span class=\"_ _3\"></span>.0 <span class=\"_ _a\"></span> <span class=\"_ _c2\"> </span>(<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4 <span class=\"_ _31\"></span>) <span class=\"_ _5b\"> </span>(<span class=\"_ _3\"></span>0.1 <span class=\"_ _31\"></span>) <span class=\"_ _7b\"> </span>(5<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4 <span class=\"_ _31\"></span>) <span class=\"_ _7b\"> </span>(<span class=\"_ _3\"></span>6.<span class=\"_ _3\"></span>9 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Changes that relate to future<span class=\"_ _2\"></span> ser<span class=\"_ _3\"></span>vice<span class=\"_ _421\"> </span>Contracts <span class=\"_ _3\"></span>initially <span class=\"_ _3\"></span>recognised <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>period <span class=\"_ _a4\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _57\"> </span>(7<span class=\"_ _2\"></span>.1 <span class=\"_ _7\"></span>) <span class=\"_ _fe\"> </span>3.5  <span class=\"_ _1b1\"> </span>3.6  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span>Changes in estimates that adjust the CSM <span class=\"_ _1cb\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _179\"> </span>(1.<span class=\"_ _3\"></span>2 <span class=\"_ _31\"></span>) <span class=\"_ _14e\"> </span>(2<span class=\"_ _3\"></span>.2 <span class=\"_ _31\"></span>) <span class=\"_ _152\"> </span>(2.5 <span class=\"_ _31\"></span>) <span class=\"_ _179\"> </span>5.9 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l chan<span class=\"_ _3\"></span>ges t<span class=\"_ _3\"></span>hat re<span class=\"_ _3\"></span>late to f<span class=\"_ _3\"></span>uture s<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _97\"> </span> <span class=\"_ _0\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _c2\"> </span>(<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3 <span class=\"_ _31\"></span>) <span class=\"_ _8f\"> </span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3 <span class=\"_ _a\"></span> <span class=\"_ _56\"> </span>1<span class=\"_ _3\"></span>.1 <span class=\"_ _a\"></span> <span class=\"_ _12e\"> </span>5<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9 <span class=\"_ _a\"></span> <span class=\"_ _b9\"> </span>\u2013<span class=\"_ _421\"> </span>Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>ser<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>resu<span class=\"_ _3\"></span>lt <span class=\"_ _d9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _152\"> </span>(<span class=\"_ _3\"></span>7.3 <span class=\"_ _0\"></span>) <span class=\"_ _12e\"> </span>(<span class=\"_ _3\"></span>1.1 <span class=\"_ _0\"></span>) <span class=\"_ _179\"> </span>1<span class=\"_ _3\"></span>.0  <span class=\"_ _179\"> </span>0<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5  <span class=\"_ _114\"> </span>(<span class=\"_ _3\"></span>6.<span class=\"_ _3\"></span>9 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Net finance expenses f<span class=\"_ _3\"></span>rom insurance contr<span class=\"_ _2\"></span>acts <span class=\"_ _152\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _15c\"> </span>(159.7 <span class=\"_ _31\"></span>) <span class=\"_ _152\"> </span>(2.3 <span class=\"_ _31\"></span>) <span class=\"_ _57\"> </span>0.1 <span class=\"_ _a\"></span> <span class=\"_ _fe\"> </span>0.3  <span class=\"_ _28\"> </span>(<span class=\"_ _3\"></span>161.6 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l amou<span class=\"_ _3\"></span>nts r<span class=\"_ _3\"></span>eco<span class=\"_ _3\"></span>gnis<span class=\"_ _3\"></span>ed in c<span class=\"_ _3\"></span>omp<span class=\"_ _3\"></span>rehe<span class=\"_ _3\"></span>nsi<span class=\"_ _3\"></span>ve inc<span class=\"_ _3\"></span>ome <span class=\"_ _6d\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _3e\"> </span>(1<span class=\"_ _3\"></span>67.0 <span class=\"_ _31\"></span>) <span class=\"_ _7b\"> </span>(3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4 <span class=\"_ _31\"></span>) <span class=\"_ _1a1\"> </span>1<span class=\"_ _3\"></span>.1 <span class=\"_ _a\"></span> <span class=\"_ _165\"> </span>0<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8 <span class=\"_ _a\"></span> <span class=\"_ _47\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>68<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Cash flows<span class=\"_ _421\"> </span>Pr<span class=\"_ _2\"></span>emiums <span class=\"_ _3\"></span>received <span class=\"_ _236\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _152\"> </span>33.3  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _152\"> </span>33.3<span class=\"_ _421\"> </span>Claims and other directly attributable e<span class=\"_ _2\"></span>xpenses paid <span class=\"_ _2e\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _29\"> </span>(185.5 <span class=\"_ _31\"></span>) <span class=\"_ _15b\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013  <span class=\"_ _42\"> </span>(185.5 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Acquisitions <span class=\"_ _22d\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14b\"> </span>232.2  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _150\"> </span>232.2<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ash <span class=\"_ _4\"></span>flo<span class=\"_ _3\"></span>ws <span class=\"_ _1a4\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _45\"> </span>8<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>0  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _45\"> </span>8<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>0<span class=\"_ _421\"> </span>Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce con<span class=\"_ _3\"></span>trac<span class=\"_ _3\"></span>t li<span class=\"_ _3\"></span>abili<span class=\"_ _3\"></span>tie<span class=\"_ _3\"></span>s as at 3<span class=\"_ _3\"></span>1 Dec<span class=\"_ _3\"></span>emb<span class=\"_ _3\"></span>er 20<span class=\"_ _3\"></span>22 <span class=\"_ _128\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _9d\"> </span>1<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>97.1 <span class=\"_ _a\"></span> <span class=\"_ _5b\"> </span>1<span class=\"_ _3\"></span>3.<span class=\"_ _3\"></span>2 <span class=\"_ _2\"></span> <span class=\"_ _20b\"> </span>1<span class=\"_ _3\"></span>.1 <span class=\"_ _a\"></span> <span class=\"_ _7b\"> </span>3<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2 <span class=\"_ _a\"></span> <span class=\"_ _7e\"> </span>1<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>47<span class=\"_ _2\"></span>.6<span class=\"_ _421\"> </span>The contracts initially recognised in the period relates to the acquisition <span class=\"_ _2\"></span>of CASLP<span class=\"_ _31\"></span>.<span class=\"_ _421\"> </span>210<span class=\"_ _10\"> </span><span class=\"ff67 ls3 ws2\">CHE<span class=\"_ _3\"></span>SNA<span class=\"_ _3\"></span>R<span class=\"_ _3\"></span>A ANNUAL R<span class=\"_ _3\"></span>EPORT A<span class=\"_ _3\"></span>ND ACCO<span class=\"_ _3\"></span>UNTS 2023<span class=\"_ _421\"> </span></span>IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS <span class=\"_ _18\"> </span>(c) <span class=\"_ _4\"></span>Reinsurance contract balances \u2013 analysis b<span class=\"_ _2\"></span>y r<span class=\"_ _2\"></span>emaining cover<span class=\"_ _2\"></span>age and incur<span class=\"_ _a\"></span>red claims <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _39\"> </span>As<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>ts <span class=\"_ _4\"></span>fo<span class=\"_ _3\"></span>r  <span class=\"_ _1c1\"> </span>A<span class=\"_ _3\"></span>ss<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>s <span class=\"_ _4\"></span>for   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _6c\"> </span>remaining  <span class=\"_ _1e2\"> </span>incurre<span class=\"_ _3\"></span>d   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1f9\"> </span>cover<span class=\"_ _3\"></span>age  <span class=\"_ _210\"> </span>cl<span class=\"_ _3\"></span>aims  <span class=\"_ _46\"> </span>T<span class=\"_ _a\"></span>o<span class=\"_ _3\"></span>tal <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Rei<span class=\"_ _3\"></span>nsur<span class=\"_ _3\"></span>ance c<span class=\"_ _3\"></span>ontr<span class=\"_ _3\"></span>ac<span class=\"_ _3\"></span>t ass<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>s as at 1 J<span class=\"_ _3\"></span>anua<span class=\"_ _3\"></span>ry 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>3 <span class=\"_ _be\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _29\"> </span>1<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>.6 <span class=\"_ _2\"></span> <span class=\"_ _f0\"> </span>1<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>.0 <span class=\"_ _a\"></span> <span class=\"_ _15c\"> </span>1<span class=\"_ _3\"></span>7<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>6<span class=\"_ _421\"> </span>Reinsurance expenses \u2013 allocation of r<span class=\"_ _2\"></span>einsurance premiums paid <span class=\"_ _e7\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _150\"> </span>(25.0 <span class=\"_ _31\"></span>) <span class=\"_ _ae\"> </span>\u2013  <span class=\"_ _150\"> </span>(25.0 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Amount<span class=\"_ _3\"></span>s recoverable from reinsurers<span class=\"_ _421\"> </span>Recov<span class=\"_ _2\"></span>eries of incurred claims and other directly at<span class=\"_ _2\"></span>tributable expenses <span class=\"_ _123\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _12b\"> </span>19.<span class=\"_ _3\"></span>5 <span class=\"_ _2\"></span> <span class=\"_ _1b7\"> </span>19<span class=\"_ _3\"></span>.5<span class=\"_ _421\"> </span>Ne<span class=\"_ _3\"></span>t <span class=\"_ _3\"></span>(expe<span class=\"_ _3\"></span>nse<span class=\"_ _3\"></span>s)/inc<span class=\"_ _3\"></span>ome <span class=\"_ _4\"></span>from <span class=\"_ _4\"></span>re<span class=\"_ _3\"></span>insu<span class=\"_ _3\"></span>ranc<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ontra<span class=\"_ _3\"></span>ct<span class=\"_ _3\"></span>s <span class=\"_ _4\"></span>hel<span class=\"_ _3\"></span>d <span class=\"_ _0\"></span> <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _28\"> </span>(2<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>.0 <span class=\"_ _7\"></span>) <span class=\"_ _f0\"> </span>1<span class=\"_ _3\"></span>9.<span class=\"_ _3\"></span>5  <span class=\"_ _152\"> </span>(5<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Net <span class=\"_ _3\"></span>finance <span class=\"_ _3\"></span>expenses <span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>rom <span class=\"_ _3\"></span>reinsuranc<span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>contracts <span class=\"_ _119\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1a1\"> </span>9.3  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _1a1\"> </span>9.3<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>mount<span class=\"_ _3\"></span>s <span class=\"_ _4\"></span>rec<span class=\"_ _3\"></span>ogni<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>in <span class=\"_ _4\"></span>co<span class=\"_ _3\"></span>mpre<span class=\"_ _3\"></span>hen<span class=\"_ _3\"></span>sive <span class=\"_ _4\"></span>in<span class=\"_ _3\"></span>come <span class=\"_ _146\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _45\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>.7 <span class=\"_ _31\"></span>) <span class=\"_ _f0\"> </span>1<span class=\"_ _3\"></span>9.<span class=\"_ _3\"></span>5  <span class=\"_ _10f\"> </span>3.<span class=\"_ _3\"></span>8<span class=\"_ _421\"> </span>Investment <span class=\"_ _3\"></span>components <span class=\"_ _d8\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12e\"> </span>(2.6 <span class=\"_ _7\"></span>) <span class=\"_ _10f\"> </span>2.6  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span>Cash flows<span class=\"_ _421\"> </span>Pr<span class=\"_ _2\"></span>emiums <span class=\"_ _3\"></span>paid <span class=\"_ _1eb\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12e\"> </span>12.5  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _12e\"> </span>12.5<span class=\"_ _421\"> </span>Recov<span class=\"_ _2\"></span>eries <span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>rom <span class=\"_ _3\"></span>reinsurance contracts <span class=\"_ _3\"></span>held <span class=\"_ _1d0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _1e1\"> </span>(24.3 <span class=\"_ _0\"></span>) <span class=\"_ _14b\"> </span>(2<span class=\"_ _2\"></span>4.<span class=\"_ _3\"></span>3 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ash <span class=\"_ _4\"></span>flo<span class=\"_ _3\"></span>ws <span class=\"_ _1a4\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14e\"> </span>12<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5  <span class=\"_ _e7\"> </span>(<span class=\"_ _3\"></span>24<span class=\"_ _3\"></span>.<span class=\"_ _4\"></span>3 <span class=\"_ _7\"></span>) <span class=\"_ _150\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Rei<span class=\"_ _3\"></span>nsur<span class=\"_ _3\"></span>ance c<span class=\"_ _3\"></span>ontr<span class=\"_ _3\"></span>ac<span class=\"_ _3\"></span>t ass<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>s as at 3<span class=\"_ _3\"></span>1 De<span class=\"_ _3\"></span>cemb<span class=\"_ _3\"></span>er 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>3 <span class=\"_ _92\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _42\"> </span>1<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>8 <span class=\"_ _2\"></span> <span class=\"_ _c2\"> </span>1<span class=\"_ _3\"></span>3.<span class=\"_ _3\"></span>8 <span class=\"_ _2\"></span> <span class=\"_ _119\"> </span>1<span class=\"_ _3\"></span>64<span class=\"_ _4\"></span>.6 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _39\"> </span>As<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>ts <span class=\"_ _4\"></span>fo<span class=\"_ _3\"></span>r  <span class=\"_ _1c1\"> </span>A<span class=\"_ _3\"></span>ss<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>s <span class=\"_ _4\"></span>for   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _6c\"> </span>remaining  <span class=\"_ _1e2\"> </span>incurre<span class=\"_ _3\"></span>d   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1f9\"> </span>cover<span class=\"_ _3\"></span>age  <span class=\"_ _210\"> </span>cl<span class=\"_ _3\"></span>aims  <span class=\"_ _46\"> </span>T<span class=\"_ _a\"></span>o<span class=\"_ _3\"></span>tal <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Rei<span class=\"_ _3\"></span>nsur<span class=\"_ _3\"></span>ance c<span class=\"_ _3\"></span>ontr<span class=\"_ _3\"></span>ac<span class=\"_ _3\"></span>t ass<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>s as at 1 J<span class=\"_ _3\"></span>anua<span class=\"_ _3\"></span>ry 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2 <span class=\"_ _be\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _29\"> </span>19<span class=\"_ _3\"></span>9<span class=\"_ _3\"></span>.9<span class=\"_ _3\"></span> <span class=\"_ _a\"></span> <span class=\"_ _5b\"> </span>1<span class=\"_ _3\"></span>7<span class=\"_ _2\"></span>.<span class=\"_ _3\"></span>8 <span class=\"_ _a\"></span> <span class=\"_ _46\"> </span>2<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>7<span class=\"_ _2\"></span>.7<span class=\"_ _421\"> </span>Reinsurance expenses \u2013 allocation of r<span class=\"_ _2\"></span>einsurance premiums paid <span class=\"_ _e7\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _14b\"> </span>(26.4 <span class=\"_ _31\"></span>) <span class=\"_ _15b\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _150\"> </span>(26.4 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Amount<span class=\"_ _3\"></span>s recoverable from reinsurers<span class=\"_ _421\"> </span>Recov<span class=\"_ _2\"></span>eries of incurred claims and other directly at<span class=\"_ _2\"></span>tributable expenses <span class=\"_ _123\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _c2\"> </span>24<span class=\"_ _3\"></span>.7 <span class=\"_ _2\"></span> <span class=\"_ _5b\"> </span>24.7<span class=\"_ _421\"> </span>Ne<span class=\"_ _3\"></span>t <span class=\"_ _3\"></span>(expe<span class=\"_ _3\"></span>nse<span class=\"_ _3\"></span>s)/inc<span class=\"_ _3\"></span>ome <span class=\"_ _4\"></span>from <span class=\"_ _4\"></span>re<span class=\"_ _3\"></span>insu<span class=\"_ _3\"></span>ranc<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ontra<span class=\"_ _3\"></span>ct<span class=\"_ _3\"></span>s <span class=\"_ _4\"></span>hel<span class=\"_ _3\"></span>d <span class=\"_ _0\"></span> <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _e7\"> </span>(26<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4 <span class=\"_ _7\"></span>) <span class=\"_ _44\"> </span>2<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>.7  <span class=\"_ _12e\"> </span>(1<span class=\"_ _3\"></span>.7 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Net <span class=\"_ _3\"></span>finance <span class=\"_ _3\"></span>expenses <span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>rom <span class=\"_ _3\"></span>reinsuranc<span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>contracts <span class=\"_ _119\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _c2\"> </span>(24.1 <span class=\"_ _7\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _c2\"> </span>(24.1 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>mount<span class=\"_ _3\"></span>s <span class=\"_ _4\"></span>rec<span class=\"_ _3\"></span>ogni<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>in <span class=\"_ _4\"></span>co<span class=\"_ _3\"></span>mpre<span class=\"_ _3\"></span>hen<span class=\"_ _3\"></span>sive <span class=\"_ _4\"></span>in<span class=\"_ _3\"></span>come <span class=\"_ _146\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _e7\"> </span>(<span class=\"_ _3\"></span>50<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5 <span class=\"_ _7\"></span>) <span class=\"_ _44\"> </span>2<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>.7  <span class=\"_ _28\"> </span>(2<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>.8 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>Investment <span class=\"_ _3\"></span>components <span class=\"_ _d8\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _20a\"> </span>(4.0 <span class=\"_ _7\"></span>) <span class=\"_ _12e\"> </span>4.0  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span>Cash flows<span class=\"_ _421\"> </span>Pr<span class=\"_ _2\"></span>emiums <span class=\"_ _3\"></span>paid <span class=\"_ _1eb\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12e\"> </span>13.7  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _12e\"> </span>13.7<span class=\"_ _421\"> </span>Recov<span class=\"_ _2\"></span>eries <span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>rom <span class=\"_ _3\"></span>reinsurance contracts <span class=\"_ _3\"></span>held <span class=\"_ _1d0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _1e1\"> </span>(30.5 <span class=\"_ _0\"></span>) <span class=\"_ _14b\"> </span>(30.5 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Acquisitions <span class=\"_ _22d\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12e\"> </span>(2.5 <span class=\"_ _0\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _12e\"> </span>(2.5 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ash <span class=\"_ _4\"></span>flo<span class=\"_ _3\"></span>ws <span class=\"_ _1a4\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b7\"> </span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2  <span class=\"_ _28\"> </span>(<span class=\"_ _3\"></span>30.<span class=\"_ _4\"></span>5 <span class=\"_ _7\"></span>) <span class=\"_ _46\"> </span>(1<span class=\"_ _3\"></span>9.<span class=\"_ _4\"></span>3 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Rei<span class=\"_ _3\"></span>nsur<span class=\"_ _3\"></span>ance c<span class=\"_ _3\"></span>ontr<span class=\"_ _3\"></span>ac<span class=\"_ _3\"></span>t ass<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>s as at 3<span class=\"_ _3\"></span>1 De<span class=\"_ _3\"></span>cemb<span class=\"_ _3\"></span>er 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2 <span class=\"_ _92\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _15c\"> </span>1<span class=\"_ _3\"></span>56<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>6 <span class=\"_ _a\"></span> <span class=\"_ _f0\"> </span>1<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>0 <span class=\"_ _a\"></span> <span class=\"_ _15c\"> </span>17<span class=\"_ _3\"></span>2<span class=\"_ _4\"></span>.6<span class=\"_ _421\"> </span><span class=\"ff65 ls3 ws2\"></span><span class=\"ff65 ls3 ws2\"></span><span class=\"ff65 ls3 ws2\">CHES<span class=\"_ _277\"></span>NAR<span class=\"_ _277\"></span>A<span class=\"_ _278\"></span>AN<span class=\"_ _283\"></span>NUAL<span class=\"_ _379\"></span>REPO<span class=\"_ _279\"></span>RT<span class=\"_ _278\"></span>AND<span class=\"_ _3b0\"></span>ACCOUNT<span class=\"_ _279\"></span>S<span class=\"_ _27b\"></span>20<span class=\"_ _2b5\"></span>23</span><span class=\"_ _3de\"></span><span class=\"_ _421\"> </span>211<span class=\"_ _421\"> </span>IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS<span class=\"_ _421\"> </span>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<span class=\"_ _421\"> </span>SECTION F \u2013 INSURANCE AND REINSURANCE CONTRA<span class=\"_ _2\"></span>CTS <span class=\"_ _74\"> </span>F2 <span class=\"_ _4\"></span>Insurance and r<span class=\"_ _2\"></span>einsurance contr<span class=\"_ _2\"></span>acts \u2013 quantitative analysis of r<span class=\"_ _2\"></span>ecognised amounts \u2013 UK (continued) <span class=\"_ _e\"> </span>(d) <span class=\"_ _3\"></span>Reinsurance contract balances \u2013 analysis b<span class=\"_ _2\"></span>y measurement component \u2013 contr<span class=\"_ _2\"></span>acts not measur<span class=\"_ _2\"></span>ed under P<span class=\"_ _a\"></span>AA <span class=\"_ _19e\"> </span>  <span class=\"_ _3\"></span> <span class=\"_ _83\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _7f\"> </span>C<span class=\"_ _3\"></span>SM <span class=\"_ _4\"></span>(new  <span class=\"_ _9f\"> </span>   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>   con<span class=\"_ _3\"></span>trac<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>s <span class=\"_ _3\"></span>an<span class=\"_ _3\"></span>d  <span class=\"_ _44\"> </span>C<span class=\"_ _3\"></span>SM   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _e\"> </span>Pr<span class=\"_ _3\"></span>ese<span class=\"_ _3\"></span>nt <span class=\"_ _4\"></span>valu<span class=\"_ _3\"></span>e  <span class=\"_ _9f\"> </span>  <span class=\"_ _1c7\"> </span>con<span class=\"_ _3\"></span>trac<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>s  <span class=\"_ _6c\"> </span>(con<span class=\"_ _3\"></span>trac<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>s   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _127\"> </span>o<span class=\"_ _3\"></span>f <span class=\"_ _3\"></span>fu<span class=\"_ _3\"></span>ture  <span class=\"_ _11b\"> </span>Risk  <span class=\"_ _39\"> </span>mea<span class=\"_ _3\"></span>sur<span class=\"_ _3\"></span>ed  <span class=\"_ _1c1\"> </span>m<span class=\"_ _3\"></span>eas<span class=\"_ _3\"></span>ured   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _185\"> </span>ca<span class=\"_ _3\"></span>sh <span class=\"_ _4\"></span>flows  <span class=\"_ _146\"> </span>ad<span class=\"_ _3\"></span>jus<span class=\"_ _3\"></span>tme<span class=\"_ _3\"></span>nt  <span class=\"_ _80\"> </span>unde<span class=\"_ _3\"></span>r <span class=\"_ _3\"></span>F<span class=\"_ _3\"></span>RA <span class=\"_ _0\"></span>) <span class=\"_ _237\"> </span>und<span class=\"_ _3\"></span>er <span class=\"_ _4\"></span>F<span class=\"_ _3\"></span>V<span class=\"_ _2\"></span>A <span class=\"_ _7\"></span>) <span class=\"_ _42\"> </span>Total <span class=\"_ _19e\"> </span> <span class=\"_ _3\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _12e\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Rei<span class=\"_ _3\"></span>nsur<span class=\"_ _3\"></span>ance c<span class=\"_ _3\"></span>ontr<span class=\"_ _3\"></span>ac<span class=\"_ _3\"></span>t ass<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>s as at 1 J<span class=\"_ _3\"></span>anua<span class=\"_ _3\"></span>ry 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>3 <span class=\"_ _5d\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _11b\"> </span>16<span class=\"_ _3\"></span>1.<span class=\"_ _3\"></span>1 <span class=\"_ _a\"></span> <span class=\"_ _1a1\"> </span>3<span class=\"_ _3\"></span>.1 <span class=\"_ _a\"></span> <span class=\"_ _12e\"> </span>0.<span class=\"_ _3\"></span>5 <span class=\"_ _2\"></span> <span class=\"_ _179\"> </span>7.9 <span class=\"_ _a\"></span> <span class=\"_ _15c\"> </span>17<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>6<span class=\"_ _421\"> </span>Changes that relate to cur<span class=\"_ _2\"></span>rent ser<span class=\"_ _3\"></span>vice<span class=\"_ _421\"> </span>CSM <span class=\"_ _3\"></span>recognised <span class=\"_ _3\"></span>for <span class=\"_ _3\"></span>services <span class=\"_ _3\"></span>received <span class=\"_ _8e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _165\"> </span>(0.5 <span class=\"_ _7\"></span>) <span class=\"_ _152\"> </span>(0.5 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Change in risk adjustment for non-financial risk for risk e<span class=\"_ _2\"></span>xpired <span class=\"_ _165\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013  <span class=\"_ _20a\"> </span>(0.7 <span class=\"_ _31\"></span>) <span class=\"_ _ae\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _e9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _20a\"> </span>(0.7 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Experience a<span class=\"_ _3\"></span>djustments <span class=\"_ _22\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b7\"> </span>(4.3 <span class=\"_ _0\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _1b7\"> </span>(4.3 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l chan<span class=\"_ _3\"></span>ges t<span class=\"_ _3\"></span>hat re<span class=\"_ _3\"></span>late to cu<span class=\"_ _3\"></span>rrent s<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _94\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _c2\"> </span>(4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3 <span class=\"_ _31\"></span>) <span class=\"_ _11b\"> </span>(<span class=\"_ _3\"></span>0.7 <span class=\"_ _31\"></span>) <span class=\"_ _e6\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _5b\"> </span>(0.<span class=\"_ _4\"></span>5 <span class=\"_ _f\"></span>) <span class=\"_ _2d\"> </span>(<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Changes that relate to future<span class=\"_ _2\"></span> ser<span class=\"_ _3\"></span>vice<span class=\"_ _421\"> </span>Changes in estimates that adjust the CSM <span class=\"_ _1cb\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _5a\"> </span>1.5 <span class=\"_ _a\"></span> <span class=\"_ _10e\"> </span>0.5 <span class=\"_ _2\"></span> <span class=\"_ _179\"> </span>(0.1 <span class=\"_ _31\"></span>) <span class=\"_ _1b7\"> </span>(<span class=\"_ _3\"></span>1.9 <span class=\"_ _31\"></span>) <span class=\"_ _ae\"> </span>\u2013<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l chan<span class=\"_ _3\"></span>ges t<span class=\"_ _3\"></span>hat re<span class=\"_ _3\"></span>late to f<span class=\"_ _3\"></span>uture s<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _97\"> </span> <span class=\"_ _0\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _57\"> </span>1.<span class=\"_ _4\"></span>5 <span class=\"_ _a\"></span> <span class=\"_ _12e\"> </span>0.<span class=\"_ _3\"></span>5 <span class=\"_ _a\"></span> <span class=\"_ _12b\"> </span>(<span class=\"_ _3\"></span>0.1 <span class=\"_ _31\"></span>) <span class=\"_ _5b\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.9 <span class=\"_ _31\"></span>) <span class=\"_ _ae\"> </span>\u2013<span class=\"_ _421\"> </span>Ne<span class=\"_ _3\"></span>t (expen<span class=\"_ _3\"></span>se)/<span class=\"_ _3\"></span>inco<span class=\"_ _3\"></span>me fro<span class=\"_ _3\"></span>m rein<span class=\"_ _3\"></span>sur<span class=\"_ _3\"></span>ance c<span class=\"_ _3\"></span>ontra<span class=\"_ _3\"></span>ct<span class=\"_ _3\"></span>s he<span class=\"_ _3\"></span>ld <span class=\"_ _4\"></span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _5b\"> </span>(2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8 <span class=\"_ _31\"></span>) <span class=\"_ _7b\"> </span>(<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>2 <span class=\"_ _31\"></span>) <span class=\"_ _114\"> </span>(0.<span class=\"_ _3\"></span>1 <span class=\"_ _f\"></span>) <span class=\"_ _11b\"> </span>(2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4 <span class=\"_ _31\"></span>) <span class=\"_ _11b\"> </span>(5<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Net <span class=\"_ _3\"></span>finance <span class=\"_ _3\"></span>income <span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>rom <span class=\"_ _3\"></span>reinsurance <span class=\"_ _3\"></span>contracts <span class=\"_ _3\"></span>held <span class=\"_ _1c3\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _56\"> </span>9.1  <span class=\"_ _5a\"> </span>0.1  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _20b\"> </span>0.1  <span class=\"_ _57\"> </span>9.3<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l amou<span class=\"_ _3\"></span>nts r<span class=\"_ _3\"></span>eco<span class=\"_ _3\"></span>gnis<span class=\"_ _3\"></span>ed in c<span class=\"_ _3\"></span>omp<span class=\"_ _3\"></span>rehe<span class=\"_ _3\"></span>nsi<span class=\"_ _3\"></span>ve inc<span class=\"_ _3\"></span>ome <span class=\"_ _6d\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _12e\"> </span>6<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3 <span class=\"_ _a\"></span> <span class=\"_ _1b7\"> </span>(0.<span class=\"_ _3\"></span>1 <span class=\"_ _f\"></span>) <span class=\"_ _14e\"> </span>(0.1 <span class=\"_ _31\"></span>) <span class=\"_ _11b\"> </span>(<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3 <span class=\"_ _31\"></span>) <span class=\"_ _20a\"> </span>3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8<span class=\"_ _421\"> </span>Cash flows<span class=\"_ _421\"> </span>Pr<span class=\"_ _2\"></span>emiums <span class=\"_ _3\"></span>paid <span class=\"_ _1eb\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12e\"> </span>12.5  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _12e\"> </span>12.5<span class=\"_ _421\"> </span>Recov<span class=\"_ _2\"></span>eries <span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>rom <span class=\"_ _3\"></span>reinsurance contracts <span class=\"_ _3\"></span>held <span class=\"_ _1d0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1e1\"> </span>(24.3 <span class=\"_ _0\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _45\"> </span>(24.<span class=\"_ _3\"></span>3 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ash <span class=\"_ _4\"></span>flo<span class=\"_ _3\"></span>ws <span class=\"_ _1a4\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _11b\"> </span>(1<span class=\"_ _4\"></span>1.<span class=\"_ _3\"></span>8 <span class=\"_ _7\"></span>) <span class=\"_ _97\"> </span>\u2013  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _11b\"> </span>(1<span class=\"_ _4\"></span>1<span class=\"_ _3\"></span>.8 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>Rei<span class=\"_ _3\"></span>nsur<span class=\"_ _3\"></span>ance c<span class=\"_ _3\"></span>ontr<span class=\"_ _3\"></span>ac<span class=\"_ _3\"></span>t ass<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>s as at 3<span class=\"_ _3\"></span>1 De<span class=\"_ _3\"></span>cemb<span class=\"_ _3\"></span>er 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>3 <span class=\"_ _146\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _e7\"> </span>15<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>.6 <span class=\"_ _a\"></span> <span class=\"_ _8f\"> </span>3<span class=\"_ _3\"></span>.0 <span class=\"_ _a\"></span> <span class=\"_ _165\"> </span>0.<span class=\"_ _3\"></span>4 <span class=\"_ _a\"></span> <span class=\"_ _8f\"> </span>5<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>6 <span class=\"_ _a\"></span> <span class=\"_ _119\"> </span>16<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>.6<span class=\"_ _421\"> </span>212<span class=\"_ _69\"> </span><span class=\"ff67 ls3 ws2\">CHE<span class=\"_ _3\"></span>SNA<span class=\"_ _3\"></span>R<span class=\"_ _3\"></span>A ANNUAL R<span class=\"_ _3\"></span>EPORT A<span class=\"_ _3\"></span>ND ACCOU<span class=\"_ _3\"></span>NTS 2023<span class=\"_ _421\"> </span></span>IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS <span class=\"_ _19e\"> </span>  <span class=\"_ _3\"></span> <span class=\"_ _83\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _7f\"> </span>C<span class=\"_ _3\"></span>SM <span class=\"_ _4\"></span>(new  <span class=\"_ _9f\"> </span>   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>   con<span class=\"_ _3\"></span>trac<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>s <span class=\"_ _3\"></span>an<span class=\"_ _3\"></span>d  <span class=\"_ _44\"> </span>C<span class=\"_ _3\"></span>SM   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _e\"> </span>Pr<span class=\"_ _3\"></span>ese<span class=\"_ _3\"></span>nt <span class=\"_ _4\"></span>valu<span class=\"_ _3\"></span>e  <span class=\"_ _9f\"> </span>  <span class=\"_ _1c7\"> </span>con<span class=\"_ _3\"></span>trac<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>s  <span class=\"_ _6c\"> </span>(con<span class=\"_ _3\"></span>trac<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>s   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _127\"> </span>o<span class=\"_ _3\"></span>f <span class=\"_ _3\"></span>fu<span class=\"_ _3\"></span>ture  <span class=\"_ _11b\"> </span>Risk  <span class=\"_ _39\"> </span>mea<span class=\"_ _3\"></span>sur<span class=\"_ _3\"></span>ed  <span class=\"_ _1c1\"> </span>m<span class=\"_ _3\"></span>eas<span class=\"_ _3\"></span>ured   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _185\"> </span>ca<span class=\"_ _3\"></span>sh <span class=\"_ _4\"></span>flows  <span class=\"_ _146\"> </span>ad<span class=\"_ _3\"></span>jus<span class=\"_ _3\"></span>tme<span class=\"_ _3\"></span>nt  <span class=\"_ _80\"> </span>unde<span class=\"_ _3\"></span>r <span class=\"_ _3\"></span>F<span class=\"_ _3\"></span>RA <span class=\"_ _0\"></span>) <span class=\"_ _237\"> </span>und<span class=\"_ _3\"></span>er <span class=\"_ _4\"></span>F<span class=\"_ _3\"></span>V<span class=\"_ _2\"></span>A <span class=\"_ _7\"></span>) <span class=\"_ _42\"> </span>Total <span class=\"_ _19e\"> </span> <span class=\"_ _3\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _12e\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Rei<span class=\"_ _3\"></span>nsur<span class=\"_ _3\"></span>ance c<span class=\"_ _3\"></span>ontr<span class=\"_ _3\"></span>ac<span class=\"_ _3\"></span>t ass<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>s as at 1 J<span class=\"_ _3\"></span>anua<span class=\"_ _3\"></span>ry 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2 <span class=\"_ _5d\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _112\"> </span>2<span class=\"_ _3\"></span>06<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>0 <span class=\"_ _a\"></span> <span class=\"_ _165\"> </span>4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3 <span class=\"_ _a\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _12e\"> </span>7.4 <span class=\"_ _2\"></span> <span class=\"_ _46\"> </span>21<span class=\"_ _3\"></span>7<span class=\"_ _2\"></span>.7<span class=\"_ _421\"> </span>Changes that relate to cur<span class=\"_ _2\"></span>rent ser<span class=\"_ _3\"></span>vice<span class=\"_ _421\"> </span>CSM <span class=\"_ _3\"></span>recognised <span class=\"_ _3\"></span>for <span class=\"_ _3\"></span>services <span class=\"_ _3\"></span>received <span class=\"_ _8e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _10f\"> </span>(1.0 <span class=\"_ _0\"></span>) <span class=\"_ _165\"> </span>(1.0 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Change in risk adjustment for non-financial risk for risk e<span class=\"_ _2\"></span>xpired <span class=\"_ _165\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013  <span class=\"_ _14e\"> </span>(0.8 <span class=\"_ _31\"></span>) <span class=\"_ _15b\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _b9\"> </span>\u2013  <span class=\"_ _14e\"> </span>(0.8 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Experience a<span class=\"_ _3\"></span>djustments <span class=\"_ _22\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5a\"> </span>0.1  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _5a\"> </span>0.1<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l chan<span class=\"_ _3\"></span>ges t<span class=\"_ _3\"></span>hat re<span class=\"_ _3\"></span>late to cu<span class=\"_ _3\"></span>rrent s<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _94\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _57\"> </span>0.1 <span class=\"_ _a\"></span> <span class=\"_ _c2\"> </span>(0<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8 <span class=\"_ _f\"></span>) <span class=\"_ _ae\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _20a\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.0 <span class=\"_ _31\"></span>) <span class=\"_ _114\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.7 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Changes that relate to future<span class=\"_ _2\"></span> ser<span class=\"_ _3\"></span>vice<span class=\"_ _421\"> </span>Contracts <span class=\"_ _3\"></span>initially <span class=\"_ _3\"></span>recognised <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>period <span class=\"_ _a4\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _20a\"> </span>(0.4 <span class=\"_ _7\"></span>) <span class=\"_ _10f\"> </span>0.2  <span class=\"_ _10e\"> </span>0.2  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _b4\"> </span>\u2013<span class=\"_ _421\"> </span>Changes in estimates that adjust the CSM <span class=\"_ _1cb\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _179\"> </span>(<span class=\"_ _3\"></span>1.5 <span class=\"_ _31\"></span>) <span class=\"_ _114\"> </span>(0.2 <span class=\"_ _31\"></span>) <span class=\"_ _8f\"> </span>0.3 <span class=\"_ _2\"></span> <span class=\"_ _94\"> </span>1.4 <span class=\"_ _a\"></span> <span class=\"_ _e9\"> </span>\u2013<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l chan<span class=\"_ _3\"></span>ges t<span class=\"_ _3\"></span>hat re<span class=\"_ _3\"></span>late to f<span class=\"_ _3\"></span>uture s<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _97\"> </span> <span class=\"_ _0\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _20a\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.9 <span class=\"_ _31\"></span>) <span class=\"_ _ae\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _12e\"> </span>0.<span class=\"_ _3\"></span>5 <span class=\"_ _a\"></span> <span class=\"_ _10e\"> </span>1.<span class=\"_ _3\"></span>4 <span class=\"_ _a\"></span> <span class=\"_ _b9\"> </span>\u2013<span class=\"_ _421\"> </span>Ne<span class=\"_ _3\"></span>t (expen<span class=\"_ _3\"></span>se)/<span class=\"_ _3\"></span>inco<span class=\"_ _3\"></span>me fro<span class=\"_ _3\"></span>m rein<span class=\"_ _3\"></span>sur<span class=\"_ _3\"></span>ance c<span class=\"_ _3\"></span>ontra<span class=\"_ _3\"></span>ct<span class=\"_ _3\"></span>s he<span class=\"_ _3\"></span>ld <span class=\"_ _4\"></span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _20a\"> </span>(<span class=\"_ _3\"></span>1.<span class=\"_ _3\"></span>8 <span class=\"_ _31\"></span>) <span class=\"_ _1e1\"> </span>(<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>8 <span class=\"_ _31\"></span>) <span class=\"_ _152\"> </span>0.<span class=\"_ _3\"></span>5 <span class=\"_ _2\"></span> <span class=\"_ _1b7\"> </span>0<span class=\"_ _3\"></span>.4 <span class=\"_ _2\"></span> <span class=\"_ _1b7\"> </span>(<span class=\"_ _3\"></span>1.7 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Net finance income f<span class=\"_ _3\"></span>rom reinsurance contr<span class=\"_ _2\"></span>acts held <span class=\"_ _33\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _44\"> </span>(23.<span class=\"_ _3\"></span>8 <span class=\"_ _31\"></span>) <span class=\"_ _5b\"> </span>(0.<span class=\"_ _2\"></span>4 <span class=\"_ _31\"></span>) <span class=\"_ _ae\"> </span>\u2013  <span class=\"_ _94\"> </span>0.1 <span class=\"_ _a\"></span> <span class=\"_ _2d\"> </span>(24.1 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l amou<span class=\"_ _3\"></span>nts r<span class=\"_ _3\"></span>eco<span class=\"_ _3\"></span>gnis<span class=\"_ _3\"></span>ed in c<span class=\"_ _3\"></span>omp<span class=\"_ _3\"></span>rehe<span class=\"_ _3\"></span>nsi<span class=\"_ _3\"></span>ve inc<span class=\"_ _3\"></span>ome <span class=\"_ _6d\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _e7\"> </span>(<span class=\"_ _3\"></span>25<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>6 <span class=\"_ _31\"></span>) <span class=\"_ _5b\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2 <span class=\"_ _31\"></span>) <span class=\"_ _152\"> </span>0.<span class=\"_ _3\"></span>5 <span class=\"_ _2\"></span> <span class=\"_ _12e\"> </span>0.<span class=\"_ _3\"></span>5 <span class=\"_ _a\"></span> <span class=\"_ _e7\"> </span>(2<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>.8 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Cash flows<span class=\"_ _421\"> </span>Pr<span class=\"_ _2\"></span>emiums <span class=\"_ _3\"></span>paid <span class=\"_ _1eb\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12e\"> </span>13.7 <span class=\"_ _2\"></span> <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _12e\"> </span>13.7<span class=\"_ _421\"> </span>Recov<span class=\"_ _2\"></span>eries <span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>rom <span class=\"_ _3\"></span>reinsurance contracts <span class=\"_ _3\"></span>held <span class=\"_ _1d0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1e1\"> </span>(30.5 <span class=\"_ _0\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _1e1\"> </span>(30.5 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Acquisitions <span class=\"_ _22d\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12e\"> </span>(2.5 <span class=\"_ _0\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _12e\"> </span>(2.5 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ash <span class=\"_ _4\"></span>flo<span class=\"_ _3\"></span>ws <span class=\"_ _1a4\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _44\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>9.<span class=\"_ _3\"></span>3 <span class=\"_ _7\"></span>) <span class=\"_ _97\"> </span>\u2013  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _44\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>9.<span class=\"_ _3\"></span>3 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>Rei<span class=\"_ _3\"></span>nsur<span class=\"_ _3\"></span>ance c<span class=\"_ _3\"></span>ontr<span class=\"_ _3\"></span>ac<span class=\"_ _3\"></span>t ass<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>s as at 3<span class=\"_ _3\"></span>1 De<span class=\"_ _3\"></span>cemb<span class=\"_ _3\"></span>er 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2 <span class=\"_ _146\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _11b\"> </span>16<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.1 <span class=\"_ _a\"></span> <span class=\"_ _1a1\"> </span>3<span class=\"_ _3\"></span>.1 <span class=\"_ _a\"></span> <span class=\"_ _12e\"> </span>0.<span class=\"_ _3\"></span>5 <span class=\"_ _2\"></span> <span class=\"_ _179\"> </span>7.9 <span class=\"_ _a\"></span> <span class=\"_ _15c\"> </span>17<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>6<span class=\"_ _421\"> </span>The contracts initially recognised in the period relates to the acquisition <span class=\"_ _2\"></span>of CASLP<span class=\"_ _31\"></span>.  (e) <span class=\"_ _3\"></span>Insurance contracts r<span class=\"_ _2\"></span>ecognised in the per<span class=\"_ _2\"></span>iod <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14b\"> </span>20<span class=\"_ _2\"></span>23  <span class=\"_ _14b\"> </span>2022 <span class=\"_ _19e\"> </span> <span class=\"_ _3\"></span> <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Es<span class=\"_ _3\"></span>tima<span class=\"_ _3\"></span>tes o<span class=\"_ _3\"></span>f the pr<span class=\"_ _3\"></span>ese<span class=\"_ _3\"></span>nt va<span class=\"_ _3\"></span>lue of f<span class=\"_ _3\"></span>utur<span class=\"_ _3\"></span>e cas<span class=\"_ _3\"></span>h infl<span class=\"_ _3\"></span>ows <span class=\"_ _32\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _150\"> </span>(<span class=\"_ _3\"></span>31<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5 <span class=\"_ _31\"></span>) <span class=\"_ _48\"> </span>(<span class=\"_ _3\"></span>25<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Es<span class=\"_ _3\"></span>tima<span class=\"_ _3\"></span>tes o<span class=\"_ _3\"></span>f the pr<span class=\"_ _3\"></span>ese<span class=\"_ _3\"></span>nt va<span class=\"_ _3\"></span>lue of f<span class=\"_ _3\"></span>utur<span class=\"_ _3\"></span>e cas<span class=\"_ _3\"></span>h out<span class=\"_ _3\"></span>flow<span class=\"_ _3\"></span>s<span class=\"_ _421\"> </span>Claims <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>other <span class=\"_ _4\"></span>insurance <span class=\"_ _3\"></span>service <span class=\"_ _3\"></span>expenses <span class=\"_ _3\"></span>payable <span class=\"_ _13b\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>19.5  <span class=\"_ _15c\"> </span>244.4<span class=\"_ _421\"> </span>Insurance <span class=\"_ _3\"></span>acquisition <span class=\"_ _3\"></span>cash <span class=\"_ _3\"></span>flows <span class=\"_ _239\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l es<span class=\"_ _3\"></span>timat<span class=\"_ _3\"></span>es of t<span class=\"_ _3\"></span>he pre<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>nt valu<span class=\"_ _3\"></span>e of ne<span class=\"_ _3\"></span>t fut<span class=\"_ _3\"></span>ure ca<span class=\"_ _3\"></span>sh in<span class=\"_ _3\"></span>flows<span class=\"_ _3\"></span>/(outfl<span class=\"_ _3\"></span>ows) <span class=\"_ _a6\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _14b\"> </span>(<span class=\"_ _3\"></span>12<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>0 <span class=\"_ _31\"></span>) <span class=\"_ _14e\"> </span>(<span class=\"_ _3\"></span>7.1 <span class=\"_ _f\"></span>)<span class=\"_ _421\"> </span>Risk <span class=\"_ _3\"></span>adjustment <span class=\"_ _3\"></span>for <span class=\"_ _3\"></span>non-<span class=\"_ _3\"></span>financial <span class=\"_ _3\"></span>risk <span class=\"_ _15a\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _17c\"> </span>1<span class=\"_ _3\"></span>.1  <span class=\"_ _1b1\"> </span>3.5<span class=\"_ _421\"> </span>CSM <span class=\"_ _1db\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _20a\"> </span>1<span class=\"_ _3\"></span>0.9  <span class=\"_ _57\"> </span>3.6<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l valu<span class=\"_ _3\"></span>e of in<span class=\"_ _3\"></span>sura<span class=\"_ _3\"></span>nce co<span class=\"_ _3\"></span>ntra<span class=\"_ _3\"></span>ct<span class=\"_ _3\"></span>s re<span class=\"_ _3\"></span>cogn<span class=\"_ _3\"></span>ise<span class=\"_ _3\"></span>d in the p<span class=\"_ _3\"></span>erio<span class=\"_ _3\"></span>d <span class=\"_ _12e\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _b9\"> </span>\u2013<span class=\"_ _421\"> </span>Insurance contracts recognised in the period relate to the acquisition of the term assurance portf<span class=\"_ _2\"></span>olio from Canada Life in the cur<span class=\"_ _2\"></span>rent <span class=\"_ _a\"></span>year and CASLP in the prior year<span class=\"_ _0\"></span>. None of the acquired portfolios w<span class=\"_ _2\"></span>ere onerous at initial recognition.<span class=\"_ _421\"> </span><span class=\"ff65 ls3 ws2\"></span><span class=\"ff65 ls3 ws2\"></span><span class=\"ff65 ls3 ws2\">CHES<span class=\"_ _277\"></span>NAR<span class=\"_ _277\"></span>A<span class=\"_ _278\"></span>AN<span class=\"_ _283\"></span>NUAL<span class=\"_ _379\"></span>REPO<span class=\"_ _279\"></span>RT<span class=\"_ _278\"></span>AND<span class=\"_ _3b0\"></span>ACCOUNT<span class=\"_ _279\"></span>S<span class=\"_ _27b\"></span>20<span class=\"_ _2b5\"></span>23</span><span class=\"_ _3e0\"></span><span class=\"_ _421\"> </span>213<span class=\"_ _421\"> </span>IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS<span class=\"_ _421\"> </span>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<span class=\"_ _421\"> </span>SECTION F \u2013 INSURANCE AND REINSURANCE CONTRA<span class=\"_ _2\"></span>CTS <span class=\"_ _74\"> </span>F2 <span class=\"_ _4\"></span>Insurance and r<span class=\"_ _2\"></span>einsurance contr<span class=\"_ _2\"></span>acts \u2013 quantitative analysis of r<span class=\"_ _2\"></span>ecognised amounts \u2013 UK (continued) <span class=\"_ _10\"> </span>(f) <span class=\"_ _4\"></span>Reinsurance contr<span class=\"_ _2\"></span>acts recognised in the per<span class=\"_ _a\"></span>iod <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14b\"> </span>20<span class=\"_ _2\"></span>23  <span class=\"_ _14b\"> </span>2022 <span class=\"_ _19e\"> </span> <span class=\"_ _3\"></span> <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Estimates of the pr<span class=\"_ _2\"></span>esent value of future cash inflows <span class=\"_ _2e\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _57\"> </span>3.2<span class=\"_ _421\"> </span>Estimates of the pr<span class=\"_ _2\"></span>esent value of future cash outflo<span class=\"_ _2\"></span>ws <span class=\"_ _1fc\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _e9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _1b7\"> </span>(3.6 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Risk <span class=\"_ _3\"></span>adjustment <span class=\"_ _3\"></span>for <span class=\"_ _3\"></span>non-<span class=\"_ _3\"></span>financial <span class=\"_ _3\"></span>risk <span class=\"_ _15a\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _57\"> </span>0.2<span class=\"_ _421\"> </span>CSM <span class=\"_ _1db\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _57\"> </span>0.2<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l valu<span class=\"_ _3\"></span>e of re<span class=\"_ _3\"></span>insu<span class=\"_ _3\"></span>ranc<span class=\"_ _3\"></span>e cont<span class=\"_ _3\"></span>rac<span class=\"_ _3\"></span>ts r<span class=\"_ _3\"></span>eco<span class=\"_ _3\"></span>gnis<span class=\"_ _3\"></span>ed in t<span class=\"_ _3\"></span>he pe<span class=\"_ _3\"></span>riod <span class=\"_ _29\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _b9\"> </span>\u2013<span class=\"_ _421\"> </span>Reinsurance contracts recognised in the prior <span class=\"_ _0\"></span>year relate to the acquisition of CA<span class=\"_ _2\"></span>SLP<span class=\"_ _f\"></span>. All of the portf<span class=\"_ _2\"></span>olios acquired were originally in a net cost position.  <span class=\"_ _e\"> </span>(g) <span class=\"_ _3\"></span>Expected r<span class=\"_ _2\"></span>ecognition of CSM<span class=\"_ _421\"> </span>In the tables that follo<span class=\"_ _2\"></span>w the CSM accrues interest at the locked-in rate f<span class=\"_ _2\"></span>or GMM portfolios and at current rates f<span class=\"_ _2\"></span>or <span class=\"_ _a\"></span>VF<span class=\"_ _a\"></span>A portfolios from the balance sheet date and is then amortised based on the co<span class=\"_ _2\"></span>verage units of the contract groups to giv<span class=\"_ _2\"></span>e the timeline of the <span class=\"_ _2\"></span>expected recognition.<span class=\"_ _421\"> </span>31 December 2023 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _23a\"> </span>Insurance  <span class=\"_ _4a\"> </span>Reinsurance <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1c7\"> </span>contrac<span class=\"_ _3\"></span>ts  <span class=\"_ _1c7\"> </span>contrac<span class=\"_ _3\"></span>ts <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Not <span class=\"_ _3\"></span>later <span class=\"_ _3\"></span>than <span class=\"_ _3\"></span>one <span class=\"_ _3\"></span>year <span class=\"_ _dd\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b1\"> </span>2.5  <span class=\"_ _165\"> </span>(0.5 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Later than one ye<span class=\"_ _2\"></span>ar and not later than two y<span class=\"_ _2\"></span>ears <span class=\"_ _7b\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _10f\"> </span>2<span class=\"_ _3\"></span>.4 <span class=\"_ _a\"></span> <span class=\"_ _12b\"> </span>(0.5 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Later than tw<span class=\"_ _2\"></span>o years and not lat<span class=\"_ _2\"></span>er than three years <span class=\"_ _14f\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _10e\"> </span>2.4 <span class=\"_ _a\"></span> <span class=\"_ _1b7\"> </span>(0.5 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Later than three y<span class=\"_ _2\"></span>ears and not later than four y<span class=\"_ _2\"></span>ears <span class=\"_ _7c\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _57\"> </span>2.<span class=\"_ _3\"></span>2 <span class=\"_ _a\"></span> <span class=\"_ _152\"> </span>(0.4 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Later than four y<span class=\"_ _2\"></span>ears and not later than fiv<span class=\"_ _2\"></span>e years <span class=\"_ _119\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _20b\"> </span>2.1 <span class=\"_ _2\"></span> <span class=\"_ _152\"> </span>(0.4 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Later than five y<span class=\"_ _2\"></span>ears and not later than t<span class=\"_ _2\"></span>en years <span class=\"_ _150\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _57\"> </span>7<span class=\"_ _a\"></span>.4 <span class=\"_ _2\"></span> <span class=\"_ _10f\"> </span>(1.6 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Later <span class=\"_ _3\"></span>than <span class=\"_ _3\"></span>ten <span class=\"_ _3\"></span>years <span class=\"_ _b2\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12b\"> </span>16.4  <span class=\"_ _10e\"> </span>(2.1 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _11b\"> </span>35<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4  <span class=\"_ _5b\"> </span>(<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>.0 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>31 December 2022 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _23a\"> </span>Insurance  <span class=\"_ _4a\"> </span>Reinsurance <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1c7\"> </span>contrac<span class=\"_ _3\"></span>ts  <span class=\"_ _1c7\"> </span>contrac<span class=\"_ _3\"></span>ts <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Not <span class=\"_ _3\"></span>later <span class=\"_ _3\"></span>than <span class=\"_ _3\"></span>one <span class=\"_ _3\"></span>year <span class=\"_ _dd\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b1\"> </span>3.7  <span class=\"_ _12b\"> </span>(0.9 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>Later than one ye<span class=\"_ _2\"></span>ar and not later than two y<span class=\"_ _2\"></span>ears <span class=\"_ _7b\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _10f\"> </span>2<span class=\"_ _3\"></span>.8 <span class=\"_ _a\"></span> <span class=\"_ _152\"> </span>(0.8 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Later than tw<span class=\"_ _2\"></span>o years and not lat<span class=\"_ _2\"></span>er than three years <span class=\"_ _14f\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _57\"> </span>2.7 <span class=\"_ _2\"></span> <span class=\"_ _152\"> </span>(0.8 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Later than three y<span class=\"_ _2\"></span>ears and not later than four y<span class=\"_ _2\"></span>ears <span class=\"_ _7c\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _10e\"> </span>2.4 <span class=\"_ _2\"></span> <span class=\"_ _20a\"> </span>(0.7 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Later than four y<span class=\"_ _2\"></span>ears and not later than fiv<span class=\"_ _2\"></span>e years <span class=\"_ _119\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _57\"> </span>2.<span class=\"_ _3\"></span>2 <span class=\"_ _a\"></span> <span class=\"_ _12b\"> </span>(0.7 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Later than five y<span class=\"_ _2\"></span>ears and not later than t<span class=\"_ _2\"></span>en years <span class=\"_ _150\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _10e\"> </span>8.2 <span class=\"_ _2\"></span> <span class=\"_ _165\"> </span>(2.3 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Later <span class=\"_ _3\"></span>than <span class=\"_ _3\"></span>ten <span class=\"_ _3\"></span>years <span class=\"_ _b2\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12e\"> </span>15.3  <span class=\"_ _12e\"> </span>(2.2 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _c2\"> </span>37.<span class=\"_ _3\"></span>3  <span class=\"_ _5b\"> </span>(8<span class=\"_ _3\"></span>.4 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>214<span class=\"_ _10\"> </span><span class=\"ff67 ls3 ws2\">CHE<span class=\"_ _3\"></span>SNA<span class=\"_ _3\"></span>R<span class=\"_ _3\"></span>A ANNUAL R<span class=\"_ _3\"></span>EPORT A<span class=\"_ _3\"></span>ND ACCOU<span class=\"_ _3\"></span>NTS 2023<span class=\"_ _421\"> </span></span>IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS <span class=\"_ _74\"> </span>F3 <span class=\"_ _4\"></span>Insurance and r<span class=\"_ _2\"></span>einsurance contr<span class=\"_ _2\"></span>acts \u2013 quantitative analysis of r<span class=\"_ _2\"></span>ecognised amounts \u2013 Mov<span class=\"_ _2\"></span>estic  (a) <span class=\"_ _3\"></span>Insurance contract balances \u2013 analysis b<span class=\"_ _2\"></span>y remaining co<span class=\"_ _2\"></span>ver<span class=\"_ _2\"></span>age and incur<span class=\"_ _2\"></span>red claims <span class=\"_ _23b\"> </span> <span class=\"_ _52\"> </span>Liabilities for incurred claims <span class=\"_ _23c\"> </span>Contracts under P<span class=\"_ _a\"></span>A<span class=\"_ _3\"></span>A <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _69\"> </span>Liab<span class=\"_ _3\"></span>ilities <span class=\"_ _3\"></span>for  <span class=\"_ _3d\"> </span>F<span class=\"_ _2\"></span>or <span class=\"_ _3\"></span>con<span class=\"_ _2\"></span>tracts<span class=\"_ _2\"></span>  <span class=\"_ _119\"> </span>PV <span class=\"_ _4\"></span>of  <span class=\"_ _73\"> </span>   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _6c\"> </span>rema<span class=\"_ _3\"></span>ining  <span class=\"_ _7f\"> </span>no<span class=\"_ _3\"></span>t <span class=\"_ _3\"></span>u<span class=\"_ _3\"></span>nder  <span class=\"_ _48\"> </span>future  <span class=\"_ _11b\"> </span>Ris<span class=\"_ _3\"></span>k   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _93\"> </span>c<span class=\"_ _3\"></span>overa<span class=\"_ _3\"></span>ge  <span class=\"_ _7b\"> </span>PA<span class=\"_ _3\"></span>A  <span class=\"_ _80\"> </span>c<span class=\"_ _3\"></span>as<span class=\"_ _3\"></span>h <span class=\"_ _3\"></span>fl<span class=\"_ _3\"></span>ows  <span class=\"_ _146\"> </span>adju<span class=\"_ _3\"></span>stm<span class=\"_ _3\"></span>ent  <span class=\"_ _28\"> </span>Total <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Insurance contrac<span class=\"_ _3\"></span>t liabilities as at 1<span class=\"_ _2\"></span> Januar<span class=\"_ _3\"></span>y 202<span class=\"_ _3\"></span>3 <span class=\"_ _1c6\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _7b\"> </span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>9.<span class=\"_ _3\"></span>1 <span class=\"_ _0\"></span> <span class=\"_ _e9\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _1e1\"> </span>3<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>.2 <span class=\"_ _2\"></span> <span class=\"_ _57\"> </span>1.<span class=\"_ _3\"></span>6 <span class=\"_ _a\"></span> <span class=\"_ _42\"> </span>1<span class=\"_ _3\"></span>58<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9<span class=\"_ _421\"> </span>Chan<span class=\"_ _3\"></span>ges i<span class=\"_ _3\"></span>n the s<span class=\"_ _3\"></span>tatem<span class=\"_ _3\"></span>ent o<span class=\"_ _3\"></span>f pro<span class=\"_ _3\"></span>fit and l<span class=\"_ _3\"></span>os<span class=\"_ _3\"></span>s<span class=\"_ _421\"> </span>Insurance revenue<span class=\"_ _421\"> </span>Contracts me<span class=\"_ _2\"></span>asured under the fair value approac<span class=\"_ _2\"></span>h <span class=\"_ _210\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _12b\"> </span>(0.7 <span class=\"_ _31\"></span>) <span class=\"_ _ae\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _12b\"> </span>(0.7 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Contracts me<span class=\"_ _2\"></span>asured under the full retrospective appr<span class=\"_ _2\"></span>oach <span class=\"_ _1\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _7b\"> </span>(10.4 <span class=\"_ _31\"></span>) <span class=\"_ _ae\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013  <span class=\"_ _97\"> </span>\u2013  <span class=\"_ _1e1\"> </span>(10.4 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>revenu<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>to<span class=\"_ _3\"></span>tal <span class=\"_ _1ed\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _14e\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.1 <span class=\"_ _7\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _14e\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.1 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>Insura<span class=\"_ _2\"></span>nce service e<span class=\"_ _a\"></span>xpenses<span class=\"_ _421\"> </span>Incurred <span class=\"_ _3\"></span>claims <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>other <span class=\"_ _3\"></span>directly <span class=\"_ _3\"></span>attributable <span class=\"_ _3\"></span>expenses <span class=\"_ _128\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _10e\"> </span>0.6  <span class=\"_ _12b\"> </span>10.3  <span class=\"_ _20b\"> </span>0.1  <span class=\"_ _8f\"> </span>1<span class=\"_ _3\"></span>1.0<span class=\"_ _421\"> </span>Adjustments to liabilities for incur<span class=\"_ _2\"></span>red claims <span class=\"_ _83\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _12b\"> </span>(3.4 <span class=\"_ _31\"></span>) <span class=\"_ _114\"> </span>(0.2 <span class=\"_ _7\"></span>) <span class=\"_ _14e\"> </span>(3.6 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>ser<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>expen<span class=\"_ _3\"></span>se <span class=\"_ _4\"></span>tot<span class=\"_ _3\"></span>al <span class=\"_ _235\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _8f\"> </span>0<span class=\"_ _3\"></span>.6  <span class=\"_ _179\"> </span>6<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9  <span class=\"_ _165\"> </span>(0<span class=\"_ _3\"></span>.1 <span class=\"_ _7\"></span>) <span class=\"_ _165\"> </span>7.4<span class=\"_ _421\"> </span>Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>ser<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>resu<span class=\"_ _3\"></span>lt <span class=\"_ _d9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14e\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.1 <span class=\"_ _7\"></span>) <span class=\"_ _1b7\"> </span>0.<span class=\"_ _3\"></span>6  <span class=\"_ _8f\"> </span>6<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9  <span class=\"_ _165\"> </span>(<span class=\"_ _3\"></span>0.1 <span class=\"_ _7\"></span>) <span class=\"_ _5b\"> </span>(<span class=\"_ _3\"></span>3.7 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Net <span class=\"_ _3\"></span>finance <span class=\"_ _3\"></span>expenses <span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>rom <span class=\"_ _3\"></span>insurance <span class=\"_ _3\"></span>contracts <span class=\"_ _152\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12b\"> </span>14<span class=\"_ _3\"></span>.2  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _57\"> </span>2.0  <span class=\"_ _1b7\"> </span>(0.2 <span class=\"_ _7\"></span>) <span class=\"_ _114\"> </span>16<span class=\"_ _3\"></span>.0<span class=\"_ _421\"> </span>Effect of movements in e<span class=\"_ _2\"></span>xchange rat<span class=\"_ _2\"></span>es <span class=\"_ _a0\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _20a\"> </span>(2.8 <span class=\"_ _31\"></span>) <span class=\"_ _15b\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _1b1\"> </span>(<span class=\"_ _3\"></span>1.1 <span class=\"_ _31\"></span>) <span class=\"_ _1b7\"> </span>(0.1 <span class=\"_ _31\"></span>) <span class=\"_ _c2\"> </span>(4.0 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>mount<span class=\"_ _3\"></span>s <span class=\"_ _4\"></span>rec<span class=\"_ _3\"></span>ogni<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>in <span class=\"_ _4\"></span>co<span class=\"_ _3\"></span>mpre<span class=\"_ _3\"></span>hen<span class=\"_ _3\"></span>sive <span class=\"_ _4\"></span>in<span class=\"_ _3\"></span>come <span class=\"_ _146\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _179\"> </span>0<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3  <span class=\"_ _179\"> </span>0.<span class=\"_ _3\"></span>6  <span class=\"_ _10f\"> </span>7.8  <span class=\"_ _5b\"> </span>(0<span class=\"_ _3\"></span>.4 <span class=\"_ _0\"></span>) <span class=\"_ _12b\"> </span>8<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3<span class=\"_ _421\"> </span>Investment <span class=\"_ _3\"></span>components <span class=\"_ _d8\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _fe\"> </span>(6.1 <span class=\"_ _7\"></span>) <span class=\"_ _1b1\"> </span>6<span class=\"_ _3\"></span>.1  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span>Cash flows<span class=\"_ _421\"> </span>Pr<span class=\"_ _2\"></span>emiums <span class=\"_ _3\"></span>received <span class=\"_ _236\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _114\"> </span>20.2  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _114\"> </span>20.2<span class=\"_ _421\"> </span>Claims and other directly attributable e<span class=\"_ _2\"></span>xpenses paid <span class=\"_ _2e\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _12b\"> </span>(6<span class=\"_ _3\"></span>.7 <span class=\"_ _31\"></span>) <span class=\"_ _5b\"> </span>(8.9 <span class=\"_ _31\"></span>) <span class=\"_ _15b\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _f0\"> </span>(15.6 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ash <span class=\"_ _4\"></span>flo<span class=\"_ _3\"></span>ws <span class=\"_ _1a4\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _11b\"> </span>2<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>2  <span class=\"_ _152\"> </span>(6<span class=\"_ _3\"></span>.7 <span class=\"_ _7\"></span>) <span class=\"_ _2d\"> </span>(8<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9 <span class=\"_ _7\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _8f\"> </span>4<span class=\"_ _3\"></span>.6<span class=\"_ _421\"> </span>Insurance contrac<span class=\"_ _3\"></span>t liabilities as at 31 December 202<span class=\"_ _3\"></span>3 <span class=\"_ _14\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _e7\"> </span>1<span class=\"_ _3\"></span>33<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5 <span class=\"_ _a\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _152\"> </span>37<span class=\"_ _2\"></span>.1 <span class=\"_ _a\"></span> <span class=\"_ _57\"> </span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2 <span class=\"_ _a\"></span> <span class=\"_ _46\"> </span>1<span class=\"_ _3\"></span>71<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8<span class=\"_ _421\"> </span><span class=\"ff65 ls3 ws2\"></span><span class=\"ff65 ls3 ws2\"></span><span class=\"ff65 ls3 ws2\">CHES<span class=\"_ _277\"></span>NAR<span class=\"_ _277\"></span>A<span class=\"_ _278\"></span>AN<span class=\"_ _277\"></span>NUAL<span class=\"_ _379\"></span>REPO<span class=\"_ _277\"></span>RT<span class=\"_ _27f\"></span>AND<span class=\"_ _3b0\"></span>ACCOUNT<span class=\"_ _27a\"></span>S<span class=\"_ _27b\"></span>20<span class=\"_ _2b5\"></span>23</span><span class=\"_ _3e1\"></span><span class=\"_ _421\"> </span>215<span class=\"_ _421\"> </span>IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS<span class=\"_ _421\"> </span>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<span class=\"_ _421\"> </span>SECTION F \u2013 INSURANCE AND REINSURANCE CONTRA<span class=\"_ _2\"></span>CTS <span class=\"_ _74\"> </span>F3 <span class=\"_ _4\"></span>Insurance and r<span class=\"_ _2\"></span>einsurance contr<span class=\"_ _2\"></span>acts \u2013 quantitative analysis of r<span class=\"_ _2\"></span>ecognised amounts \u2013 Mov<span class=\"_ _2\"></span>estic (continued)  (a) <span class=\"_ _3\"></span>Insurance contract balances \u2013 analysis b<span class=\"_ _2\"></span>y remaining co<span class=\"_ _2\"></span>ver<span class=\"_ _2\"></span>age and incur<span class=\"_ _2\"></span>red claims (continued) <span class=\"_ _23b\"> </span> <span class=\"_ _52\"> </span>Liabilities for incurred claims <span class=\"_ _23c\"> </span>Contracts under P<span class=\"_ _a\"></span>A<span class=\"_ _3\"></span>A <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _69\"> </span>Liab<span class=\"_ _3\"></span>ilities <span class=\"_ _3\"></span>for  <span class=\"_ _3d\"> </span>F<span class=\"_ _2\"></span>or <span class=\"_ _3\"></span>con<span class=\"_ _2\"></span>tracts<span class=\"_ _2\"></span>  <span class=\"_ _119\"> </span>PV <span class=\"_ _4\"></span>of  <span class=\"_ _73\"> </span>   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _6c\"> </span>rema<span class=\"_ _3\"></span>ining  <span class=\"_ _7f\"> </span>no<span class=\"_ _3\"></span>t <span class=\"_ _3\"></span>u<span class=\"_ _3\"></span>nder  <span class=\"_ _48\"> </span>future  <span class=\"_ _11b\"> </span>Ris<span class=\"_ _3\"></span>k   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _93\"> </span>c<span class=\"_ _3\"></span>overa<span class=\"_ _3\"></span>ge  <span class=\"_ _7b\"> </span>PA<span class=\"_ _3\"></span>A  <span class=\"_ _80\"> </span>c<span class=\"_ _3\"></span>as<span class=\"_ _3\"></span>h <span class=\"_ _3\"></span>fl<span class=\"_ _3\"></span>ows  <span class=\"_ _146\"> </span>adju<span class=\"_ _3\"></span>stm<span class=\"_ _3\"></span>ent  <span class=\"_ _28\"> </span>Total <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Insurance contrac<span class=\"_ _3\"></span>t liabilities as at 1<span class=\"_ _2\"></span> Januar<span class=\"_ _3\"></span>y 2022 <span class=\"_ _123\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _29\"> </span>1<span class=\"_ _3\"></span>38<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2 <span class=\"_ _a\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _1e1\"> </span>4<span class=\"_ _3\"></span>6.7 <span class=\"_ _a\"></span> <span class=\"_ _8f\"> </span>2<span class=\"_ _4\"></span>.2 <span class=\"_ _2\"></span> <span class=\"_ _150\"> </span>1<span class=\"_ _3\"></span>87.1<span class=\"_ _421\"> </span>Chan<span class=\"_ _3\"></span>ges i<span class=\"_ _3\"></span>n the s<span class=\"_ _3\"></span>tatem<span class=\"_ _3\"></span>ent o<span class=\"_ _3\"></span>f pro<span class=\"_ _3\"></span>fit and l<span class=\"_ _3\"></span>os<span class=\"_ _3\"></span>s<span class=\"_ _421\"> </span>Insurance revenue<span class=\"_ _421\"> </span>Contracts me<span class=\"_ _2\"></span>asured under the fair value approac<span class=\"_ _2\"></span>h <span class=\"_ _210\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _12b\"> </span>(0.7 <span class=\"_ _31\"></span>) <span class=\"_ _ae\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _12b\"> </span>(0.7 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Contracts me<span class=\"_ _2\"></span>asured under the full retrospective appr<span class=\"_ _2\"></span>oach <span class=\"_ _1\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _5b\"> </span>(1<span class=\"_ _4\"></span>1.9 <span class=\"_ _31\"></span>) <span class=\"_ _ae\"> </span>\u2013  <span class=\"_ _97\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _e9\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _114\"> </span>(1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.9 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>revenu<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>to<span class=\"_ _3\"></span>tal <span class=\"_ _1ed\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _45\"> </span>(<span class=\"_ _3\"></span>12<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>6 <span class=\"_ _7\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _44\"> </span>(<span class=\"_ _3\"></span>12<span class=\"_ _4\"></span>.6 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Insura<span class=\"_ _2\"></span>nce service e<span class=\"_ _a\"></span>xpenses<span class=\"_ _421\"> </span>Incurred <span class=\"_ _3\"></span>claims <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>other <span class=\"_ _3\"></span>directly <span class=\"_ _3\"></span>attributable <span class=\"_ _3\"></span>expenses <span class=\"_ _128\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _10e\"> </span>0.6  <span class=\"_ _152\"> </span>10.8  <span class=\"_ _20b\"> </span>0.1  <span class=\"_ _10f\"> </span>1<span class=\"_ _3\"></span>1.5<span class=\"_ _421\"> </span>Adjustments to liabilities for incur<span class=\"_ _2\"></span>red claims <span class=\"_ _83\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _12b\"> </span>(6.6 <span class=\"_ _31\"></span>) <span class=\"_ _5b\"> </span>(0.4 <span class=\"_ _31\"></span>) <span class=\"_ _14e\"> </span>(7<span class=\"_ _a\"></span>.0 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>ser<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>expen<span class=\"_ _3\"></span>se <span class=\"_ _4\"></span>tot<span class=\"_ _3\"></span>al <span class=\"_ _235\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _8f\"> </span>0<span class=\"_ _3\"></span>.6  <span class=\"_ _8f\"> </span>4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2  <span class=\"_ _14e\"> </span>(0.<span class=\"_ _4\"></span>3 <span class=\"_ _7\"></span>) <span class=\"_ _12b\"> </span>4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5<span class=\"_ _421\"> </span>Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>ser<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>resu<span class=\"_ _3\"></span>lt <span class=\"_ _d9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _44\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.6 <span class=\"_ _7\"></span>) <span class=\"_ _1b7\"> </span>0<span class=\"_ _3\"></span>.6  <span class=\"_ _8f\"> </span>4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2  <span class=\"_ _14e\"> </span>(0.<span class=\"_ _3\"></span>3 <span class=\"_ _0\"></span>) <span class=\"_ _14e\"> </span>(<span class=\"_ _3\"></span>8.<span class=\"_ _3\"></span>1 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Net finance expenses f<span class=\"_ _3\"></span>rom insurance contr<span class=\"_ _2\"></span>acts <span class=\"_ _152\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _2d\"> </span>(18.5 <span class=\"_ _7\"></span>) <span class=\"_ _ae\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _10f\"> </span>(1.7 <span class=\"_ _31\"></span>) <span class=\"_ _114\"> </span>(0.3 <span class=\"_ _7\"></span>) <span class=\"_ _46\"> </span>(20.5 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Effect of movements in e<span class=\"_ _2\"></span>xchange rat<span class=\"_ _2\"></span>es <span class=\"_ _a0\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _10f\"> </span>(3.1 <span class=\"_ _31\"></span>) <span class=\"_ _ae\"> </span>\u2013  <span class=\"_ _12e\"> </span>(1.0 <span class=\"_ _31\"></span>) <span class=\"_ _15b\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _179\"> </span>(4.1 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l amou<span class=\"_ _3\"></span>nts r<span class=\"_ _3\"></span>eco<span class=\"_ _3\"></span>gnis<span class=\"_ _3\"></span>ed in c<span class=\"_ _3\"></span>omp<span class=\"_ _3\"></span>rehe<span class=\"_ _3\"></span>nsi<span class=\"_ _3\"></span>ve inc<span class=\"_ _3\"></span>ome <span class=\"_ _6d\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _29\"> </span>(<span class=\"_ _3\"></span>34<span class=\"_ _3\"></span>.<span class=\"_ _4\"></span>2 <span class=\"_ _f\"></span>) <span class=\"_ _20a\"> </span>0.<span class=\"_ _3\"></span>6 <span class=\"_ _a\"></span> <span class=\"_ _57\"> </span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5 <span class=\"_ _a\"></span> <span class=\"_ _5b\"> </span>(0.<span class=\"_ _3\"></span>6 <span class=\"_ _f\"></span>) <span class=\"_ _29\"> </span>(3<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.7 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Investment <span class=\"_ _3\"></span>components <span class=\"_ _d8\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>(6.7 <span class=\"_ _0\"></span>) <span class=\"_ _179\"> </span>6.7  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span>Cash flows<span class=\"_ _421\"> </span>Pr<span class=\"_ _2\"></span>emiums <span class=\"_ _3\"></span>received <span class=\"_ _236\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>21.7  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _12e\"> </span>21.7<span class=\"_ _421\"> </span>Claims and other directly attributable e<span class=\"_ _2\"></span>xpenses paid <span class=\"_ _2e\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _165\"> </span>(7.3 <span class=\"_ _31\"></span>) <span class=\"_ _114\"> </span>(9.9 <span class=\"_ _31\"></span>) <span class=\"_ _15b\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _5b\"> </span>(17<span class=\"_ _a\"></span>.<span class=\"_ _3\"></span>2 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ash <span class=\"_ _4\"></span>flo<span class=\"_ _3\"></span>ws <span class=\"_ _1a4\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _152\"> </span>21<span class=\"_ _3\"></span>.7  <span class=\"_ _152\"> </span>(<span class=\"_ _3\"></span>7<span class=\"_ _2\"></span>.<span class=\"_ _3\"></span>3 <span class=\"_ _7\"></span>) <span class=\"_ _c2\"> </span>(9.<span class=\"_ _3\"></span>9 <span class=\"_ _7\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _8f\"> </span>4<span class=\"_ _3\"></span>.<span class=\"_ _4\"></span>5<span class=\"_ _421\"> </span>Insurance contrac<span class=\"_ _3\"></span>t liabilities as at 31 December 202<span class=\"_ _3\"></span>2 <span class=\"_ _14\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _46\"> </span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>9.0 <span class=\"_ _a\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _1e1\"> </span>38<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3 <span class=\"_ _a\"></span> <span class=\"_ _57\"> </span>1<span class=\"_ _3\"></span>.6 <span class=\"_ _a\"></span> <span class=\"_ _29\"> </span>1<span class=\"_ _3\"></span>58<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9<span class=\"_ _421\"> </span>The f<span class=\"_ _2\"></span>air value approach w<span class=\"_ _2\"></span>as applied to all insurance contracts not measured under P<span class=\"_ _a\"></span>AA in Movestic at transition. Note <span class=\"_ _2\"></span>A6(a) provides further details relating to fair v<span class=\"_ _2\"></span>alue methodology applied for contracts in Mo<span class=\"_ _2\"></span>vestic.<span class=\"_ _421\"> </span>216<span class=\"_ _d\"> </span><span class=\"ff67 ls3 ws2\">CHE<span class=\"_ _3\"></span>SNA<span class=\"_ _3\"></span>R<span class=\"_ _3\"></span>A ANNUAL R<span class=\"_ _3\"></span>EPORT A<span class=\"_ _3\"></span>ND ACCOU<span class=\"_ _3\"></span>NTS 2023<span class=\"_ _421\"> </span></span>IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS <span class=\"_ _e\"> </span>(b) <span class=\"_ _3\"></span>Insurance contract balances \u2013 analysis b<span class=\"_ _2\"></span>y measurement component \u2013 contr<span class=\"_ _2\"></span>acts not measur<span class=\"_ _2\"></span>ed under P<span class=\"_ _a\"></span>AA <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _e\"> </span>Pr<span class=\"_ _3\"></span>ese<span class=\"_ _3\"></span>nt <span class=\"_ _4\"></span>valu<span class=\"_ _3\"></span>e  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _127\"> </span>o<span class=\"_ _3\"></span>f <span class=\"_ _3\"></span>fu<span class=\"_ _3\"></span>ture  <span class=\"_ _11b\"> </span>Risk  <span class=\"_ _156\"> </span>   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _185\"> </span>ca<span class=\"_ _3\"></span>sh <span class=\"_ _4\"></span>flows  <span class=\"_ _146\"> </span>ad<span class=\"_ _3\"></span>jus<span class=\"_ _3\"></span>tme<span class=\"_ _3\"></span>nt  <span class=\"_ _44\"> </span>C<span class=\"_ _3\"></span>SM  <span class=\"_ _46\"> </span>T<span class=\"_ _a\"></span>o<span class=\"_ _3\"></span>tal <span class=\"_ _19e\"> </span> <span class=\"_ _3\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce con<span class=\"_ _3\"></span>trac<span class=\"_ _3\"></span>t li<span class=\"_ _3\"></span>abili<span class=\"_ _3\"></span>tie<span class=\"_ _3\"></span>s as at 1 Ja<span class=\"_ _3\"></span>nuar<span class=\"_ _3\"></span>y 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>3 <span class=\"_ _2e\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _150\"> </span>1<span class=\"_ _4\"></span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4 <span class=\"_ _0\"></span> <span class=\"_ _56\"> </span>1<span class=\"_ _3\"></span>.1 <span class=\"_ _a\"></span> <span class=\"_ _165\"> </span>4<span class=\"_ _3\"></span>.<span class=\"_ _4\"></span>5 <span class=\"_ _a\"></span> <span class=\"_ _14b\"> </span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>7<span class=\"_ _2\"></span>.0<span class=\"_ _421\"> </span>Changes that relate to cur<span class=\"_ _2\"></span>rent ser<span class=\"_ _3\"></span>vice<span class=\"_ _421\"> </span>CSM <span class=\"_ _3\"></span>recognised <span class=\"_ _3\"></span>for <span class=\"_ _3\"></span>services <span class=\"_ _3\"></span>provided <span class=\"_ _238\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _1b7\"> </span>(0.3 <span class=\"_ _0\"></span>) <span class=\"_ _14e\"> </span>(0.3 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>Change in risk adjustment for non-financial risk for risk e<span class=\"_ _2\"></span>xpired <span class=\"_ _165\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _e9\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _10f\"> </span>(0.1 <span class=\"_ _31\"></span>) <span class=\"_ _ae\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _179\"> </span>(0.1 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Experience a<span class=\"_ _3\"></span>djustments <span class=\"_ _22\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _57\"> </span>0.3  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _57\"> </span>0.3<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l chan<span class=\"_ _3\"></span>ges t<span class=\"_ _3\"></span>hat re<span class=\"_ _3\"></span>late to cu<span class=\"_ _3\"></span>rrent s<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _94\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _12e\"> </span>0.<span class=\"_ _4\"></span>3 <span class=\"_ _a\"></span> <span class=\"_ _12b\"> </span>(0<span class=\"_ _3\"></span>.1 <span class=\"_ _31\"></span>) <span class=\"_ _7b\"> </span>(0<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3 <span class=\"_ _31\"></span>) <span class=\"_ _5b\"> </span>(<span class=\"_ _3\"></span>0.1 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Changes that relate to future<span class=\"_ _2\"></span> ser<span class=\"_ _3\"></span>vice<span class=\"_ _421\"> </span>Changes in estimates that adjust the CSM <span class=\"_ _1cb\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _152\"> </span>(0.8 <span class=\"_ _31\"></span>) <span class=\"_ _57\"> </span>0.1 <span class=\"_ _a\"></span> <span class=\"_ _10e\"> </span>0.7 <span class=\"_ _a\"></span> <span class=\"_ _b9\"> </span>\u2013<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l chan<span class=\"_ _3\"></span>ges t<span class=\"_ _3\"></span>hat re<span class=\"_ _3\"></span>late to f<span class=\"_ _3\"></span>uture s<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _97\"> </span> <span class=\"_ _0\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _c2\"> </span>(0<span class=\"_ _3\"></span>.8 <span class=\"_ _31\"></span>) <span class=\"_ _8f\"> </span>0<span class=\"_ _3\"></span>.1 <span class=\"_ _a\"></span> <span class=\"_ _8f\"> </span>0.7 <span class=\"_ _a\"></span> <span class=\"_ _b9\"> </span>\u2013<span class=\"_ _421\"> </span>Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>ser<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>resu<span class=\"_ _3\"></span>lt <span class=\"_ _d9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _114\"> </span>(<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>5 <span class=\"_ _0\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _12e\"> </span>0.<span class=\"_ _3\"></span>4  <span class=\"_ _165\"> </span>(0<span class=\"_ _3\"></span>.1 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Net <span class=\"_ _3\"></span>finance <span class=\"_ _3\"></span>expenses <span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>rom <span class=\"_ _3\"></span>insurance <span class=\"_ _3\"></span>contracts <span class=\"_ _152\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _152\"> </span>14<span class=\"_ _3\"></span>.0  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _57\"> </span>0.2  <span class=\"_ _12b\"> </span>14.2<span class=\"_ _421\"> </span>Effect of movements in e<span class=\"_ _2\"></span>xchange rat<span class=\"_ _2\"></span>es <span class=\"_ _a0\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _1b7\"> </span>(2<span class=\"_ _3\"></span>.6 <span class=\"_ _31\"></span>) <span class=\"_ _ae\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _8f\"> </span>(0.1 <span class=\"_ _31\"></span>) <span class=\"_ _152\"> </span>(2.7 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>mount<span class=\"_ _3\"></span>s <span class=\"_ _4\"></span>rec<span class=\"_ _3\"></span>ogni<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>in <span class=\"_ _4\"></span>co<span class=\"_ _3\"></span>mpre<span class=\"_ _3\"></span>hen<span class=\"_ _3\"></span>sive <span class=\"_ _4\"></span>in<span class=\"_ _3\"></span>come <span class=\"_ _146\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5b\"> </span>1<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>9  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _179\"> </span>0.<span class=\"_ _3\"></span>5  <span class=\"_ _20a\"> </span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4 Cash flows<span class=\"_ _421\"> </span>Pr<span class=\"_ _2\"></span>emiums <span class=\"_ _3\"></span>received <span class=\"_ _236\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _10e\"> </span>9.8  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _57\"> </span>9.8<span class=\"_ _421\"> </span>Claims and other directly attributable e<span class=\"_ _2\"></span>xpenses paid <span class=\"_ _2e\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _12b\"> </span>(6<span class=\"_ _3\"></span>.7 <span class=\"_ _31\"></span>) <span class=\"_ _ae\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _12b\"> </span>(6<span class=\"_ _3\"></span>.7 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ash <span class=\"_ _4\"></span>flo<span class=\"_ _3\"></span>ws <span class=\"_ _1a4\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _94\"> </span>3<span class=\"_ _3\"></span>.1  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _94\"> </span>3<span class=\"_ _3\"></span>.1<span class=\"_ _421\"> </span>Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce con<span class=\"_ _3\"></span>trac<span class=\"_ _3\"></span>t li<span class=\"_ _3\"></span>abili<span class=\"_ _3\"></span>tie<span class=\"_ _3\"></span>s as at 3<span class=\"_ _3\"></span>1 Dec<span class=\"_ _3\"></span>emb<span class=\"_ _3\"></span>er 20<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>3 <span class=\"_ _6d\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _29\"> </span>1<span class=\"_ _3\"></span>25<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4 <span class=\"_ _a\"></span> <span class=\"_ _56\"> </span>1<span class=\"_ _3\"></span>.1 <span class=\"_ _a\"></span> <span class=\"_ _12e\"> </span>5<span class=\"_ _3\"></span>.0 <span class=\"_ _2\"></span> <span class=\"_ _14b\"> </span>1<span class=\"_ _3\"></span>31<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _e\"> </span>Pr<span class=\"_ _3\"></span>ese<span class=\"_ _3\"></span>nt <span class=\"_ _4\"></span>valu<span class=\"_ _3\"></span>e  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _127\"> </span>o<span class=\"_ _3\"></span>f <span class=\"_ _3\"></span>fu<span class=\"_ _3\"></span>ture  <span class=\"_ _11b\"> </span>Risk  <span class=\"_ _156\"> </span>   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _185\"> </span>ca<span class=\"_ _3\"></span>sh <span class=\"_ _4\"></span>flows  <span class=\"_ _146\"> </span>ad<span class=\"_ _3\"></span>jus<span class=\"_ _3\"></span>tme<span class=\"_ _3\"></span>nt  <span class=\"_ _44\"> </span>C<span class=\"_ _3\"></span>SM  <span class=\"_ _46\"> </span>T<span class=\"_ _a\"></span>o<span class=\"_ _3\"></span>tal <span class=\"_ _19e\"> </span> <span class=\"_ _3\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce con<span class=\"_ _3\"></span>trac<span class=\"_ _3\"></span>t li<span class=\"_ _3\"></span>abili<span class=\"_ _3\"></span>tie<span class=\"_ _3\"></span>s as at 1 Ja<span class=\"_ _3\"></span>nuar<span class=\"_ _3\"></span>y 2<span class=\"_ _3\"></span>022 <span class=\"_ _f1\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _29\"> </span>12<span class=\"_ _3\"></span>9<span class=\"_ _3\"></span>.4 <span class=\"_ _a\"></span> <span class=\"_ _10e\"> </span>1<span class=\"_ _3\"></span>.4 <span class=\"_ _2\"></span> <span class=\"_ _179\"> </span>5<span class=\"_ _3\"></span>.7 <span class=\"_ _a\"></span> <span class=\"_ _15c\"> </span>1<span class=\"_ _3\"></span>36<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5<span class=\"_ _421\"> </span>Changes that relate to cur<span class=\"_ _2\"></span>rent ser<span class=\"_ _3\"></span>vice<span class=\"_ _421\"> </span>CSM <span class=\"_ _3\"></span>recognised <span class=\"_ _3\"></span>for <span class=\"_ _3\"></span>services <span class=\"_ _3\"></span>provided <span class=\"_ _238\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _1b7\"> </span>(0.2 <span class=\"_ _0\"></span>) <span class=\"_ _14e\"> </span>(0.2 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Change in risk adjustment for non-financial risk for risk e<span class=\"_ _2\"></span>xpired <span class=\"_ _165\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _e9\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _10f\"> </span>(0.1 <span class=\"_ _31\"></span>) <span class=\"_ _ae\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _179\"> </span>(0.1 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Experience a<span class=\"_ _3\"></span>djustments <span class=\"_ _22\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _57\"> </span>0.2  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _57\"> </span>0.2<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l chan<span class=\"_ _3\"></span>ges t<span class=\"_ _3\"></span>hat re<span class=\"_ _3\"></span>late to cu<span class=\"_ _3\"></span>rrent s<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _94\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _12e\"> </span>0<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2 <span class=\"_ _a\"></span> <span class=\"_ _12b\"> </span>(0<span class=\"_ _3\"></span>.1 <span class=\"_ _31\"></span>) <span class=\"_ _7b\"> </span>(<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>2 <span class=\"_ _31\"></span>) <span class=\"_ _114\"> </span>(0.<span class=\"_ _3\"></span>1 <span class=\"_ _f\"></span>)<span class=\"_ _421\"> </span>Changes that relate to future<span class=\"_ _2\"></span> ser<span class=\"_ _3\"></span>vice<span class=\"_ _421\"> </span>Changes in estimates that adjust the CSM <span class=\"_ _1cb\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _17c\"> </span>1.1 <span class=\"_ _a\"></span> <span class=\"_ _12b\"> </span>(0.2 <span class=\"_ _31\"></span>) <span class=\"_ _114\"> </span>(0.9 <span class=\"_ _31\"></span>) <span class=\"_ _ae\"> </span>\u2013<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l chan<span class=\"_ _3\"></span>ges t<span class=\"_ _3\"></span>hat re<span class=\"_ _3\"></span>late to f<span class=\"_ _3\"></span>uture s<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _97\"> </span> <span class=\"_ _0\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _20b\"> </span>1<span class=\"_ _3\"></span>.1 <span class=\"_ _2\"></span> <span class=\"_ _5b\"> </span>(0.<span class=\"_ _3\"></span>2 <span class=\"_ _31\"></span>) <span class=\"_ _7b\"> </span>(0<span class=\"_ _3\"></span>.9 <span class=\"_ _31\"></span>) <span class=\"_ _ae\"> </span>\u2013<span class=\"_ _421\"> </span>Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>ser<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>resu<span class=\"_ _3\"></span>lt <span class=\"_ _d9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b1\"> </span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3  <span class=\"_ _114\"> </span>(<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>3 <span class=\"_ _7\"></span>) <span class=\"_ _8f\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.1 <span class=\"_ _7\"></span>) <span class=\"_ _152\"> </span>(0.<span class=\"_ _3\"></span>1 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Net <span class=\"_ _3\"></span>finance <span class=\"_ _3\"></span>expenses <span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>rom <span class=\"_ _3\"></span>insurance <span class=\"_ _3\"></span>contracts <span class=\"_ _152\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _c2\"> </span>(18.5 <span class=\"_ _0\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _c2\"> </span>(18.5 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>Effect of movements in e<span class=\"_ _2\"></span>xchange rat<span class=\"_ _2\"></span>es <span class=\"_ _a0\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _1b7\"> </span>(2.9 <span class=\"_ _7\"></span>) <span class=\"_ _ae\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _179\"> </span>(0.1 <span class=\"_ _31\"></span>) <span class=\"_ _114\"> </span>(3.0 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l amou<span class=\"_ _3\"></span>nts r<span class=\"_ _3\"></span>eco<span class=\"_ _3\"></span>gnis<span class=\"_ _3\"></span>ed in c<span class=\"_ _3\"></span>omp<span class=\"_ _3\"></span>rehe<span class=\"_ _3\"></span>nsi<span class=\"_ _3\"></span>ve inc<span class=\"_ _3\"></span>ome <span class=\"_ _6d\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _150\"> </span>(<span class=\"_ _3\"></span>20<span class=\"_ _3\"></span>.1 <span class=\"_ _31\"></span>) <span class=\"_ _7b\"> </span>(0<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3 <span class=\"_ _31\"></span>) <span class=\"_ _5b\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2 <span class=\"_ _31\"></span>) <span class=\"_ _28\"> </span>(2<span class=\"_ _3\"></span>1.<span class=\"_ _3\"></span>6 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Cash flows<span class=\"_ _421\"> </span>Pr<span class=\"_ _2\"></span>emiums <span class=\"_ _3\"></span>received <span class=\"_ _236\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _57\"> </span>9.<span class=\"_ _3\"></span>3  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _1a1\"> </span>9.3<span class=\"_ _421\"> </span>Claims and other directly attributable e<span class=\"_ _2\"></span>xpenses paid <span class=\"_ _2e\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _12e\"> </span>(7<span class=\"_ _a\"></span>.2 <span class=\"_ _31\"></span>) <span class=\"_ _15b\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _e9\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _12e\"> </span>(7<span class=\"_ _a\"></span>.<span class=\"_ _3\"></span>2 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ash <span class=\"_ _4\"></span>flo<span class=\"_ _3\"></span>ws <span class=\"_ _1a4\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _94\"> </span>2<span class=\"_ _3\"></span>.1  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _94\"> </span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>1<span class=\"_ _421\"> </span>Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce con<span class=\"_ _3\"></span>trac<span class=\"_ _3\"></span>t li<span class=\"_ _3\"></span>abili<span class=\"_ _3\"></span>tie<span class=\"_ _3\"></span>s as at 3<span class=\"_ _3\"></span>1 Dec<span class=\"_ _3\"></span>emb<span class=\"_ _3\"></span>er 20<span class=\"_ _3\"></span>22 <span class=\"_ _128\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _150\"> </span>1<span class=\"_ _4\"></span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4 <span class=\"_ _a\"></span> <span class=\"_ _20b\"> </span>1<span class=\"_ _3\"></span>.1 <span class=\"_ _2\"></span> <span class=\"_ _165\"> </span>4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5 <span class=\"_ _a\"></span> <span class=\"_ _14b\"> </span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>7.0<span class=\"_ _421\"> </span><span class=\"ff65 ls3 ws2\"></span><span class=\"ff65 ls3 ws2\"></span><span class=\"ff65 ls3 ws2\">CHES<span class=\"_ _277\"></span>NAR<span class=\"_ _283\"></span>A<span class=\"_ _27e\"></span>AN<span class=\"_ _277\"></span>NUAL<span class=\"_ _370\"></span>REPO<span class=\"_ _284\"></span>RT<span class=\"_ _278\"></span>AND<span class=\"_ _3ad\"></span>ACCOUNT<span class=\"_ _27a\"></span>S<span class=\"_ _27b\"></span>20<span class=\"_ _2b5\"></span>23</span><span class=\"_ _3e3\"></span>217<span class=\"_ _421\"> </span>IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS<span class=\"_ _421\"> </span>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<span class=\"_ _421\"> </span>SECTION F \u2013 INSURANCE AND REINSURANCE CONTRA<span class=\"_ _2\"></span>CTS <span class=\"_ _74\"> </span>F3 <span class=\"_ _4\"></span>Insurance and r<span class=\"_ _2\"></span>einsurance contr<span class=\"_ _2\"></span>acts \u2013 quantitative analysis of r<span class=\"_ _2\"></span>ecognised amounts \u2013 Mov<span class=\"_ _2\"></span>estic (continued) <span class=\"_ _18\"> </span>(c) <span class=\"_ _4\"></span>Reinsurance contract balances \u2013 analysis b<span class=\"_ _2\"></span>y r<span class=\"_ _2\"></span>emaining cover<span class=\"_ _2\"></span>age and incur<span class=\"_ _a\"></span>red claims <span class=\"_ _23d\"> </span>Contracts under P<span class=\"_ _a\"></span>A<span class=\"_ _3\"></span>A <span class=\"_ _23e\"> </span>A<span class=\"_ _3\"></span>sse<span class=\"_ _3\"></span>ts f<span class=\"_ _3\"></span>or in<span class=\"_ _3\"></span>curre<span class=\"_ _3\"></span>d cla<span class=\"_ _3\"></span>ims <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _39\"> </span>As<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>ts <span class=\"_ _4\"></span>for  <span class=\"_ _42\"> </span>PV <span class=\"_ _4\"></span>of  <span class=\"_ _9f\"> </span>   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _6c\"> </span>remaining  <span class=\"_ _129\"> </span>future  <span class=\"_ _7b\"> </span>Risk   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _93\"> </span>c<span class=\"_ _3\"></span>overa<span class=\"_ _3\"></span>ge  <span class=\"_ _185\"> </span>ca<span class=\"_ _3\"></span>sh <span class=\"_ _4\"></span>flows  <span class=\"_ _146\"> </span>ad<span class=\"_ _3\"></span>jus<span class=\"_ _3\"></span>tme<span class=\"_ _3\"></span>nt  <span class=\"_ _28\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Rei<span class=\"_ _3\"></span>nsur<span class=\"_ _3\"></span>ance c<span class=\"_ _3\"></span>ontr<span class=\"_ _3\"></span>ac<span class=\"_ _3\"></span>t ass<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>s as at 1 J<span class=\"_ _3\"></span>anua<span class=\"_ _3\"></span>ry 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>3 <span class=\"_ _be\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _8f\"> </span>0.<span class=\"_ _3\"></span>3 <span class=\"_ _2\"></span> <span class=\"_ _114\"> </span>1<span class=\"_ _3\"></span>5.<span class=\"_ _3\"></span>2 <span class=\"_ _a\"></span> <span class=\"_ _8f\"> </span>0.<span class=\"_ _3\"></span>3 <span class=\"_ _a\"></span> <span class=\"_ _5b\"> </span>1<span class=\"_ _3\"></span>5.<span class=\"_ _3\"></span>8<span class=\"_ _421\"> </span>Reinsurance <span class=\"_ _3\"></span>expenses <span class=\"_ _3\"></span>\u2013 <span class=\"_ _3\"></span>allocation <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>reinsurance <span class=\"_ _e7\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12e\"> </span>(2.5 <span class=\"_ _0\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _12e\"> </span>(2.5 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>Amount<span class=\"_ _3\"></span>s recoverable from reinsurers<span class=\"_ _421\"> </span>Recov<span class=\"_ _2\"></span>eries of incurred claims and other directly at<span class=\"_ _2\"></span>tributable expenses <span class=\"_ _123\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _e9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _56\"> </span>3.1<span class=\"_ _3\"></span> <span class=\"_ _a\"></span> <span class=\"_ _5a\"> </span>0.1  <span class=\"_ _57\"> </span>3.<span class=\"_ _3\"></span>2<span class=\"_ _421\"> </span>Changes in the expected r<span class=\"_ _2\"></span>ecoveries f<span class=\"_ _2\"></span>or past claims <span class=\"_ _14f\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _e9\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _fe\"> </span>(1.2 <span class=\"_ _31\"></span>) <span class=\"_ _165\"> </span>(0.1 <span class=\"_ _31\"></span>) <span class=\"_ _165\"> </span>(1.<span class=\"_ _3\"></span>3 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Ne<span class=\"_ _3\"></span>t <span class=\"_ _3\"></span>(expe<span class=\"_ _3\"></span>nse<span class=\"_ _3\"></span>s)/inc<span class=\"_ _3\"></span>ome <span class=\"_ _4\"></span>from <span class=\"_ _4\"></span>re<span class=\"_ _3\"></span>insu<span class=\"_ _3\"></span>ranc<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ontra<span class=\"_ _3\"></span>ct<span class=\"_ _3\"></span>s <span class=\"_ _4\"></span>hel<span class=\"_ _3\"></span>d <span class=\"_ _0\"></span> <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14e\"> </span>(2<span class=\"_ _3\"></span>.<span class=\"_ _4\"></span>5 <span class=\"_ _7\"></span>) <span class=\"_ _10f\"> </span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _14e\"> </span>(0.<span class=\"_ _3\"></span>6 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Net <span class=\"_ _3\"></span>finance <span class=\"_ _3\"></span>expenses <span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>rom <span class=\"_ _3\"></span>reinsuranc<span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>contracts <span class=\"_ _119\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _fe\"> </span>0.8  <span class=\"_ _fe\"> </span>(0.1 <span class=\"_ _7\"></span>) <span class=\"_ _179\"> </span>0.7<span class=\"_ _421\"> </span>Effect <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>movements <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>exchange <span class=\"_ _3\"></span>rat<span class=\"_ _2\"></span>es <span class=\"_ _151\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _12b\"> </span>(0.4 <span class=\"_ _7\"></span>) <span class=\"_ _97\"> </span>\u2013  <span class=\"_ _20a\"> </span>(0.4 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l amou<span class=\"_ _3\"></span>nts r<span class=\"_ _3\"></span>eco<span class=\"_ _3\"></span>gnis<span class=\"_ _3\"></span>ed in c<span class=\"_ _3\"></span>omp<span class=\"_ _3\"></span>rehe<span class=\"_ _3\"></span>nsi<span class=\"_ _3\"></span>ve inc<span class=\"_ _3\"></span>ome <span class=\"_ _6d\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _114\"> </span>(2<span class=\"_ _3\"></span>.<span class=\"_ _4\"></span>5 <span class=\"_ _f\"></span>) <span class=\"_ _12b\"> </span>2<span class=\"_ _3\"></span>.<span class=\"_ _4\"></span>3 <span class=\"_ _a\"></span> <span class=\"_ _12b\"> </span>(0<span class=\"_ _3\"></span>.1 <span class=\"_ _31\"></span>) <span class=\"_ _7b\"> </span>(0<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Cash flows<span class=\"_ _421\"> </span>Pr<span class=\"_ _2\"></span>emiums <span class=\"_ _3\"></span>paid <span class=\"_ _4\"></span>net <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>ceding <span class=\"_ _3\"></span>commission <span class=\"_ _e5\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _56\"> </span>1.6  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _56\"> </span>1.6<span class=\"_ _421\"> </span>Recov<span class=\"_ _2\"></span>eries <span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>rom <span class=\"_ _3\"></span>reinsurance contacts <span class=\"_ _4\"></span>held <span class=\"_ _eb\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _12e\"> </span>(2.6 <span class=\"_ _7\"></span>) <span class=\"_ _97\"> </span>\u2013  <span class=\"_ _165\"> </span>(2.6 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ash <span class=\"_ _4\"></span>flo<span class=\"_ _3\"></span>ws <span class=\"_ _1a4\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b1\"> </span>1<span class=\"_ _3\"></span>.6  <span class=\"_ _14e\"> </span>(<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.6 <span class=\"_ _7\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _1b7\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.0 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>Rei<span class=\"_ _3\"></span>nsur<span class=\"_ _3\"></span>ance c<span class=\"_ _3\"></span>ontr<span class=\"_ _3\"></span>ac<span class=\"_ _3\"></span>t ass<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>s as at 3<span class=\"_ _3\"></span>1 De<span class=\"_ _3\"></span>cemb<span class=\"_ _3\"></span>er 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>3 <span class=\"_ _92\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _c2\"> </span>(<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>6 <span class=\"_ _31\"></span>) <span class=\"_ _45\"> </span>1<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9 <span class=\"_ _a\"></span> <span class=\"_ _12e\"> </span>0<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2 <span class=\"_ _a\"></span> <span class=\"_ _f0\"> </span>1<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5 <span class=\"_ _23d\"> </span>Contracts under P<span class=\"_ _a\"></span>A<span class=\"_ _3\"></span>A <span class=\"_ _23e\"> </span>A<span class=\"_ _3\"></span>sse<span class=\"_ _3\"></span>ts f<span class=\"_ _3\"></span>or in<span class=\"_ _3\"></span>curre<span class=\"_ _3\"></span>d cla<span class=\"_ _3\"></span>ims <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _39\"> </span>As<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>ts <span class=\"_ _4\"></span>for  <span class=\"_ _42\"> </span>PV <span class=\"_ _4\"></span>of  <span class=\"_ _9f\"> </span>   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _6c\"> </span>remaining  <span class=\"_ _129\"> </span>future  <span class=\"_ _7b\"> </span>Risk   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _93\"> </span>c<span class=\"_ _3\"></span>overa<span class=\"_ _3\"></span>ge  <span class=\"_ _185\"> </span>ca<span class=\"_ _3\"></span>sh <span class=\"_ _4\"></span>flows  <span class=\"_ _146\"> </span>ad<span class=\"_ _3\"></span>jus<span class=\"_ _3\"></span>tme<span class=\"_ _3\"></span>nt  <span class=\"_ _28\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Rei<span class=\"_ _3\"></span>nsur<span class=\"_ _3\"></span>ance c<span class=\"_ _3\"></span>ontr<span class=\"_ _3\"></span>ac<span class=\"_ _3\"></span>t ass<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>s as at 1 J<span class=\"_ _3\"></span>anua<span class=\"_ _3\"></span>ry 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2 <span class=\"_ _be\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _14e\"> </span>(0.<span class=\"_ _3\"></span>2 <span class=\"_ _f\"></span>) <span class=\"_ _11b\"> </span>18<span class=\"_ _3\"></span>.6 <span class=\"_ _a\"></span> <span class=\"_ _8f\"> </span>0<span class=\"_ _3\"></span>.6 <span class=\"_ _a\"></span> <span class=\"_ _5b\"> </span>19.0<span class=\"_ _421\"> </span>Reinsurance <span class=\"_ _3\"></span>expenses <span class=\"_ _3\"></span>\u2013 <span class=\"_ _3\"></span>allocation <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>reinsurance <span class=\"_ _e7\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12e\"> </span>(2.3 <span class=\"_ _0\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _12e\"> </span>(2.3 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>Amount<span class=\"_ _3\"></span>s recoverable from reinsurers<span class=\"_ _421\"> </span>Recov<span class=\"_ _2\"></span>eries of incurred claims and other directly at<span class=\"_ _2\"></span>tributable expenses <span class=\"_ _123\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _e9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _57\"> </span>2<span class=\"_ _3\"></span>.7  <span class=\"_ _b9\"> </span>\u2013  <span class=\"_ _10e\"> </span>2<span class=\"_ _3\"></span>.7<span class=\"_ _421\"> </span>Changes in the expected r<span class=\"_ _2\"></span>ecoveries f<span class=\"_ _2\"></span>or past claims <span class=\"_ _14f\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _e9\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _fe\"> </span>(3.1 <span class=\"_ _31\"></span>) <span class=\"_ _114\"> </span>(0.2 <span class=\"_ _7\"></span>) <span class=\"_ _152\"> </span>(3.3 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Ne<span class=\"_ _3\"></span>t (e<span class=\"_ _2\"></span>xp<span class=\"_ _3\"></span>ens<span class=\"_ _3\"></span>es)/i<span class=\"_ _3\"></span>ncom<span class=\"_ _3\"></span>e from re<span class=\"_ _3\"></span>ins<span class=\"_ _3\"></span>uranc<span class=\"_ _3\"></span>e cont<span class=\"_ _3\"></span>rac<span class=\"_ _3\"></span>ts h<span class=\"_ _3\"></span>eld <span class=\"_ _7\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _114\"> </span>(2<span class=\"_ _3\"></span>.<span class=\"_ _4\"></span>3 <span class=\"_ _31\"></span>) <span class=\"_ _45\"> </span>(0<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4 <span class=\"_ _f\"></span>) <span class=\"_ _11b\"> </span>(<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>2 <span class=\"_ _31\"></span>) <span class=\"_ _11b\"> </span>(2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Net finance expenses f<span class=\"_ _3\"></span>rom reinsuranc<span class=\"_ _2\"></span>e contracts <span class=\"_ _43\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _e9\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _152\"> </span>(0.4 <span class=\"_ _31\"></span>) <span class=\"_ _165\"> </span>(0.1 <span class=\"_ _31\"></span>) <span class=\"_ _114\"> </span>(0.5 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Effect <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>movements <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>exchange <span class=\"_ _3\"></span>rat<span class=\"_ _2\"></span>es <span class=\"_ _151\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _12b\"> </span>(0.4 <span class=\"_ _7\"></span>) <span class=\"_ _97\"> </span>\u2013  <span class=\"_ _20a\"> </span>(0.4 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l amou<span class=\"_ _3\"></span>nts r<span class=\"_ _3\"></span>eco<span class=\"_ _3\"></span>gnis<span class=\"_ _3\"></span>ed in c<span class=\"_ _3\"></span>omp<span class=\"_ _3\"></span>rehe<span class=\"_ _3\"></span>nsi<span class=\"_ _3\"></span>ve inc<span class=\"_ _3\"></span>ome <span class=\"_ _6d\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _114\"> </span>(2<span class=\"_ _3\"></span>.<span class=\"_ _4\"></span>3 <span class=\"_ _f\"></span>) <span class=\"_ _14e\"> </span>(1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2 <span class=\"_ _31\"></span>) <span class=\"_ _7b\"> </span>(<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>3 <span class=\"_ _31\"></span>) <span class=\"_ _11b\"> </span>(3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Cash flows<span class=\"_ _421\"> </span>Pr<span class=\"_ _2\"></span>emiums <span class=\"_ _3\"></span>paid <span class=\"_ _4\"></span>net <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>ceding <span class=\"_ _3\"></span>commission <span class=\"_ _e5\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _57\"> </span>2.8  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _57\"> </span>2.8<span class=\"_ _421\"> </span>Recov<span class=\"_ _2\"></span>eries <span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>rom <span class=\"_ _3\"></span>reinsurance contracts <span class=\"_ _3\"></span>held <span class=\"_ _1d0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _12e\"> </span>(2.2 <span class=\"_ _0\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _12e\"> </span>(2.2 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ash <span class=\"_ _4\"></span>flo<span class=\"_ _3\"></span>ws <span class=\"_ _1a4\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _179\"> </span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8  <span class=\"_ _14e\"> </span>(<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2 <span class=\"_ _7\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _179\"> </span>0<span class=\"_ _3\"></span>.6<span class=\"_ _421\"> </span>Rei<span class=\"_ _3\"></span>nsur<span class=\"_ _3\"></span>ance c<span class=\"_ _3\"></span>ontr<span class=\"_ _3\"></span>ac<span class=\"_ _3\"></span>t ass<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>s as at 3<span class=\"_ _3\"></span>1 De<span class=\"_ _3\"></span>cemb<span class=\"_ _3\"></span>er 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2 <span class=\"_ _92\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _12e\"> </span>0.<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span> <span class=\"_ _a\"></span> <span class=\"_ _5b\"> </span>1<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2 <span class=\"_ _a\"></span> <span class=\"_ _12e\"> </span>0.<span class=\"_ _4\"></span>3 <span class=\"_ _a\"></span> <span class=\"_ _c2\"> </span>1<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8<span class=\"_ _421\"> </span>218<span class=\"_ _d\"> </span><span class=\"ff67 ls3 ws2\">CHES<span class=\"_ _3\"></span>NAR<span class=\"_ _3\"></span>A AN<span class=\"_ _3\"></span>NUAL REPO<span class=\"_ _3\"></span>RT AND <span class=\"_ _3\"></span>ACCOUNT<span class=\"_ _3\"></span>S 20<span class=\"_ _2\"></span>23<span class=\"_ _421\"> </span></span>IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS <span class=\"_ _e\"> </span>(d) <span class=\"_ _3\"></span>Reinsurance contract balances \u2013 analysis b<span class=\"_ _2\"></span>y measurement component \u2013 contr<span class=\"_ _2\"></span>acts not measur<span class=\"_ _2\"></span>ed under P<span class=\"_ _a\"></span>AA All Mov<span class=\"_ _2\"></span>estic reinsurance is measured as P<span class=\"_ _a\"></span>AA, therefore no table is presented for analy<span class=\"_ _2\"></span>sis of reinsurance contracts b<span class=\"_ _2\"></span>y measurement component.  (e) <span class=\"_ _3\"></span>Insurance contracts r<span class=\"_ _2\"></span>ecognised in the per<span class=\"_ _2\"></span>iod<span class=\"_ _421\"> </span>There are no material ne<span class=\"_ _2\"></span>w insurance contracts recognised in the period for Mo<span class=\"_ _2\"></span>vestic. <span class=\"_ _10\"> </span>(f) <span class=\"_ _4\"></span>Reinsurance contr<span class=\"_ _2\"></span>acts recognised in the per<span class=\"_ _a\"></span>iod<span class=\"_ _421\"> </span>There are no material ne<span class=\"_ _2\"></span>w reinsurance contracts recognised in the period for Mo<span class=\"_ _2\"></span>vestic. <span class=\"_ _e\"> </span>(g) <span class=\"_ _3\"></span>Expected r<span class=\"_ _2\"></span>ecognition of CSM<span class=\"_ _421\"> </span>In the tables that follo<span class=\"_ _2\"></span>w the CSM accrues interest at the locked-in rate f<span class=\"_ _2\"></span>or GMM portfolios and at current rates f<span class=\"_ _2\"></span>or <span class=\"_ _a\"></span>VF<span class=\"_ _a\"></span>A portfolios from the balance sheet date and is then amortised based on the co<span class=\"_ _2\"></span>verage units of the contract groups to giv<span class=\"_ _2\"></span>e the timeline of the <span class=\"_ _2\"></span>expected recognition.<span class=\"_ _421\"> </span>31 December 2023 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _23a\"> </span>Insurance  <span class=\"_ _4a\"> </span>Reinsurance <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1c7\"> </span>contrac<span class=\"_ _3\"></span>ts  <span class=\"_ _1c7\"> </span>contrac<span class=\"_ _3\"></span>ts <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Not <span class=\"_ _3\"></span>later <span class=\"_ _3\"></span>than <span class=\"_ _3\"></span>one <span class=\"_ _3\"></span>year <span class=\"_ _dd\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _20b\"> </span>0.1  <span class=\"_ _e9\"> </span>\u2013<span class=\"_ _421\"> </span>Later than one ye<span class=\"_ _2\"></span>ar and not later than two y<span class=\"_ _2\"></span>ears <span class=\"_ _7b\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _10f\"> </span>0.2  <span class=\"_ _97\"> </span>\u2013<span class=\"_ _421\"> </span>Later than tw<span class=\"_ _2\"></span>o years and not lat<span class=\"_ _2\"></span>er than three years <span class=\"_ _14f\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _10e\"> </span>0.2 <span class=\"_ _a\"></span> <span class=\"_ _e9\"> </span>\u2013<span class=\"_ _421\"> </span>Later than three y<span class=\"_ _2\"></span>ears and not later than four y<span class=\"_ _2\"></span>ears <span class=\"_ _7c\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _10e\"> </span>0.2 <span class=\"_ _a\"></span> <span class=\"_ _e9\"> </span>\u2013<span class=\"_ _421\"> </span>Later than four y<span class=\"_ _2\"></span>ears and not later than fiv<span class=\"_ _2\"></span>e years <span class=\"_ _119\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _10e\"> </span>0.2 <span class=\"_ _a\"></span> <span class=\"_ _e9\"> </span>\u2013<span class=\"_ _421\"> </span>Later than five y<span class=\"_ _2\"></span>ears and not later than t<span class=\"_ _2\"></span>en years <span class=\"_ _150\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _fe\"> </span>0.9 <span class=\"_ _a\"></span> <span class=\"_ _e9\"> </span>\u2013<span class=\"_ _421\"> </span>Later <span class=\"_ _3\"></span>than <span class=\"_ _3\"></span>ten <span class=\"_ _3\"></span>years <span class=\"_ _b2\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b1\"> </span>3.2  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _179\"> </span>5<span class=\"_ _3\"></span>.0  <span class=\"_ _b4\"> </span>\u2013<span class=\"_ _421\"> </span>31 December 2022 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _23a\"> </span>Insurance  <span class=\"_ _4a\"> </span>Reinsurance <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1c7\"> </span>contrac<span class=\"_ _3\"></span>ts  <span class=\"_ _1c7\"> </span>contrac<span class=\"_ _3\"></span>ts <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Not <span class=\"_ _3\"></span>later <span class=\"_ _3\"></span>than <span class=\"_ _3\"></span>one <span class=\"_ _3\"></span>year <span class=\"_ _dd\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _20b\"> </span>0.1  <span class=\"_ _e9\"> </span>\u2013<span class=\"_ _421\"> </span>Later than one ye<span class=\"_ _2\"></span>ar and not later than two y<span class=\"_ _2\"></span>ears <span class=\"_ _7b\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _1b1\"> </span>0.1 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013<span class=\"_ _421\"> </span>Later than tw<span class=\"_ _2\"></span>o years and not lat<span class=\"_ _2\"></span>er than three years <span class=\"_ _14f\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _5a\"> </span>0.<span class=\"_ _2\"></span>1 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013<span class=\"_ _421\"> </span>Later than three y<span class=\"_ _2\"></span>ears and not later than four y<span class=\"_ _2\"></span>ears <span class=\"_ _7c\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _5a\"> </span>0.1 <span class=\"_ _a\"></span> <span class=\"_ _b9\"> </span>\u2013<span class=\"_ _421\"> </span>Later than four y<span class=\"_ _2\"></span>ears and not later than fiv<span class=\"_ _2\"></span>e years <span class=\"_ _119\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _5a\"> </span>0.<span class=\"_ _2\"></span>1 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013<span class=\"_ _421\"> </span>Later than five y<span class=\"_ _2\"></span>ears and not later than t<span class=\"_ _2\"></span>en years <span class=\"_ _150\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _10e\"> </span>0.7 <span class=\"_ _a\"></span> <span class=\"_ _b9\"> </span>\u2013<span class=\"_ _421\"> </span>Later <span class=\"_ _3\"></span>than <span class=\"_ _3\"></span>ten <span class=\"_ _3\"></span>years <span class=\"_ _b2\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b1\"> </span>3.3  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _8f\"> </span>4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5  <span class=\"_ _158\"> </span>\u2013 <span class=\"_ _e\"> </span>(h) <span class=\"_ _3\"></span>Analysis of claims development<span class=\"_ _421\"> </span>Gross of reinsurance <span class=\"_ _19e\"> </span>  <span class=\"_ _44\"> </span>2018  <span class=\"_ _44\"> </span>2019  <span class=\"_ _e7\"> </span>2020  <span class=\"_ _1e1\"> </span>2021  <span class=\"_ _46\"> </span>2022  <span class=\"_ _46\"> </span>2023 <span class=\"_ _19e\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Estimate of ultimat<span class=\"_ _2\"></span>es<span class=\"_ _421\"> </span>End <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>accident <span class=\"_ _3\"></span>year <span class=\"_ _1a8\"> </span>  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _1b7\"> </span>10.2  <span class=\"_ _57\"> </span>8.3  <span class=\"_ _1a1\"> </span>9.2<span class=\"_ _421\"> </span>One <span class=\"_ _3\"></span>year <span class=\"_ _3\"></span>later <span class=\"_ _1f6\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _20a\"> </span>10.0  <span class=\"_ _57\"> </span>8.5  <span class=\"_ _1b1\"> </span>7.5  Tw<span class=\"_ _2\"></span>o <span class=\"_ _3\"></span>years <span class=\"_ _3\"></span>later <span class=\"_ _1ac\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _14e\"> </span>1<span class=\"_ _3\"></span>0.0  <span class=\"_ _10e\"> </span>8.6<span class=\"_ _3\"></span>  <span class=\"_ _fe\"> </span>9.0  <span class=\"_ _9f\"> </span>  Three <span class=\"_ _3\"></span>years later <span class=\"_ _8d\"> </span>  <span class=\"_ _152\"> </span>14<span class=\"_ _3\"></span>.9  <span class=\"_ _1a1\"> </span>9.7  <span class=\"_ _1b1\"> </span>7<span class=\"_ _2\"></span>.2  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  Four <span class=\"_ _3\"></span>ye<span class=\"_ _2\"></span>ars <span class=\"_ _3\"></span>later <span class=\"_ _1a4\"> </span>  <span class=\"_ _20a\"> </span>14<span class=\"_ _3\"></span>.2  <span class=\"_ _1a1\"> </span>9.7  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  Five <span class=\"_ _3\"></span>ye<span class=\"_ _2\"></span>ars <span class=\"_ _3\"></span>later <span class=\"_ _58\"> </span>  <span class=\"_ _12e\"> </span>13.<span class=\"_ _2\"></span>7  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  Curr<span class=\"_ _2\"></span>ent <span class=\"_ _3\"></span>estimate <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>ultimate <span class=\"_ _3\"></span>claims <span class=\"_ _51\"> </span>  <span class=\"_ _12e\"> </span>13.7  <span class=\"_ _57\"> </span>9.7  <span class=\"_ _1b1\"> </span>7<span class=\"_ _2\"></span>.2  <span class=\"_ _57\"> </span>9.0  <span class=\"_ _1b1\"> </span>7<span class=\"_ _2\"></span>.5  <span class=\"_ _1a1\"> </span>9.2<span class=\"_ _421\"> </span>Cumulative <span class=\"_ _5\"> </span>payments <span class=\"_ _1b0\"> </span> <span class=\"_ _5\"> </span> <span class=\"_ _10f\"> </span>(9.7 ) <span class=\"_ _12e\"> </span>(7<span class=\"_ _2\"></span>.6 ) <span class=\"_ _10e\"> </span>(5.1 ) <span class=\"_ _10f\"> </span>(4.1 ) <span class=\"_ _20a\"> </span>(4.0 ) <span class=\"_ _12e\"> </span>(2.6 )<span class=\"_ _421\"> </span>In <span class=\"_ _3\"></span>balance <span class=\"_ _3\"></span>sheet <span class=\"_ _1ac\"> </span>  <span class=\"_ _fe\"> </span>4.0  <span class=\"_ _56\"> </span>2.1  <span class=\"_ _96\"> </span>2.1  <span class=\"_ _fe\"> </span>4<span class=\"_ _3\"></span>.9  <span class=\"_ _1a1\"> </span>3.5  <span class=\"_ _57\"> </span>6<span class=\"_ _3\"></span>.6<span class=\"_ _421\"> </span>Pr<span class=\"_ _2\"></span>ovision for accident ye<span class=\"_ _2\"></span>ars f<span class=\"_ _3\"></span>rom 2018 to 2023 <span class=\"_ _a7\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _14e\"> </span>23.2<span class=\"_ _421\"> </span>Pr<span class=\"_ _2\"></span>ovision <span class=\"_ _3\"></span>for <span class=\"_ _3\"></span>prior <span class=\"_ _3\"></span>years <span class=\"_ _192\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _1b7\"> </span>19.6<span class=\"_ _421\"> </span>Effect <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>discounting <span class=\"_ _23f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>(5.8 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>Gross <span class=\"_ _4\"></span>liability <span class=\"_ _4\"></span>in <span class=\"_ _3\"></span>balance <span class=\"_ _4\"></span>sheet <span class=\"_ _109\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _c2\"> </span>37<span class=\"_ _2\"></span>.0<span class=\"_ _421\"> </span><span class=\"ff65 ls3 ws2\"></span><span class=\"ff65 ls3 ws2\"></span><span class=\"ff65 ls3 ws2\">CHES<span class=\"_ _283\"></span>NAR<span class=\"_ _277\"></span>A<span class=\"_ _278\"></span>AN<span class=\"_ _277\"></span>NUAL<span class=\"_ _35e\"></span>REPO<span class=\"_ _277\"></span>RT<span class=\"_ _287\"></span>AND<span class=\"_ _392\"></span>ACCOUNT<span class=\"_ _27a\"></span>S<span class=\"_ _27b\"></span>20<span class=\"_ _2b5\"></span>23</span><span class=\"_ _39a\"></span>219<span class=\"_ _421\"> </span>IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS<span class=\"_ _421\"> </span>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<span class=\"_ _421\"> </span>SECTION F \u2013 INSURANCE AND REINSURANCE CONTRA<span class=\"_ _2\"></span>CTS <span class=\"_ _74\"> </span>F3 <span class=\"_ _4\"></span>Insurance and r<span class=\"_ _2\"></span>einsurance contr<span class=\"_ _2\"></span>acts \u2013 quantitative analysis of r<span class=\"_ _2\"></span>ecognised amounts \u2013 Mov<span class=\"_ _2\"></span>estic (continued) <span class=\"_ _e\"> </span>(h) <span class=\"_ _3\"></span>Analysis of claims development (continued)<span class=\"_ _421\"> </span>Net of reinsurance <span class=\"_ _19e\"> </span>  <span class=\"_ _44\"> </span>2018  <span class=\"_ _44\"> </span>2019  <span class=\"_ _e7\"> </span>2020  <span class=\"_ _1e1\"> </span>2021  <span class=\"_ _46\"> </span>2022  <span class=\"_ _46\"> </span>2023 <span class=\"_ _19e\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Estimate of ultimat<span class=\"_ _2\"></span>es<span class=\"_ _421\"> </span>End <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>accident <span class=\"_ _3\"></span>year <span class=\"_ _1a8\"> </span>  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _1b1\"> </span>5.3  <span class=\"_ _1b1\"> </span>5.2<span class=\"_ _421\"> </span>One <span class=\"_ _3\"></span>year <span class=\"_ _3\"></span>later <span class=\"_ _1f6\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _57\"> </span>5.4  <span class=\"_ _fe\"> </span>4<span class=\"_ _3\"></span>.9  Tw<span class=\"_ _2\"></span>o <span class=\"_ _3\"></span>years <span class=\"_ _3\"></span>later <span class=\"_ _1ac\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _1a1\"> </span>5.<span class=\"_ _3\"></span>5  <span class=\"_ _57\"> </span>5.6<span class=\"_ _3\"></span>  <span class=\"_ _9f\"> </span>  Three <span class=\"_ _3\"></span>years later <span class=\"_ _8d\"> </span>  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _57\"> </span>3.<span class=\"_ _3\"></span>8  <span class=\"_ _10f\"> </span>4<span class=\"_ _3\"></span>.8  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  Four <span class=\"_ _3\"></span>ye<span class=\"_ _2\"></span>ars <span class=\"_ _3\"></span>later <span class=\"_ _1a4\"> </span>  <span class=\"_ _1b1\"> </span>7<span class=\"_ _2\"></span>.3  <span class=\"_ _1b1\"> </span>3.7  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  Five <span class=\"_ _3\"></span>ye<span class=\"_ _2\"></span>ars <span class=\"_ _3\"></span>later <span class=\"_ _58\"> </span>  <span class=\"_ _96\"> </span>7.<span class=\"_ _2\"></span>1  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  Curr<span class=\"_ _2\"></span>ent <span class=\"_ _3\"></span>estimate <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>ultimate <span class=\"_ _3\"></span>claims <span class=\"_ _51\"> </span>  <span class=\"_ _a6\"> </span>7<span class=\"_ _2\"></span>.1  <span class=\"_ _1a1\"> </span>3.7  <span class=\"_ _fe\"> </span>4.8  <span class=\"_ _1b1\"> </span>5.6  <span class=\"_ _fe\"> </span>4.9  <span class=\"_ _1b1\"> </span>5.2<span class=\"_ _421\"> </span>Cumulative <span class=\"_ _5\"> </span>payments <span class=\"_ _1b0\"> </span> <span class=\"_ _5\"> </span> <span class=\"_ _179\"> </span>(4.3 ) <span class=\"_ _12e\"> </span>(2.9 ) <span class=\"_ _12e\"> </span>(3.5 ) <span class=\"_ _1b7\"> </span>(3.0 ) <span class=\"_ _165\"> </span>(3.0 ) <span class=\"_ _10f\"> </span>(1.8 )<span class=\"_ _421\"> </span>In <span class=\"_ _3\"></span>balance <span class=\"_ _3\"></span>sheet <span class=\"_ _1ac\"> </span>  <span class=\"_ _57\"> </span>2.8  <span class=\"_ _fe\"> </span>0.8  <span class=\"_ _96\"> </span>1.3  <span class=\"_ _1a1\"> </span>2.6  <span class=\"_ _20b\"> </span>1.9  <span class=\"_ _57\"> </span>3.4<span class=\"_ _421\"> </span>Pr<span class=\"_ _2\"></span>ovision for accident ye<span class=\"_ _2\"></span>ars f<span class=\"_ _3\"></span>rom 2018 to 2023 <span class=\"_ _a7\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _12b\"> </span>12.8<span class=\"_ _421\"> </span>Pr<span class=\"_ _2\"></span>ovision <span class=\"_ _3\"></span>for <span class=\"_ _3\"></span>prior <span class=\"_ _3\"></span>years <span class=\"_ _192\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _12b\"> </span>13.4<span class=\"_ _421\"> </span>Effect <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>discounting <span class=\"_ _23f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12e\"> </span>(3.5 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>Net <span class=\"_ _4\"></span>liability <span class=\"_ _4\"></span>in <span class=\"_ _3\"></span>balance <span class=\"_ _4\"></span>sheet <span class=\"_ _163\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _c2\"> </span>22<span class=\"_ _3\"></span>.7<span class=\"_ _421\"> </span>The inf<span class=\"_ _2\"></span>ormation in the tables abov<span class=\"_ _2\"></span>e is presented on an undiscounted basis. <span class=\"_ _74\"> </span>F4 <span class=\"_ _4\"></span>Insurance and r<span class=\"_ _2\"></span>einsurance contr<span class=\"_ _2\"></span>acts \u2013 quantitative analysis of r<span class=\"_ _2\"></span>ecognised amounts \u2013 <span class=\"_ _0\"></span>W<span class=\"_ _a\"></span>aard Group  (a) <span class=\"_ _3\"></span>Insurance contract balances \u2013 analysis b<span class=\"_ _2\"></span>y remaining co<span class=\"_ _2\"></span>ver<span class=\"_ _2\"></span>age and incur<span class=\"_ _2\"></span>red claims <span class=\"_ _233\"> </span>Liabilities for <span class=\"ls2 ws2\"> </span> <span class=\"_ _234\"> </span>remaining coverage <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _39\"> </span>Excluding  <span class=\"_ _9f\"> </span>  <span class=\"_ _1c7\"> </span>Liabilities   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5b\"> </span>loss  <span class=\"_ _45\"> </span>L<span class=\"_ _3\"></span>oss  <span class=\"_ _6d\"> </span>for <span class=\"_ _4\"></span>incu<span class=\"_ _3\"></span>rred   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _146\"> </span>component  <span class=\"_ _128\"> </span>component  <span class=\"_ _76\"> </span>claims  <span class=\"_ _28\"> </span>T<span class=\"_ _a\"></span>otal <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Insurance contrac<span class=\"_ _3\"></span>t liabilities as at 1<span class=\"_ _2\"></span> Januar<span class=\"_ _3\"></span>y 202<span class=\"_ _3\"></span>3 <span class=\"_ _1c6\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _43\"> </span>447.<span class=\"_ _2\"></span>7 <span class=\"_ _a\"></span> <span class=\"_ _10f\"> </span>7.3 <span class=\"_ _a\"></span> <span class=\"_ _8f\"> </span>8<span class=\"_ _3\"></span>.7 <span class=\"_ _a\"></span> <span class=\"_ _43\"> </span>463<span class=\"_ _3\"></span>.7<span class=\"_ _421\"> </span>Chan<span class=\"_ _3\"></span>ges i<span class=\"_ _3\"></span>n the s<span class=\"_ _3\"></span>tatem<span class=\"_ _3\"></span>ent o<span class=\"_ _3\"></span>f pro<span class=\"_ _3\"></span>fit and l<span class=\"_ _3\"></span>os<span class=\"_ _3\"></span>s<span class=\"_ _421\"> </span>Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>revenu<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>to<span class=\"_ _3\"></span>tal <span class=\"_ _1ed\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1e1\"> </span>(3<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>.1 <span class=\"_ _7\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _1e1\"> </span>(<span class=\"_ _3\"></span>36<span class=\"_ _3\"></span>.1 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Insura<span class=\"_ _2\"></span>nce service e<span class=\"_ _a\"></span>xpenses<span class=\"_ _421\"> </span>Incurred claims and other dir<span class=\"_ _2\"></span>ectly attributable expenses <span class=\"_ _f9\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _fe\"> </span>(2.1 <span class=\"_ _31\"></span>) <span class=\"_ _f0\"> </span>32.5 <span class=\"_ _2\"></span> <span class=\"_ _f0\"> </span>30.4<span class=\"_ _421\"> </span>Losses and rev<span class=\"_ _2\"></span>ersals of losses on onerous contracts <span class=\"_ _7c\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _10e\"> </span>7.<span class=\"_ _2\"></span>4 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _10e\"> </span>7.4<span class=\"_ _421\"> </span>Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>ser<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>expen<span class=\"_ _3\"></span>se <span class=\"_ _4\"></span>tot<span class=\"_ _3\"></span>al <span class=\"_ _235\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _10f\"> </span>5<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3  <span class=\"_ _2d\"> </span>3<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5  <span class=\"_ _f0\"> </span>3<span class=\"_ _3\"></span>7<span class=\"_ _2\"></span>.<span class=\"_ _3\"></span>8<span class=\"_ _421\"> </span>Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>ser<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>resu<span class=\"_ _3\"></span>lt <span class=\"_ _d9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1e1\"> </span>(3<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>.1 <span class=\"_ _7\"></span>) <span class=\"_ _165\"> </span>5<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3  <span class=\"_ _f0\"> </span>32<span class=\"_ _3\"></span>.<span class=\"_ _4\"></span>5  <span class=\"_ _94\"> </span>1<span class=\"_ _3\"></span>.7<span class=\"_ _421\"> </span>Net <span class=\"_ _3\"></span>finance <span class=\"_ _3\"></span>expenses <span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>rom <span class=\"_ _3\"></span>insurance <span class=\"_ _3\"></span>contracts <span class=\"_ _152\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _c2\"> </span>49.4  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _5b\"> </span>49<span class=\"_ _2\"></span>.4<span class=\"_ _421\"> </span>Effect of movements in e<span class=\"_ _2\"></span>xchange rat<span class=\"_ _2\"></span>es <span class=\"_ _a0\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _14e\"> </span>(1<span class=\"_ _3\"></span>1.3 <span class=\"_ _7\"></span>) <span class=\"_ _114\"> </span>(0.2 <span class=\"_ _31\"></span>) <span class=\"_ _114\"> </span>(0.2 <span class=\"_ _31\"></span>) <span class=\"_ _c2\"> </span>(1<span class=\"_ _3\"></span>1.7 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>mount<span class=\"_ _3\"></span>s <span class=\"_ _4\"></span>rec<span class=\"_ _3\"></span>ogni<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>in <span class=\"_ _4\"></span>co<span class=\"_ _3\"></span>mpre<span class=\"_ _3\"></span>hen<span class=\"_ _3\"></span>sive <span class=\"_ _4\"></span>in<span class=\"_ _3\"></span>come <span class=\"_ _146\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _179\"> </span>2<span class=\"_ _4\"></span>.0  <span class=\"_ _94\"> </span>5<span class=\"_ _3\"></span>.1  <span class=\"_ _2d\"> </span>3<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3  <span class=\"_ _11b\"> </span>39<span class=\"_ _3\"></span>.4<span class=\"_ _421\"> </span>Investment <span class=\"_ _3\"></span>components <span class=\"_ _d8\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _c2\"> </span>(62<span class=\"_ _3\"></span>.1 <span class=\"_ _7\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _165\"> </span>62.1  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span>Cash flows<span class=\"_ _421\"> </span>Pr<span class=\"_ _2\"></span>emiums <span class=\"_ _3\"></span>received <span class=\"_ _236\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _152\"> </span>37<span class=\"_ _2\"></span>.6  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _20a\"> </span>37<span class=\"_ _a\"></span>.6<span class=\"_ _421\"> </span>Claims and other directly attributable e<span class=\"_ _2\"></span>xpenses paid <span class=\"_ _2e\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013  <span class=\"_ _14b\"> </span>(92.0 <span class=\"_ _7\"></span>) <span class=\"_ _28\"> </span>(92.0 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Acquisitions <span class=\"_ _22d\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _46\"> </span>336.6  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _14b\"> </span>336.6<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ash <span class=\"_ _4\"></span>flo<span class=\"_ _3\"></span>ws <span class=\"_ _1a4\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _119\"> </span>374<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _28\"> </span>(9<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.0 <span class=\"_ _7\"></span>) <span class=\"_ _2a\"> </span>28<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2<span class=\"_ _421\"> </span>Insurance contrac<span class=\"_ _3\"></span>t liabilities as at 31 December 202<span class=\"_ _3\"></span>3 <span class=\"_ _14\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _42\"> </span>76<span class=\"_ _3\"></span>1.<span class=\"_ _3\"></span>8 <span class=\"_ _a\"></span> <span class=\"_ _c2\"> </span>12<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4 <span class=\"_ _a\"></span> <span class=\"_ _8f\"> </span>1<span class=\"_ _4\"></span>1.1 <span class=\"_ _a\"></span> <span class=\"_ _43\"> </span>785<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3<span class=\"_ _421\"> </span>220<span class=\"_ _18\"> </span><span class=\"ff67 ls3 ws2\">C<span class=\"_ _3\"></span>HESN<span class=\"_ _3\"></span>AR<span class=\"_ _3\"></span>A AN<span class=\"_ _3\"></span>NUAL REPOR<span class=\"_ _3\"></span>T AND <span class=\"_ _3\"></span>ACCOUNT<span class=\"_ _3\"></span>S 20<span class=\"_ _2\"></span>23<span class=\"_ _421\"> </span></span>IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS <span class=\"_ _233\"> </span>Liabilities for <span class=\"ls2 ws2\"> </span> <span class=\"_ _234\"> </span>remaining coverage <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _39\"> </span>Excluding  <span class=\"_ _9f\"> </span>  <span class=\"_ _1c7\"> </span>Liabilities   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5b\"> </span>loss  <span class=\"_ _45\"> </span>L<span class=\"_ _3\"></span>oss  <span class=\"_ _6d\"> </span>for <span class=\"_ _4\"></span>incu<span class=\"_ _3\"></span>rred   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _146\"> </span>component  <span class=\"_ _128\"> </span>component  <span class=\"_ _76\"> </span>claims  <span class=\"_ _28\"> </span>T<span class=\"_ _a\"></span>otal <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Insurance contrac<span class=\"_ _3\"></span>t liabilities as at 1<span class=\"_ _2\"></span> Januar<span class=\"_ _3\"></span>y 2022 <span class=\"_ _123\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _46\"> </span>375.1 <span class=\"_ _2\"></span> <span class=\"_ _1b7\"> </span>4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8 <span class=\"_ _0\"></span> <span class=\"_ _165\"> </span>6<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4 <span class=\"_ _a\"></span> <span class=\"_ _2a\"> </span>3<span class=\"_ _3\"></span>86<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3<span class=\"_ _421\"> </span>Chan<span class=\"_ _3\"></span>ges i<span class=\"_ _3\"></span>n the s<span class=\"_ _3\"></span>tatem<span class=\"_ _3\"></span>ent o<span class=\"_ _3\"></span>f pro<span class=\"_ _3\"></span>fit and l<span class=\"_ _3\"></span>os<span class=\"_ _3\"></span>s <span class=\"_ _57\"> </span> <span class=\"_ _0\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>revenu<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>to<span class=\"_ _3\"></span>tal <span class=\"_ _1ed\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _150\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>.9 <span class=\"_ _7\"></span>) <span class=\"_ _97\"> </span>\u2013  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _150\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>6.<span class=\"_ _3\"></span>9 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Insura<span class=\"_ _2\"></span>nce service e<span class=\"_ _a\"></span>xpenses<span class=\"_ _421\"> </span>Incurred claims and other dir<span class=\"_ _2\"></span>ectly attributable expenses <span class=\"_ _f9\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _1b1\"> </span>(1.1 <span class=\"_ _31\"></span>) <span class=\"_ _14e\"> </span>15.7 <span class=\"_ _2\"></span> <span class=\"_ _152\"> </span>14.6<span class=\"_ _421\"> </span>Losses and rev<span class=\"_ _2\"></span>ersals of losses on onerous contracts <span class=\"_ _7c\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _57\"> </span>3.2 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013  <span class=\"_ _10e\"> </span>3.<span class=\"_ _3\"></span>2<span class=\"_ _421\"> </span>Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>ser<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>expen<span class=\"_ _3\"></span>se <span class=\"_ _4\"></span>tot<span class=\"_ _3\"></span>al <span class=\"_ _235\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _1b1\"> </span>2<span class=\"_ _4\"></span>.1  <span class=\"_ _14e\"> </span>1<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>.7  <span class=\"_ _114\"> </span>1<span class=\"_ _3\"></span>7.8<span class=\"_ _421\"> </span>Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>ser<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>resu<span class=\"_ _3\"></span>lt <span class=\"_ _d9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _150\"> </span>(<span class=\"_ _3\"></span>16<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9 <span class=\"_ _7\"></span>) <span class=\"_ _10e\"> </span>2<span class=\"_ _3\"></span>.1  <span class=\"_ _152\"> </span>15<span class=\"_ _3\"></span>.7  <span class=\"_ _8f\"> </span>0<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9<span class=\"_ _421\"> </span>Net <span class=\"_ _3\"></span>finance <span class=\"_ _3\"></span>expenses <span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>rom <span class=\"_ _3\"></span>insurance <span class=\"_ _3\"></span>contracts <span class=\"_ _152\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _f0\"> </span>(91.0 <span class=\"_ _7\"></span>) <span class=\"_ _97\"> </span>\u2013  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _f0\"> </span>(91.0 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Effect <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>movements <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>exchange <span class=\"_ _3\"></span>rat<span class=\"_ _2\"></span>es <span class=\"_ _151\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14e\"> </span>23.0  <span class=\"_ _fe\"> </span>0.4  <span class=\"_ _10f\"> </span>0.4  <span class=\"_ _114\"> </span>23.8<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>mount<span class=\"_ _3\"></span>s <span class=\"_ _4\"></span>rec<span class=\"_ _3\"></span>ogni<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>in <span class=\"_ _4\"></span>co<span class=\"_ _3\"></span>mpre<span class=\"_ _3\"></span>hen<span class=\"_ _3\"></span>sive <span class=\"_ _4\"></span>in<span class=\"_ _3\"></span>come <span class=\"_ _146\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _15c\"> </span>(8<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9 <span class=\"_ _7\"></span>) <span class=\"_ _165\"> </span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5  <span class=\"_ _165\"> </span>1<span class=\"_ _3\"></span>6.<span class=\"_ _3\"></span>1  <span class=\"_ _e7\"> </span>(6<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Investment <span class=\"_ _3\"></span>components <span class=\"_ _d8\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _c2\"> </span>(56<span class=\"_ _3\"></span>.1 <span class=\"_ _7\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _165\"> </span>56.1  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span>Cash flows<span class=\"_ _421\"> </span>Pr<span class=\"_ _2\"></span>emiums <span class=\"_ _3\"></span>received <span class=\"_ _236\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _152\"> </span>32.5  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _152\"> </span>32.5<span class=\"_ _421\"> </span>Claims and other directly attributable e<span class=\"_ _2\"></span>xpenses paid <span class=\"_ _2e\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013  <span class=\"_ _150\"> </span>(69.9 <span class=\"_ _31\"></span>) <span class=\"_ _28\"> </span>(69.9 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Acquisitions <span class=\"_ _22d\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _152\"> </span>181.1  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _152\"> </span>181.1<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ash <span class=\"_ _4\"></span>flo<span class=\"_ _3\"></span>ws <span class=\"_ _1a4\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _28\"> </span>2<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>3.<span class=\"_ _3\"></span>6  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _28\"> </span>(69<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9 <span class=\"_ _7\"></span>) <span class=\"_ _119\"> </span>14<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>.7<span class=\"_ _421\"> </span>Insurance contrac<span class=\"_ _3\"></span>t liabilities as at 31 December 202<span class=\"_ _3\"></span>2 <span class=\"_ _14\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _43\"> </span>447<span class=\"_ _2\"></span>.7 <span class=\"_ _a\"></span> <span class=\"_ _10f\"> </span>7<span class=\"_ _2\"></span>.<span class=\"_ _3\"></span>3 <span class=\"_ _a\"></span> <span class=\"_ _8f\"> </span>8<span class=\"_ _3\"></span>.7 <span class=\"_ _a\"></span> <span class=\"_ _2a\"> </span>4<span class=\"_ _3\"></span>63<span class=\"_ _3\"></span>.7<span class=\"_ _421\"> </span>F<span class=\"_ _2\"></span>or the <span class=\"_ _0\"></span>Waard Group, the full retrospectiv<span class=\"_ _2\"></span>e approach at transition has been applied to all insurance contracts.<span class=\"_ _421\"> </span><span class=\"ff65 ls3 ws2\"></span><span class=\"ff65 ls3 ws2\"></span><span class=\"ff65 ls3 ws2\">CHES<span class=\"_ _277\"></span>NAR<span class=\"_ _277\"></span>A<span class=\"_ _278\"></span>AN<span class=\"_ _283\"></span>NUAL<span class=\"_ _379\"></span>REPO<span class=\"_ _279\"></span>RT<span class=\"_ _278\"></span>AND<span class=\"_ _3b0\"></span>ACCOUNT<span class=\"_ _279\"></span>S<span class=\"_ _27b\"></span>20<span class=\"_ _2b5\"></span>23</span><span class=\"_ _3e0\"></span><span class=\"_ _421\"> </span>221<span class=\"_ _421\"> </span>IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS<span class=\"_ _421\"> </span>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<span class=\"_ _421\"> </span>SECTION F \u2013 INSURANCE AND REINSURANCE CONTRA<span class=\"_ _2\"></span>CTS <span class=\"_ _74\"> </span>F4 <span class=\"_ _4\"></span>Insurance and r<span class=\"_ _2\"></span>einsurance contr<span class=\"_ _2\"></span>acts \u2013 quantitative analysis of r<span class=\"_ _2\"></span>ecognised amounts \u2013 <span class=\"_ _0\"></span>W<span class=\"_ _a\"></span>aard Group (continued) <span class=\"_ _e\"> </span>(b) <span class=\"_ _3\"></span>Insurance contract balances \u2013 analysis b<span class=\"_ _2\"></span>y measurement component \u2013 contr<span class=\"_ _2\"></span>acts not measur<span class=\"_ _2\"></span>ed under P<span class=\"_ _a\"></span>AA (continued) <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _e\"> </span>Pr<span class=\"_ _3\"></span>ese<span class=\"_ _3\"></span>nt <span class=\"_ _4\"></span>valu<span class=\"_ _3\"></span>e  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _127\"> </span>o<span class=\"_ _3\"></span>f <span class=\"_ _3\"></span>fu<span class=\"_ _3\"></span>ture  <span class=\"_ _11b\"> </span>Risk  <span class=\"_ _156\"> </span>   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _185\"> </span>ca<span class=\"_ _3\"></span>sh <span class=\"_ _4\"></span>flows  <span class=\"_ _146\"> </span>ad<span class=\"_ _3\"></span>jus<span class=\"_ _3\"></span>tme<span class=\"_ _3\"></span>nt  <span class=\"_ _44\"> </span>C<span class=\"_ _3\"></span>SM  <span class=\"_ _46\"> </span>T<span class=\"_ _a\"></span>o<span class=\"_ _3\"></span>tal <span class=\"_ _19e\"> </span> <span class=\"_ _3\"></span> <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce con<span class=\"_ _3\"></span>trac<span class=\"_ _3\"></span>t li<span class=\"_ _3\"></span>abili<span class=\"_ _3\"></span>tie<span class=\"_ _3\"></span>s as at 1 Ja<span class=\"_ _3\"></span>nuar<span class=\"_ _3\"></span>y 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>3 <span class=\"_ _2e\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _2a\"> </span>4<span class=\"_ _3\"></span>39<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3 <span class=\"_ _a\"></span> <span class=\"_ _179\"> </span>3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2 <span class=\"_ _a\"></span> <span class=\"_ _5b\"> </span>2<span class=\"_ _3\"></span>1.<span class=\"_ _3\"></span>2 <span class=\"_ _2\"></span> <span class=\"_ _2a\"> </span>4<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>3.7<span class=\"_ _421\"> </span>Changes that relate to cur<span class=\"_ _2\"></span>rent ser<span class=\"_ _3\"></span>vice<span class=\"_ _421\"> </span>CSM <span class=\"_ _3\"></span>recognised <span class=\"_ _3\"></span>for <span class=\"_ _3\"></span>services <span class=\"_ _3\"></span>provided <span class=\"_ _238\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _165\"> </span>(7.<span class=\"_ _2\"></span>0 <span class=\"_ _0\"></span>) <span class=\"_ _152\"> </span>(7<span class=\"_ _a\"></span>.0 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>Change in risk adjustment for non-financial risk for risk e<span class=\"_ _2\"></span>xpired <span class=\"_ _165\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _e9\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _20a\"> </span>(0.9 <span class=\"_ _31\"></span>) <span class=\"_ _15b\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _20a\"> </span>(0.9 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Experience a<span class=\"_ _3\"></span>djustments <span class=\"_ _22\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1a1\"> </span>2.<span class=\"_ _3\"></span>3  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _1b1\"> </span>2.<span class=\"_ _3\"></span>3<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l chan<span class=\"_ _3\"></span>ges t<span class=\"_ _3\"></span>hat re<span class=\"_ _3\"></span>late to cu<span class=\"_ _3\"></span>rrent s<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _94\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _8f\"> </span>2<span class=\"_ _3\"></span>.<span class=\"_ _4\"></span>3 <span class=\"_ _a\"></span> <span class=\"_ _c2\"> </span>(0<span class=\"_ _3\"></span>.9 <span class=\"_ _31\"></span>) <span class=\"_ _2d\"> </span>(<span class=\"_ _3\"></span>7<span class=\"_ _2\"></span>.0 <span class=\"_ _31\"></span>) <span class=\"_ _11b\"> </span>(<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>.6 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Changes that relate to future<span class=\"_ _2\"></span> ser<span class=\"_ _3\"></span>vice<span class=\"_ _421\"> </span>Contracts <span class=\"_ _3\"></span>initially <span class=\"_ _3\"></span>recognised <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>period <span class=\"_ _a4\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _7b\"> </span>(52.6 <span class=\"_ _0\"></span>) <span class=\"_ _12e\"> </span>6.4  <span class=\"_ _5b\"> </span>46.2  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span>Changes in estimates that adjust the CSM <span class=\"_ _1cb\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _2d\"> </span>(15.4 <span class=\"_ _31\"></span>) <span class=\"_ _152\"> </span>(2.2 <span class=\"_ _7\"></span>) <span class=\"_ _14e\"> </span>17<span class=\"_ _2\"></span>.6 <span class=\"_ _a\"></span> <span class=\"_ _e9\"> </span>\u2013<span class=\"_ _421\"> </span>Changes in estimates that result in losses or r<span class=\"_ _2\"></span>eversals of losses <span class=\"ls2\"> </span>on <span class=\"_ _3\"></span>onerous <span class=\"_ _3\"></span>underlying <span class=\"_ _3\"></span>contracts <span class=\"_ _1fd\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1a1\"> </span>6.7  <span class=\"_ _10e\"> </span>0.6  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _94\"> </span>7.3<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l chan<span class=\"_ _3\"></span>ges t<span class=\"_ _3\"></span>hat re<span class=\"_ _3\"></span>late to f<span class=\"_ _3\"></span>uture s<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _97\"> </span> <span class=\"_ _0\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _150\"> </span>(61<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3 <span class=\"_ _31\"></span>) <span class=\"_ _14e\"> </span>4<span class=\"_ _3\"></span>.8 <span class=\"_ _2\"></span> <span class=\"_ _45\"> </span>6<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8 <span class=\"_ _0\"></span> <span class=\"_ _10f\"> </span>7.<span class=\"_ _3\"></span>3<span class=\"_ _421\"> </span>Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>ser<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>resu<span class=\"_ _3\"></span>lt <span class=\"_ _d9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _28\"> </span>(5<span class=\"_ _3\"></span>9.<span class=\"_ _3\"></span>0 <span class=\"_ _7\"></span>) <span class=\"_ _165\"> </span>3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9  <span class=\"_ _7b\"> </span>5<span class=\"_ _3\"></span>6.<span class=\"_ _3\"></span>8  <span class=\"_ _94\"> </span>1<span class=\"_ _3\"></span>.7<span class=\"_ _421\"> </span>Net <span class=\"_ _3\"></span>finance <span class=\"_ _3\"></span>expenses <span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>rom <span class=\"_ _3\"></span>insurance <span class=\"_ _3\"></span>contracts <span class=\"_ _152\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5b\"> </span>46.6  <span class=\"_ _5a\"> </span>1.0  <span class=\"_ _5a\"> </span>1.8  <span class=\"_ _c2\"> </span>49.4<span class=\"_ _421\"> </span>Effect of movements in e<span class=\"_ _2\"></span>xchange rat<span class=\"_ _2\"></span>es <span class=\"_ _a0\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _1b7\"> </span>(9.9 <span class=\"_ _31\"></span>) <span class=\"_ _114\"> </span>(0.2 <span class=\"_ _31\"></span>) <span class=\"_ _165\"> </span>(<span class=\"_ _3\"></span>1.6 <span class=\"_ _31\"></span>) <span class=\"_ _2d\"> </span>(1<span class=\"_ _4\"></span>1.7 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>mount<span class=\"_ _3\"></span>s <span class=\"_ _4\"></span>rec<span class=\"_ _3\"></span>ogni<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>in <span class=\"_ _4\"></span>co<span class=\"_ _3\"></span>mpre<span class=\"_ _3\"></span>hen<span class=\"_ _3\"></span>sive <span class=\"_ _4\"></span>in<span class=\"_ _3\"></span>come <span class=\"_ _146\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _46\"> </span>(<span class=\"_ _3\"></span>22<span class=\"_ _4\"></span>.<span class=\"_ _3\"></span>3 <span class=\"_ _7\"></span>) <span class=\"_ _1b7\"> </span>4<span class=\"_ _3\"></span>.7  <span class=\"_ _f0\"> </span>57.0  <span class=\"_ _11b\"> </span>39.<span class=\"_ _3\"></span>4<span class=\"_ _421\"> </span>Cash flows<span class=\"_ _421\"> </span>Pr<span class=\"_ _2\"></span>emiums <span class=\"_ _3\"></span>received <span class=\"_ _236\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _152\"> </span>37<span class=\"_ _2\"></span>.6  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _20a\"> </span>37<span class=\"_ _a\"></span>.6<span class=\"_ _421\"> </span>Claims and other directly attributable e<span class=\"_ _2\"></span>xpenses paid <span class=\"_ _2e\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _150\"> </span>(92.0 <span class=\"_ _31\"></span>) <span class=\"_ _ae\"> </span>\u2013  <span class=\"_ _97\"> </span>\u2013  <span class=\"_ _14b\"> </span>(92.0 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Acquisitions <span class=\"_ _22d\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _46\"> </span>336.6  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _14b\"> </span>336.6<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ash <span class=\"_ _4\"></span>flo<span class=\"_ _3\"></span>ws <span class=\"_ _1a4\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _119\"> </span>28<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _a3\"> </span>2<span class=\"_ _3\"></span>82<span class=\"_ _4\"></span>.<span class=\"_ _3\"></span>2<span class=\"_ _421\"> </span>Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce con<span class=\"_ _3\"></span>trac<span class=\"_ _3\"></span>t li<span class=\"_ _3\"></span>abili<span class=\"_ _3\"></span>tie<span class=\"_ _3\"></span>s as at 3<span class=\"_ _3\"></span>1 Dec<span class=\"_ _3\"></span>emb<span class=\"_ _3\"></span>er 20<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>3 <span class=\"_ _6d\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _43\"> </span>699<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2 <span class=\"_ _a\"></span> <span class=\"_ _179\"> </span>7.9 <span class=\"_ _a\"></span> <span class=\"_ _7b\"> </span>78<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2 <span class=\"_ _a\"></span> <span class=\"_ _43\"> </span>785<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3<span class=\"_ _421\"> </span>The contracts initially recognised in the period relates to the acquisition <span class=\"_ _2\"></span>of Conservatrix.<span class=\"_ _421\"> </span>222<span class=\"_ _14c\"> </span><span class=\"ff67 ls3 ws2\">CHES<span class=\"_ _3\"></span>NAR<span class=\"_ _3\"></span>A A<span class=\"_ _3\"></span>NNUAL REPO<span class=\"_ _3\"></span>RT AND <span class=\"_ _3\"></span>ACCOUN<span class=\"_ _3\"></span>TS 20<span class=\"_ _2\"></span>23<span class=\"_ _421\"> </span></span>IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _e\"> </span>Pr<span class=\"_ _3\"></span>ese<span class=\"_ _3\"></span>nt <span class=\"_ _4\"></span>valu<span class=\"_ _3\"></span>e  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _127\"> </span>o<span class=\"_ _3\"></span>f <span class=\"_ _3\"></span>fu<span class=\"_ _3\"></span>ture  <span class=\"_ _11b\"> </span>Risk  <span class=\"_ _156\"> </span>   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _185\"> </span>ca<span class=\"_ _3\"></span>sh <span class=\"_ _4\"></span>flows  <span class=\"_ _146\"> </span>ad<span class=\"_ _3\"></span>jus<span class=\"_ _3\"></span>tme<span class=\"_ _3\"></span>nt  <span class=\"_ _44\"> </span>C<span class=\"_ _3\"></span>SM  <span class=\"_ _46\"> </span>T<span class=\"_ _a\"></span>o<span class=\"_ _3\"></span>tal <span class=\"_ _19e\"> </span> <span class=\"_ _3\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce con<span class=\"_ _3\"></span>trac<span class=\"_ _3\"></span>t li<span class=\"_ _3\"></span>abili<span class=\"_ _3\"></span>tie<span class=\"_ _3\"></span>s as at 1 Ja<span class=\"_ _3\"></span>nuar<span class=\"_ _3\"></span>y 2<span class=\"_ _3\"></span>022 <span class=\"_ _f1\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _43\"> </span>3<span class=\"_ _3\"></span>70.<span class=\"_ _3\"></span>5 <span class=\"_ _a\"></span> <span class=\"_ _12e\"> </span>3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8 <span class=\"_ _a\"></span> <span class=\"_ _c2\"> </span>1<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.0 <span class=\"_ _a\"></span> <span class=\"_ _240\"> </span>38<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3<span class=\"_ _421\"> </span>Changes that relate to cur<span class=\"_ _2\"></span>rent ser<span class=\"_ _3\"></span>vice<span class=\"_ _421\"> </span>CSM <span class=\"_ _3\"></span>recognised <span class=\"_ _3\"></span>for <span class=\"_ _3\"></span>services <span class=\"_ _3\"></span>provided <span class=\"_ _238\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _12e\"> </span>(3.7 <span class=\"_ _7\"></span>) <span class=\"_ _20a\"> </span>(3.7 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>Change in risk adjustment for non-financial risk for risk e<span class=\"_ _2\"></span>xpired <span class=\"_ _165\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _e9\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _12b\"> </span>(0.6 <span class=\"_ _31\"></span>) <span class=\"_ _ae\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _20a\"> </span>(0.6 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Experience a<span class=\"_ _3\"></span>djustments <span class=\"_ _22\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _56\"> </span>2.1  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _96\"> </span>2.1<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l chan<span class=\"_ _3\"></span>ges t<span class=\"_ _3\"></span>hat re<span class=\"_ _3\"></span>late to cu<span class=\"_ _3\"></span>rrent s<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _94\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _1a1\"> </span>2<span class=\"_ _3\"></span>.1 <span class=\"_ _a\"></span> <span class=\"_ _5b\"> </span>(0<span class=\"_ _3\"></span>.6 <span class=\"_ _31\"></span>) <span class=\"_ _2d\"> </span>(<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>.7 <span class=\"_ _f\"></span>) <span class=\"_ _2d\"> </span>(<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Changes that relate to future<span class=\"_ _2\"></span> ser<span class=\"_ _3\"></span>vice<span class=\"_ _421\"> </span>Contracts <span class=\"_ _3\"></span>initially <span class=\"_ _3\"></span>recognised <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>period <span class=\"_ _a4\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b7\"> </span>(2<span class=\"_ _3\"></span>.4 <span class=\"_ _7\"></span>) <span class=\"_ _12e\"> </span>0.4  <span class=\"_ _56\"> </span>2.1  <span class=\"_ _5a\"> </span>0.1<span class=\"_ _421\"> </span>Changes in estimates that adjust the CSM <span class=\"_ _1cb\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _7b\"> </span>(14<span class=\"_ _3\"></span>.8 <span class=\"_ _31\"></span>) <span class=\"_ _1a1\"> </span>5.1 <span class=\"_ _2\"></span> <span class=\"_ _57\"> </span>9.<span class=\"_ _2\"></span>7 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 Changes in estimates that result in losses or r<span class=\"_ _2\"></span>eversals of losses <span class=\"ls2\"> </span>on <span class=\"_ _3\"></span>onerous <span class=\"_ _3\"></span>underlying <span class=\"_ _3\"></span>contracts <span class=\"_ _1fd\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b1\"> </span>7<span class=\"_ _2\"></span>.9  <span class=\"_ _12b\"> </span>(4.9 <span class=\"_ _0\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _57\"> </span>3.0<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l chan<span class=\"_ _3\"></span>ges t<span class=\"_ _3\"></span>hat re<span class=\"_ _3\"></span>late to f<span class=\"_ _3\"></span>uture s<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _97\"> </span> <span class=\"_ _0\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _5b\"> </span>(<span class=\"_ _3\"></span>9.<span class=\"_ _3\"></span>3 <span class=\"_ _31\"></span>) <span class=\"_ _152\"> </span>0<span class=\"_ _3\"></span>.6 <span class=\"_ _a\"></span> <span class=\"_ _152\"> </span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.8 <span class=\"_ _2\"></span> <span class=\"_ _1a1\"> </span>3<span class=\"_ _3\"></span>.1<span class=\"_ _421\"> </span>Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>ser<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>resu<span class=\"_ _3\"></span>lt <span class=\"_ _d9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _20a\"> </span>(7.<span class=\"_ _3\"></span>2 <span class=\"_ _7\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _1a1\"> </span>8<span class=\"_ _3\"></span>.1  <span class=\"_ _179\"> </span>0.<span class=\"_ _3\"></span>9<span class=\"_ _421\"> </span>Net finance expenses f<span class=\"_ _3\"></span>rom insurance contr<span class=\"_ _2\"></span>acts <span class=\"_ _152\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _14b\"> </span>(90.3 <span class=\"_ _7\"></span>) <span class=\"_ _c2\"> </span>(0.8 <span class=\"_ _7\"></span>) <span class=\"_ _10e\"> </span>0.1 <span class=\"_ _a\"></span> <span class=\"_ _2d\"> </span>(91.0 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Effect <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>movements <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>exchange <span class=\"_ _3\"></span>rat<span class=\"_ _2\"></span>es <span class=\"_ _151\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14e\"> </span>22<span class=\"_ _3\"></span>.6  <span class=\"_ _10e\"> </span>0.2  <span class=\"_ _5a\"> </span>1.0  <span class=\"_ _114\"> </span>23.<span class=\"_ _3\"></span>8<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l amou<span class=\"_ _3\"></span>nts r<span class=\"_ _3\"></span>eco<span class=\"_ _3\"></span>gnis<span class=\"_ _3\"></span>ed in c<span class=\"_ _3\"></span>omp<span class=\"_ _3\"></span>rehe<span class=\"_ _3\"></span>nsi<span class=\"_ _3\"></span>ve inc<span class=\"_ _3\"></span>ome <span class=\"_ _6d\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _15c\"> </span>(74<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9 <span class=\"_ _f\"></span>) <span class=\"_ _11b\"> </span>(0<span class=\"_ _3\"></span>.6 <span class=\"_ _31\"></span>) <span class=\"_ _20a\"> </span>9<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2 <span class=\"_ _a\"></span> <span class=\"_ _15c\"> </span>(6<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Cash flows<span class=\"_ _421\"> </span>Pr<span class=\"_ _2\"></span>emiums <span class=\"_ _3\"></span>received <span class=\"_ _236\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _152\"> </span>32.5  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _152\"> </span>32.5<span class=\"_ _421\"> </span>Claims and other directly attributable e<span class=\"_ _2\"></span>xpenses paid <span class=\"_ _2e\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _150\"> </span>(69.9 <span class=\"_ _31\"></span>) <span class=\"_ _15b\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _b9\"> </span>\u2013  <span class=\"_ _150\"> </span>(69.9 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Acquisitions <span class=\"_ _22d\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14e\"> </span>1<span class=\"_ _3\"></span>81.1  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _152\"> </span>181.1<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ash <span class=\"_ _4\"></span>flo<span class=\"_ _3\"></span>ws <span class=\"_ _1a4\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _28\"> </span>14<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>.7  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _28\"> </span>14<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>.7<span class=\"_ _421\"> </span>Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce con<span class=\"_ _3\"></span>trac<span class=\"_ _3\"></span>t li<span class=\"_ _3\"></span>abili<span class=\"_ _3\"></span>tie<span class=\"_ _3\"></span>s as at 3<span class=\"_ _3\"></span>1 Dec<span class=\"_ _3\"></span>emb<span class=\"_ _3\"></span>er 20<span class=\"_ _3\"></span>22 <span class=\"_ _128\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _2a\"> </span>4<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>9.<span class=\"_ _3\"></span>3 <span class=\"_ _a\"></span> <span class=\"_ _179\"> </span>3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2 <span class=\"_ _a\"></span> <span class=\"_ _5b\"> </span>2<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2 <span class=\"_ _a\"></span> <span class=\"_ _240\"> </span>46<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>.7<span class=\"_ _421\"> </span>The contracts initially recognised in the period relates to the acquisition <span class=\"_ _2\"></span>of Robein in 2022. <span class=\"_ _18\"> </span>(c) <span class=\"_ _4\"></span>Reinsurance contract balances \u2013 analysis b<span class=\"_ _2\"></span>y r<span class=\"_ _2\"></span>emaining cover<span class=\"_ _2\"></span>age and incur<span class=\"_ _a\"></span>red claims <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _39\"> </span>Assets <span class=\"_ _4\"></span>for<span class=\"_ _2\"></span>  <span class=\"_ _39\"> </span>Asset<span class=\"_ _3\"></span>s<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>for <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _6c\"> </span>remaining  <span class=\"_ _33\"> </span>incurred <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1f9\"> </span>cover<span class=\"_ _3\"></span>age  <span class=\"_ _210\"> </span>cl<span class=\"_ _3\"></span>aims  <span class=\"_ _46\"> </span>T<span class=\"_ _a\"></span>o<span class=\"_ _3\"></span>tal <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Rei<span class=\"_ _3\"></span>nsur<span class=\"_ _3\"></span>ance c<span class=\"_ _3\"></span>ontr<span class=\"_ _3\"></span>ac<span class=\"_ _3\"></span>t ass<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>s as at 1 J<span class=\"_ _3\"></span>anua<span class=\"_ _3\"></span>ry 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>3 <span class=\"_ _be\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _57\"> </span>1.<span class=\"_ _3\"></span>6 <span class=\"_ _a\"></span> <span class=\"_ _57\"> </span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9 <span class=\"_ _a\"></span> <span class=\"_ _179\"> </span>3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5<span class=\"_ _421\"> </span>Reinsurance expenses \u2013 allocation of r<span class=\"_ _2\"></span>einsurance premiums paid <span class=\"_ _e7\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _20a\"> </span>(3.0 <span class=\"_ _31\"></span>) <span class=\"_ _ae\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _12b\"> </span>(3.0 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Amount<span class=\"_ _3\"></span>s recoverable from reinsurers<span class=\"_ _421\"> </span>Recov<span class=\"_ _2\"></span>eries of incurred claims and other directly at<span class=\"_ _2\"></span>tributable expenses <span class=\"_ _123\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _fe\"> </span>3.4<span class=\"_ _3\"></span> <span class=\"_ _2\"></span> <span class=\"_ _10e\"> </span>3.4<span class=\"_ _421\"> </span>Ne<span class=\"_ _3\"></span>t <span class=\"_ _3\"></span>(expe<span class=\"_ _3\"></span>nse<span class=\"_ _3\"></span>s)/inc<span class=\"_ _3\"></span>ome <span class=\"_ _4\"></span>from <span class=\"_ _4\"></span>re<span class=\"_ _3\"></span>insu<span class=\"_ _3\"></span>ranc<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ontra<span class=\"_ _3\"></span>ct<span class=\"_ _3\"></span>s <span class=\"_ _4\"></span>hel<span class=\"_ _3\"></span>d <span class=\"_ _0\"></span> <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _114\"> </span>(<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>.0 <span class=\"_ _7\"></span>) <span class=\"_ _1b7\"> </span>3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4  <span class=\"_ _12e\"> </span>0.<span class=\"_ _3\"></span>4<span class=\"_ _421\"> </span>Net <span class=\"_ _3\"></span>finance <span class=\"_ _3\"></span>expenses <span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>rom <span class=\"_ _3\"></span>reinsuranc<span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>contracts <span class=\"_ _119\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5a\"> </span>0.1  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _5a\"> </span>0.1<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>mount<span class=\"_ _3\"></span>s <span class=\"_ _4\"></span>rec<span class=\"_ _3\"></span>ogni<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>in <span class=\"_ _4\"></span>co<span class=\"_ _3\"></span>mpre<span class=\"_ _3\"></span>hen<span class=\"_ _3\"></span>sive <span class=\"_ _4\"></span>in<span class=\"_ _3\"></span>come <span class=\"_ _146\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _114\"> </span>(<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9 <span class=\"_ _7\"></span>) <span class=\"_ _12b\"> </span>3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4  <span class=\"_ _179\"> </span>0.<span class=\"_ _4\"></span>5<span class=\"_ _421\"> </span>Cash flows<span class=\"_ _421\"> </span>Pr<span class=\"_ _2\"></span>emiums <span class=\"_ _3\"></span>paid <span class=\"_ _1eb\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5a\"> </span>4.1  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _5a\"> </span>4.1<span class=\"_ _421\"> </span>Recov<span class=\"_ _2\"></span>eries <span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>rom <span class=\"_ _3\"></span>reinsurance contracts <span class=\"_ _3\"></span>held <span class=\"_ _1d0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _12e\"> </span>(3.7 <span class=\"_ _0\"></span>) <span class=\"_ _20a\"> </span>(3.7 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ash <span class=\"_ _4\"></span>flo<span class=\"_ _3\"></span>ws <span class=\"_ _1a4\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1a1\"> </span>4<span class=\"_ _3\"></span>.1  <span class=\"_ _152\"> </span>(<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>.7 <span class=\"_ _7\"></span>) <span class=\"_ _152\"> </span>0<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4<span class=\"_ _421\"> </span>Rei<span class=\"_ _3\"></span>nsur<span class=\"_ _3\"></span>ance c<span class=\"_ _3\"></span>ontr<span class=\"_ _3\"></span>ac<span class=\"_ _3\"></span>t ass<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>s as at 3<span class=\"_ _3\"></span>1 De<span class=\"_ _3\"></span>cemb<span class=\"_ _3\"></span>er 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>3 <span class=\"_ _92\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _12e\"> </span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8 <span class=\"_ _2\"></span> <span class=\"_ _57\"> </span>1<span class=\"_ _3\"></span>.6 <span class=\"_ _a\"></span> <span class=\"_ _1b7\"> </span>4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4<span class=\"_ _421\"> </span><span class=\"ff65 ls3 ws2\"></span><span class=\"ff65 ls3 ws2\"></span><span class=\"ff65 ls3 ws2\">CHES<span class=\"_ _277\"></span>NAR<span class=\"_ _277\"></span>A<span class=\"_ _278\"></span>AN<span class=\"_ _283\"></span>NUAL<span class=\"_ _379\"></span>REPO<span class=\"_ _279\"></span>RT<span class=\"_ _278\"></span>AND<span class=\"_ _3b0\"></span>ACCOUNT<span class=\"_ _279\"></span>S<span class=\"_ _27b\"></span>20<span class=\"_ _2b5\"></span>23</span><span class=\"_ _3e5\"></span>223<span class=\"_ _421\"> </span>IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS<span class=\"_ _421\"> </span>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<span class=\"_ _421\"> </span>SECTION F \u2013 INSURANCE AND REINSURANCE CONTRA<span class=\"_ _2\"></span>CTS <span class=\"_ _74\"> </span>F4 <span class=\"_ _4\"></span>Insurance and r<span class=\"_ _2\"></span>einsurance contr<span class=\"_ _2\"></span>acts \u2013 quantitative analysis of r<span class=\"_ _2\"></span>ecognised amounts \u2013 <span class=\"_ _0\"></span>W<span class=\"_ _a\"></span>aard Group (continued) <span class=\"_ _18\"> </span>(c) <span class=\"_ _4\"></span>Reinsurance contract balances \u2013 analysis b<span class=\"_ _2\"></span>y r<span class=\"_ _2\"></span>emaining cover<span class=\"_ _2\"></span>age and incur<span class=\"_ _a\"></span>red claims (continued) <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _39\"> </span>Assets <span class=\"_ _4\"></span>for<span class=\"_ _2\"></span>  <span class=\"_ _39\"> </span>Asset<span class=\"_ _3\"></span>s <span class=\"_ _3\"></span>for <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _6c\"> </span>remaining  <span class=\"_ _33\"> </span>incurred <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1f9\"> </span>cover<span class=\"_ _3\"></span>age  <span class=\"_ _210\"> </span>cl<span class=\"_ _3\"></span>aims  <span class=\"_ _46\"> </span>T<span class=\"_ _a\"></span>o<span class=\"_ _3\"></span>tal <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Rei<span class=\"_ _3\"></span>nsur<span class=\"_ _3\"></span>ance c<span class=\"_ _3\"></span>ontr<span class=\"_ _3\"></span>ac<span class=\"_ _3\"></span>t ass<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>s as at 1 J<span class=\"_ _3\"></span>anua<span class=\"_ _3\"></span>ry 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2 <span class=\"_ _be\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _8f\"> </span>3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span> <span class=\"_ _a\"></span> <span class=\"_ _8f\"> </span>2<span class=\"_ _3\"></span>.<span class=\"_ _4\"></span>2 <span class=\"_ _a\"></span> <span class=\"_ _10f\"> </span>5<span class=\"_ _3\"></span>.7<span class=\"_ _421\"> </span>Reinsurance expenses \u2013 allocation of r<span class=\"_ _2\"></span>einsurance premiums paid <span class=\"_ _e7\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _1b7\"> </span>(5.5 <span class=\"_ _31\"></span>) <span class=\"_ _15b\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _165\"> </span>(5.5 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Amount<span class=\"_ _3\"></span>s recoverable from reinsurers<span class=\"_ _421\"> </span>Recov<span class=\"_ _2\"></span>eries of incurred claims and other directly at<span class=\"_ _2\"></span>tributable expenses <span class=\"_ _123\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _10e\"> </span>3.<span class=\"_ _3\"></span>9 <span class=\"_ _2\"></span> <span class=\"_ _57\"> </span>3.9<span class=\"_ _421\"> </span>Ne<span class=\"_ _3\"></span>t <span class=\"_ _3\"></span>(expe<span class=\"_ _3\"></span>nse<span class=\"_ _3\"></span>s)/inc<span class=\"_ _3\"></span>ome <span class=\"_ _4\"></span>from <span class=\"_ _4\"></span>re<span class=\"_ _3\"></span>insu<span class=\"_ _3\"></span>ranc<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ontra<span class=\"_ _3\"></span>ct<span class=\"_ _3\"></span>s <span class=\"_ _4\"></span>hel<span class=\"_ _3\"></span>d <span class=\"_ _0\"></span> <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14e\"> </span>(5<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5 <span class=\"_ _0\"></span>) <span class=\"_ _1b7\"> </span>3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9  <span class=\"_ _165\"> </span>(<span class=\"_ _3\"></span>1.<span class=\"_ _3\"></span>6 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Net <span class=\"_ _3\"></span>finance <span class=\"_ _3\"></span>expenses <span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>rom <span class=\"_ _3\"></span>reinsuranc<span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>contracts <span class=\"_ _119\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b7\"> </span>(0.3 <span class=\"_ _0\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _165\"> </span>(0.3 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Effect <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>movements <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>exchange <span class=\"_ _3\"></span>rat<span class=\"_ _2\"></span>es <span class=\"_ _151\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _20b\"> </span>0.1  <span class=\"_ _5a\"> </span>0.1  <span class=\"_ _10e\"> </span>0.2<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>mount<span class=\"_ _3\"></span>s <span class=\"_ _4\"></span>rec<span class=\"_ _3\"></span>ogni<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>in <span class=\"_ _4\"></span>co<span class=\"_ _3\"></span>mpre<span class=\"_ _3\"></span>hen<span class=\"_ _3\"></span>sive <span class=\"_ _4\"></span>in<span class=\"_ _3\"></span>come <span class=\"_ _146\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _152\"> </span>(5<span class=\"_ _3\"></span>.7 <span class=\"_ _7\"></span>) <span class=\"_ _20a\"> </span>4<span class=\"_ _3\"></span>.0  <span class=\"_ _12e\"> </span>(<span class=\"_ _3\"></span>1.7 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>Cash flows<span class=\"_ _421\"> </span>Pr<span class=\"_ _2\"></span>emiums <span class=\"_ _3\"></span>paid <span class=\"_ _1eb\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _57\"> </span>3.8  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _57\"> </span>3.8<span class=\"_ _421\"> </span>Recov<span class=\"_ _2\"></span>eries <span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>rom <span class=\"_ _3\"></span>reinsurance contracts <span class=\"_ _3\"></span>held <span class=\"_ _1d0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _165\"> </span>(4.3 <span class=\"_ _7\"></span>) <span class=\"_ _152\"> </span>(4.3 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ash <span class=\"_ _4\"></span>flo<span class=\"_ _3\"></span>ws <span class=\"_ _1a4\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _179\"> </span>3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8  <span class=\"_ _114\"> </span>(4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3 <span class=\"_ _7\"></span>) <span class=\"_ _f0\"> </span>(0<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Rei<span class=\"_ _3\"></span>nsur<span class=\"_ _3\"></span>ance c<span class=\"_ _3\"></span>ontr<span class=\"_ _3\"></span>ac<span class=\"_ _3\"></span>t ass<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>s as at 3<span class=\"_ _3\"></span>1 De<span class=\"_ _3\"></span>cemb<span class=\"_ _3\"></span>er 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2 <span class=\"_ _92\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _57\"> </span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>6 <span class=\"_ _a\"></span> <span class=\"_ _57\"> </span>1.<span class=\"_ _3\"></span>9 <span class=\"_ _2\"></span> <span class=\"_ _8f\"> </span>3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5<span class=\"_ _421\"> </span>F<span class=\"_ _2\"></span>or the <span class=\"_ _0\"></span>Waard Group, the full retrospectiv<span class=\"_ _2\"></span>e approach at transition has been applied to all reinsurance contracts. <span class=\"_ _e\"> </span>(d) <span class=\"_ _3\"></span>Reinsurance contract balances \u2013 analysis b<span class=\"_ _2\"></span>y measurement component \u2013 contr<span class=\"_ _2\"></span>acts not measur<span class=\"_ _2\"></span>ed under P<span class=\"_ _a\"></span>AA <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _e\"> </span>Pr<span class=\"_ _3\"></span>ese<span class=\"_ _3\"></span>nt <span class=\"_ _4\"></span>valu<span class=\"_ _3\"></span>e  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _127\"> </span>o<span class=\"_ _3\"></span>f <span class=\"_ _3\"></span>fu<span class=\"_ _3\"></span>ture  <span class=\"_ _11b\"> </span>Risk  <span class=\"_ _156\"> </span>   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _185\"> </span>ca<span class=\"_ _3\"></span>sh <span class=\"_ _4\"></span>flows  <span class=\"_ _146\"> </span>ad<span class=\"_ _3\"></span>jus<span class=\"_ _3\"></span>tme<span class=\"_ _3\"></span>nt  <span class=\"_ _44\"> </span>C<span class=\"_ _3\"></span>SM  <span class=\"_ _46\"> </span>T<span class=\"_ _a\"></span>o<span class=\"_ _3\"></span>tal <span class=\"_ _19e\"> </span> <span class=\"_ _3\"></span> <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Rei<span class=\"_ _3\"></span>nsur<span class=\"_ _3\"></span>ance c<span class=\"_ _3\"></span>ontr<span class=\"_ _3\"></span>ac<span class=\"_ _3\"></span>t ass<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>s as at 1 J<span class=\"_ _3\"></span>anua<span class=\"_ _3\"></span>ry 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>3 <span class=\"_ _5d\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _8f\"> </span>3<span class=\"_ _3\"></span>.6 <span class=\"_ _a\"></span> <span class=\"_ _12e\"> </span>0.<span class=\"_ _4\"></span>5 <span class=\"_ _a\"></span> <span class=\"_ _c2\"> </span>(<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>6 <span class=\"_ _f\"></span>) <span class=\"_ _1b7\"> </span>3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5<span class=\"_ _421\"> </span>Changes that relate to cur<span class=\"_ _2\"></span>rent ser<span class=\"_ _3\"></span>vice<span class=\"_ _421\"> </span>CSM <span class=\"_ _3\"></span>recognised <span class=\"_ _3\"></span>for <span class=\"_ _3\"></span>services <span class=\"_ _3\"></span>received <span class=\"_ _8e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _1a1\"> </span>2<span class=\"_ _3\"></span>.2  <span class=\"_ _1a1\"> </span>2.<span class=\"_ _3\"></span>2<span class=\"_ _421\"> </span>Change in risk adjustment for non-financial risk for risk e<span class=\"_ _2\"></span>xpired <span class=\"_ _165\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _e9\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _12b\"> </span>(0.2 <span class=\"_ _7\"></span>) <span class=\"_ _ae\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _12b\"> </span>(0.2 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Experience a<span class=\"_ _3\"></span>djustments <span class=\"_ _22\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _20a\"> </span>(0.8 <span class=\"_ _0\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _12b\"> </span>(0.8 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l chan<span class=\"_ _3\"></span>ges t<span class=\"_ _3\"></span>hat re<span class=\"_ _3\"></span>late to cu<span class=\"_ _3\"></span>rrent s<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _94\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _c2\"> </span>(0<span class=\"_ _3\"></span>.8 <span class=\"_ _31\"></span>) <span class=\"_ _11b\"> </span>(0<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2 <span class=\"_ _f\"></span>) <span class=\"_ _1b7\"> </span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2 <span class=\"_ _a\"></span> <span class=\"_ _57\"> </span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2<span class=\"_ _421\"> </span>Changes that relate to future<span class=\"_ _2\"></span> ser<span class=\"_ _3\"></span>vice<span class=\"_ _421\"> </span>Changes in estimates that adjust the CSM <span class=\"_ _1cb\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _12b\"> </span>(0.2 <span class=\"_ _31\"></span>) <span class=\"_ _165\"> </span>(0.1 <span class=\"_ _31\"></span>) <span class=\"_ _12e\"> </span>0.3 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013<span class=\"_ _421\"> </span>CSM adjustment for income on initial rec<span class=\"_ _2\"></span>ognition of onerous underlying contracts <span class=\"_ _1c0\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _152\"> </span>(0.8 <span class=\"_ _31\"></span>) <span class=\"_ _5b\"> </span>(0.8 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l chan<span class=\"_ _3\"></span>ges t<span class=\"_ _3\"></span>hat re<span class=\"_ _3\"></span>late to f<span class=\"_ _3\"></span>uture s<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _97\"> </span> <span class=\"_ _0\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _5b\"> </span>(0.<span class=\"_ _4\"></span>2 <span class=\"_ _f\"></span>) <span class=\"_ _14e\"> </span>(0.1 <span class=\"_ _31\"></span>) <span class=\"_ _11b\"> </span>(0.<span class=\"_ _3\"></span>5 <span class=\"_ _31\"></span>) <span class=\"_ _7b\"> </span>(0.<span class=\"_ _3\"></span>8 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Ne<span class=\"_ _3\"></span>t (expen<span class=\"_ _3\"></span>se)/<span class=\"_ _3\"></span>inco<span class=\"_ _3\"></span>me fro<span class=\"_ _3\"></span>m rein<span class=\"_ _3\"></span>sur<span class=\"_ _3\"></span>ance c<span class=\"_ _3\"></span>ontra<span class=\"_ _3\"></span>ct<span class=\"_ _3\"></span>s he<span class=\"_ _3\"></span>ld <span class=\"_ _4\"></span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _20a\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.0 <span class=\"_ _31\"></span>) <span class=\"_ _7b\"> </span>(<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>3 <span class=\"_ _31\"></span>) <span class=\"_ _10f\"> </span>1<span class=\"_ _3\"></span>.7 <span class=\"_ _0\"></span> <span class=\"_ _165\"> </span>0.<span class=\"_ _3\"></span>4<span class=\"_ _421\"> </span>Net <span class=\"_ _3\"></span>finance <span class=\"_ _3\"></span>income <span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>rom <span class=\"_ _3\"></span>reinsurance <span class=\"_ _3\"></span>contracts <span class=\"_ _3\"></span>held <span class=\"_ _1c3\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5a\"> </span>0.1  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _5a\"> </span>0.1<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l amou<span class=\"_ _3\"></span>nts r<span class=\"_ _3\"></span>eco<span class=\"_ _3\"></span>gnis<span class=\"_ _3\"></span>ed in c<span class=\"_ _3\"></span>omp<span class=\"_ _3\"></span>rehe<span class=\"_ _3\"></span>nsi<span class=\"_ _3\"></span>ve inc<span class=\"_ _3\"></span>ome <span class=\"_ _6d\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _5b\"> </span>(0.<span class=\"_ _3\"></span>9 <span class=\"_ _31\"></span>) <span class=\"_ _7b\"> </span>(0<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3 <span class=\"_ _31\"></span>) <span class=\"_ _179\"> </span>1<span class=\"_ _3\"></span>.7 <span class=\"_ _a\"></span> <span class=\"_ _12e\"> </span>0.<span class=\"_ _4\"></span>5<span class=\"_ _421\"> </span>Cash flows<span class=\"_ _421\"> </span>Pr<span class=\"_ _2\"></span>emiums <span class=\"_ _3\"></span>paid <span class=\"_ _1eb\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5a\"> </span>4.1  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _5a\"> </span>4.1<span class=\"_ _421\"> </span>Recov<span class=\"_ _2\"></span>eries <span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>rom <span class=\"_ _3\"></span>reinsurance contracts <span class=\"_ _3\"></span>held <span class=\"_ _1d0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12e\"> </span>(3.7 <span class=\"_ _0\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _12e\"> </span>(3.7 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ash <span class=\"_ _4\"></span>flo<span class=\"_ _3\"></span>ws <span class=\"_ _1a4\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12e\"> </span>0.<span class=\"_ _3\"></span>4  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _12e\"> </span>0<span class=\"_ _3\"></span>.4<span class=\"_ _421\"> </span>Rei<span class=\"_ _3\"></span>nsur<span class=\"_ _3\"></span>ance c<span class=\"_ _3\"></span>ontr<span class=\"_ _3\"></span>ac<span class=\"_ _3\"></span>t ass<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>s as at 3<span class=\"_ _3\"></span>1 De<span class=\"_ _3\"></span>cemb<span class=\"_ _3\"></span>er 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>3 <span class=\"_ _146\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _1a1\"> </span>3<span class=\"_ _3\"></span>.1 <span class=\"_ _a\"></span> <span class=\"_ _12e\"> </span>0.<span class=\"_ _3\"></span>2 <span class=\"_ _2\"></span> <span class=\"_ _20b\"> </span>1<span class=\"_ _3\"></span>.1 <span class=\"_ _a\"></span> <span class=\"_ _1b7\"> </span>4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4<span class=\"_ _421\"> </span>224<span class=\"_ _74\"> </span><span class=\"ff67 ls3 ws2\">CHES<span class=\"_ _3\"></span>NAR<span class=\"_ _3\"></span>A A<span class=\"_ _3\"></span>NNUAL REPO<span class=\"_ _3\"></span>RT AND <span class=\"_ _3\"></span>ACCOUN<span class=\"_ _3\"></span>TS 202<span class=\"_ _2\"></span>3<span class=\"_ _421\"> </span></span>IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _e\"> </span>Pr<span class=\"_ _3\"></span>ese<span class=\"_ _3\"></span>nt <span class=\"_ _4\"></span>valu<span class=\"_ _3\"></span>e  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _127\"> </span>o<span class=\"_ _3\"></span>f <span class=\"_ _3\"></span>fu<span class=\"_ _3\"></span>ture  <span class=\"_ _11b\"> </span>Risk  <span class=\"_ _156\"> </span>   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _185\"> </span>ca<span class=\"_ _3\"></span>sh <span class=\"_ _4\"></span>flows  <span class=\"_ _146\"> </span>ad<span class=\"_ _3\"></span>jus<span class=\"_ _3\"></span>tme<span class=\"_ _3\"></span>nt  <span class=\"_ _44\"> </span>C<span class=\"_ _3\"></span>SM  <span class=\"_ _46\"> </span>T<span class=\"_ _a\"></span>o<span class=\"_ _3\"></span>tal <span class=\"_ _19e\"> </span> <span class=\"_ _3\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Rei<span class=\"_ _3\"></span>nsur<span class=\"_ _3\"></span>ance c<span class=\"_ _3\"></span>ontr<span class=\"_ _3\"></span>ac<span class=\"_ _3\"></span>t ass<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>s as at 1 J<span class=\"_ _3\"></span>anua<span class=\"_ _3\"></span>ry 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2 <span class=\"_ _5d\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _165\"> </span>4<span class=\"_ _3\"></span>.6 <span class=\"_ _a\"></span> <span class=\"_ _12e\"> </span>0.<span class=\"_ _3\"></span>8 <span class=\"_ _a\"></span> <span class=\"_ _12e\"> </span>0.<span class=\"_ _3\"></span>3 <span class=\"_ _a\"></span> <span class=\"_ _10f\"> </span>5<span class=\"_ _3\"></span>.7<span class=\"_ _421\"> </span>Changes that relate to cur<span class=\"_ _2\"></span>rent ser<span class=\"_ _3\"></span>vice<span class=\"_ _421\"> </span>CSM <span class=\"_ _3\"></span>recognised <span class=\"_ _3\"></span>for <span class=\"_ _3\"></span>services <span class=\"_ _3\"></span>received <span class=\"_ _8e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _1b7\"> </span>(0.9 <span class=\"_ _7\"></span>) <span class=\"_ _14e\"> </span>(0.9 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Change in risk adjustment for non-financial risk for risk e<span class=\"_ _2\"></span>xpired <span class=\"_ _165\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _e9\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _12b\"> </span>(0.2 <span class=\"_ _7\"></span>) <span class=\"_ _ae\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _12b\"> </span>(0.2 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Experience a<span class=\"_ _3\"></span>djustments <span class=\"_ _22\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b7\"> </span>(0.5 <span class=\"_ _0\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _165\"> </span>(0.5 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l chan<span class=\"_ _3\"></span>ges t<span class=\"_ _3\"></span>hat re<span class=\"_ _3\"></span>late to cu<span class=\"_ _3\"></span>rrent s<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _94\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _5b\"> </span>(0.<span class=\"_ _4\"></span>5 <span class=\"_ _f\"></span>) <span class=\"_ _11b\"> </span>(0<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2 <span class=\"_ _31\"></span>) <span class=\"_ _7b\"> </span>(0<span class=\"_ _3\"></span>.9 <span class=\"_ _31\"></span>) <span class=\"_ _5b\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.6 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Ne<span class=\"_ _3\"></span>t (expen<span class=\"_ _3\"></span>se)/<span class=\"_ _3\"></span>inco<span class=\"_ _3\"></span>me fro<span class=\"_ _3\"></span>m rein<span class=\"_ _3\"></span>sur<span class=\"_ _3\"></span>ance c<span class=\"_ _3\"></span>ontra<span class=\"_ _3\"></span>ct<span class=\"_ _3\"></span>s he<span class=\"_ _3\"></span>ld <span class=\"_ _4\"></span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _5b\"> </span>(0.<span class=\"_ _4\"></span>5 <span class=\"_ _f\"></span>) <span class=\"_ _11b\"> </span>(<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>2 <span class=\"_ _31\"></span>) <span class=\"_ _7b\"> </span>(0<span class=\"_ _3\"></span>.9 <span class=\"_ _31\"></span>) <span class=\"_ _5b\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.6 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Net finance income f<span class=\"_ _3\"></span>rom reinsurance contr<span class=\"_ _2\"></span>acts held <span class=\"_ _33\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _12b\"> </span>(0.2 <span class=\"_ _31\"></span>) <span class=\"_ _165\"> </span>(0.1 <span class=\"_ _31\"></span>) <span class=\"_ _ae\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _20a\"> </span>(0.3 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Effect <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>movements <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>exchange <span class=\"_ _3\"></span>rat<span class=\"_ _2\"></span>es <span class=\"_ _151\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _57\"> </span>0.2  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _57\"> </span>0.2<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l amou<span class=\"_ _3\"></span>nts r<span class=\"_ _3\"></span>eco<span class=\"_ _3\"></span>gnis<span class=\"_ _3\"></span>ed in c<span class=\"_ _3\"></span>omp<span class=\"_ _3\"></span>rehe<span class=\"_ _3\"></span>nsi<span class=\"_ _3\"></span>ve inc<span class=\"_ _3\"></span>ome <span class=\"_ _6d\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _5b\"> </span>(0.<span class=\"_ _4\"></span>5 <span class=\"_ _f\"></span>) <span class=\"_ _11b\"> </span>(0<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3 <span class=\"_ _31\"></span>) <span class=\"_ _7b\"> </span>(0<span class=\"_ _3\"></span>.9 <span class=\"_ _31\"></span>) <span class=\"_ _14e\"> </span>(1<span class=\"_ _3\"></span>.7 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Cash flows<span class=\"_ _421\"> </span>Pr<span class=\"_ _2\"></span>emiums <span class=\"_ _3\"></span>paid <span class=\"_ _1eb\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _57\"> </span>3.8  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _57\"> </span>3.8<span class=\"_ _421\"> </span>Recov<span class=\"_ _2\"></span>eries <span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>rom <span class=\"_ _3\"></span>reinsurance contracts <span class=\"_ _3\"></span>held <span class=\"_ _1d0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>(4.3 <span class=\"_ _7\"></span>) <span class=\"_ _97\"> </span>\u2013  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _165\"> </span>(4.3 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ash <span class=\"_ _4\"></span>flo<span class=\"_ _3\"></span>ws <span class=\"_ _1a4\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _114\"> </span>(<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>5 <span class=\"_ _0\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _14e\"> </span>(0.<span class=\"_ _3\"></span>5 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>Rei<span class=\"_ _3\"></span>nsur<span class=\"_ _3\"></span>ance c<span class=\"_ _3\"></span>ontr<span class=\"_ _3\"></span>ac<span class=\"_ _3\"></span>t ass<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>s as at 3<span class=\"_ _3\"></span>1 De<span class=\"_ _3\"></span>cemb<span class=\"_ _3\"></span>er 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2 <span class=\"_ _146\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _8f\"> </span>3<span class=\"_ _3\"></span>.6 <span class=\"_ _a\"></span> <span class=\"_ _12e\"> </span>0<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5 <span class=\"_ _a\"></span> <span class=\"_ _5b\"> </span>(0.6 <span class=\"_ _31\"></span>) <span class=\"_ _12b\"> </span>3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5  (e) <span class=\"_ _3\"></span>Insurance contracts r<span class=\"_ _2\"></span>ecognised in the per<span class=\"_ _2\"></span>iod<span class=\"_ _421\"> </span>In the tables that follo<span class=\"_ _2\"></span>w<span class=\"_ _a\"></span>, all insurance and reinsurance contracts recognised in 2023 are in respect of the Conservatrix acquisition. <span class=\"_ _a\"></span>See Note I8 for further details. F<span class=\"_ _2\"></span>or 2022, all insurance and reinsurance contracts recognised are from the Robein acquisition.<span class=\"_ _421\"> </span>Y<span class=\"_ _2\"></span>ea<span class=\"_ _3\"></span>r Ende<span class=\"_ _3\"></span>d 31 D<span class=\"_ _3\"></span>ece<span class=\"_ _3\"></span>mbe<span class=\"_ _3\"></span>r 20<span class=\"_ _3\"></span>23 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _d\"> </span>Non<span class=\"_ _3\"></span>-onerous  <span class=\"_ _1e2\"> </span>O<span class=\"_ _3\"></span>nerous   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1c7\"> </span>contrac<span class=\"_ _3\"></span>ts  <span class=\"_ _1c7\"> </span>contract<span class=\"_ _3\"></span>s  <span class=\"_ _28\"> </span>T<span class=\"_ _a\"></span>otal <span class=\"_ _19e\"> </span> <span class=\"_ _3\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _12e\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m<span class=\"_ _421\"> </span>Es<span class=\"_ _3\"></span>tima<span class=\"_ _3\"></span>tes o<span class=\"_ _3\"></span>f the pr<span class=\"_ _3\"></span>ese<span class=\"_ _3\"></span>nt va<span class=\"_ _3\"></span>lue of f<span class=\"_ _3\"></span>utur<span class=\"_ _3\"></span>e cas<span class=\"_ _3\"></span>h infl<span class=\"_ _3\"></span>ows <span class=\"_ _32\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _153\"> </span>(<span class=\"_ _3\"></span>34<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>.6 <span class=\"_ _31\"></span>) <span class=\"_ _e6\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _9d\"> </span>(3<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>6.<span class=\"_ _3\"></span>6 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Es<span class=\"_ _3\"></span>tima<span class=\"_ _3\"></span>tes o<span class=\"_ _3\"></span>f the pr<span class=\"_ _3\"></span>ese<span class=\"_ _3\"></span>nt va<span class=\"_ _3\"></span>lue of f<span class=\"_ _3\"></span>utur<span class=\"_ _3\"></span>e cas<span class=\"_ _3\"></span>h out<span class=\"_ _3\"></span>flow<span class=\"_ _3\"></span>s<span class=\"_ _421\"> </span>Claims <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>other <span class=\"_ _4\"></span>insurance <span class=\"_ _3\"></span>service <span class=\"_ _3\"></span>expenses <span class=\"_ _3\"></span>payable <span class=\"_ _13b\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _44\"> </span>294<span class=\"_ _3\"></span>.1  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _44\"> </span>294.1<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l es<span class=\"_ _3\"></span>timat<span class=\"_ _3\"></span>es of t<span class=\"_ _3\"></span>he pre<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>nt valu<span class=\"_ _3\"></span>e of fu<span class=\"_ _3\"></span>ture n<span class=\"_ _3\"></span>et ou<span class=\"_ _3\"></span>tflo<span class=\"_ _3\"></span>ws <span class=\"_ _1a1\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _28\"> </span>(52<span class=\"_ _4\"></span>.<span class=\"_ _3\"></span>5 <span class=\"_ _31\"></span>) <span class=\"_ _e6\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _e7\"> </span>(<span class=\"_ _3\"></span>52<span class=\"_ _3\"></span>.<span class=\"_ _4\"></span>5 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Risk <span class=\"_ _3\"></span>adjustment <span class=\"_ _3\"></span>for <span class=\"_ _3\"></span>non-<span class=\"_ _3\"></span>financial <span class=\"_ _3\"></span>risk <span class=\"_ _15a\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _10e\"> </span>6<span class=\"_ _3\"></span>.3  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _57\"> </span>6<span class=\"_ _3\"></span>.3<span class=\"_ _421\"> </span>CSM <span class=\"_ _1db\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _c2\"> </span>46.<span class=\"_ _3\"></span>2  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _c2\"> </span>46<span class=\"_ _3\"></span>.2<span class=\"_ _421\"> </span>Lo<span class=\"_ _3\"></span>sse<span class=\"_ _3\"></span>s <span class=\"_ _4\"></span>reco<span class=\"_ _3\"></span>gni<span class=\"_ _3\"></span>sed <span class=\"_ _4\"></span>on <span class=\"_ _4\"></span>ini<span class=\"_ _3\"></span>tial <span class=\"_ _4\"></span>re<span class=\"_ _3\"></span>cogn<span class=\"_ _3\"></span>itio<span class=\"_ _3\"></span>n <span class=\"_ _ad\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span><span class=\"ff65 ls3 ws2\"></span><span class=\"ff65 ls3 ws2\"></span><span class=\"ff65 ls3 ws2\">CHES<span class=\"_ _277\"></span>NAR<span class=\"_ _277\"></span>A<span class=\"_ _278\"></span>AN<span class=\"_ _277\"></span>NUAL<span class=\"_ _379\"></span>REPO<span class=\"_ _277\"></span>RT<span class=\"_ _27f\"></span>AND<span class=\"_ _3b0\"></span>ACCOUNT<span class=\"_ _27a\"></span>S<span class=\"_ _27b\"></span>20<span class=\"_ _2b5\"></span>23</span><span class=\"_ _3e7\"></span>225<span class=\"_ _421\"> </span>IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS<span class=\"_ _421\"> </span>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<span class=\"_ _421\"> </span>SECTION F \u2013 INSURANCE AND REINSURANCE CONTRA<span class=\"_ _2\"></span>CTS <span class=\"_ _74\"> </span>F4 <span class=\"_ _4\"></span>Insurance and r<span class=\"_ _2\"></span>einsurance contr<span class=\"_ _2\"></span>acts \u2013 quantitative analysis of r<span class=\"_ _2\"></span>ecognised amounts \u2013 <span class=\"_ _0\"></span>W<span class=\"_ _a\"></span>aard Group (continued)  (e) <span class=\"_ _3\"></span>Insurance contracts r<span class=\"_ _2\"></span>ecognised in the per<span class=\"_ _2\"></span>iod (continued)<span class=\"_ _421\"> </span>Y<span class=\"_ _2\"></span>ea<span class=\"_ _3\"></span>r Ende<span class=\"_ _3\"></span>d 31 D<span class=\"_ _3\"></span>ece<span class=\"_ _3\"></span>mbe<span class=\"_ _3\"></span>r 20<span class=\"_ _3\"></span>22 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _d\"> </span>Non<span class=\"_ _3\"></span>-onerous  <span class=\"_ _1e2\"> </span>O<span class=\"_ _3\"></span>nerous   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1c7\"> </span>contrac<span class=\"_ _3\"></span>ts  <span class=\"_ _1c7\"> </span>contract<span class=\"_ _3\"></span>s  <span class=\"_ _28\"> </span>T<span class=\"_ _a\"></span>otal <span class=\"_ _19e\"> </span> <span class=\"_ _3\"></span> <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Es<span class=\"_ _3\"></span>tima<span class=\"_ _3\"></span>tes o<span class=\"_ _3\"></span>f the pr<span class=\"_ _3\"></span>ese<span class=\"_ _3\"></span>nt va<span class=\"_ _3\"></span>lue of f<span class=\"_ _3\"></span>utur<span class=\"_ _3\"></span>e cas<span class=\"_ _3\"></span>h infl<span class=\"_ _3\"></span>ows <span class=\"_ _32\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _47\"> </span>(<span class=\"_ _3\"></span>18<span class=\"_ _3\"></span>0.<span class=\"_ _4\"></span>5 <span class=\"_ _f\"></span>) <span class=\"_ _7b\"> </span>(0.<span class=\"_ _3\"></span>4 <span class=\"_ _31\"></span>) <span class=\"_ _153\"> </span>(<span class=\"_ _3\"></span>18<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>9 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Es<span class=\"_ _3\"></span>tima<span class=\"_ _3\"></span>tes o<span class=\"_ _3\"></span>f the pr<span class=\"_ _3\"></span>ese<span class=\"_ _3\"></span>nt va<span class=\"_ _3\"></span>lue of f<span class=\"_ _3\"></span>utur<span class=\"_ _3\"></span>e cas<span class=\"_ _3\"></span>h out<span class=\"_ _3\"></span>flow<span class=\"_ _3\"></span>s<span class=\"_ _421\"> </span>Claims <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>other <span class=\"_ _4\"></span>insurance <span class=\"_ _3\"></span>service <span class=\"_ _3\"></span>expenses <span class=\"_ _3\"></span>payable <span class=\"_ _13b\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _150\"> </span>178.0  <span class=\"_ _57\"> </span>0.5  <span class=\"_ _45\"> </span>178.5<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l es<span class=\"_ _3\"></span>timat<span class=\"_ _3\"></span>es of t<span class=\"_ _3\"></span>he pre<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>nt valu<span class=\"_ _3\"></span>e of fu<span class=\"_ _3\"></span>ture n<span class=\"_ _3\"></span>et ca<span class=\"_ _3\"></span>sh ou<span class=\"_ _3\"></span>tfl<span class=\"_ _3\"></span>ows <span class=\"_ _1c6\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _114\"> </span>(2<span class=\"_ _3\"></span>.<span class=\"_ _4\"></span>5 <span class=\"_ _f\"></span>) <span class=\"_ _179\"> </span>0<span class=\"_ _3\"></span>.1 <span class=\"_ _a\"></span> <span class=\"_ _c2\"> </span>(2<span class=\"_ _4\"></span>.4 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Risk <span class=\"_ _3\"></span>adjustment <span class=\"_ _3\"></span>for <span class=\"_ _3\"></span>non-<span class=\"_ _3\"></span>financial <span class=\"_ _3\"></span>risk <span class=\"_ _15a\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _fe\"> </span>0.4  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _fe\"> </span>0.4<span class=\"_ _421\"> </span>CSM <span class=\"_ _1db\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _56\"> </span>2<span class=\"_ _3\"></span>.1  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _96\"> </span>2.1<span class=\"_ _421\"> </span>Lo<span class=\"_ _3\"></span>sse<span class=\"_ _3\"></span>s <span class=\"_ _4\"></span>reco<span class=\"_ _3\"></span>gni<span class=\"_ _3\"></span>sed <span class=\"_ _4\"></span>on <span class=\"_ _4\"></span>ini<span class=\"_ _3\"></span>tial <span class=\"_ _4\"></span>re<span class=\"_ _3\"></span>cogn<span class=\"_ _3\"></span>itio<span class=\"_ _3\"></span>n <span class=\"_ _ad\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _1b1\"> </span>0.1  <span class=\"_ _1b1\"> </span>0<span class=\"_ _3\"></span>.1 <span class=\"_ _10\"> </span>(f) <span class=\"_ _4\"></span>Reinsurance contr<span class=\"_ _2\"></span>acts recognised in the per<span class=\"_ _a\"></span>iod<span class=\"_ _421\"> </span>There are no material ne<span class=\"_ _2\"></span>w reinsurance contracts recognised in the period for <span class=\"_ _0\"></span>W<span class=\"_ _2\"></span>aard. <span class=\"_ _e\"> </span>(g) <span class=\"_ _3\"></span>Expected r<span class=\"_ _2\"></span>ecognition of CSM<span class=\"_ _421\"> </span>In the tables that follo<span class=\"_ _2\"></span>w the CSM accrues interest at the locked-in rate f<span class=\"_ _2\"></span>or GMM portfolios and at current rates f<span class=\"_ _2\"></span>or <span class=\"_ _a\"></span>VF<span class=\"_ _a\"></span>A portfolios from the balance sheet date and is then amortised based on the co<span class=\"_ _2\"></span>verage units of the contract groups to giv<span class=\"_ _2\"></span>e the timeline of the <span class=\"_ _2\"></span>expected recognition.<span class=\"_ _421\"> </span>31 December 2023 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _23a\"> </span>Insurance  <span class=\"_ _4a\"> </span>Reinsurance <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1c7\"> </span>contrac<span class=\"_ _3\"></span>ts  <span class=\"_ _1c7\"> </span>contrac<span class=\"_ _3\"></span>ts <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Not <span class=\"_ _3\"></span>later <span class=\"_ _3\"></span>than <span class=\"_ _3\"></span>one <span class=\"_ _3\"></span>year <span class=\"_ _dd\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _10e\"> </span>4.9  <span class=\"_ _10f\"> </span>(1.0 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>Later than one ye<span class=\"_ _2\"></span>ar and not later than two y<span class=\"_ _2\"></span>ears <span class=\"_ _7b\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _8f\"> </span>4.4 <span class=\"_ _2\"></span> <span class=\"_ _fe\"> </span>0.6<span class=\"_ _421\"> </span>Later than tw<span class=\"_ _2\"></span>o years and not lat<span class=\"_ _2\"></span>er than three years <span class=\"_ _14f\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _179\"> </span>4<span class=\"_ _3\"></span>.0 <span class=\"_ _a\"></span> <span class=\"_ _12b\"> </span>(0.2 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Later than three y<span class=\"_ _2\"></span>ears and not later than four y<span class=\"_ _2\"></span>ears <span class=\"_ _7c\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _1a1\"> </span>3.7 <span class=\"_ _a\"></span> <span class=\"_ _179\"> </span>(0.1 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Later than four y<span class=\"_ _2\"></span>ears and not later than fiv<span class=\"_ _2\"></span>e years <span class=\"_ _119\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _10e\"> </span>3.4 <span class=\"_ _2\"></span> <span class=\"_ _179\"> </span>(0.1 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Later than five y<span class=\"_ _2\"></span>ears and not later than t<span class=\"_ _2\"></span>en years <span class=\"_ _150\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _12b\"> </span>13.0 <span class=\"_ _a\"></span> <span class=\"_ _12b\"> </span>(0.3 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Later <span class=\"_ _3\"></span>than <span class=\"_ _3\"></span>ten <span class=\"_ _3\"></span>years <span class=\"_ _b2\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _2d\"> </span>44.<span class=\"_ _3\"></span>8  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _11b\"> </span>78<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2  <span class=\"_ _fe\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.1 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>31 December 2022 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _23a\"> </span>Insurance  <span class=\"_ _4a\"> </span>Reinsurance <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1c7\"> </span>contrac<span class=\"_ _3\"></span>ts  <span class=\"_ _1c7\"> </span>contrac<span class=\"_ _3\"></span>ts <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Not <span class=\"_ _3\"></span>later <span class=\"_ _3\"></span>than <span class=\"_ _3\"></span>one <span class=\"_ _3\"></span>year <span class=\"_ _dd\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b1\"> </span>3.5  <span class=\"_ _20b\"> </span>0.1<span class=\"_ _421\"> </span>Later than one ye<span class=\"_ _2\"></span>ar and not later than two y<span class=\"_ _2\"></span>ears <span class=\"_ _7b\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _10e\"> </span>3.<span class=\"_ _3\"></span>2 <span class=\"_ _a\"></span> <span class=\"_ _5a\"> </span>0.<span class=\"_ _2\"></span>1<span class=\"_ _421\"> </span>Later than tw<span class=\"_ _2\"></span>o years and not lat<span class=\"_ _2\"></span>er than three years <span class=\"_ _14f\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _57\"> </span>2.6 <span class=\"_ _a\"></span> <span class=\"_ _5a\"> </span>0.1<span class=\"_ _421\"> </span>Later than three y<span class=\"_ _2\"></span>ears and not later than four y<span class=\"_ _2\"></span>ears <span class=\"_ _7c\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _57\"> </span>2.<span class=\"_ _3\"></span>2 <span class=\"_ _a\"></span> <span class=\"_ _5a\"> </span>0.<span class=\"_ _2\"></span>1<span class=\"_ _421\"> </span>Later than four y<span class=\"_ _2\"></span>ears and not later than fiv<span class=\"_ _2\"></span>e years <span class=\"_ _119\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _5a\"> </span>1.9 <span class=\"_ _2\"></span> <span class=\"_ _5a\"> </span>0<span class=\"_ _2\"></span>.1<span class=\"_ _421\"> </span>Later than five y<span class=\"_ _2\"></span>ears and not later than t<span class=\"_ _2\"></span>en years <span class=\"_ _150\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _57\"> </span>5.6 <span class=\"_ _a\"></span> <span class=\"_ _5a\"> </span>0.1<span class=\"_ _421\"> </span>Later <span class=\"_ _3\"></span>than <span class=\"_ _3\"></span>ten <span class=\"_ _3\"></span>years <span class=\"_ _b2\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b1\"> </span>2.2  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14e\"> </span>21<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2  <span class=\"_ _179\"> </span>0<span class=\"_ _3\"></span>.6<span class=\"_ _421\"> </span>226<span class=\"_ _74\"> </span><span class=\"ff67 ls3 ws2\">CHE<span class=\"_ _3\"></span>SNA<span class=\"_ _3\"></span>R<span class=\"_ _3\"></span>A ANNUAL R<span class=\"_ _3\"></span>EPORT A<span class=\"_ _3\"></span>ND ACCOU<span class=\"_ _3\"></span>NTS 2023<span class=\"_ _421\"> </span></span>IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS <span class=\"_ _74\"> </span>F5 <span class=\"_ _4\"></span>Insurance and r<span class=\"_ _2\"></span>einsurance contr<span class=\"_ _2\"></span>acts \u2013 quantitative analysis of r<span class=\"_ _2\"></span>ecognised amounts \u2013 Scildon  (a) <span class=\"_ _3\"></span>Insurance contract balances \u2013 analysis b<span class=\"_ _2\"></span>y remaining co<span class=\"_ _2\"></span>ver<span class=\"_ _2\"></span>age and incur<span class=\"_ _2\"></span>red claims <span class=\"_ _c\"> </span> <span class=\"_ _241\"> </span>Liabilities for <span class=\"ls2 ws2\"> </span> <span class=\"_ _c\"> </span> <span class=\"_ _242\"> </span>remaining coverage <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _39\"> </span>Excluding  <span class=\"_ _9f\"> </span>  <span class=\"_ _1c7\"> </span>Liabilities   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5b\"> </span>loss  <span class=\"_ _45\"> </span>L<span class=\"_ _3\"></span>oss  <span class=\"_ _6d\"> </span>for <span class=\"_ _4\"></span>incu<span class=\"_ _3\"></span>rred   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _146\"> </span>component  <span class=\"_ _128\"> </span>component  <span class=\"_ _76\"> </span>claims  <span class=\"_ _28\"> </span>T<span class=\"_ _a\"></span>otal <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Insurance contrac<span class=\"_ _3\"></span>t liabilities as at 1<span class=\"_ _2\"></span> Januar<span class=\"_ _3\"></span>y 202<span class=\"_ _3\"></span>3 <span class=\"_ _1c6\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _9d\"> </span>1<span class=\"_ _3\"></span>,6<span class=\"_ _3\"></span>33<span class=\"_ _3\"></span>.1 <span class=\"_ _a\"></span> <span class=\"_ _7b\"> </span>76.<span class=\"_ _4\"></span>3 <span class=\"_ _0\"></span> <span class=\"_ _44\"> </span>4<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.0 <span class=\"_ _a\"></span> <span class=\"_ _153\"> </span>1<span class=\"_ _3\"></span>,751<span class=\"_ _3\"></span>.4<span class=\"_ _421\"> </span>Chan<span class=\"_ _3\"></span>ges i<span class=\"_ _3\"></span>n the s<span class=\"_ _3\"></span>tatem<span class=\"_ _3\"></span>ent o<span class=\"_ _3\"></span>f pro<span class=\"_ _3\"></span>fit and l<span class=\"_ _3\"></span>os<span class=\"_ _3\"></span>s <span class=\"_ _57\"> </span> <span class=\"_ _0\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>revenu<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>to<span class=\"_ _3\"></span>tal <span class=\"_ _1ed\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _43\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _4\"></span>1<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>.0 <span class=\"_ _7\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _a3\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>.0 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>Insura<span class=\"_ _2\"></span>nce service e<span class=\"_ _a\"></span>xpenses<span class=\"_ _421\"> </span>Incurred claims and other dir<span class=\"_ _2\"></span>ectly attributable expenses <span class=\"_ _f9\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _150\"> </span>(45.8 <span class=\"_ _31\"></span>) <span class=\"_ _e7\"> </span>120.9 <span class=\"_ _2\"></span> <span class=\"_ _1b7\"> </span>75.1<span class=\"_ _421\"> </span>Losses and rev<span class=\"_ _2\"></span>ersals of losses on onerous contracts <span class=\"_ _7c\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _5b\"> </span>35.4 <span class=\"_ _a\"></span> <span class=\"_ _e9\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _5b\"> </span>35.4<span class=\"_ _421\"> </span>Amortisation <span class=\"_ _3\"></span>of <span class=\"_ _4\"></span>insurance <span class=\"_ _3\"></span>acquisition <span class=\"_ _3\"></span>cash <span class=\"_ _3\"></span>flows <span class=\"_ _1e1\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _57\"> </span>3.4  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _57\"> </span>3.4<span class=\"_ _421\"> </span>Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>ser<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>expen<span class=\"_ _3\"></span>se <span class=\"_ _4\"></span>tot<span class=\"_ _3\"></span>al <span class=\"_ _235\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _8f\"> </span>3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4  <span class=\"_ _14b\"> </span>(<span class=\"_ _3\"></span>10<span class=\"_ _3\"></span>.4 <span class=\"_ _0\"></span>) <span class=\"_ _a3\"> </span>1<span class=\"_ _3\"></span>20<span class=\"_ _3\"></span>.9  <span class=\"_ _150\"> </span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9<span class=\"_ _421\"> </span>Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>ser<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>resu<span class=\"_ _3\"></span>lt <span class=\"_ _d9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _e7\"> </span>(1<span class=\"_ _4\"></span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.6 <span class=\"_ _0\"></span>) <span class=\"_ _15c\"> </span>(<span class=\"_ _3\"></span>10<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4 <span class=\"_ _7\"></span>) <span class=\"_ _119\"> </span>120<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9  <span class=\"_ _fe\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.1 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Net <span class=\"_ _3\"></span>finance <span class=\"_ _3\"></span>expenses <span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>rom <span class=\"_ _3\"></span>insurance <span class=\"_ _3\"></span>contracts <span class=\"_ _152\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1e1\"> </span>162.6  <span class=\"_ _fe\"> </span>0.4  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _45\"> </span>163.0<span class=\"_ _421\"> </span>Effect of movements in e<span class=\"_ _2\"></span>xchange rat<span class=\"_ _2\"></span>es <span class=\"_ _a0\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _11b\"> </span>(37<span class=\"_ _a\"></span>.5 <span class=\"_ _31\"></span>) <span class=\"_ _12e\"> </span>(1.7 <span class=\"_ _31\"></span>) <span class=\"_ _5b\"> </span>(0.9 <span class=\"_ _31\"></span>) <span class=\"_ _44\"> </span>(40.1 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>mount<span class=\"_ _3\"></span>s <span class=\"_ _4\"></span>rec<span class=\"_ _3\"></span>ogni<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>in <span class=\"_ _4\"></span>co<span class=\"_ _3\"></span>mpre<span class=\"_ _3\"></span>hen<span class=\"_ _3\"></span>sive <span class=\"_ _4\"></span>in<span class=\"_ _3\"></span>come <span class=\"_ _146\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14e\"> </span>1<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5  <span class=\"_ _2d\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.7 <span class=\"_ _7\"></span>) <span class=\"_ _a3\"> </span>1<span class=\"_ _3\"></span>20<span class=\"_ _3\"></span>.0  <span class=\"_ _44\"> </span>12<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.8<span class=\"_ _421\"> </span>Investment <span class=\"_ _3\"></span>components <span class=\"_ _d8\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _28\"> </span>(1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>0.6 <span class=\"_ _7\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _11b\"> </span>1<span class=\"_ _3\"></span>10.6  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span>Cash flows<span class=\"_ _421\"> </span>Pr<span class=\"_ _2\"></span>emiums <span class=\"_ _3\"></span>received <span class=\"_ _236\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _7b\"> </span>231.3  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _11b\"> </span>231.3<span class=\"_ _421\"> </span>Claims and other directly attributable e<span class=\"_ _2\"></span>xpenses paid <span class=\"_ _2e\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013  <span class=\"_ _112\"> </span>(236.0 <span class=\"_ _31\"></span>) <span class=\"_ _1c0\"> </span>(236<span class=\"_ _3\"></span>.0 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Insurance <span class=\"_ _3\"></span>acquisition <span class=\"_ _3\"></span>cash <span class=\"_ _3\"></span>flows <span class=\"_ _239\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12e\"> </span>(5.6 <span class=\"_ _7\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _12e\"> </span>(5.6 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ash <span class=\"_ _4\"></span>flo<span class=\"_ _3\"></span>ws <span class=\"_ _1a4\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _29\"> </span>2<span class=\"_ _3\"></span>25<span class=\"_ _3\"></span>.7  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _48\"> </span>(2<span class=\"_ _3\"></span>36<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>0 <span class=\"_ _7\"></span>) <span class=\"_ _28\"> </span>(<span class=\"_ _3\"></span>10<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Insurance contrac<span class=\"_ _3\"></span>t liabilities as at 31 December 202<span class=\"_ _3\"></span>3 <span class=\"_ _14\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _9d\"> </span>1<span class=\"_ _3\"></span>,761<span class=\"_ _3\"></span>.7 <span class=\"_ _0\"></span> <span class=\"_ _44\"> </span>6<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>.6 <span class=\"_ _a\"></span> <span class=\"_ _7b\"> </span>36<span class=\"_ _3\"></span>.6 <span class=\"_ _2\"></span> <span class=\"_ _7e\"> </span>1,<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>62<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9<span class=\"_ _421\"> </span><span class=\"ff65 ls3 ws2\"></span><span class=\"ff65 ls3 ws2\"></span><span class=\"ff65 ls3 ws2\">CHES<span class=\"_ _283\"></span>NAR<span class=\"_ _277\"></span>A<span class=\"_ _278\"></span>A<span class=\"_ _283\"></span>NNUAL<span class=\"_ _27f\"></span>REPO<span class=\"_ _277\"></span>RT<span class=\"_ _287\"></span>AND<span class=\"_ _392\"></span>ACCOUN<span class=\"_ _27a\"></span>TS<span class=\"_ _27b\"></span>202<span class=\"_ _3d6\"></span>3</span><span class=\"_ _3e9\"></span>227<span class=\"_ _421\"> </span>IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS<span class=\"_ _421\"> </span>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<span class=\"_ _421\"> </span>SECTION F \u2013 INSURANCE AND REINSURANCE CONTRA<span class=\"_ _2\"></span>CTS <span class=\"_ _74\"> </span>F5 <span class=\"_ _4\"></span>Insurance and r<span class=\"_ _2\"></span>einsurance contr<span class=\"_ _2\"></span>acts \u2013 quantitative analysis of r<span class=\"_ _2\"></span>ecognised amounts \u2013 Scildon (continued)  (a) <span class=\"_ _3\"></span>Insurance contract balances \u2013 analysis b<span class=\"_ _2\"></span>y remaining co<span class=\"_ _2\"></span>ver<span class=\"_ _2\"></span>age and incur<span class=\"_ _2\"></span>red claims (continued) <span class=\"_ _c\"> </span> <span class=\"_ _241\"> </span>Liabilities for <span class=\"ls2 ws2\"> </span> <span class=\"_ _c\"> </span> <span class=\"_ _242\"> </span>remaining coverage <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _39\"> </span>Excluding  <span class=\"_ _9f\"> </span>  <span class=\"_ _1c7\"> </span>Liabilities   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5b\"> </span>loss  <span class=\"_ _45\"> </span>L<span class=\"_ _3\"></span>oss  <span class=\"_ _6d\"> </span>for <span class=\"_ _4\"></span>incu<span class=\"_ _3\"></span>rred   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _146\"> </span>component  <span class=\"_ _128\"> </span>component  <span class=\"_ _76\"> </span>claims  <span class=\"_ _28\"> </span>T<span class=\"_ _a\"></span>otal <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Insurance contrac<span class=\"_ _3\"></span>t liabilities as at 1<span class=\"_ _2\"></span> Januar<span class=\"_ _3\"></span>y 2022 <span class=\"_ _123\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _82\"> </span>1<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>82<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>4 <span class=\"_ _0\"></span> <span class=\"_ _45\"> </span>6<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>9 <span class=\"_ _a\"></span> <span class=\"_ _c2\"> </span>41.<span class=\"_ _3\"></span>2 <span class=\"_ _2\"></span> <span class=\"_ _7c\"> </span>1,<span class=\"_ _3\"></span>92<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5<span class=\"_ _421\"> </span>Chan<span class=\"_ _3\"></span>ges i<span class=\"_ _3\"></span>n the s<span class=\"_ _3\"></span>tatem<span class=\"_ _3\"></span>ent o<span class=\"_ _3\"></span>f pro<span class=\"_ _3\"></span>fit and l<span class=\"_ _3\"></span>os<span class=\"_ _3\"></span>s <span class=\"_ _57\"> </span> <span class=\"_ _0\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>revenu<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>to<span class=\"_ _3\"></span>tal <span class=\"_ _1ed\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _112\"> </span>(<span class=\"_ _3\"></span>13<span class=\"_ _3\"></span>0.<span class=\"_ _4\"></span>5 <span class=\"_ _7\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _112\"> </span>(<span class=\"_ _3\"></span>130<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Insura<span class=\"_ _2\"></span>nce service e<span class=\"_ _a\"></span>xpenses<span class=\"_ _421\"> </span>Incurred claims and other dir<span class=\"_ _2\"></span>ectly attributable expenses <span class=\"_ _f9\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _11b\"> </span>(<span class=\"_ _3\"></span>18.2 <span class=\"_ _31\"></span>) <span class=\"_ _14b\"> </span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>0.9 <span class=\"_ _a\"></span> <span class=\"_ _5b\"> </span>92<span class=\"_ _3\"></span>.7<span class=\"_ _421\"> </span>Losses and rev<span class=\"_ _2\"></span>ersals of losses on onerous contracts <span class=\"_ _7c\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _c2\"> </span>29.4 <span class=\"_ _a\"></span> <span class=\"_ _e9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _c2\"> </span>29.4<span class=\"_ _421\"> </span>Amortisation <span class=\"_ _3\"></span>of <span class=\"_ _4\"></span>insurance <span class=\"_ _3\"></span>acquisition <span class=\"_ _3\"></span>cash <span class=\"_ _3\"></span>flows <span class=\"_ _1e1\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b1\"> </span>3.5  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _1b1\"> </span>3.5<span class=\"_ _421\"> </span>Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>ser<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>expen<span class=\"_ _3\"></span>se <span class=\"_ _4\"></span>tot<span class=\"_ _3\"></span>al <span class=\"_ _235\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _10f\"> </span>3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5  <span class=\"_ _1b7\"> </span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2  <span class=\"_ _14b\"> </span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>9  <span class=\"_ _28\"> </span>1<span class=\"_ _3\"></span>25<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>6<span class=\"_ _421\"> </span>Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>ser<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>resu<span class=\"_ _3\"></span>lt <span class=\"_ _d9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _240\"> </span>(<span class=\"_ _3\"></span>12<span class=\"_ _3\"></span>7<span class=\"_ _2\"></span>.0 <span class=\"_ _7\"></span>) <span class=\"_ _14e\"> </span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2  <span class=\"_ _14b\"> </span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>9  <span class=\"_ _5b\"> </span>(4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Net <span class=\"_ _3\"></span>finance <span class=\"_ _3\"></span>expenses <span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>rom <span class=\"_ _3\"></span>insurance <span class=\"_ _3\"></span>contracts <span class=\"_ _152\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _43\"> </span>(276.0 <span class=\"_ _7\"></span>) <span class=\"_ _179\"> </span>0.3  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _119\"> </span>(275.7 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Effect <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>movements <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>exchange <span class=\"_ _3\"></span>rat<span class=\"_ _2\"></span>es <span class=\"_ _151\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12b\"> </span>90.1  <span class=\"_ _1a1\"> </span>3.9  <span class=\"_ _1a1\"> </span>2<span class=\"_ _3\"></span>.2  <span class=\"_ _5b\"> </span>96<span class=\"_ _3\"></span>.2<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>mount<span class=\"_ _3\"></span>s <span class=\"_ _4\"></span>rec<span class=\"_ _3\"></span>ogni<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>in <span class=\"_ _4\"></span>co<span class=\"_ _3\"></span>mpre<span class=\"_ _3\"></span>hen<span class=\"_ _3\"></span>sive <span class=\"_ _4\"></span>in<span class=\"_ _3\"></span>come <span class=\"_ _146\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _2a\"> </span>(<span class=\"_ _3\"></span>31<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9 <span class=\"_ _7\"></span>) <span class=\"_ _11b\"> </span>1<span class=\"_ _3\"></span>5.<span class=\"_ _3\"></span>4  <span class=\"_ _2d\"> </span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>.1  <span class=\"_ _47\"> </span>(<span class=\"_ _3\"></span>18<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Investment <span class=\"_ _3\"></span>components <span class=\"_ _d8\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _a3\"> </span>(108.0 <span class=\"_ _0\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _14b\"> </span>108.0  <span class=\"_ _e9\"> </span>\u2013<span class=\"_ _421\"> </span>Cash flows<span class=\"_ _421\"> </span>Pr<span class=\"_ _2\"></span>emiums <span class=\"_ _3\"></span>received <span class=\"_ _236\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _e7\"> </span>240.3  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _e7\"> </span>240.3<span class=\"_ _421\"> </span>Claims and other directly attributable e<span class=\"_ _2\"></span>xpenses paid <span class=\"_ _2e\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013  <span class=\"_ _2a\"> </span>(220.3 <span class=\"_ _31\"></span>) <span class=\"_ _3f\"> </span>(220.3 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Insurance <span class=\"_ _3\"></span>acquisition <span class=\"_ _3\"></span>cash <span class=\"_ _3\"></span>flows <span class=\"_ _239\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>(6.7 <span class=\"_ _0\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _165\"> </span>(6.7 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ash <span class=\"_ _4\"></span>flo<span class=\"_ _3\"></span>ws <span class=\"_ _1a4\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _42\"> </span>2<span class=\"_ _3\"></span>33<span class=\"_ _3\"></span>.6  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _47\"> </span>(<span class=\"_ _3\"></span>22<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>3 <span class=\"_ _0\"></span>) <span class=\"_ _2d\"> </span>1<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3<span class=\"_ _421\"> </span>Insurance contrac<span class=\"_ _3\"></span>t liabilities as at 31 December 202<span class=\"_ _3\"></span>2 <span class=\"_ _14\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _9d\"> </span>1<span class=\"_ _3\"></span>,63<span class=\"_ _3\"></span>3.1 <span class=\"_ _2\"></span> <span class=\"_ _7b\"> </span>76.<span class=\"_ _3\"></span>3 <span class=\"_ _2\"></span> <span class=\"_ _44\"> </span>42<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>0 <span class=\"_ _a\"></span> <span class=\"_ _210\"> </span>1<span class=\"_ _3\"></span>,751<span class=\"_ _3\"></span>.4<span class=\"_ _421\"> </span>F<span class=\"_ _2\"></span>or <span class=\"_ _2\"></span>Scildon, the full retrospective approach at transition has been applied to all insurance contracts.<span class=\"_ _421\"> </span>228<span class=\"_ _74\"> </span><span class=\"ff67 ls3 ws2\">CHESN<span class=\"_ _3\"></span>AR<span class=\"_ _3\"></span>A ANN<span class=\"_ _3\"></span>UAL REPOR<span class=\"_ _3\"></span>T AND <span class=\"_ _3\"></span>ACCOUNT<span class=\"_ _3\"></span>S 20<span class=\"_ _2\"></span>23<span class=\"_ _421\"> </span></span>IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS <span class=\"_ _e\"> </span>(b) <span class=\"_ _3\"></span>Insurance contract balances \u2013 analysis b<span class=\"_ _2\"></span>y measurement component \u2013 contr<span class=\"_ _2\"></span>acts not measur<span class=\"_ _2\"></span>ed under P<span class=\"_ _a\"></span>AA <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _e\"> </span>Pr<span class=\"_ _3\"></span>ese<span class=\"_ _3\"></span>nt <span class=\"_ _4\"></span>valu<span class=\"_ _3\"></span>e  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _127\"> </span>o<span class=\"_ _3\"></span>f <span class=\"_ _3\"></span>fu<span class=\"_ _3\"></span>ture  <span class=\"_ _11b\"> </span>Risk  <span class=\"_ _156\"> </span>   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _185\"> </span>ca<span class=\"_ _3\"></span>sh <span class=\"_ _4\"></span>flows  <span class=\"_ _146\"> </span>ad<span class=\"_ _3\"></span>jus<span class=\"_ _3\"></span>tme<span class=\"_ _3\"></span>nt  <span class=\"_ _44\"> </span>C<span class=\"_ _3\"></span>SM  <span class=\"_ _46\"> </span>T<span class=\"_ _a\"></span>o<span class=\"_ _3\"></span>tal <span class=\"_ _19e\"> </span> <span class=\"_ _3\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce con<span class=\"_ _3\"></span>trac<span class=\"_ _3\"></span>t li<span class=\"_ _3\"></span>abili<span class=\"_ _3\"></span>tie<span class=\"_ _3\"></span>s as at 1 Ja<span class=\"_ _3\"></span>nuar<span class=\"_ _3\"></span>y 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>3 <span class=\"_ _2e\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _7c\"> </span>1<span class=\"_ _3\"></span>,6<span class=\"_ _3\"></span>39<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5 <span class=\"_ _a\"></span> <span class=\"_ _1e1\"> </span>2<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5 <span class=\"_ _a\"></span> <span class=\"_ _44\"> </span>8<span class=\"_ _3\"></span>3.<span class=\"_ _3\"></span>4 <span class=\"_ _a\"></span> <span class=\"_ _153\"> </span>1<span class=\"_ _3\"></span>,751<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4<span class=\"_ _421\"> </span>Changes that relate to cur<span class=\"_ _2\"></span>rent ser<span class=\"_ _3\"></span>vice<span class=\"_ _421\"> </span>CSM <span class=\"_ _3\"></span>recognised <span class=\"_ _3\"></span>for <span class=\"_ _3\"></span>services <span class=\"_ _3\"></span>provided <span class=\"_ _238\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _1b7\"> </span>(9.0 <span class=\"_ _7\"></span>) <span class=\"_ _14e\"> </span>(9.0 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Change in risk adjustment for non-financial risk for risk e<span class=\"_ _2\"></span>xpired <span class=\"_ _165\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _e9\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _12e\"> </span>(3.5 <span class=\"_ _31\"></span>) <span class=\"_ _ae\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _165\"> </span>(3.5 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Experience a<span class=\"_ _3\"></span>djustments <span class=\"_ _22\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _150\"> </span>(24.0 <span class=\"_ _0\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _150\"> </span>(24.0 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l chan<span class=\"_ _3\"></span>ges t<span class=\"_ _3\"></span>hat re<span class=\"_ _3\"></span>late to cu<span class=\"_ _3\"></span>rrent s<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _94\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _42\"> </span>(<span class=\"_ _3\"></span>24<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>0 <span class=\"_ _31\"></span>) <span class=\"_ _11b\"> </span>(<span class=\"_ _3\"></span>3.<span class=\"_ _3\"></span>5 <span class=\"_ _31\"></span>) <span class=\"_ _11b\"> </span>(9.<span class=\"_ _3\"></span>0 <span class=\"_ _31\"></span>) <span class=\"_ _43\"> </span>(<span class=\"_ _3\"></span>36<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Changes that relate to future<span class=\"_ _2\"></span> ser<span class=\"_ _3\"></span>vice<span class=\"_ _421\"> </span>Contracts <span class=\"_ _3\"></span>initially <span class=\"_ _3\"></span>recognised <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>period <span class=\"_ _a4\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _152\"> </span>(1<span class=\"_ _3\"></span>1.2 <span class=\"_ _0\"></span>) <span class=\"_ _10f\"> </span>2.6  <span class=\"_ _10f\"> </span>1<span class=\"_ _3\"></span>1.5  <span class=\"_ _1a1\"> </span>2.9<span class=\"_ _421\"> </span>Changes in estimates that adjust the CSM <span class=\"_ _1cb\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _57\"> </span>3.6 <span class=\"_ _a\"></span> <span class=\"_ _20b\"> </span>1.7 <span class=\"_ _a\"></span> <span class=\"_ _165\"> </span>(5.<span class=\"_ _3\"></span>3 <span class=\"_ _31\"></span>) <span class=\"_ _ae\"> </span>\u2013<span class=\"_ _421\"> </span>Changes in estimates that result in losses or r<span class=\"_ _2\"></span>eversals of losses <span class=\"ls2\"> </span>on <span class=\"_ _3\"></span>onerous <span class=\"_ _3\"></span>underlying <span class=\"_ _3\"></span>contracts <span class=\"_ _1fd\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12e\"> </span>33.1  <span class=\"_ _1b7\"> </span>(0.6 <span class=\"_ _7\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _152\"> </span>32.5<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>hang<span class=\"_ _3\"></span>es <span class=\"_ _4\"></span>that <span class=\"_ _4\"></span>rel<span class=\"_ _3\"></span>ate <span class=\"_ _4\"></span>to <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>utur<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vic<span class=\"_ _3\"></span>e <span class=\"_ _b9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _2d\"> </span>2<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5  <span class=\"_ _fe\"> </span>3<span class=\"_ _3\"></span>.7  <span class=\"_ _10f\"> </span>6<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2  <span class=\"_ _11b\"> </span>35<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4<span class=\"_ _421\"> </span>Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>ser<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>resu<span class=\"_ _3\"></span>lt <span class=\"_ _d9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b1\"> </span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5  <span class=\"_ _179\"> </span>0.<span class=\"_ _3\"></span>2  <span class=\"_ _14e\"> </span>(2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8 <span class=\"_ _7\"></span>) <span class=\"_ _8f\"> </span>(<span class=\"_ _3\"></span>1.<span class=\"_ _3\"></span>1 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Net <span class=\"_ _3\"></span>finance <span class=\"_ _3\"></span>expenses <span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>rom <span class=\"_ _3\"></span>insurance <span class=\"_ _3\"></span>contracts <span class=\"_ _152\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1e1\"> </span>159.9  <span class=\"_ _1a1\"> </span>2.<span class=\"_ _3\"></span>2  <span class=\"_ _10e\"> </span>0.9  <span class=\"_ _44\"> </span>163.0<span class=\"_ _421\"> </span>Effect of movements in e<span class=\"_ _2\"></span>xchange rat<span class=\"_ _2\"></span>es <span class=\"_ _a0\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _11b\"> </span>(37<span class=\"_ _a\"></span>.5 <span class=\"_ _31\"></span>) <span class=\"_ _14e\"> </span>(0.7 <span class=\"_ _31\"></span>) <span class=\"_ _1b7\"> </span>(1.9 <span class=\"_ _7\"></span>) <span class=\"_ _150\"> </span>(40.1 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>mount<span class=\"_ _3\"></span>s <span class=\"_ _4\"></span>rec<span class=\"_ _3\"></span>ogni<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>in <span class=\"_ _4\"></span>co<span class=\"_ _3\"></span>mpre<span class=\"_ _3\"></span>hen<span class=\"_ _3\"></span>sive <span class=\"_ _4\"></span>in<span class=\"_ _3\"></span>come <span class=\"_ _146\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _28\"> </span>1<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>.9  <span class=\"_ _94\"> </span>1<span class=\"_ _3\"></span>.7  <span class=\"_ _114\"> </span>(<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8 <span class=\"_ _7\"></span>) <span class=\"_ _28\"> </span>12<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8<span class=\"_ _421\"> </span>Cash flows<span class=\"_ _421\"> </span>Pr<span class=\"_ _2\"></span>emiums <span class=\"_ _3\"></span>received <span class=\"_ _236\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _7b\"> </span>231.3  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _11b\"> </span>231.3<span class=\"_ _421\"> </span>Claims and other directly attributable e<span class=\"_ _2\"></span>xpenses paid <span class=\"_ _2e\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _2a\"> </span>(236.0 <span class=\"_ _31\"></span>) <span class=\"_ _ae\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013  <span class=\"_ _112\"> </span>(236.0 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Insurance <span class=\"_ _3\"></span>acquisition <span class=\"_ _3\"></span>cash <span class=\"_ _3\"></span>flows <span class=\"_ _239\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12e\"> </span>(5.6 <span class=\"_ _7\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _12e\"> </span>(5.6 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ash <span class=\"_ _4\"></span>flo<span class=\"_ _3\"></span>ws <span class=\"_ _1a4\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _150\"> </span>(<span class=\"_ _3\"></span>10<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3 <span class=\"_ _7\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _44\"> </span>(<span class=\"_ _3\"></span>10<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce con<span class=\"_ _3\"></span>trac<span class=\"_ _3\"></span>t li<span class=\"_ _3\"></span>abili<span class=\"_ _3\"></span>tie<span class=\"_ _3\"></span>s as at 3<span class=\"_ _3\"></span>1 Dec<span class=\"_ _3\"></span>emb<span class=\"_ _3\"></span>er 20<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>3 <span class=\"_ _6d\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _129\"> </span>1<span class=\"_ _3\"></span>,75<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>.1 <span class=\"_ _a\"></span> <span class=\"_ _1e1\"> </span>3<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>2 <span class=\"_ _2\"></span> <span class=\"_ _1e1\"> </span>7<span class=\"_ _3\"></span>9.<span class=\"_ _3\"></span>6 <span class=\"_ _a\"></span> <span class=\"_ _7e\"> </span>1,<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>62<span class=\"_ _4\"></span>.9<span class=\"_ _421\"> </span><span class=\"ff65 ls3 ws2\"></span><span class=\"ff65 ls3 ws2\"></span><span class=\"ff65 ls3 ws2\">CHES<span class=\"_ _283\"></span>NAR<span class=\"_ _277\"></span>A<span class=\"_ _278\"></span>AN<span class=\"_ _277\"></span>NUAL<span class=\"_ _35e\"></span>REPO<span class=\"_ _277\"></span>RT<span class=\"_ _287\"></span>AND<span class=\"_ _392\"></span>ACCOUNT<span class=\"_ _27a\"></span>S<span class=\"_ _27b\"></span>20<span class=\"_ _2b5\"></span>23</span><span class=\"_ _3eb\"></span>229<span class=\"_ _421\"> </span>IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS<span class=\"_ _421\"> </span>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<span class=\"_ _421\"> </span>SECTION F \u2013 INSURANCE AND REINSURANCE CONTRA<span class=\"_ _2\"></span>CTS <span class=\"_ _74\"> </span>F5 <span class=\"_ _4\"></span>Insurance and r<span class=\"_ _2\"></span>einsurance contr<span class=\"_ _2\"></span>acts \u2013 quantitative analysis of r<span class=\"_ _2\"></span>ecognised amounts \u2013 Scildon (continued) <span class=\"_ _e\"> </span>(b) <span class=\"_ _3\"></span>Insurance contract balances \u2013 analysis b<span class=\"_ _2\"></span>y measurement component \u2013 contr<span class=\"_ _2\"></span>acts not measur<span class=\"_ _2\"></span>ed under P<span class=\"_ _a\"></span>AA (continued) <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _e\"> </span>Pr<span class=\"_ _3\"></span>ese<span class=\"_ _3\"></span>nt <span class=\"_ _4\"></span>valu<span class=\"_ _3\"></span>e  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _127\"> </span>o<span class=\"_ _3\"></span>f <span class=\"_ _3\"></span>fu<span class=\"_ _3\"></span>ture  <span class=\"_ _11b\"> </span>Risk  <span class=\"_ _156\"> </span>   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _185\"> </span>ca<span class=\"_ _3\"></span>sh <span class=\"_ _4\"></span>flows  <span class=\"_ _146\"> </span>ad<span class=\"_ _3\"></span>jus<span class=\"_ _3\"></span>tme<span class=\"_ _3\"></span>nt  <span class=\"_ _44\"> </span>C<span class=\"_ _3\"></span>SM  <span class=\"_ _46\"> </span>T<span class=\"_ _a\"></span>o<span class=\"_ _3\"></span>tal <span class=\"_ _19e\"> </span> <span class=\"_ _3\"></span> <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce con<span class=\"_ _3\"></span>trac<span class=\"_ _3\"></span>t li<span class=\"_ _3\"></span>abili<span class=\"_ _3\"></span>tie<span class=\"_ _3\"></span>s as at 1 Ja<span class=\"_ _3\"></span>nuar<span class=\"_ _3\"></span>y 2<span class=\"_ _3\"></span>022 <span class=\"_ _f1\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _11c\"> </span>1<span class=\"_ _3\"></span>,78<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2 <span class=\"_ _a\"></span> <span class=\"_ _7b\"> </span>33<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>0 <span class=\"_ _a\"></span> <span class=\"_ _46\"> </span>1<span class=\"_ _3\"></span>01<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3 <span class=\"_ _a\"></span> <span class=\"_ _7c\"> </span>1<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>92<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5<span class=\"_ _421\"> </span>Changes that relate to cur<span class=\"_ _2\"></span>rent ser<span class=\"_ _3\"></span>vice<span class=\"_ _421\"> </span>CSM <span class=\"_ _3\"></span>recognised <span class=\"_ _3\"></span>for <span class=\"_ _3\"></span>services <span class=\"_ _3\"></span>provided <span class=\"_ _238\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _f0\"> </span>(10.3 <span class=\"_ _0\"></span>) <span class=\"_ _1e1\"> </span>(10.3 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>Change in risk adjustment for non-financial risk for risk e<span class=\"_ _2\"></span>xpired <span class=\"_ _165\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _e9\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _1b7\"> </span>(3.8 <span class=\"_ _31\"></span>) <span class=\"_ _15b\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _12b\"> </span>(3.8 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Experience a<span class=\"_ _3\"></span>djustments <span class=\"_ _22\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1e1\"> </span>(20.2 <span class=\"_ _7\"></span>) <span class=\"_ _97\"> </span>\u2013  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _1e1\"> </span>(20.2 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l chan<span class=\"_ _3\"></span>ges t<span class=\"_ _3\"></span>hat re<span class=\"_ _3\"></span>late to cu<span class=\"_ _3\"></span>rrent s<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _94\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _e7\"> </span>(2<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>2 <span class=\"_ _31\"></span>) <span class=\"_ _11b\"> </span>(3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8 <span class=\"_ _f\"></span>) <span class=\"_ _e7\"> </span>(1<span class=\"_ _3\"></span>0.<span class=\"_ _4\"></span>3 <span class=\"_ _31\"></span>) <span class=\"_ _240\"> </span>(3<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Changes that relate to future<span class=\"_ _2\"></span> ser<span class=\"_ _3\"></span>vice<span class=\"_ _421\"> </span>Contracts <span class=\"_ _3\"></span>initially <span class=\"_ _3\"></span>recognised <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>period <span class=\"_ _a4\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14e\"> </span>(1<span class=\"_ _4\"></span>1.6 <span class=\"_ _7\"></span>) <span class=\"_ _fe\"> </span>5.2  <span class=\"_ _12b\"> </span>1<span class=\"_ _3\"></span>3.4  <span class=\"_ _57\"> </span>7.<span class=\"_ _2\"></span>0<span class=\"_ _421\"> </span>Changes in estimates that adjust the CSM <span class=\"_ _1cb\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _114\"> </span>22<span class=\"_ _3\"></span>.7 <span class=\"_ _a\"></span> <span class=\"_ _57\"> </span>3.2 <span class=\"_ _2\"></span> <span class=\"_ _45\"> </span>(25.9 <span class=\"_ _7\"></span>) <span class=\"_ _ae\"> </span>\u2013<span class=\"_ _421\"> </span>Changes in estimates that result in losses or r<span class=\"_ _2\"></span>eversals of losses <span class=\"ls2\"> </span>on <span class=\"_ _3\"></span>onerous <span class=\"_ _3\"></span>underlying <span class=\"_ _3\"></span>contracts <span class=\"_ _1fd\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _152\"> </span>22.5  <span class=\"_ _fe\"> </span>(0.1 <span class=\"_ _7\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _114\"> </span>22.4<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l chan<span class=\"_ _3\"></span>ges t<span class=\"_ _3\"></span>hat re<span class=\"_ _3\"></span>late to f<span class=\"_ _3\"></span>uture s<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _97\"> </span> <span class=\"_ _0\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _11b\"> </span>33<span class=\"_ _3\"></span>.6 <span class=\"_ _2\"></span> <span class=\"_ _12e\"> </span>8.<span class=\"_ _3\"></span>3 <span class=\"_ _2\"></span> <span class=\"_ _150\"> </span>(1<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5 <span class=\"_ _31\"></span>) <span class=\"_ _46\"> </span>2<span class=\"_ _3\"></span>9.<span class=\"_ _3\"></span>4<span class=\"_ _421\"> </span>Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>ser<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>resu<span class=\"_ _3\"></span>lt <span class=\"_ _d9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5b\"> </span>1<span class=\"_ _3\"></span>3.<span class=\"_ _3\"></span>4  <span class=\"_ _8f\"> </span>4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5  <span class=\"_ _28\"> </span>(<span class=\"_ _3\"></span>22<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8 <span class=\"_ _0\"></span>) <span class=\"_ _11b\"> </span>(4<span class=\"_ _3\"></span>.9 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>Net finance expenses f<span class=\"_ _3\"></span>rom insurance contr<span class=\"_ _2\"></span>acts <span class=\"_ _152\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _240\"> </span>(265.3 <span class=\"_ _31\"></span>) <span class=\"_ _45\"> </span>(10.6 <span class=\"_ _31\"></span>) <span class=\"_ _12e\"> </span>0.2 <span class=\"_ _2\"></span> <span class=\"_ _a3\"> </span>(275.7 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Effect <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>movements <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>exchange <span class=\"_ _3\"></span>rat<span class=\"_ _2\"></span>es <span class=\"_ _151\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5b\"> </span>89.9  <span class=\"_ _20b\"> </span>1.6  <span class=\"_ _10e\"> </span>4<span class=\"_ _3\"></span>.7  <span class=\"_ _5b\"> </span>96.<span class=\"_ _3\"></span>2<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l amou<span class=\"_ _3\"></span>nts r<span class=\"_ _3\"></span>eco<span class=\"_ _3\"></span>gnis<span class=\"_ _3\"></span>ed in c<span class=\"_ _3\"></span>omp<span class=\"_ _3\"></span>rehe<span class=\"_ _3\"></span>nsi<span class=\"_ _3\"></span>ve inc<span class=\"_ _3\"></span>ome <span class=\"_ _6d\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _1c0\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>62<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>0 <span class=\"_ _31\"></span>) <span class=\"_ _7b\"> </span>(4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5 <span class=\"_ _31\"></span>) <span class=\"_ _28\"> </span>(1<span class=\"_ _3\"></span>7<span class=\"_ _2\"></span>.<span class=\"_ _3\"></span>9 <span class=\"_ _31\"></span>) <span class=\"_ _14f\"> </span>(<span class=\"_ _3\"></span>18<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Cash flows<span class=\"_ _421\"> </span>Pr<span class=\"_ _2\"></span>emiums <span class=\"_ _3\"></span>received <span class=\"_ _236\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _e7\"> </span>240.3  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _e7\"> </span>240.3<span class=\"_ _421\"> </span>Claims and other directly attributable e<span class=\"_ _2\"></span>xpenses paid <span class=\"_ _2e\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _2a\"> </span>(220.<span class=\"_ _3\"></span>3 <span class=\"_ _31\"></span>) <span class=\"_ _ae\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _2a\"> </span>(220.<span class=\"_ _3\"></span>3 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Insurance <span class=\"_ _3\"></span>acquisition <span class=\"_ _3\"></span>cash <span class=\"_ _3\"></span>flows <span class=\"_ _239\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>(6.7 <span class=\"_ _0\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _165\"> </span>(6.7 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ash <span class=\"_ _4\"></span>flo<span class=\"_ _3\"></span>ws <span class=\"_ _1a4\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14e\"> </span>13<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _14e\"> </span>1<span class=\"_ _3\"></span>3.<span class=\"_ _4\"></span>3<span class=\"_ _421\"> </span>Ins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce con<span class=\"_ _3\"></span>trac<span class=\"_ _3\"></span>t li<span class=\"_ _3\"></span>abili<span class=\"_ _3\"></span>tie<span class=\"_ _3\"></span>s as at 3<span class=\"_ _3\"></span>1 Dec<span class=\"_ _3\"></span>emb<span class=\"_ _3\"></span>er 20<span class=\"_ _3\"></span>22 <span class=\"_ _128\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _7c\"> </span>1<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>63<span class=\"_ _3\"></span>9.<span class=\"_ _3\"></span>5 <span class=\"_ _a\"></span> <span class=\"_ _7b\"> </span>28<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5 <span class=\"_ _a\"></span> <span class=\"_ _45\"> </span>8<span class=\"_ _3\"></span>3.<span class=\"_ _3\"></span>4 <span class=\"_ _a\"></span> <span class=\"_ _153\"> </span>1<span class=\"_ _3\"></span>,751<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4<span class=\"_ _421\"> </span>230<span class=\"_ _18\"> </span><span class=\"ff67 ls3 ws2\">CH<span class=\"_ _3\"></span>ESN<span class=\"_ _3\"></span>AR<span class=\"_ _3\"></span>A ANNUA<span class=\"_ _3\"></span>L REPOR<span class=\"_ _3\"></span>T AND ACCO<span class=\"_ _3\"></span>UNT<span class=\"_ _3\"></span>S 20<span class=\"_ _2\"></span>23<span class=\"_ _421\"> </span></span>IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS <span class=\"_ _18\"> </span>(c) <span class=\"_ _4\"></span>Reinsurance contract balances \u2013 analysis b<span class=\"_ _2\"></span>y r<span class=\"_ _2\"></span>emaining cover<span class=\"_ _2\"></span>age and incur<span class=\"_ _a\"></span>red claims <span class=\"_ _c\"> </span> <span class=\"_ _243\"> </span>Asset<span class=\"_ _3\"></span>s fo<span class=\"_ _2\"></span>r <span class=\"ls2 ws2\"> </span> <span class=\"_ _c\"> </span> <span class=\"_ _242\"> </span>remaining coverage <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _39\"> </span>E<span class=\"_ _3\"></span>xclud<span class=\"_ _3\"></span>ing  <span class=\"_ _42\"> </span>Lo<span class=\"_ _3\"></span>ss<span class=\"_ _3\"></span>-  <span class=\"_ _1c1\"> </span>A<span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>ts <span class=\"_ _4\"></span>for   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _74\"> </span>l<span class=\"_ _3\"></span>oss<span class=\"_ _3\"></span>-re<span class=\"_ _3\"></span>cover<span class=\"_ _3\"></span>y  <span class=\"_ _127\"> </span>re<span class=\"_ _3\"></span>cover<span class=\"_ _3\"></span>y  <span class=\"_ _33\"> </span>incu<span class=\"_ _3\"></span>rred   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _146\"> </span>component  <span class=\"_ _128\"> </span>component  <span class=\"_ _76\"> </span>claims  <span class=\"_ _28\"> </span>T<span class=\"_ _a\"></span>otal <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Rei<span class=\"_ _3\"></span>nsur<span class=\"_ _3\"></span>ance c<span class=\"_ _3\"></span>ontr<span class=\"_ _3\"></span>ac<span class=\"_ _3\"></span>t ass<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>s as at 1 J<span class=\"_ _3\"></span>anua<span class=\"_ _3\"></span>ry 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>3 <span class=\"_ _be\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _29\"> </span>(2<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4 <span class=\"_ _31\"></span>) <span class=\"_ _152\"> </span>4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5 <span class=\"_ _a\"></span> <span class=\"_ _8f\"> </span>8<span class=\"_ _3\"></span>.7 <span class=\"_ _a\"></span> <span class=\"_ _150\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Reinsurance expenses \u2013 allocation of r<span class=\"_ _2\"></span>einsurance premiums paid <span class=\"_ _e7\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _2d\"> </span>(21.8 <span class=\"_ _7\"></span>) <span class=\"_ _ae\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _e9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _2d\"> </span>(21.8 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Amount<span class=\"_ _3\"></span>s recoverable from reinsurers<span class=\"_ _421\"> </span>Recov<span class=\"_ _2\"></span>eries of incurred claims and other directly at<span class=\"_ _2\"></span>tributable expenses <span class=\"_ _1c7\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013  <span class=\"_ _1b7\"> </span>17<span class=\"_ _2\"></span>.3 <span class=\"_ _2\"></span> <span class=\"_ _165\"> </span>17.3<span class=\"_ _421\"> </span>Changes <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>the <span class=\"_ _4\"></span>loss-reco<span class=\"_ _2\"></span>very <span class=\"_ _3\"></span>component <span class=\"_ _154\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _20b\"> </span>1.8  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _5a\"> </span>1.<span class=\"_ _3\"></span>8<span class=\"_ _421\"> </span>Ne<span class=\"_ _3\"></span>t <span class=\"_ _3\"></span>(expe<span class=\"_ _3\"></span>nse<span class=\"_ _3\"></span>s)/inc<span class=\"_ _3\"></span>ome <span class=\"_ _4\"></span>from <span class=\"_ _4\"></span>re<span class=\"_ _3\"></span>insu<span class=\"_ _3\"></span>ranc<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ontra<span class=\"_ _3\"></span>ct<span class=\"_ _3\"></span>s <span class=\"_ _4\"></span>hel<span class=\"_ _3\"></span>d <span class=\"_ _0\"></span> <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _44\"> </span>(2<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.8 <span class=\"_ _0\"></span>) <span class=\"_ _179\"> </span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8  <span class=\"_ _152\"> </span>17.<span class=\"_ _3\"></span>3  <span class=\"_ _152\"> </span>(2<span class=\"_ _3\"></span>.7 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Net <span class=\"_ _3\"></span>finance <span class=\"_ _3\"></span>expenses <span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>rom <span class=\"_ _3\"></span>reinsuranc<span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>contracts <span class=\"_ _119\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>(3.4 <span class=\"_ _7\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _165\"> </span>(3.4 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>Effect of movements in e<span class=\"_ _2\"></span>xchange rat<span class=\"_ _2\"></span>es <span class=\"_ _a0\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _fe\"> </span>0.6 <span class=\"_ _a\"></span> <span class=\"_ _179\"> </span>(0.1 <span class=\"_ _31\"></span>) <span class=\"_ _114\"> </span>(0.2 <span class=\"_ _7\"></span>) <span class=\"_ _12e\"> </span>0.3<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>mount<span class=\"_ _3\"></span>s <span class=\"_ _4\"></span>rec<span class=\"_ _3\"></span>ogni<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>in <span class=\"_ _4\"></span>co<span class=\"_ _3\"></span>mpre<span class=\"_ _3\"></span>hen<span class=\"_ _3\"></span>sive <span class=\"_ _4\"></span>in<span class=\"_ _3\"></span>come <span class=\"_ _146\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _28\"> </span>(2<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>.6 <span class=\"_ _7\"></span>) <span class=\"_ _10e\"> </span>1<span class=\"_ _3\"></span>.7  <span class=\"_ _12e\"> </span>1<span class=\"_ _3\"></span>7<span class=\"_ _2\"></span>.1  <span class=\"_ _14e\"> </span>(5<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Cash flows<span class=\"_ _421\"> </span>Pr<span class=\"_ _2\"></span>emiums <span class=\"_ _3\"></span>paid <span class=\"_ _1eb\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _c2\"> </span>24.0  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _5b\"> </span>2<span class=\"_ _2\"></span>4.0<span class=\"_ _421\"> </span>Recov<span class=\"_ _2\"></span>eries <span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>rom <span class=\"_ _3\"></span>reinsurance contracts <span class=\"_ _3\"></span>held <span class=\"_ _1d0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _5b\"> </span>(17.9 <span class=\"_ _7\"></span>) <span class=\"_ _11b\"> </span>(17<span class=\"_ _2\"></span>.9 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ash <span class=\"_ _4\"></span>flo<span class=\"_ _3\"></span>ws <span class=\"_ _1a4\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1e1\"> </span>2<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>.0  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _1e1\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>7<span class=\"_ _2\"></span>.<span class=\"_ _3\"></span>9 <span class=\"_ _7\"></span>) <span class=\"_ _fe\"> </span>6<span class=\"_ _3\"></span>.1<span class=\"_ _421\"> </span>Rei<span class=\"_ _3\"></span>nsur<span class=\"_ _3\"></span>ance c<span class=\"_ _3\"></span>ontr<span class=\"_ _3\"></span>ac<span class=\"_ _3\"></span>t ass<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>s as at 3<span class=\"_ _3\"></span>1 De<span class=\"_ _3\"></span>cemb<span class=\"_ _3\"></span>er 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>3 <span class=\"_ _92\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _15c\"> </span>(<span class=\"_ _3\"></span>29<span class=\"_ _3\"></span>.0<span class=\"_ _3\"></span> <span class=\"_ _f\"></span>)<span class=\"_ _3\"></span> <span class=\"_ _20a\"> </span>6<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2 <span class=\"_ _a\"></span> <span class=\"_ _10f\"> </span>7.9 <span class=\"_ _2\"></span> <span class=\"_ _46\"> </span>(<span class=\"_ _3\"></span>14<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9 <span class=\"_ _31\"></span>) <span class=\"_ _c\"> </span> <span class=\"_ _243\"> </span>Asset<span class=\"_ _3\"></span>s fo<span class=\"_ _2\"></span>r <span class=\"ls2 ws2\"> </span> <span class=\"_ _c\"> </span> <span class=\"_ _242\"> </span>remaining coverage <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _39\"> </span>E<span class=\"_ _3\"></span>xclud<span class=\"_ _3\"></span>ing  <span class=\"_ _42\"> </span>Lo<span class=\"_ _3\"></span>ss<span class=\"_ _3\"></span>-  <span class=\"_ _1c1\"> </span>A<span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>ts <span class=\"_ _4\"></span>for   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _74\"> </span>l<span class=\"_ _3\"></span>oss<span class=\"_ _3\"></span>-re<span class=\"_ _3\"></span>cover<span class=\"_ _3\"></span>y  <span class=\"_ _127\"> </span>re<span class=\"_ _3\"></span>cover<span class=\"_ _3\"></span>y  <span class=\"_ _33\"> </span>incu<span class=\"_ _3\"></span>rred   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _146\"> </span>component  <span class=\"_ _128\"> </span>component  <span class=\"_ _76\"> </span>claims  <span class=\"_ _28\"> </span>T<span class=\"_ _a\"></span>otal <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Rei<span class=\"_ _3\"></span>nsur<span class=\"_ _3\"></span>ance c<span class=\"_ _3\"></span>ontr<span class=\"_ _3\"></span>ac<span class=\"_ _3\"></span>t ass<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>s as at 1 J<span class=\"_ _3\"></span>anua<span class=\"_ _3\"></span>ry 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2 <span class=\"_ _be\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _42\"> </span>(4<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>8 <span class=\"_ _31\"></span>) <span class=\"_ _12b\"> </span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5 <span class=\"_ _2\"></span> <span class=\"_ _1a1\"> </span>5<span class=\"_ _3\"></span>.1 <span class=\"_ _2\"></span> <span class=\"_ _28\"> </span>(3<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Reinsurance expenses \u2013 allocation of r<span class=\"_ _2\"></span>einsurance premiums paid <span class=\"_ _e7\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _11b\"> </span>(19.8 <span class=\"_ _31\"></span>) <span class=\"_ _15b\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _e9\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _11b\"> </span>(<span class=\"_ _3\"></span>19.8 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Amount<span class=\"_ _3\"></span>s recoverable from reinsurers<span class=\"_ _421\"> </span>Recov<span class=\"_ _2\"></span>eries of incurred claims and other directly at<span class=\"_ _2\"></span>tributable expenses <span class=\"_ _1c7\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013  <span class=\"_ _152\"> </span>18.5  <span class=\"_ _152\"> </span>18<span class=\"_ _3\"></span>.5<span class=\"_ _421\"> </span>Changes <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>the <span class=\"_ _4\"></span>loss-reco<span class=\"_ _2\"></span>very <span class=\"_ _3\"></span>component <span class=\"_ _154\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _20b\"> </span>1.8  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _5a\"> </span>1.<span class=\"_ _3\"></span>8<span class=\"_ _421\"> </span>Ne<span class=\"_ _3\"></span>t <span class=\"_ _3\"></span>(expe<span class=\"_ _3\"></span>nse<span class=\"_ _3\"></span>s)/inc<span class=\"_ _3\"></span>ome <span class=\"_ _4\"></span>from <span class=\"_ _4\"></span>re<span class=\"_ _3\"></span>insu<span class=\"_ _3\"></span>ranc<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ontra<span class=\"_ _3\"></span>ct<span class=\"_ _3\"></span>s <span class=\"_ _4\"></span>hel<span class=\"_ _3\"></span>d <span class=\"_ _0\"></span> <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _150\"> </span>(1<span class=\"_ _3\"></span>9.<span class=\"_ _3\"></span>8 <span class=\"_ _7\"></span>) <span class=\"_ _10f\"> </span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8  <span class=\"_ _5b\"> </span>1<span class=\"_ _3\"></span>8.<span class=\"_ _4\"></span>5  <span class=\"_ _8f\"> </span>0<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5<span class=\"_ _421\"> </span>Net <span class=\"_ _3\"></span>finance <span class=\"_ _3\"></span>expenses <span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>rom <span class=\"_ _3\"></span>reinsuranc<span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>contracts <span class=\"_ _119\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12e\"> </span>1<span class=\"_ _4\"></span>1.8  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _12e\"> </span>1<span class=\"_ _4\"></span>1.8<span class=\"_ _421\"> </span>Effect <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>movements <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>exchange <span class=\"_ _3\"></span>rat<span class=\"_ _2\"></span>es <span class=\"_ _151\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _10e\"> </span>(1.7 <span class=\"_ _0\"></span>) <span class=\"_ _8f\"> </span>0.2  <span class=\"_ _10e\"> </span>0.4  <span class=\"_ _94\"> </span>(1.1 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>mount<span class=\"_ _3\"></span>s <span class=\"_ _4\"></span>rec<span class=\"_ _3\"></span>ogni<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>in <span class=\"_ _4\"></span>co<span class=\"_ _3\"></span>mpre<span class=\"_ _3\"></span>hen<span class=\"_ _3\"></span>sive <span class=\"_ _4\"></span>in<span class=\"_ _3\"></span>come <span class=\"_ _146\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _20a\"> </span>(9<span class=\"_ _3\"></span>.7 <span class=\"_ _31\"></span>) <span class=\"_ _1b7\"> </span>2<span class=\"_ _4\"></span>.0  <span class=\"_ _5b\"> </span>18<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9  <span class=\"_ _1b7\"> </span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2<span class=\"_ _421\"> </span>Cash flows<span class=\"_ _421\"> </span>Pr<span class=\"_ _2\"></span>emiums <span class=\"_ _3\"></span>paid <span class=\"_ _1eb\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12e\"> </span>22.1  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _12e\"> </span>22.1<span class=\"_ _421\"> </span>Recov<span class=\"_ _2\"></span>eries <span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>rom <span class=\"_ _3\"></span>reinsurance contracts <span class=\"_ _3\"></span>held <span class=\"_ _1d0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _5b\"> </span>(15.3 <span class=\"_ _0\"></span>) <span class=\"_ _11b\"> </span>(15.3 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ash <span class=\"_ _4\"></span>flo<span class=\"_ _3\"></span>ws <span class=\"_ _1a4\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14e\"> </span>2<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.1  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _45\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>5.<span class=\"_ _4\"></span>3 <span class=\"_ _7\"></span>) <span class=\"_ _12b\"> </span>6<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8<span class=\"_ _421\"> </span>Rei<span class=\"_ _3\"></span>nsur<span class=\"_ _3\"></span>ance c<span class=\"_ _3\"></span>ontr<span class=\"_ _3\"></span>ac<span class=\"_ _3\"></span>t ass<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>s as at 3<span class=\"_ _3\"></span>1 De<span class=\"_ _3\"></span>cemb<span class=\"_ _3\"></span>er 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2 <span class=\"_ _92\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _42\"> </span>(<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>8.<span class=\"_ _3\"></span>4 <span class=\"_ _31\"></span>) <span class=\"_ _152\"> </span>4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5 <span class=\"_ _2\"></span> <span class=\"_ _8f\"> </span>8<span class=\"_ _3\"></span>.7 <span class=\"_ _a\"></span> <span class=\"_ _150\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>F<span class=\"_ _2\"></span>or <span class=\"_ _2\"></span>Scildon, the full retrospective approach at transition has been applied to all reinsurance contracts.<span class=\"_ _421\"> </span><span class=\"ff65 ls3 ws2\"></span><span class=\"ff65 ls3 ws2\"></span><span class=\"ff65 ls3 ws2\">CHES<span class=\"_ _277\"></span>NAR<span class=\"_ _277\"></span>A<span class=\"_ _278\"></span>AN<span class=\"_ _283\"></span>NUAL<span class=\"_ _379\"></span>REPO<span class=\"_ _279\"></span>RT<span class=\"_ _278\"></span>AND<span class=\"_ _3b0\"></span>ACCOUNT<span class=\"_ _279\"></span>S<span class=\"_ _27b\"></span>20<span class=\"_ _2b5\"></span>23</span><span class=\"_ _3e0\"></span><span class=\"_ _421\"> </span>231<span class=\"_ _421\"> </span>IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS<span class=\"_ _421\"> </span>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<span class=\"_ _421\"> </span>SECTION F \u2013 INSURANCE AND REINSURANCE CONTRA<span class=\"_ _2\"></span>CTS <span class=\"_ _74\"> </span>F5 <span class=\"_ _4\"></span>Insurance and r<span class=\"_ _2\"></span>einsurance contr<span class=\"_ _2\"></span>acts \u2013 quantitative analysis of r<span class=\"_ _2\"></span>ecognised amounts \u2013 Scildon (continued) <span class=\"_ _e\"> </span>(d) <span class=\"_ _3\"></span>Reinsurance contract balances \u2013 analysis b<span class=\"_ _2\"></span>y measurement component \u2013 contr<span class=\"_ _2\"></span>acts not measur<span class=\"_ _2\"></span>ed under P<span class=\"_ _a\"></span>AA <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _e\"> </span>Pr<span class=\"_ _3\"></span>ese<span class=\"_ _3\"></span>nt <span class=\"_ _4\"></span>valu<span class=\"_ _3\"></span>e  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _93\"> </span> <span class=\"_ _4\"></span>of <span class=\"_ _4\"></span>futu<span class=\"_ _3\"></span>re  <span class=\"_ _7b\"> </span>Ri<span class=\"_ _3\"></span>sk  <span class=\"_ _9f\"> </span>   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _185\"> </span>ca<span class=\"_ _3\"></span>sh <span class=\"_ _4\"></span>flows  <span class=\"_ _146\"> </span>ad<span class=\"_ _3\"></span>jus<span class=\"_ _3\"></span>tme<span class=\"_ _3\"></span>nt  <span class=\"_ _44\"> </span>C<span class=\"_ _3\"></span>SM  <span class=\"_ _46\"> </span>T<span class=\"_ _a\"></span>o<span class=\"_ _3\"></span>tal <span class=\"_ _19e\"> </span> <span class=\"_ _3\"></span> <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Rei<span class=\"_ _3\"></span>nsur<span class=\"_ _3\"></span>ance c<span class=\"_ _3\"></span>ontr<span class=\"_ _3\"></span>ac<span class=\"_ _3\"></span>t ass<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>s as at 1 J<span class=\"_ _3\"></span>anua<span class=\"_ _3\"></span>ry 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>3 <span class=\"_ _5d\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _44\"> </span>(5<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.1 <span class=\"_ _31\"></span>) <span class=\"_ _7b\"> </span>1<span class=\"_ _3\"></span>0.7 <span class=\"_ _a\"></span> <span class=\"_ _7b\"> </span>2<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2 <span class=\"_ _a\"></span> <span class=\"_ _150\"> </span>(<span class=\"_ _3\"></span>15<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Changes that relate to cur<span class=\"_ _2\"></span>rent ser<span class=\"_ _3\"></span>vice<span class=\"_ _421\"> </span>CSM <span class=\"_ _3\"></span>recognised <span class=\"_ _3\"></span>for <span class=\"_ _3\"></span>services <span class=\"_ _3\"></span>received <span class=\"_ _8e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _12e\"> </span>(2.7 <span class=\"_ _7\"></span>) <span class=\"_ _20a\"> </span>(2<span class=\"_ _3\"></span>.7 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Change in risk adjustment for non-financial risk for risk e<span class=\"_ _2\"></span>xpired <span class=\"_ _165\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _e9\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _fe\"> </span>(1.3 <span class=\"_ _31\"></span>) <span class=\"_ _15b\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _10f\"> </span>(<span class=\"_ _3\"></span>1.3 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Experience a<span class=\"_ _3\"></span>djustments <span class=\"_ _22\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _10f\"> </span>(1.0 <span class=\"_ _7\"></span>) <span class=\"_ _97\"> </span>\u2013  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _10f\"> </span>(<span class=\"_ _3\"></span>1.0 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l chan<span class=\"_ _3\"></span>ges t<span class=\"_ _3\"></span>hat re<span class=\"_ _3\"></span>late to cu<span class=\"_ _3\"></span>rrent s<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _94\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _20a\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.0 <span class=\"_ _31\"></span>) <span class=\"_ _5b\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3 <span class=\"_ _31\"></span>) <span class=\"_ _2d\"> </span>(2<span class=\"_ _4\"></span>.7 <span class=\"_ _f\"></span>) <span class=\"_ _11b\"> </span>(5<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>0 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Changes that relate to future<span class=\"_ _2\"></span> ser<span class=\"_ _3\"></span>vice<span class=\"_ _421\"> </span>Contracts <span class=\"_ _3\"></span>initially <span class=\"_ _3\"></span>recognised <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>period <span class=\"_ _a4\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _10e\"> </span>(3.1 <span class=\"_ _0\"></span>) <span class=\"_ _12e\"> </span>0.9  <span class=\"_ _1b1\"> </span>2.2  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span>Changes in estimates that adjust the CSM <span class=\"_ _1cb\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _20b\"> </span>1.5 <span class=\"_ _2\"></span> <span class=\"_ _5a\"> </span>1.<span class=\"_ _3\"></span>3 <span class=\"_ _a\"></span> <span class=\"_ _12b\"> </span>(2.8 <span class=\"_ _7\"></span>) <span class=\"_ _ae\"> </span>\u2013<span class=\"_ _421\"> </span>CSM adjustment for income on initial rec<span class=\"_ _2\"></span>ognition of onerous underlying contracts <span class=\"_ _1c0\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _10e\"> </span>0.5 <span class=\"_ _a\"></span> <span class=\"_ _10e\"> </span>0.5<span class=\"_ _421\"> </span>Changes in recov<span class=\"_ _2\"></span>eries of losses on onerous underlying contr<span class=\"_ _2\"></span>acts that adjust the CSM <span class=\"_ _2e\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013  <span class=\"_ _1b1\"> </span>1.<span class=\"_ _3\"></span>8 <span class=\"_ _a\"></span> <span class=\"_ _5a\"> </span>1.8<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l chan<span class=\"_ _3\"></span>ges t<span class=\"_ _3\"></span>hat re<span class=\"_ _3\"></span>late to f<span class=\"_ _3\"></span>uture s<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _97\"> </span> <span class=\"_ _0\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _12b\"> </span>(<span class=\"_ _3\"></span>1.<span class=\"_ _3\"></span>6 <span class=\"_ _31\"></span>) <span class=\"_ _20a\"> </span>2<span class=\"_ _4\"></span>.<span class=\"_ _3\"></span>2 <span class=\"_ _a\"></span> <span class=\"_ _1a1\"> </span>1<span class=\"_ _3\"></span>.7 <span class=\"_ _0\"></span> <span class=\"_ _8f\"> </span>2<span class=\"_ _3\"></span>.<span class=\"_ _4\"></span>3<span class=\"_ _421\"> </span>Ne<span class=\"_ _3\"></span>t (expen<span class=\"_ _3\"></span>se)/<span class=\"_ _3\"></span>inco<span class=\"_ _3\"></span>me fro<span class=\"_ _3\"></span>m rein<span class=\"_ _3\"></span>sur<span class=\"_ _3\"></span>ance c<span class=\"_ _3\"></span>ontra<span class=\"_ _3\"></span>ct<span class=\"_ _3\"></span>s he<span class=\"_ _3\"></span>ld <span class=\"_ _4\"></span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _5b\"> </span>(<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>6 <span class=\"_ _f\"></span>) <span class=\"_ _152\"> </span>0<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9 <span class=\"_ _a\"></span> <span class=\"_ _152\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.0 <span class=\"_ _31\"></span>) <span class=\"_ _2d\"> </span>(<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.7 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Net finance income f<span class=\"_ _3\"></span>rom reinsurance contr<span class=\"_ _2\"></span>acts held <span class=\"_ _33\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _12b\"> </span>(4.3 <span class=\"_ _31\"></span>) <span class=\"_ _12e\"> </span>0.6 <span class=\"_ _2\"></span> <span class=\"_ _fe\"> </span>0.3 <span class=\"_ _2\"></span> <span class=\"_ _12b\"> </span>(3.4 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Effect of movements in e<span class=\"_ _2\"></span>xchange rat<span class=\"_ _2\"></span>es <span class=\"_ _a0\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _17c\"> </span>1.1 <span class=\"_ _a\"></span> <span class=\"_ _12b\"> </span>(0.2 <span class=\"_ _31\"></span>) <span class=\"_ _114\"> </span>(0.6 <span class=\"_ _31\"></span>) <span class=\"_ _12e\"> </span>0.3<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l amou<span class=\"_ _3\"></span>nts r<span class=\"_ _3\"></span>eco<span class=\"_ _3\"></span>gnis<span class=\"_ _3\"></span>ed in c<span class=\"_ _3\"></span>omp<span class=\"_ _3\"></span>rehe<span class=\"_ _3\"></span>nsi<span class=\"_ _3\"></span>ve inc<span class=\"_ _3\"></span>ome <span class=\"_ _6d\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _5b\"> </span>(5<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8 <span class=\"_ _31\"></span>) <span class=\"_ _8f\"> </span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3 <span class=\"_ _a\"></span> <span class=\"_ _12b\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3 <span class=\"_ _31\"></span>) <span class=\"_ _11b\"> </span>(5<span class=\"_ _3\"></span>.8 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Cash flows<span class=\"_ _421\"> </span>Pr<span class=\"_ _2\"></span>emiums <span class=\"_ _3\"></span>paid <span class=\"_ _1eb\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _c2\"> </span>24.0  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _5b\"> </span>2<span class=\"_ _2\"></span>4.0<span class=\"_ _421\"> </span>Recov<span class=\"_ _2\"></span>eries <span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>rom <span class=\"_ _3\"></span>reinsurance contracts <span class=\"_ _3\"></span>held <span class=\"_ _1d0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5b\"> </span>(17.9 <span class=\"_ _7\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _5b\"> </span>(17<span class=\"_ _2\"></span>.9 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ash <span class=\"_ _4\"></span>flo<span class=\"_ _3\"></span>ws <span class=\"_ _1a4\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b1\"> </span>6<span class=\"_ _3\"></span>.1  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _1b1\"> </span>6<span class=\"_ _3\"></span>.1<span class=\"_ _421\"> </span>Rei<span class=\"_ _3\"></span>nsur<span class=\"_ _3\"></span>ance c<span class=\"_ _3\"></span>ontr<span class=\"_ _3\"></span>ac<span class=\"_ _3\"></span>t ass<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>s as at 3<span class=\"_ _3\"></span>1 De<span class=\"_ _3\"></span>cemb<span class=\"_ _3\"></span>er 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>3 <span class=\"_ _146\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _14b\"> </span>(<span class=\"_ _3\"></span>51<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8 <span class=\"_ _31\"></span>) <span class=\"_ _1e1\"> </span>12<span class=\"_ _4\"></span>.0 <span class=\"_ _a\"></span> <span class=\"_ _45\"> </span>2<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>.9 <span class=\"_ _2\"></span> <span class=\"_ _46\"> </span>(<span class=\"_ _3\"></span>14<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9 <span class=\"_ _f\"></span>)<span class=\"_ _421\"> </span>232<span class=\"_ _14c\"> </span><span class=\"ff67 ls3\">CHE<span class=\"_ _3\"></span>SNA<span class=\"_ _3\"></span>RA A<span class=\"_ _3\"></span>NNUAL REP<span class=\"_ _3\"></span>ORT AN<span class=\"_ _3\"></span>D ACCOUN<span class=\"_ _3\"></span>TS 2023<span class=\"_ _421\"> </span></span>IFRS FINA<span class=\"_ _3\"></span>NCIA<span class=\"_ _3\"></span>L ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TEMENTS <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _e\"> </span>Pr<span class=\"_ _3\"></span>ese<span class=\"_ _3\"></span>nt <span class=\"_ _4\"></span>valu<span class=\"_ _3\"></span>e  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _127\"> </span>o<span class=\"_ _3\"></span>f <span class=\"_ _3\"></span>fu<span class=\"_ _3\"></span>ture  <span class=\"_ _11b\"> </span>Risk  <span class=\"_ _156\"> </span>   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _185\"> </span>ca<span class=\"_ _3\"></span>sh <span class=\"_ _4\"></span>flows  <span class=\"_ _146\"> </span>ad<span class=\"_ _3\"></span>jus<span class=\"_ _3\"></span>tme<span class=\"_ _3\"></span>nt  <span class=\"_ _44\"> </span>C<span class=\"_ _3\"></span>SM  <span class=\"_ _46\"> </span>T<span class=\"_ _a\"></span>o<span class=\"_ _3\"></span>tal <span class=\"_ _19e\"> </span> <span class=\"_ _3\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Rei<span class=\"_ _3\"></span>nsur<span class=\"_ _3\"></span>ance c<span class=\"_ _3\"></span>ontr<span class=\"_ _3\"></span>ac<span class=\"_ _3\"></span>t ass<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>s as at 1 J<span class=\"_ _3\"></span>anua<span class=\"_ _3\"></span>ry 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2 <span class=\"_ _5d\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _15c\"> </span>(<span class=\"_ _3\"></span>70.<span class=\"_ _3\"></span>5 <span class=\"_ _31\"></span>) <span class=\"_ _7b\"> </span>10<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2 <span class=\"_ _a\"></span> <span class=\"_ _14e\"> </span>2<span class=\"_ _3\"></span>7<span class=\"_ _2\"></span>.1 <span class=\"_ _a\"></span> <span class=\"_ _28\"> </span>(<span class=\"_ _3\"></span>33<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Changes that relate to cur<span class=\"_ _2\"></span>rent ser<span class=\"_ _3\"></span>vice<span class=\"_ _421\"> </span>CSM <span class=\"_ _3\"></span>recognised <span class=\"_ _3\"></span>for <span class=\"_ _3\"></span>services <span class=\"_ _3\"></span>received <span class=\"_ _8e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _12e\"> </span>(2.7 <span class=\"_ _7\"></span>) <span class=\"_ _20a\"> </span>(2<span class=\"_ _3\"></span>.7 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Change in risk adjustment for non-financial risk for risk e<span class=\"_ _2\"></span>xpired <span class=\"_ _165\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _e9\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _94\"> </span>(1.1 <span class=\"_ _31\"></span>) <span class=\"_ _ae\"> </span>\u2013  <span class=\"_ _1a1\"> </span>(1.1 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Experience a<span class=\"_ _3\"></span>djustments <span class=\"_ _22\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _57\"> </span>2.8  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _57\"> </span>2.8<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l chan<span class=\"_ _3\"></span>ges t<span class=\"_ _3\"></span>hat re<span class=\"_ _3\"></span>late to cu<span class=\"_ _3\"></span>rrent s<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _94\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _12e\"> </span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8 <span class=\"_ _a\"></span> <span class=\"_ _10f\"> </span>(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.1 <span class=\"_ _31\"></span>) <span class=\"_ _2d\"> </span>(2<span class=\"_ _3\"></span>.7 <span class=\"_ _31\"></span>) <span class=\"_ _5b\"> </span>(1<span class=\"_ _3\"></span>.0 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Changes that relate to future<span class=\"_ _2\"></span> ser<span class=\"_ _3\"></span>vice<span class=\"_ _421\"> </span>Contracts <span class=\"_ _3\"></span>initially <span class=\"_ _3\"></span>recognised <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>period <span class=\"_ _a4\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12b\"> </span>(4.9 <span class=\"_ _0\"></span>) <span class=\"_ _57\"> </span>1.4  <span class=\"_ _1b1\"> </span>3.5  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span>Changes in estimates that adjust the CSM <span class=\"_ _1cb\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _10e\"> </span>2.8 <span class=\"_ _2\"></span> <span class=\"_ _fe\"> </span>2<span class=\"_ _3\"></span>.0 <span class=\"_ _a\"></span> <span class=\"_ _152\"> </span>(4.8 <span class=\"_ _31\"></span>) <span class=\"_ _15b\"> </span>\u2013<span class=\"_ _421\"> </span>CSM adjustment for income on initial rec<span class=\"_ _2\"></span>ognition of onerous underlying contracts <span class=\"_ _1c0\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _5a\"> </span>1.<span class=\"_ _2\"></span>4 <span class=\"_ _2\"></span> <span class=\"_ _94\"> </span>1.4<span class=\"_ _421\"> </span>Changes in recov<span class=\"_ _2\"></span>eries of losses on onerous underlying contr<span class=\"_ _2\"></span>acts that adjust the CSM <span class=\"_ _2e\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span>\u2013  <span class=\"_ _94\"> </span>0.1 <span class=\"_ _a\"></span> <span class=\"_ _5a\"> </span>0<span class=\"_ _2\"></span>.1<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l chan<span class=\"_ _3\"></span>ges t<span class=\"_ _3\"></span>hat re<span class=\"_ _3\"></span>late to f<span class=\"_ _3\"></span>uture s<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ce <span class=\"_ _97\"> </span> <span class=\"_ _0\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _1b7\"> </span>(<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.1 <span class=\"_ _31\"></span>) <span class=\"_ _152\"> </span>3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4 <span class=\"_ _a\"></span> <span class=\"_ _12e\"> </span>0.<span class=\"_ _3\"></span>2 <span class=\"_ _a\"></span> <span class=\"_ _57\"> </span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5<span class=\"_ _421\"> </span>Ne<span class=\"_ _3\"></span>t <span class=\"_ _3\"></span>(exp<span class=\"_ _3\"></span>ens<span class=\"_ _3\"></span>e)/i<span class=\"_ _3\"></span>ncom<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>rom <span class=\"_ _4\"></span>rein<span class=\"_ _3\"></span>sura<span class=\"_ _3\"></span>nce <span class=\"_ _4\"></span>con<span class=\"_ _3\"></span>trac<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>s <span class=\"_ _3\"></span>h<span class=\"_ _3\"></span>eld    <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _10f\"> </span>0<span class=\"_ _3\"></span>.7  <span class=\"_ _179\"> </span>2<span class=\"_ _4\"></span>.<span class=\"_ _3\"></span>3  <span class=\"_ _14e\"> </span>(2<span class=\"_ _4\"></span>.<span class=\"_ _3\"></span>5 <span class=\"_ _7\"></span>) <span class=\"_ _1b7\"> </span>0.<span class=\"_ _4\"></span>5<span class=\"_ _421\"> </span>Net finance income f<span class=\"_ _3\"></span>rom reinsurance contr<span class=\"_ _2\"></span>acts held <span class=\"_ _33\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _14e\"> </span>14.0 <span class=\"_ _2\"></span> <span class=\"_ _12b\"> </span>(2.4 <span class=\"_ _31\"></span>) <span class=\"_ _12e\"> </span>0.2 <span class=\"_ _2\"></span> <span class=\"_ _12e\"> </span>1<span class=\"_ _3\"></span>1.8<span class=\"_ _421\"> </span>Effect <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>movements <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>exchange <span class=\"_ _3\"></span>rat<span class=\"_ _2\"></span>es <span class=\"_ _151\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _57\"> </span>(3.1 <span class=\"_ _7\"></span>) <span class=\"_ _8f\"> </span>0.6  <span class=\"_ _5a\"> </span>1.4  <span class=\"_ _5a\"> </span>(1.1 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>mount<span class=\"_ _3\"></span>s <span class=\"_ _4\"></span>rec<span class=\"_ _3\"></span>ogni<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>in <span class=\"_ _4\"></span>co<span class=\"_ _3\"></span>mpre<span class=\"_ _3\"></span>hen<span class=\"_ _3\"></span>sive <span class=\"_ _4\"></span>in<span class=\"_ _3\"></span>come <span class=\"_ _146\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b7\"> </span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>6  <span class=\"_ _8f\"> </span>0<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5  <span class=\"_ _114\"> </span>(0.<span class=\"_ _3\"></span>9 <span class=\"_ _7\"></span>) <span class=\"_ _14e\"> </span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2<span class=\"_ _421\"> </span>Cash flows<span class=\"_ _421\"> </span>Pr<span class=\"_ _2\"></span>emiums <span class=\"_ _3\"></span>paid <span class=\"_ _1eb\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12e\"> </span>22.1  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _12e\"> </span>22.1<span class=\"_ _421\"> </span>Recov<span class=\"_ _2\"></span>eries <span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>rom <span class=\"_ _3\"></span>reinsurance contracts <span class=\"_ _3\"></span>held <span class=\"_ _1d0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5b\"> </span>(15.<span class=\"_ _3\"></span>3 <span class=\"_ _7\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _5b\"> </span>(15.<span class=\"_ _3\"></span>3 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ash <span class=\"_ _4\"></span>flo<span class=\"_ _3\"></span>ws <span class=\"_ _1a4\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _8f\"> </span>6<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _8f\"> </span>6<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8<span class=\"_ _421\"> </span>Rei<span class=\"_ _3\"></span>nsur<span class=\"_ _3\"></span>ance c<span class=\"_ _3\"></span>ontr<span class=\"_ _3\"></span>ac<span class=\"_ _3\"></span>t ass<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>s as at 3<span class=\"_ _3\"></span>1 De<span class=\"_ _3\"></span>cemb<span class=\"_ _3\"></span>er 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2 <span class=\"_ _146\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _44\"> </span>(5<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.1 <span class=\"_ _31\"></span>) <span class=\"_ _7b\"> </span>1<span class=\"_ _3\"></span>0.7 <span class=\"_ _a\"></span> <span class=\"_ _7b\"> </span>2<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2 <span class=\"_ _a\"></span> <span class=\"_ _150\"> </span>(<span class=\"_ _3\"></span>15<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2 <span class=\"_ _31\"></span>)  (e) <span class=\"_ _3\"></span>Insurance contracts r<span class=\"_ _2\"></span>ecognised in the per<span class=\"_ _2\"></span>iod<span class=\"_ _421\"> </span>Y<span class=\"_ _2\"></span>ea<span class=\"_ _3\"></span>r Ende<span class=\"_ _3\"></span>d 31 D<span class=\"_ _3\"></span>ece<span class=\"_ _3\"></span>mbe<span class=\"_ _3\"></span>r 20<span class=\"_ _3\"></span>23 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _d\"> </span>Non<span class=\"_ _3\"></span>-onerous  <span class=\"_ _1e2\"> </span>O<span class=\"_ _3\"></span>nerous   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1c7\"> </span>contrac<span class=\"_ _3\"></span>ts  <span class=\"_ _1c7\"> </span>contract<span class=\"_ _3\"></span>s  <span class=\"_ _28\"> </span>T<span class=\"_ _a\"></span>otal <span class=\"_ _19e\"> </span> <span class=\"_ _3\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _12e\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m<span class=\"_ _421\"> </span>Es<span class=\"_ _3\"></span>tima<span class=\"_ _3\"></span>tes o<span class=\"_ _3\"></span>f the pr<span class=\"_ _3\"></span>ese<span class=\"_ _3\"></span>nt va<span class=\"_ _3\"></span>lue of f<span class=\"_ _3\"></span>utur<span class=\"_ _3\"></span>e cas<span class=\"_ _3\"></span>h infl<span class=\"_ _3\"></span>ows <span class=\"_ _32\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _e7\"> </span>(1<span class=\"_ _4\"></span>1<span class=\"_ _3\"></span>3.<span class=\"_ _3\"></span>1 <span class=\"_ _f\"></span>) <span class=\"_ _a3\"> </span>(46<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2 <span class=\"_ _31\"></span>) <span class=\"_ _48\"> </span>(1<span class=\"_ _3\"></span>59.<span class=\"_ _4\"></span>3 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Es<span class=\"_ _3\"></span>tima<span class=\"_ _3\"></span>tes o<span class=\"_ _3\"></span>f the pr<span class=\"_ _3\"></span>ese<span class=\"_ _3\"></span>nt va<span class=\"_ _3\"></span>lue of f<span class=\"_ _3\"></span>utur<span class=\"_ _3\"></span>e cas<span class=\"_ _3\"></span>h out<span class=\"_ _3\"></span>flow<span class=\"_ _3\"></span>s<span class=\"_ _421\"> </span>Claims <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>other <span class=\"_ _4\"></span>insurance <span class=\"_ _3\"></span>service <span class=\"_ _3\"></span>expenses <span class=\"_ _3\"></span>payable <span class=\"_ _13b\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _114\"> </span>98.3  <span class=\"_ _152\"> </span>4<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>.3  <span class=\"_ _44\"> </span>145.6<span class=\"_ _421\"> </span>Insurance <span class=\"_ _3\"></span>acquisition <span class=\"_ _3\"></span>cash <span class=\"_ _3\"></span>flows <span class=\"_ _239\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5a\"> </span>1.4  <span class=\"_ _5a\"> </span>1.0  <span class=\"_ _57\"> </span>2.4<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l es<span class=\"_ _3\"></span>timat<span class=\"_ _3\"></span>es of t<span class=\"_ _3\"></span>he pre<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>nt valu<span class=\"_ _3\"></span>e of fu<span class=\"_ _3\"></span>ture c<span class=\"_ _3\"></span>as<span class=\"_ _3\"></span>h out<span class=\"_ _3\"></span>flows <span class=\"_ _5b\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _7b\"> </span>9<span class=\"_ _3\"></span>9.7 <span class=\"_ _a\"></span> <span class=\"_ _44\"> </span>4<span class=\"_ _3\"></span>8.<span class=\"_ _4\"></span>3 <span class=\"_ _a\"></span> <span class=\"_ _a3\"> </span>14<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>.0<span class=\"_ _421\"> </span>Risk <span class=\"_ _3\"></span>adjustment <span class=\"_ _3\"></span>for <span class=\"_ _3\"></span>non-<span class=\"_ _3\"></span>financial <span class=\"_ _3\"></span>risk <span class=\"_ _15a\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _20b\"> </span>1.9  <span class=\"_ _fe\"> </span>0.8  <span class=\"_ _1a1\"> </span>2<span class=\"_ _3\"></span>.7<span class=\"_ _421\"> </span>CSM <span class=\"_ _1db\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _179\"> </span>1<span class=\"_ _4\"></span>1.5  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _179\"> </span>1<span class=\"_ _4\"></span>1.5<span class=\"_ _421\"> </span>Lo<span class=\"_ _3\"></span>sse<span class=\"_ _3\"></span>s <span class=\"_ _4\"></span>reco<span class=\"_ _3\"></span>gni<span class=\"_ _3\"></span>sed <span class=\"_ _4\"></span>on <span class=\"_ _4\"></span>ini<span class=\"_ _3\"></span>tial <span class=\"_ _4\"></span>re<span class=\"_ _3\"></span>cogn<span class=\"_ _3\"></span>itio<span class=\"_ _3\"></span>n <span class=\"_ _ad\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _10f\"> </span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9  <span class=\"_ _179\"> </span>2<span class=\"_ _4\"></span>.9<span class=\"_ _421\"> </span><span class=\"ff65 ls3\"></span><span class=\"ff65 ls3\"></span><span class=\"ff65 ls3\">CHES<span class=\"_ _277\"></span>NAR<span class=\"_ _277\"></span>A<span class=\"_ _278\"></span>A<span class=\"_ _277\"></span>NNUAL<span class=\"_ _278\"></span>REPO<span class=\"_ _284\"></span>RT<span class=\"_ _27f\"></span>AND<span class=\"_ _392\"></span>ACCOUN<span class=\"_ _279\"></span>TS<span class=\"_ _287\"></span>2023</span><span class=\"_ _3ed\"></span>233<span class=\"_ _421\"> </span>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<span class=\"_ _421\"> </span>SECTION F \u2013 INSURANCE AND REINSURANCE CONTRA<span class=\"_ _2\"></span>CTS <span class=\"_ _74\"> </span>F5 <span class=\"_ _4\"></span>Insurance and r<span class=\"_ _2\"></span>einsurance contr<span class=\"_ _2\"></span>acts \u2013 quantitative analysis of r<span class=\"_ _2\"></span>ecognised amounts \u2013 Scildon (continued)  (e) <span class=\"_ _3\"></span>Insurance contracts r<span class=\"_ _2\"></span>ecognised in the per<span class=\"_ _2\"></span>iod (continued)<span class=\"_ _421\"> </span>Y<span class=\"_ _2\"></span>ea<span class=\"_ _3\"></span>r Ende<span class=\"_ _3\"></span>d 31 D<span class=\"_ _3\"></span>ece<span class=\"_ _3\"></span>mbe<span class=\"_ _3\"></span>r 20<span class=\"_ _3\"></span>22 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _d\"> </span>Non<span class=\"_ _3\"></span>-onerous  <span class=\"_ _1e2\"> </span>O<span class=\"_ _3\"></span>nerous   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1c7\"> </span>contrac<span class=\"_ _3\"></span>ts  <span class=\"_ _1c7\"> </span>contract<span class=\"_ _3\"></span>s  <span class=\"_ _28\"> </span>T<span class=\"_ _a\"></span>otal <span class=\"_ _19e\"> </span> <span class=\"_ _3\"></span> <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Es<span class=\"_ _3\"></span>tima<span class=\"_ _3\"></span>tes o<span class=\"_ _3\"></span>f the pr<span class=\"_ _3\"></span>ese<span class=\"_ _3\"></span>nt va<span class=\"_ _3\"></span>lue of f<span class=\"_ _3\"></span>utur<span class=\"_ _3\"></span>e cas<span class=\"_ _3\"></span>h infl<span class=\"_ _3\"></span>ows <span class=\"_ _32\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _1c0\"> </span>(<span class=\"_ _3\"></span>13<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5 <span class=\"_ _31\"></span>) <span class=\"_ _240\"> </span>(<span class=\"_ _3\"></span>98<span class=\"_ _3\"></span>.6 <span class=\"_ _31\"></span>) <span class=\"_ _47\"> </span>(<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>33<span class=\"_ _3\"></span>.1 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Es<span class=\"_ _3\"></span>tima<span class=\"_ _3\"></span>tes o<span class=\"_ _3\"></span>f the pr<span class=\"_ _3\"></span>ese<span class=\"_ _3\"></span>nt va<span class=\"_ _3\"></span>lue of f<span class=\"_ _3\"></span>utur<span class=\"_ _3\"></span>e cas<span class=\"_ _3\"></span>h out<span class=\"_ _3\"></span>flow<span class=\"_ _3\"></span>s:<span class=\"_ _421\"> </span>Claims <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>other <span class=\"_ _4\"></span>insurance <span class=\"_ _3\"></span>service <span class=\"_ _3\"></span>expenses <span class=\"_ _3\"></span>payable <span class=\"_ _13b\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _56\"> </span>1.6  <span class=\"_ _20b\"> </span>1.9  <span class=\"_ _1b1\"> </span>3.5<span class=\"_ _421\"> </span>Insurance <span class=\"_ _3\"></span>acquisition <span class=\"_ _3\"></span>cash <span class=\"_ _3\"></span>flows <span class=\"_ _239\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _2d\"> </span>1<span class=\"_ _3\"></span>16.5  <span class=\"_ _f0\"> </span>101.5  <span class=\"_ _150\"> </span>218<span class=\"_ _3\"></span>.0<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l es<span class=\"_ _3\"></span>timat<span class=\"_ _3\"></span>es of t<span class=\"_ _3\"></span>he pre<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>nt valu<span class=\"_ _3\"></span>e of fu<span class=\"_ _3\"></span>ture c<span class=\"_ _3\"></span>as<span class=\"_ _3\"></span>h out<span class=\"_ _3\"></span>flows <span class=\"_ _5b\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _1e1\"> </span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>.1 <span class=\"_ _a\"></span> <span class=\"_ _119\"> </span>1<span class=\"_ _3\"></span>03<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4 <span class=\"_ _a\"></span> <span class=\"_ _e7\"> </span>2<span class=\"_ _3\"></span>21<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5<span class=\"_ _421\"> </span>Risk <span class=\"_ _3\"></span>adjustment <span class=\"_ _3\"></span>for <span class=\"_ _3\"></span>non-<span class=\"_ _3\"></span>financial <span class=\"_ _3\"></span>risk <span class=\"_ _15a\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _57\"> </span>3.0  <span class=\"_ _57\"> </span>2<span class=\"_ _3\"></span>.2  <span class=\"_ _1a1\"> </span>5.<span class=\"_ _3\"></span>2<span class=\"_ _421\"> </span>CSM <span class=\"_ _1db\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12b\"> </span>1<span class=\"_ _3\"></span>3.4  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _1b7\"> </span>13.4<span class=\"_ _421\"> </span>Lo<span class=\"_ _3\"></span>sse<span class=\"_ _3\"></span>s <span class=\"_ _4\"></span>reco<span class=\"_ _3\"></span>gni<span class=\"_ _3\"></span>sed <span class=\"_ _4\"></span>on <span class=\"_ _4\"></span>ini<span class=\"_ _3\"></span>tial <span class=\"_ _4\"></span>re<span class=\"_ _3\"></span>cogn<span class=\"_ _3\"></span>itio<span class=\"_ _3\"></span>n <span class=\"_ _ad\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _fe\"> </span>7<span class=\"_ _2\"></span>.<span class=\"_ _3\"></span>0  <span class=\"_ _10f\"> </span>7.0<span class=\"_ _421\"> </span>All insurance contracts abov<span class=\"_ _2\"></span>e are in respect of ne<span class=\"_ _2\"></span>w business written. <span class=\"_ _10\"> </span>(f) <span class=\"_ _4\"></span>Reinsurance contr<span class=\"_ _2\"></span>acts recognised in the per<span class=\"_ _a\"></span>iod <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14b\"> </span>20<span class=\"_ _2\"></span>23  <span class=\"_ _14b\"> </span>2022 <span class=\"_ _19e\"> </span> <span class=\"_ _3\"></span> <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Estimates of the pr<span class=\"_ _2\"></span>esent value of future cash inflows <span class=\"_ _2e\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _1b7\"> </span>12.5 <span class=\"_ _2\"></span> <span class=\"_ _5b\"> </span>20.5<span class=\"_ _421\"> </span>Estimates of the pr<span class=\"_ _2\"></span>esent value of future cash outflo<span class=\"_ _2\"></span>ws <span class=\"_ _1fc\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _c2\"> </span>(15.6 <span class=\"_ _31\"></span>) <span class=\"_ _46\"> </span>(25.4 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Risk <span class=\"_ _3\"></span>adjustment <span class=\"_ _3\"></span>for <span class=\"_ _3\"></span>non-<span class=\"_ _3\"></span>financial <span class=\"_ _3\"></span>risk <span class=\"_ _15a\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _57\"> </span>0.9  <span class=\"_ _5a\"> </span>1.4<span class=\"_ _421\"> </span>CSM <span class=\"_ _1db\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1a1\"> </span>2.<span class=\"_ _3\"></span>2  <span class=\"_ _1b1\"> </span>3.5<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l valu<span class=\"_ _3\"></span>e of re<span class=\"_ _3\"></span>insu<span class=\"_ _3\"></span>ranc<span class=\"_ _3\"></span>e cont<span class=\"_ _3\"></span>rac<span class=\"_ _3\"></span>ts r<span class=\"_ _3\"></span>eco<span class=\"_ _3\"></span>gnis<span class=\"_ _3\"></span>ed in t<span class=\"_ _3\"></span>he pe<span class=\"_ _3\"></span>riod <span class=\"_ _29\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _b9\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _b9\"> </span>\u2013<span class=\"_ _421\"> </span>All of the portf<span class=\"_ _2\"></span>olios acquired were originally in a net cost position. <span class=\"_ _2\"></span>All reinsurance contracts abov<span class=\"_ _2\"></span>e are in respect of ne<span class=\"_ _2\"></span>w business written. <span class=\"_ _e\"> </span>(g) <span class=\"_ _3\"></span>Expected r<span class=\"_ _2\"></span>ecognition of CSM<span class=\"_ _421\"> </span>In the tables that follo<span class=\"_ _2\"></span>w the CSM accrues interest at the locked-in rate f<span class=\"_ _2\"></span>or GMM portfolios and at current rates f<span class=\"_ _2\"></span>or <span class=\"_ _a\"></span>VF<span class=\"_ _a\"></span>A portfolios from the balance sheet date and is then amortised based on the co<span class=\"_ _2\"></span>verage units of the contract groups to giv<span class=\"_ _2\"></span>e the timeline of the <span class=\"_ _2\"></span>expected recognition.<span class=\"_ _421\"> </span>31 December 2023 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _23a\"> </span>Insurance  <span class=\"_ _4a\"> </span>Reinsurance <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1c7\"> </span>contrac<span class=\"_ _3\"></span>ts  <span class=\"_ _1c7\"> </span>contrac<span class=\"_ _3\"></span>ts <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Not <span class=\"_ _3\"></span>later <span class=\"_ _3\"></span>than <span class=\"_ _3\"></span>one <span class=\"_ _3\"></span>year <span class=\"_ _dd\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _20b\"> </span>8.1  <span class=\"_ _12e\"> </span>(2.3 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>Later than one ye<span class=\"_ _2\"></span>ar and not later than two y<span class=\"_ _2\"></span>ears <span class=\"_ _7b\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _57\"> </span>7<span class=\"_ _2\"></span>.5 <span class=\"_ _2\"></span> <span class=\"_ _10f\"> </span>(2<span class=\"_ _3\"></span>.1 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Later than tw<span class=\"_ _2\"></span>o years and not lat<span class=\"_ _2\"></span>er than three years <span class=\"_ _14f\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _10e\"> </span>6.9 <span class=\"_ _2\"></span> <span class=\"_ _20a\"> </span>(2<span class=\"_ _3\"></span>.0 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Later than three y<span class=\"_ _2\"></span>ears and not later than four y<span class=\"_ _2\"></span>ears <span class=\"_ _7c\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _57\"> </span>6.3 <span class=\"_ _2\"></span> <span class=\"_ _179\"> </span>(1.9 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Later than four y<span class=\"_ _2\"></span>ears and not later than fiv<span class=\"_ _2\"></span>e years <span class=\"_ _119\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _57\"> </span>5.7 <span class=\"_ _2\"></span> <span class=\"_ _10f\"> </span>(1.7 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Later than five y<span class=\"_ _2\"></span>ears and not later than t<span class=\"_ _2\"></span>en years <span class=\"_ _150\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _10f\"> </span>21.1 <span class=\"_ _2\"></span> <span class=\"_ _12b\"> </span>(6.9 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>Later <span class=\"_ _3\"></span>than <span class=\"_ _3\"></span>ten <span class=\"_ _3\"></span>years <span class=\"_ _b2\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5b\"> </span>2<span class=\"_ _2\"></span>4.0  <span class=\"_ _12b\"> </span>(8.0 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _11b\"> </span>7<span class=\"_ _3\"></span>9.6  <span class=\"_ _e7\"> </span>(<span class=\"_ _3\"></span>24<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfReinsuranceExplanatory",
    "language": "en",
    "entity": "scheme:213800VFRMBRTSZ3SJ06",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-55": {
   "value": " <span class=\"_ _5\"> </span>G1 <span class=\"_ _4\"></span>Other pro<span class=\"_ _2\"></span>visions <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14b\"> </span>20<span class=\"_ _2\"></span>23  <span class=\"_ _14b\"> </span>2022 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Ba<span class=\"_ _3\"></span>lance <span class=\"_ _4\"></span>at <span class=\"_ _4\"></span>I <span class=\"_ _4\"></span>Janu<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y <span class=\"_ _244\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _10f\"> </span>8<span class=\"_ _3\"></span>.7  <span class=\"_ _1b1\"> </span>1<span class=\"_ _3\"></span>.7<span class=\"_ _421\"> </span>Additions <span class=\"_ _3\"></span>\u2013 <span class=\"_ _3\"></span>Arising <span class=\"_ _3\"></span>on <span class=\"_ _4\"></span>acquisition <span class=\"_ _22a\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>12<span class=\"_ _3\"></span>.3  <span class=\"_ _10e\"> </span>9.8<span class=\"_ _421\"> </span>Charge <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>year <span class=\"_ _b7\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _a6\"> </span>7<span class=\"_ _2\"></span>.1  <span class=\"_ _10e\"> </span>0.2<span class=\"_ _421\"> </span>Amounts <span class=\"_ _3\"></span>utilised <span class=\"_ _3\"></span>during <span class=\"_ _3\"></span>the <span class=\"_ _4\"></span>year <span class=\"_ _f5\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _20a\"> </span>(4.8 <span class=\"_ _0\"></span>) <span class=\"_ _14e\"> </span>(3.0 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>Foreign exchange <span class=\"_ _3\"></span>translation <span class=\"_ _3\"></span>difference <span class=\"_ _175\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _fe\"> </span>(0.1 <span class=\"_ _7\"></span>) <span class=\"_ _15b\"> </span>\u2013<span class=\"_ _421\"> </span>Ba<span class=\"_ _3\"></span>lance <span class=\"_ _4\"></span>at <span class=\"_ _4\"></span>3I <span class=\"_ _4\"></span>D<span class=\"_ _3\"></span>ece<span class=\"_ _3\"></span>mbe<span class=\"_ _3\"></span>r <span class=\"_ _d9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _f0\"> </span>2<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2  <span class=\"_ _10f\"> </span>8<span class=\"_ _3\"></span>.7<span class=\"_ _421\"> </span>The increase <span class=\"_ _2\"></span>other provisions during the <span class=\"_ _a\"></span>year is as a result <span class=\"_ _2\"></span>of the follo<span class=\"_ _2\"></span>wing items:<span class=\"_ _421\"> </span>(iii)  Liabilities acquired as part of the Conserv<span class=\"_ _2\"></span>atrix acquisition<span class=\"_ _421\"> </span>The contracts acquired in the acquisition <span class=\"_ _2\"></span>of Conservatrix b<span class=\"_ _2\"></span>y <span class=\"_ _0\"></span>Waard L<span class=\"_ _2\"></span>ev<span class=\"_ _2\"></span>en (see Note I8) included \u00a31<span class=\"_ _2\"></span>2.6m of liabilities relating to obligations to f<span class=\"_ _2\"></span>ormer emplo<span class=\"_ _2\"></span>yees <span class=\"_ _2\"></span>of Conservatrix under a no<span class=\"_ _2\"></span>w closed defined benefit pension scheme. <span class=\"_ _0\"></span>The liabilities are valued under IA<span class=\"_ _a\"></span>S 19. <span class=\"_ _7\"></span>The pension scheme is closed to new <span class=\"_ _2\"></span>entrants with no further benefits accruing and as such the e<span class=\"_ _2\"></span>xposure for <span class=\"_ _0\"></span>W<span class=\"_ _a\"></span>aard Lev<span class=\"_ _2\"></span>en is limited to the longevity risk of the contracts. <span class=\"_ _7\"></span>Waard Le<span class=\"_ _2\"></span>ven is regulated b<span class=\"_ _2\"></span>y De Nederlandsche Bank (DNB) and the Netherlands <span class=\"_ _2\"></span>Authority f<span class=\"_ _2\"></span>or financial markets. <span class=\"_ _2\"></span>As such, there is no requirement to hold plan assets against these liabilities, instead the liabilities are assessed as part of the <span class=\"_ _a\"></span>SII requirements and as a result of this assessment there are considered to be sufficient general account assets to meet the obligation related to these pension policies.<span class=\"_ _421\"> </span>(iv) <span class=\"_ _e\"> </span>P<span class=\"_ _2\"></span>rovision <span class=\"_ _2\"></span>established for the costs associated with outsourced UK administration services<span class=\"_ _421\"> </span>During 2023, Chesnara initiated a \u2018T<span class=\"_ _0\"></span>ransition and <span class=\"_ _0\"></span>T<span class=\"_ _0\"></span>ransformation<span class=\"_ _a\"></span>\u2019 programme in respect of its UK business. <span class=\"_ _0\"></span>This programme <span class=\"_ _2\"></span>includes activities related to both <span class=\"_ _19\"></span><span class=\"ls2 ws2\"> </span>(i) the integration of the recently acquired CA<span class=\"_ _2\"></span>SLP and Canada Lif<span class=\"_ _2\"></span>e businesses into the standard UK model and (ii) the restructure <span class=\"_ _2\"></span>of the administration outsourcing arrangements for the UK business including the migration <span class=\"_ _2\"></span>of most of the policies <span class=\"_ _2\"></span>onto a new platform architect<span class=\"_ _2\"></span>ure with SS&amp;C. An assessment of the proposed project costs has been conducted in accordance with the requirements <span class=\"_ _2\"></span>of IAS 37 and as a result <span class=\"_ _2\"></span>of this assessment a provision of \u00a34.6m was <span class=\"_ _2\"></span>established during the <span class=\"_ _a\"></span>year<span class=\"_ _a\"></span>.<span class=\"_ _421\"> </span>There are also pro<span class=\"_ _2\"></span>visions at the <span class=\"_ _a\"></span>year end relating to the mis-selling <span class=\"_ _2\"></span>of contracts in the UK \u00a3<span class=\"_ _3\"></span>2.<span class=\"_ _a\"></span>7m (31 December 2022: \u00a3<span class=\"_ _3\"></span>5.2m).<span class=\"_ _421\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
    "language": "en",
    "entity": "scheme:213800VFRMBRTSZ3SJ06",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-56": {
   "value": "G2 <span class=\"_ _4\"></span>Lease liabilities<span class=\"_ _421\"> </span>The group leases se<span class=\"_ _2\"></span>veral assets including <span class=\"_ _2\"></span>office buildings and an immaterial amount of office and IT <span class=\"_ _2\"></span>equipment and motor vehicles.<span class=\"_ _421\"> </span>Matur<span class=\"_ _2\"></span>ity analysis<span class=\"_ _421\"> </span>31 December 2023 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _7\"></span>C<span class=\"_ _3\"></span>arr<span class=\"_ _3\"></span>yin<span class=\"_ _3\"></span>g <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>alue  <span class=\"_ _123\"> </span>0<span class=\"_ _3\"></span>-1 <span class=\"_ _3\"></span>y<span class=\"_ _3\"></span>ear  <span class=\"_ _33\"> </span>1-2 <span class=\"_ _4\"></span>year<span class=\"_ _3\"></span>s  <span class=\"_ _7d\"> </span>2-<span class=\"_ _3\"></span>5 <span class=\"_ _4\"></span>year<span class=\"_ _3\"></span>s  <span class=\"_ _28\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Non-investment <span class=\"_ _3\"></span>property <span class=\"_ _227\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _96\"> </span>1.2  <span class=\"_ _10e\"> </span>0.6  <span class=\"_ _57\"> </span>0.3  <span class=\"_ _10e\"> </span>0.3  <span class=\"_ _96\"> </span>1.2<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b1\"> </span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2  <span class=\"_ _8f\"> </span>0<span class=\"_ _3\"></span>.6  <span class=\"_ _179\"> </span>0.<span class=\"_ _4\"></span>3  <span class=\"_ _8f\"> </span>0<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3  <span class=\"_ _1b1\"> </span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2<span class=\"_ _421\"> </span>Curr<span class=\"_ _2\"></span>ent <span class=\"_ _1f4\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _57\"> </span>0.6<span class=\"_ _421\"> </span>Non-current <span class=\"_ _1a9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _57\"> </span>0.6<span class=\"_ _421\"> </span>T<span class=\"_ _a\"></span>o<span class=\"_ _3\"></span>tal <span class=\"_ _1e0\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _94\"> </span>1.<span class=\"_ _3\"></span>2<span class=\"_ _421\"> </span>Matur<span class=\"_ _2\"></span>ity analysis<span class=\"_ _421\"> </span>31 December 2022 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _7\"></span>C<span class=\"_ _3\"></span>arr<span class=\"_ _3\"></span>yin<span class=\"_ _3\"></span>g <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>alue  <span class=\"_ _123\"> </span>0<span class=\"_ _3\"></span>-1 <span class=\"_ _3\"></span>y<span class=\"_ _3\"></span>ear  <span class=\"_ _33\"> </span>1-2 <span class=\"_ _4\"></span>year<span class=\"_ _3\"></span>s  <span class=\"_ _7d\"> </span>2-<span class=\"_ _3\"></span>5 <span class=\"_ _4\"></span>year<span class=\"_ _3\"></span>s  <span class=\"_ _28\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Non-investment <span class=\"_ _3\"></span>property <span class=\"_ _227\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _96\"> </span>1.2  <span class=\"_ _10e\"> </span>0.6  <span class=\"_ _10e\"> </span>0.6  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _56\"> </span>1.2<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b1\"> </span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2  <span class=\"_ _8f\"> </span>0<span class=\"_ _3\"></span>.6  <span class=\"_ _179\"> </span>0.<span class=\"_ _3\"></span>6  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _1b1\"> </span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2<span class=\"_ _421\"> </span>Curr<span class=\"_ _2\"></span>ent <span class=\"_ _1f4\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _57\"> </span>0.6<span class=\"_ _421\"> </span>Non-current <span class=\"_ _1a9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _57\"> </span>0.6<span class=\"_ _421\"> </span>T<span class=\"_ _a\"></span>o<span class=\"_ _3\"></span>tal <span class=\"_ _1e0\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _94\"> </span>1.<span class=\"_ _3\"></span>2 <span class=\"_ _4\"></span>G3 Bor<span class=\"_ _2\"></span>ro<span class=\"_ _2\"></span>wings<span class=\"_ _421\"> </span>Group<span class=\"_ _421\"> </span>31 December <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14b\"> </span>20<span class=\"_ _2\"></span>23  <span class=\"_ _14b\"> </span>2022 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Tier <span class=\"_ _3\"></span>2 <span class=\"_ _3\"></span>debt <span class=\"_ _218\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _e7\"> </span>200.6  <span class=\"_ _29\"> </span>200.4<span class=\"_ _421\"> </span>Amount <span class=\"_ _3\"></span>due <span class=\"_ _3\"></span>in <span class=\"_ _4\"></span>relation <span class=\"_ _3\"></span>to financial <span class=\"_ _4\"></span>reinsurance <span class=\"_ _152\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b1\"> </span>5.3  <span class=\"_ _10f\"> </span>1<span class=\"_ _3\"></span>1.6<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>erm <span class=\"_ _3\"></span>finance <span class=\"_ _245\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _57\"> </span>2.0  <span class=\"_ _e9\"> </span>\u2013<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _119\"> </span>20<span class=\"_ _3\"></span>7<span class=\"_ _2\"></span>.<span class=\"_ _3\"></span>9  <span class=\"_ _e7\"> </span>2<span class=\"_ _3\"></span>12<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>0<span class=\"_ _421\"> </span>Curr<span class=\"_ _2\"></span>ent <span class=\"_ _1f4\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _e7\"> </span>203.4  <span class=\"_ _29\"> </span>204<span class=\"_ _3\"></span>.3<span class=\"_ _421\"> </span>Non-current <span class=\"_ _1a9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _57\"> </span>4.5  <span class=\"_ _94\"> </span>7<span class=\"_ _2\"></span>.7<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _119\"> </span>20<span class=\"_ _3\"></span>7<span class=\"_ _2\"></span>.<span class=\"_ _3\"></span>9  <span class=\"_ _e7\"> </span>2<span class=\"_ _3\"></span>12<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>0<span class=\"_ _421\"> </span>In 2022, an e<span class=\"_ _2\"></span>xisting bank loan was fully repaid and replaced b<span class=\"_ _2\"></span>y <span class=\"_ _0\"></span>Tier 2 <span class=\"_ _2\"></span>Subordinated Notes Debt. <span class=\"_ _0\"></span>The fair v<span class=\"_ _2\"></span>alue of amounts due in relation to <span class=\"_ _7\"></span>Tier 2 debt at 31 December 2023 was \u00a31<span class=\"_ _a\"></span>48.4m (31 December 2022: \u00a31<span class=\"_ _2\"></span>48.0m). The f<span class=\"_ _2\"></span>air value <span class=\"_ _2\"></span>of amounts due in relation to financial reinsurance at 31 December 2023 was \u00a35.<span class=\"_ _0\"></span>1<span class=\"_ _a\"></span>m (31 December 2022: \u00a39.0m). T<span class=\"_ _0\"></span>erm finance comprises capital amounts outstanding <span class=\"_ _2\"></span>on mortgage bonds taken out <span class=\"_ _2\"></span>ov<span class=\"_ _2\"></span>er properties held in the unit-linked policyholder funds in the UK. <span class=\"_ _0\"></span>T<span class=\"_ _2\"></span>he mortgage o<span class=\"_ _2\"></span>ver <span class=\"_ _2\"></span>each such property is negotiated separately<span class=\"_ _a\"></span>, varies in term from 5 to 20 <span class=\"_ _a\"></span>years, and bears interest at fixed <span class=\"_ _2\"></span>or floating rates that are agreed at the time of inception <span class=\"_ _2\"></span>of the mortgage. <span class=\"_ _0\"></span>The f<span class=\"_ _2\"></span>air value of the term finance is not materially diff<span class=\"_ _a\"></span>erent to the carrying value shown abo<span class=\"_ _2\"></span>ve.<span class=\"_ _421\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfLeasesExplanatory",
    "language": "en",
    "entity": "scheme:213800VFRMBRTSZ3SJ06",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-57": {
   "value": "G4 <span class=\"_ _4\"></span>Def<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>red tax assets and liabilities<span class=\"_ _421\"> </span>Def<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>red tax assets and liabilities compr<span class=\"_ _a\"></span>ise:<span class=\"_ _421\"> </span>31 December <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14b\"> </span>20<span class=\"_ _2\"></span>23  <span class=\"_ _14b\"> </span>2022 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Net deferred tax liabilities:<span class=\"_ _421\"> </span>UK <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>other <span class=\"_ _4\"></span>group <span class=\"_ _3\"></span>activities <span class=\"_ _164\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>(8.<span class=\"_ _3\"></span>3 <span class=\"_ _7\"></span>) <span class=\"_ _14b\"> </span>(28.9 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Movestic <span class=\"_ _218\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _1b7\"> </span>(0.2 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>W<span class=\"_ _2\"></span>aard <span class=\"_ _3\"></span>Group <span class=\"_ _1b5\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _14e\"> </span>35.0  <span class=\"_ _5a\"> </span>4.1<span class=\"_ _421\"> </span>Scildon <span class=\"_ _120\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b1\"> </span>3.6  <span class=\"_ _fe\"> </span>4<span class=\"_ _3\"></span>.9<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _11b\"> </span>30<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3  <span class=\"_ _45\"> </span>(<span class=\"_ _3\"></span>20<span class=\"_ _3\"></span>.1 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Curr<span class=\"_ _2\"></span>ent <span class=\"_ _1f4\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _fe\"> </span>(0.1 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Non-current <span class=\"_ _1a9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14e\"> </span>30.3  <span class=\"_ _150\"> </span>(20.0 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _11b\"> </span>30<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3  <span class=\"_ _45\"> </span>(<span class=\"_ _3\"></span>20<span class=\"_ _3\"></span>.1 <span class=\"_ _7\"></span>)  (a) <span class=\"_ _3\"></span>CA and other group activities: Recognised def<span class=\"_ _a\"></span>err<span class=\"_ _2\"></span>ed tax assets and liabilities<span class=\"_ _421\"> </span>31 December <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14b\"> </span>2022<span class=\"_ _2\"></span>  <span class=\"_ _7e\"> </span>Credi<span class=\"_ _2\"></span>t/  <span class=\"_ _46\"> </span>2023 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1c8\"> </span>A<span class=\"_ _3\"></span>sse<span class=\"_ _3\"></span>ts<span class=\"_ _3\"></span>/  <span class=\"_ _123\"> </span>(char<span class=\"_ _3\"></span>ge <span class=\"_ _7\"></span>) <span class=\"_ _1c6\"> </span>A<span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>set<span class=\"_ _3\"></span>s/ <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _f2\"> </span>(liabilities <span class=\"_ _7\"></span>) <span class=\"_ _7e\"> </span>in <span class=\"_ _3\"></span>year  <span class=\"_ _f2\"> </span>(liabilities <span class=\"_ _7\"></span>) <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Pr<span class=\"_ _2\"></span>ofit arising on transition to new tax r<span class=\"_ _2\"></span>egime <span class=\"_ _97\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _e9\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _e9\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _e9\"> </span>\u2013<span class=\"_ _421\"> </span>Deferred a<span class=\"_ _3\"></span>cquisition <span class=\"_ _3\"></span>costs <span class=\"_ _1a0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _56\"> </span>1.5  <span class=\"_ _165\"> </span>(0.5 <span class=\"_ _7\"></span>) <span class=\"_ _1a1\"> </span>1.0<span class=\"_ _421\"> </span>Deferred in<span class=\"_ _3\"></span>come <span class=\"_ _1a4\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _57\"> </span>0.5  <span class=\"_ _10f\"> </span>(0.1 <span class=\"_ _0\"></span>) <span class=\"_ _12e\"> </span>0.4<span class=\"_ _421\"> </span>Acquired <span class=\"_ _3\"></span>value in-force <span class=\"_ _fc\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _11b\"> </span>(33.6 <span class=\"_ _7\"></span>) <span class=\"_ _14e\"> </span>19.6  <span class=\"_ _11b\"> </span>(14.0 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>Pr<span class=\"_ _2\"></span>operty, <span class=\"_ _3\"></span>plant <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>equipment <span class=\"_ _164\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _20b\"> </span>0.1  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _20b\"> </span>0.1<span class=\"_ _421\"> </span>Tax losses <span class=\"_ _4\"></span>on <span class=\"_ _3\"></span>pensions <span class=\"_ _3\"></span>business <span class=\"_ _106\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _56\"> </span>1.2  <span class=\"_ _fe\"> </span>(0.1 <span class=\"_ _7\"></span>) <span class=\"_ _a6\"> </span>1.1<span class=\"_ _421\"> </span>Unrealised <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>deferred investment <span class=\"_ _3\"></span>gains <span class=\"_ _3a\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5b\"> </span>(13.7 <span class=\"_ _0\"></span>) <span class=\"_ _152\"> </span>(9.5 <span class=\"_ _7\"></span>) <span class=\"_ _44\"> </span>(23.2 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>Exc<span class=\"_ _2\"></span>ess <span class=\"_ _3\"></span>expenses <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>managem<span class=\"_ _3\"></span>ent <span class=\"_ _22a\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12e\"> </span>12.5  <span class=\"_ _152\"> </span>14.4  <span class=\"_ _114\"> </span>26.9<span class=\"_ _421\"> </span>Share-based <span class=\"_ _3\"></span>payments <span class=\"_ _1a\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _57\"> </span>0.9  <span class=\"_ _5a\"> </span>0.1  <span class=\"_ _5a\"> </span>1.0<span class=\"_ _421\"> </span>Right-of-use <span class=\"_ _3\"></span>assets/lease <span class=\"_ _3\"></span>liabilities <span class=\"_ _17f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _20b\"> </span>0.1  <span class=\"_ _10f\"> </span>(0.1 <span class=\"_ _7\"></span>) <span class=\"_ _15b\"> </span>\u2013<span class=\"_ _421\"> </span>Tax losses <span class=\"_ _63\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _57\"> </span>4.7  <span class=\"_ _1b7\"> </span>(4.5 <span class=\"_ _0\"></span>) <span class=\"_ _8f\"> </span>0.2<span class=\"_ _421\"> </span>Difference in IFRS 4 and IFRS 17 r<span class=\"_ _2\"></span>eserves <span class=\"_ _246\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _fe\"> </span>(3.1 <span class=\"_ _31\"></span>) <span class=\"_ _1b1\"> </span>1.3 <span class=\"_ _2\"></span> <span class=\"_ _8f\"> </span>(1.<span class=\"_ _3\"></span>8 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _e7\"> </span>(<span class=\"_ _3\"></span>28<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9 <span class=\"_ _7\"></span>) <span class=\"_ _44\"> </span>20<span class=\"_ _3\"></span>.6  <span class=\"_ _14e\"> </span>(8<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Comprising:<span class=\"_ _421\"> </span>Net <span class=\"_ _3\"></span>deferred <span class=\"_ _3\"></span>tax <span class=\"_ _3\"></span>liabilities <span class=\"_ _227\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _44\"> </span>(28.9 <span class=\"_ _0\"></span>) <span class=\"_ _2d\"> </span>20.6  <span class=\"_ _1b7\"> </span>(8.3 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _e7\"> </span>(<span class=\"_ _3\"></span>28<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9 <span class=\"_ _7\"></span>) <span class=\"_ _44\"> </span>20<span class=\"_ _3\"></span>.6  <span class=\"_ _14e\"> </span>(8<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>On 31 December 2023, the long-term business of CA<span class=\"_ _2\"></span>SLP<span class=\"_ _f\"></span>, along with the majority of the assets of the compan<span class=\"_ _2\"></span>y were transf<span class=\"_ _2\"></span>erred into CA via a Business <span class=\"_ _0\"></span>T<span class=\"_ _0\"></span>ransf<span class=\"_ _2\"></span>er Scheme under Part <span class=\"_ _0\"></span>VII of the Financial <span class=\"_ _2\"></span>Services and Markets <span class=\"_ _2\"></span>Act 2000. Consequently<span class=\"_ _2\"></span>, previously unrecognised losses <span class=\"_ _2\"></span>of CA hav<span class=\"_ _2\"></span>e been recognised as defer<span class=\"_ _2\"></span>red tax assets at 31 December 2023. <span class=\"_ _0\"></span>This has resulted in a \u00a31<span class=\"_ _0\"></span>1<span class=\"_ _7\"></span>.9m additional defer<span class=\"_ _2\"></span>red tax asset being recognised at the balance sheet date.<span class=\"_ _421\"> </span> <span class=\"_ _5\"> </span>G4 <span class=\"_ _4\"></span>Def<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>red tax assets and liabilities (continued)  (a) <span class=\"_ _3\"></span>CA and other group activities: Recognised def<span class=\"_ _a\"></span>err<span class=\"_ _2\"></span>ed tax assets and liabilities (continued)<span class=\"_ _421\"> </span>31 December <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1e1\"> </span>2021  <span class=\"_ _7e\"> </span>Cre<span class=\"_ _2\"></span>dit/  <span class=\"_ _73\"> </span>  <span class=\"_ _14b\"> </span>2022 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _be\"> </span>A<span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>ts<span class=\"_ _3\"></span>/  <span class=\"_ _89\"> </span>(c<span class=\"_ _3\"></span>harg<span class=\"_ _3\"></span>e <span class=\"_ _7\"></span>) <span class=\"_ _80\"> </span>A<span class=\"_ _3\"></span>risi<span class=\"_ _3\"></span>ng <span class=\"_ _4\"></span>on  <span class=\"_ _1c8\"> </span>A<span class=\"_ _3\"></span>ss<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>s/ <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _f2\"> </span>(liabilities <span class=\"_ _7\"></span>) <span class=\"_ _7e\"> </span>in <span class=\"_ _3\"></span>year  <span class=\"_ _92\"> </span>acquisi<span class=\"_ _3\"></span>tion  <span class=\"_ _7f\"> </span>(liabilitie<span class=\"_ _3\"></span>s <span class=\"_ _7\"></span>) <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Pr<span class=\"_ _2\"></span>ofit arising on transition to new tax r<span class=\"_ _2\"></span>egime <span class=\"_ _97\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _20a\"> </span>(0.3 <span class=\"_ _31\"></span>) <span class=\"_ _12e\"> </span>0.3  <span class=\"_ _97\"> </span>\u2013  <span class=\"_ _97\"> </span>\u2013<span class=\"_ _421\"> </span>Deferred a<span class=\"_ _3\"></span>cquisition <span class=\"_ _3\"></span>costs <span class=\"_ _1a0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b7\"> </span>(0.2 <span class=\"_ _0\"></span>) <span class=\"_ _8f\"> </span>0.2  <span class=\"_ _96\"> </span>1.5  <span class=\"_ _56\"> </span>1.5<span class=\"_ _421\"> </span>Deferred in<span class=\"_ _3\"></span>come <span class=\"_ _1a4\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _57\"> </span>0.5  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _57\"> </span>0.5<span class=\"_ _421\"> </span>Acquired <span class=\"_ _3\"></span>value in-force <span class=\"_ _fc\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _57\"> </span>6.9  <span class=\"_ _44\"> </span>(40.5 <span class=\"_ _7\"></span>) <span class=\"_ _44\"> </span>(33.6 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Pr<span class=\"_ _2\"></span>operty, <span class=\"_ _3\"></span>plant <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>equipment <span class=\"_ _164\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _20b\"> </span>0.1  <span class=\"_ _5a\"> </span>0.1<span class=\"_ _421\"> </span>Tax losses <span class=\"_ _4\"></span>on <span class=\"_ _3\"></span>pensions <span class=\"_ _3\"></span>business <span class=\"_ _106\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _57\"> </span>0.5  <span class=\"_ _10e\"> </span>0.7  <span class=\"_ _56\"> </span>1.2<span class=\"_ _421\"> </span>Unrealised <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>deferred investment <span class=\"_ _3\"></span>gains <span class=\"_ _3a\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5b\"> </span>(15.<span class=\"_ _3\"></span>3 <span class=\"_ _7\"></span>) <span class=\"_ _14e\"> </span>13.8  <span class=\"_ _5b\"> </span>(12.2 <span class=\"_ _0\"></span>) <span class=\"_ _11b\"> </span>(13.7 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Exc<span class=\"_ _2\"></span>ess <span class=\"_ _3\"></span>expenses <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>managem<span class=\"_ _3\"></span>ent <span class=\"_ _22a\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12e\"> </span>15.3  <span class=\"_ _165\"> </span>(2.9 <span class=\"_ _0\"></span>) <span class=\"_ _1a1\"> </span>0.1  <span class=\"_ _165\"> </span>12.5<span class=\"_ _421\"> </span>Share-based <span class=\"_ _3\"></span>payments <span class=\"_ _1a\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _57\"> </span>0.7  <span class=\"_ _10e\"> </span>0.2  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _57\"> </span>0.9<span class=\"_ _421\"> </span>Right-of-use <span class=\"_ _3\"></span>assets/lease <span class=\"_ _3\"></span>liabilities <span class=\"_ _17f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _20b\"> </span>0.1  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _20b\"> </span>0.1<span class=\"_ _421\"> </span>Tax losses <span class=\"_ _63\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _57\"> </span>4.7  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _57\"> </span>4.7<span class=\"_ _421\"> </span>Difference in IFRS 4 and IFRS 17 r<span class=\"_ _2\"></span>eserves <span class=\"_ _246\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _165\"> </span>(5.6 <span class=\"_ _31\"></span>) <span class=\"_ _179\"> </span>2.5  <span class=\"_ _97\"> </span>\u2013  <span class=\"_ _10f\"> </span>(3.1 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5b\"> </span>(4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9 <span class=\"_ _7\"></span>) <span class=\"_ _44\"> </span>2<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3  <span class=\"_ _28\"> </span>(5<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>3 <span class=\"_ _0\"></span>) <span class=\"_ _119\"> </span>(2<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>.9 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>Comprising:<span class=\"_ _421\"> </span>Net <span class=\"_ _3\"></span>deferred <span class=\"_ _3\"></span>tax <span class=\"_ _3\"></span>liabilities <span class=\"_ _227\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _12b\"> </span>(4.9 <span class=\"_ _7\"></span>) <span class=\"_ _c2\"> </span>26.3  <span class=\"_ _1e1\"> </span>(50.3 <span class=\"_ _0\"></span>) <span class=\"_ _46\"> </span>(28.9 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5b\"> </span>(4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9 <span class=\"_ _7\"></span>) <span class=\"_ _44\"> </span>2<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3  <span class=\"_ _28\"> </span>(5<span class=\"_ _3\"></span>0.<span class=\"_ _3\"></span>3 <span class=\"_ _0\"></span>) <span class=\"_ _119\"> </span>(2<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>.9 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>The Finance <span class=\"_ _2\"></span>Act 202<span class=\"_ _0\"></span>1 increased the rate of corporation tax from 1<span class=\"_ _2\"></span>9% to 25% from 1 April 2023. <span class=\"_ _7\"></span>The future enacted tax rate <span class=\"_ _2\"></span>of 25% has been used in the calculation of UK def<span class=\"_ _a\"></span>erred tax assets and liabilities where relevant, being the rate <span class=\"_ _2\"></span>of corporation tax that is e<span class=\"_ _2\"></span>xpected to apply when the majority of those def<span class=\"_ _2\"></span>erred tax balances rev<span class=\"_ _2\"></span>erse. Def<span class=\"_ _2\"></span>erred tax balances hav<span class=\"_ _2\"></span>e been updated to reflect changes to equity <span class=\"_ _2\"></span>on transition to IFRS 1<span class=\"_ _a\"></span>7<span class=\"_ _31\"></span>. <span class=\"_ _0\"></span>The tax rate applied is that which is e<span class=\"_ _2\"></span>xpected at the time of<span class=\"_ _2\"></span> realisation. At 31 December 2022, the rate applied to the transitional tax pro<span class=\"_ _2\"></span>visions recognised on transition to IFR<span class=\"_ _2\"></span>S 1<span class=\"_ _a\"></span>7 for the UK division reflects the spreading of the profits arising o<span class=\"_ _2\"></span>ver the f<span class=\"_ _2\"></span>ollowing 1<span class=\"_ _a\"></span>0 <span class=\"_ _a\"></span>years. At 31 December 202<span class=\"_ _a\"></span>1<span class=\"_ _a\"></span>, these spreading provisions were not <span class=\"_ _2\"></span>enacted so the rates applied did not reflect them.<span class=\"_ _421\"> </span>The def<span class=\"_ _a\"></span>erred tax credit to the Consolidated Statement <span class=\"_ _2\"></span>of Comprehensive Income f<span class=\"_ _2\"></span>or the <span class=\"_ _a\"></span>year is classified as follo<span class=\"_ _2\"></span>ws:<span class=\"_ _421\"> </span>Y<span class=\"_ _2\"></span>ear ended<span class=\"_ _2\"></span> 31 December <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14b\"> </span>20<span class=\"_ _2\"></span>23  <span class=\"_ _14b\"> </span>2022 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Inc<span class=\"_ _3\"></span>ome <span class=\"_ _4\"></span>tax <span class=\"_ _4\"></span>cr<span class=\"_ _3\"></span>edit <span class=\"_ _247\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _2d\"> </span>2<span class=\"_ _3\"></span>0.7  <span class=\"_ _11b\"> </span>2<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3 <span class=\"_ _e\"> </span>(b) <span class=\"_ _3\"></span>CA and other group activities:<span class=\"_ _2\"></span> Items for whic<span class=\"_ _2\"></span>h no def<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>red tax asset is r<span class=\"_ _2\"></span>ecognised<span class=\"_ _421\"> </span>31 December <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14b\"> </span>20<span class=\"_ _2\"></span>23  <span class=\"_ _14b\"> </span>2022 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Tax losses <span class=\"_ _4\"></span>on <span class=\"_ _3\"></span>pensions <span class=\"_ _3\"></span>business <span class=\"_ _106\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _114\"> </span>20.7  <span class=\"_ _1b7\"> </span>17.8<span class=\"_ _421\"> </span>Transitional <span class=\"_ _3\"></span>losses <span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>non-pension <span class=\"_ _3\"></span>business <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span>Unreliev<span class=\"_ _2\"></span>ed <span class=\"_ _3\"></span>expenses <span class=\"_ _11d\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _f0\"> </span>94<span class=\"_ _3\"></span>.8<span class=\"_ _421\"> </span>Realised <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>unrealised <span class=\"_ _3\"></span>investment <span class=\"_ _3\"></span>losses <span class=\"_ _27\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _56\"> </span>9.1<span class=\"_ _421\"> </span>BLAGAB <span class=\"_ _3\"></span>trade <span class=\"_ _3\"></span>losses <span class=\"_ _21\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _114\"> </span>28.7  <span class=\"_ _57\"> </span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _45\"> </span>4<span class=\"_ _3\"></span>9.<span class=\"_ _3\"></span>4  <span class=\"_ _28\"> </span>12<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9<span class=\"_ _421\"> </span>A def<span class=\"_ _2\"></span>erred tax asset has not been recognised in respect of unrelie<span class=\"_ _2\"></span>ved <span class=\"_ _2\"></span>expenses, because it is not probable that there will be a sufficient le<span class=\"_ _2\"></span>vel of taxable income arising from income and gains on financial assets, so that the group can utilise the benefits therefrom. <span class=\"_ _7\"></span>The mov<span class=\"_ _2\"></span>ement in this balance reflects an increase in def<span class=\"_ _2\"></span>erred deemed gains on Collectiv<span class=\"_ _2\"></span>e Inv<span class=\"_ _2\"></span>estment Schemes in the period, which has decreased the unrelie<span class=\"_ _2\"></span>ved <span class=\"_ _2\"></span>expenses at the balance sheet date. There are no aggregate temporary diff<span class=\"_ _a\"></span>erences arising on the acquisition of subsidiaries <span class=\"_ _2\"></span>or associated undertakings, for which def<span class=\"_ _2\"></span>erred tax has not been recognised <span class=\"_ _18\"> </span>(c) <span class=\"_ _4\"></span>Movestic:<span class=\"_ _a\"></span> Recognised defer<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ed tax assets and liabilities<span class=\"_ _421\"> </span>As at the balance sheet date, Mo<span class=\"_ _2\"></span>vestic had a recognised def<span class=\"_ _2\"></span>erred tax liability <span class=\"_ _2\"></span>of \u00a3Nil (3<span class=\"_ _2\"></span>1 December 2022: \u00a3Nil), in respect of f<span class=\"_ _2\"></span>air value adjustments arising upon acquisition. Unrecognised def<span class=\"_ _2\"></span>erred tax assets were \u00a3Nil at the balance sheet date in respect <span class=\"_ _2\"></span>of corporation tax recov<span class=\"_ _2\"></span>erable (3<span class=\"_ _2\"></span>1 December 2022: \u00a3Nil). <span class=\"_ _e\"> </span>(d) <span class=\"_ _3\"></span>W<span class=\"_ _2\"></span>aard Gr<span class=\"_ _2\"></span>oup: Recognised def<span class=\"_ _a\"></span>err<span class=\"_ _2\"></span>ed tax assets and liabilities<span class=\"_ _421\"> </span>31 December <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _a1\"> </span>  <span class=\"_ _1fb\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _123\"> </span>Foreign   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _43\"> </span>2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2  <span class=\"_ _1fb\"> </span>  <span class=\"_ _7c\"> </span>Cred<span class=\"_ _3\"></span>it<span class=\"_ _3\"></span>/  <span class=\"_ _17d\"> </span>exch<span class=\"_ _3\"></span>ange  <span class=\"_ _14b\"> </span>2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>3 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _2e\"> </span>A<span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>ts<span class=\"_ _3\"></span>/  <span class=\"_ _f6\"> </span>A<span class=\"_ _3\"></span>ris<span class=\"_ _3\"></span>ing <span class=\"_ _4\"></span>on  <span class=\"_ _be\"> </span>(charge <span class=\"_ _0\"></span>) <span class=\"_ _8\"> </span>tr<span class=\"_ _3\"></span>ans<span class=\"_ _3\"></span>latio<span class=\"_ _3\"></span>n  <span class=\"_ _1c8\"> </span>A<span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>set<span class=\"_ _3\"></span>s/ <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _ef\"> </span>(liabilities <span class=\"_ _7\"></span>) <span class=\"_ _ef\"> </span>acquisiti<span class=\"_ _2\"></span>on  <span class=\"_ _3b\"> </span>in <span class=\"_ _4\"></span>year  <span class=\"_ _6c\"> </span>differen<span class=\"_ _3\"></span>ce  <span class=\"_ _17d\"> </span>(liabilities <span class=\"_ _7\"></span>) <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _f0\"> </span>\u00a3m  <span class=\"_ _94\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m<span class=\"_ _421\"> </span>Fair <span class=\"_ _3\"></span>value <span class=\"_ _3\"></span>adjustments <span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>acquisition <span class=\"_ _248\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _10f\"> </span>2<span class=\"_ _3\"></span>.1  <span class=\"_ _12e\"> </span>28.9  <span class=\"_ _165\"> </span>(3.<span class=\"_ _3\"></span>8 <span class=\"_ _7\"></span>) <span class=\"_ _12e\"> </span>(0.1 <span class=\"_ _7\"></span>) <span class=\"_ _20a\"> </span>27.1<span class=\"_ _421\"> </span>Defined <span class=\"_ _3\"></span>benefit <span class=\"_ _3\"></span>scheme <span class=\"_ _4\"></span>obligations <span class=\"_ _103\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _a5\"> </span>\u2013  <span class=\"_ _e9\"> </span>1.1  <span class=\"_ _5a\"> </span>0.1  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _56\"> </span>1.2<span class=\"_ _421\"> </span>V<span class=\"_ _2\"></span>aluation <span class=\"_ _3\"></span>differences <span class=\"_ _111\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12b\"> </span>2.0  <span class=\"_ _138\"> </span>\u2013  <span class=\"_ _12b\"> </span>(0.9 <span class=\"_ _7\"></span>) <span class=\"_ _12e\"> </span>(0.1 <span class=\"_ _7\"></span>) <span class=\"_ _1a1\"> </span>1.0<span class=\"_ _421\"> </span>V<span class=\"_ _2\"></span>aluation <span class=\"_ _3\"></span>differences <span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>investments <span class=\"_ _249\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _a5\"> </span>\u2013  <span class=\"_ _a7\"> </span>5.8  <span class=\"_ _10f\"> </span>(0.1 <span class=\"_ _7\"></span>) <span class=\"_ _97\"> </span>\u2013  <span class=\"_ _1a1\"> </span>5.7<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12b\"> </span>4<span class=\"_ _3\"></span>.1  <span class=\"_ _1b7\"> </span>35<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8  <span class=\"_ _14e\"> </span>(4<span class=\"_ _3\"></span>.7 <span class=\"_ _7\"></span>) <span class=\"_ _f0\"> </span>(0.<span class=\"_ _3\"></span>2 <span class=\"_ _0\"></span>) <span class=\"_ _150\"> </span>3<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>.0<span class=\"_ _421\"> </span>Comprising:<span class=\"_ _421\"> </span>Net <span class=\"_ _3\"></span>deferred <span class=\"_ _3\"></span>tax <span class=\"_ _3\"></span>asset <span class=\"_ _1a8\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _8f\"> </span>4<span class=\"_ _3\"></span>.1  <span class=\"_ _179\"> </span>35.8  <span class=\"_ _5a\"> </span>0.1  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _f0\"> </span>40.0<span class=\"_ _421\"> </span>Net <span class=\"_ _3\"></span>deferred <span class=\"_ _3\"></span>tax <span class=\"_ _3\"></span>liabilities <span class=\"_ _227\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1ca\"> </span>\u2013  <span class=\"_ _6a\"> </span>\u2013  <span class=\"_ _20a\"> </span>(4.<span class=\"_ _3\"></span>8 <span class=\"_ _7\"></span>) <span class=\"_ _14e\"> </span>(0.2 <span class=\"_ _0\"></span>) <span class=\"_ _14e\"> </span>(5.0 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12b\"> </span>4<span class=\"_ _3\"></span>.1  <span class=\"_ _1b7\"> </span>35<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8  <span class=\"_ _14e\"> </span>(4<span class=\"_ _3\"></span>.7 <span class=\"_ _7\"></span>) <span class=\"_ _f0\"> </span>(0.<span class=\"_ _3\"></span>2 <span class=\"_ _0\"></span>) <span class=\"_ _150\"> </span>3<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>.0<span class=\"_ _421\"> </span>31 December <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _a1\"> </span>  <span class=\"_ _1fb\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _123\"> </span>Foreign   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _15c\"> </span>2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>1  <span class=\"_ _1fb\"> </span>  <span class=\"_ _11c\"> </span>C<span class=\"_ _3\"></span>redi<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>/  <span class=\"_ _17d\"> </span>excha<span class=\"_ _3\"></span>nge  <span class=\"_ _14b\"> </span>2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _2e\"> </span>A<span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>ts<span class=\"_ _3\"></span>/  <span class=\"_ _f6\"> </span>A<span class=\"_ _3\"></span>ris<span class=\"_ _3\"></span>ing <span class=\"_ _4\"></span>on  <span class=\"_ _be\"> </span>(charge <span class=\"_ _0\"></span>) <span class=\"_ _8\"> </span>tr<span class=\"_ _3\"></span>ans<span class=\"_ _3\"></span>latio<span class=\"_ _3\"></span>n  <span class=\"_ _1c8\"> </span>A<span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>set<span class=\"_ _3\"></span>s/ <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _ef\"> </span>(liabilities <span class=\"_ _7\"></span>) <span class=\"_ _ef\"> </span>acquisiti<span class=\"_ _2\"></span>on  <span class=\"_ _3b\"> </span>in <span class=\"_ _4\"></span>year  <span class=\"_ _6c\"> </span>differen<span class=\"_ _3\"></span>ce  <span class=\"_ _17d\"> </span>(liabilities <span class=\"_ _7\"></span>) <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _f0\"> </span>\u00a3m  <span class=\"_ _94\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m  <span class=\"_ _165\"> </span>\u00a3m<span class=\"_ _421\"> </span>V<span class=\"_ _2\"></span>aluation <span class=\"_ _3\"></span>differences <span class=\"_ _111\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12b\"> </span>0.2  <span class=\"_ _17c\"> </span>2.2  <span class=\"_ _56\"> </span>1.6  <span class=\"_ _5a\"> </span>0.1  <span class=\"_ _5a\"> </span>4.1<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _114\"> </span>0.<span class=\"_ _3\"></span>2  <span class=\"_ _56\"> </span>2<span class=\"_ _4\"></span>.<span class=\"_ _3\"></span>2  <span class=\"_ _1a1\"> </span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>6  <span class=\"_ _1a1\"> </span>0.<span class=\"_ _3\"></span>1  <span class=\"_ _57\"> </span>4<span class=\"_ _3\"></span>.1<span class=\"_ _421\"> </span>Comprising:<span class=\"_ _421\"> </span>Net <span class=\"_ _3\"></span>deferred <span class=\"_ _3\"></span>tax <span class=\"_ _3\"></span>asset <span class=\"_ _1a8\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12b\"> </span>0.2  <span class=\"_ _17c\"> </span>2.2  <span class=\"_ _56\"> </span>1.6  <span class=\"_ _5a\"> </span>0.1  <span class=\"_ _5a\"> </span>4.1<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _114\"> </span>0.<span class=\"_ _3\"></span>2  <span class=\"_ _56\"> </span>2<span class=\"_ _4\"></span>.<span class=\"_ _3\"></span>2  <span class=\"_ _1a1\"> </span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>6  <span class=\"_ _1a1\"> </span>0.<span class=\"_ _3\"></span>1  <span class=\"_ _57\"> </span>4<span class=\"_ _3\"></span>.<span class=\"_ _421\"> </span>G4 <span class=\"_ _4\"></span>Def<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>red tax assets and liabilities (continued)  (e) <span class=\"_ _3\"></span>Scildon: Recognised def<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>red tax assets and liabilities<span class=\"_ _421\"> </span>31 December <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _89\"> </span>Foreign   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14b\"> </span>2022  <span class=\"_ _93\"> </span>(Charge)/<span class=\"_ _2\"></span>  <span class=\"_ _17d\"> </span>exchange  <span class=\"_ _46\"> </span>202<span class=\"_ _3\"></span>3 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _be\"> </span>A<span class=\"_ _3\"></span>ss<span class=\"_ _3\"></span>ets/  <span class=\"_ _3f\"> </span>credit  <span class=\"_ _237\"> </span>translation  <span class=\"_ _1c8\"> </span>A<span class=\"_ _3\"></span>sset<span class=\"_ _3\"></span>s/ <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _f2\"> </span>(liabilities <span class=\"_ _7\"></span>) <span class=\"_ _7e\"> </span>in <span class=\"_ _3\"></span>year  <span class=\"_ _ef\"> </span>di<span class=\"_ _3\"></span>fferen<span class=\"_ _3\"></span>ce  <span class=\"_ _7f\"> </span>(liabilitie<span class=\"_ _3\"></span>s <span class=\"_ _7\"></span>) <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Deferred a<span class=\"_ _3\"></span>cquisition <span class=\"_ _3\"></span>costs <span class=\"_ _1a0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _20b\"> </span>6.1  <span class=\"_ _5a\"> </span>0.1  <span class=\"_ _10f\"> </span>(0.1 <span class=\"_ _7\"></span>) <span class=\"_ _94\"> </span>6.1<span class=\"_ _421\"> </span>LAT reserve <span class=\"_ _1ae\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _fe\"> </span>(1.8 <span class=\"_ _7\"></span>) <span class=\"_ _1a1\"> </span>1.<span class=\"_ _3\"></span>8  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span>Revaluation of buildings and inv<span class=\"_ _2\"></span>estment properties <span class=\"_ _ec\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _152\"> </span>(0.8 <span class=\"_ _31\"></span>) <span class=\"_ _165\"> </span>(0.1 <span class=\"_ _31\"></span>) <span class=\"_ _12e\"> </span>0.2 <span class=\"_ _a\"></span> <span class=\"_ _12b\"> </span>(0.7 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>V<span class=\"_ _2\"></span>aluation <span class=\"_ _3\"></span>differences <span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>technical <span class=\"_ _3\"></span>pro<span class=\"_ _2\"></span>visions <span class=\"_ _a1\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _11b\"> </span>(35.5 <span class=\"_ _0\"></span>) <span class=\"_ _12e\"> </span>4<span class=\"_ _3\"></span>.3  <span class=\"_ _fe\"> </span>0.8  <span class=\"_ _44\"> </span>(30.4 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>V<span class=\"_ _2\"></span>aluation differences on in<span class=\"_ _2\"></span>vestments at fair value thr<span class=\"_ _2\"></span>ough profit and loss <span class=\"_ _132\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _5b\"> </span>36.9 <span class=\"_ _a\"></span> <span class=\"_ _2d\"> </span>(13.0 <span class=\"_ _31\"></span>) <span class=\"_ _114\"> </span>(0.9 <span class=\"_ _31\"></span>) <span class=\"_ _11b\"> </span>23.0<span class=\"_ _421\"> </span>Pr<span class=\"_ _2\"></span>operty, <span class=\"_ _3\"></span>plant <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>equipment <span class=\"_ _164\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _1a1\"> </span>5.6  <span class=\"_ _1b1\"> </span>5.6<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12e\"> </span>4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9  <span class=\"_ _114\"> </span>(6<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9 <span class=\"_ _7\"></span>) <span class=\"_ _165\"> </span>5<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>6  <span class=\"_ _10f\"> </span>3<span class=\"_ _3\"></span>.6<span class=\"_ _421\"> </span>Comprising:<span class=\"_ _421\"> </span>Net <span class=\"_ _3\"></span>deferred <span class=\"_ _3\"></span>tax <span class=\"_ _3\"></span>assets <span class=\"_ _dd\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _fe\"> </span>4<span class=\"_ _3\"></span>.9  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _1b1\"> </span>5.6  <span class=\"_ _12b\"> </span>10.5<span class=\"_ _421\"> </span>Net <span class=\"_ _3\"></span>deferred <span class=\"_ _3\"></span>tax <span class=\"_ _3\"></span>liabilities <span class=\"_ _227\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _165\"> </span>(6.9 <span class=\"_ _0\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _1b7\"> </span>(6<span class=\"_ _3\"></span>.9 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12e\"> </span>4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9  <span class=\"_ _114\"> </span>(6<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9 <span class=\"_ _7\"></span>) <span class=\"_ _165\"> </span>5<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>6  <span class=\"_ _10f\"> </span>3<span class=\"_ _3\"></span>.6<span class=\"_ _421\"> </span>31 December <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _89\"> </span>Foreign   <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1e1\"> </span>20<span class=\"_ _3\"></span>21  <span class=\"_ _1e3\"> </span>(Charge)/  <span class=\"_ _f2\"> </span>exchange  <span class=\"_ _14b\"> </span>2022 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _be\"> </span>A<span class=\"_ _3\"></span>ss<span class=\"_ _3\"></span>ets/  <span class=\"_ _3f\"> </span>credit  <span class=\"_ _237\"> </span>translation  <span class=\"_ _1c8\"> </span>A<span class=\"_ _3\"></span>sset<span class=\"_ _3\"></span>s/ <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _f2\"> </span>(liabilities <span class=\"_ _7\"></span>) <span class=\"_ _7e\"> </span>in <span class=\"_ _3\"></span>year  <span class=\"_ _ef\"> </span>di<span class=\"_ _3\"></span>fferen<span class=\"_ _3\"></span>ce  <span class=\"_ _7f\"> </span>(liabilitie<span class=\"_ _3\"></span>s <span class=\"_ _7\"></span>) <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Deferred a<span class=\"_ _3\"></span>cquisition <span class=\"_ _3\"></span>costs <span class=\"_ _1a0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _57\"> </span>5.8  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _57\"> </span>0.3  <span class=\"_ _20b\"> </span>6.1<span class=\"_ _421\"> </span>LAT reserve <span class=\"_ _1ae\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12e\"> </span>(3.6 <span class=\"_ _7\"></span>) <span class=\"_ _1b1\"> </span>1.9  <span class=\"_ _fe\"> </span>(0.1 <span class=\"_ _7\"></span>) <span class=\"_ _165\"> </span>(1.<span class=\"_ _3\"></span>8 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Revaluation of buildings and inv<span class=\"_ _2\"></span>estment properties <span class=\"_ _ec\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _20a\"> </span>(0.6 <span class=\"_ _31\"></span>) <span class=\"_ _114\"> </span>(0.2 <span class=\"_ _31\"></span>) <span class=\"_ _15b\"> </span>\u2013 <span class=\"_ _a\"></span> <span class=\"_ _152\"> </span>(0.8 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>V<span class=\"_ _2\"></span>aluation differences on t<span class=\"_ _2\"></span>echnical provisions <span class=\"_ _e9\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _165\"> </span>(3.2 <span class=\"_ _31\"></span>) <span class=\"_ _28\"> </span>(30.8 <span class=\"_ _31\"></span>) <span class=\"_ _12e\"> </span>(1.5 <span class=\"_ _31\"></span>) <span class=\"_ _150\"> </span>(35.5 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>V<span class=\"_ _2\"></span>aluation differences on in<span class=\"_ _2\"></span>vestments at fair value thr<span class=\"_ _2\"></span>ough profit and loss <span class=\"_ _132\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _10f\"> </span>(<span class=\"_ _3\"></span>1.5 <span class=\"_ _31\"></span>) <span class=\"_ _11b\"> </span>36.9 <span class=\"_ _2\"></span> <span class=\"_ _5a\"> </span>1.5 <span class=\"_ _2\"></span> <span class=\"_ _5b\"> </span>36.9<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12e\"> </span>(3<span class=\"_ _3\"></span>.1 <span class=\"_ _0\"></span>) <span class=\"_ _165\"> </span>7.8  <span class=\"_ _179\"> </span>0<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2  <span class=\"_ _12e\"> </span>4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9<span class=\"_ _421\"> </span>Comprising:<span class=\"_ _421\"> </span>Net <span class=\"_ _3\"></span>deferred <span class=\"_ _3\"></span>tax <span class=\"_ _3\"></span>liabilities <span class=\"_ _227\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _57\"> </span>(3.1 <span class=\"_ _7\"></span>) <span class=\"_ _10f\"> </span>7.8  <span class=\"_ _10e\"> </span>0.2  <span class=\"_ _10e\"> </span>4.9<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12e\"> </span>(3<span class=\"_ _3\"></span>.1 <span class=\"_ _0\"></span>) <span class=\"_ _165\"> </span>7.8  <span class=\"_ _179\"> </span>0<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2  <span class=\"_ _12e\"> </span>4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>9",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
    "language": "en",
    "entity": "scheme:213800VFRMBRTSZ3SJ06",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-58": {
   "value": " <span class=\"_ _5\"> </span>G5 <span class=\"_ _4\"></span>Def<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>red income<span class=\"_ _421\"> </span>31 December <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14b\"> </span>20<span class=\"_ _2\"></span>23  <span class=\"_ _14b\"> </span>2022 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Ba<span class=\"_ _3\"></span>lance <span class=\"_ _4\"></span>at <span class=\"_ _4\"></span>1 <span class=\"_ _4\"></span>Janu<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y <span class=\"_ _1b0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _10f\"> </span>3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5  <span class=\"_ _8f\"> </span>4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5<span class=\"_ _421\"> </span>Release <span class=\"_ _3\"></span>to <span class=\"_ _3\"></span>income <span class=\"_ _115\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b7\"> </span>(0.6 <span class=\"_ _0\"></span>) <span class=\"_ _10e\"> </span>(<span class=\"_ _3\"></span>1.1 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Foreign exchange <span class=\"_ _3\"></span>translation <span class=\"_ _3\"></span>difference <span class=\"_ _175\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _fe\"> </span>(0.1 <span class=\"_ _7\"></span>) <span class=\"_ _1a1\"> </span>0.1<span class=\"_ _421\"> </span>Ba<span class=\"_ _3\"></span>lance <span class=\"_ _4\"></span>at <span class=\"_ _4\"></span>31 <span class=\"_ _4\"></span>D<span class=\"_ _3\"></span>ecem<span class=\"_ _3\"></span>ber <span class=\"_ _d9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _179\"> </span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8  <span class=\"_ _fe\"> </span>3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5<span class=\"_ _421\"> </span>Curr<span class=\"_ _2\"></span>ent <span class=\"_ _1f4\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _10e\"> </span>0.2  <span class=\"_ _20b\"> </span>1.8<span class=\"_ _421\"> </span>Non-current <span class=\"_ _1a9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1a1\"> </span>2<span class=\"_ _3\"></span>.6  <span class=\"_ _20b\"> </span>1.7<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _179\"> </span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8  <span class=\"_ _10f\"> </span>3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5<span class=\"_ _421\"> </span>The release to income is included in f<span class=\"_ _a\"></span>ees and commission income (see Note D3). <span class=\"_ _0\"></span>These are initial f<span class=\"_ _2\"></span>ees that relate to future provision <span class=\"_ _2\"></span>of services that are defer<span class=\"_ _2\"></span>red and amortised o<span class=\"_ _2\"></span>ver the anticipated period.<span class=\"_ _421\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory",
    "language": "en",
    "entity": "scheme:213800VFRMBRTSZ3SJ06",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-456": {
   "value": " <span class=\"_ _5\"> </span>G6 <span class=\"_ _4\"></span>Other cur<span class=\"_ _2\"></span>rent liabilities<span class=\"_ _421\"> </span>31 December <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14b\"> </span>20<span class=\"_ _2\"></span>23  <span class=\"_ _14b\"> </span>2022 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Reinsurance payables<span class=\"_ _421\"> </span>Pay<span class=\"_ _2\"></span>ables <span class=\"_ _3\"></span>in <span class=\"_ _4\"></span>respect <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>investment <span class=\"_ _3\"></span>contracts <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _10e\"> </span>0.9  <span class=\"_ _56\"> </span>1.<span class=\"_ _3\"></span>2<span class=\"_ _421\"> </span>Liabilities <span class=\"_ _3\"></span>for <span class=\"_ _3\"></span>assets <span class=\"_ _3\"></span>withheld <span class=\"_ _24a\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _114\"> </span>45.5  <span class=\"_ _114\"> </span>47<span class=\"_ _a\"></span>.8<span class=\"_ _421\"> </span>Reinsurers share of def<span class=\"_ _2\"></span>erred acquisition costs and claims deposits <span class=\"_ _3f\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _5a\"> </span>0<span class=\"_ _2\"></span>.1 <span class=\"_ _2\"></span> <span class=\"_ _94\"> </span>0.1<span class=\"_ _421\"> </span>Sub-<span class=\"_ _3\"></span>total <span class=\"_ _102\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1e1\"> </span>4<span class=\"_ _3\"></span>6.<span class=\"_ _3\"></span>5  <span class=\"_ _114\"> </span>49.1<span class=\"_ _421\"> </span>Payab<span class=\"_ _3\"></span>les r<span class=\"_ _3\"></span>elat<span class=\"_ _3\"></span>ed to inve<span class=\"_ _3\"></span>stm<span class=\"_ _3\"></span>ent co<span class=\"_ _3\"></span>ntra<span class=\"_ _3\"></span>ct<span class=\"_ _3\"></span>s<span class=\"_ _421\"> </span>Accrued <span class=\"_ _3\"></span>claims <span class=\"_ _1eb\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b7\"> </span>19.9  <span class=\"_ _10f\"> </span>18.1<span class=\"_ _421\"> </span>Policyholder <span class=\"_ _3\"></span>liabilities <span class=\"_ _1b0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _57\"> </span>2<span class=\"_ _3\"></span>.6  <span class=\"_ _56\"> </span>1.5<span class=\"_ _421\"> </span>Sub-<span class=\"_ _3\"></span>total <span class=\"_ _102\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _2d\"> </span>22<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5  <span class=\"_ _114\"> </span>1<span class=\"_ _3\"></span>9.6<span class=\"_ _421\"> </span>Other payables<span class=\"_ _421\"> </span>Accrued <span class=\"_ _3\"></span>expenses <span class=\"_ _1bb\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>13.9  <span class=\"_ _12e\"> </span>13.3<span class=\"_ _421\"> </span>V<span class=\"_ _2\"></span>AT <span class=\"_ _24b\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _57\"> </span>0.2  <span class=\"_ _5a\"> </span>1.0<span class=\"_ _421\"> </span>Employee tax <span class=\"_ _24c\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _56\"> </span>2<span class=\"_ _3\"></span>.1  <span class=\"_ _1a1\"> </span>3.2<span class=\"_ _421\"> </span>Other <span class=\"_ _8b\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _152\"> </span>27<span class=\"_ _2\"></span>.7  <span class=\"_ _1b7\"> </span>31.8<span class=\"_ _421\"> </span>Sub-<span class=\"_ _3\"></span>total <span class=\"_ _102\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _7b\"> </span>43<span class=\"_ _3\"></span>.9  <span class=\"_ _11b\"> </span>49.<span class=\"_ _3\"></span>3<span class=\"_ _421\"> </span>Income <span class=\"_ _3\"></span>taxes <span class=\"_ _b6\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _20a\"> </span>18.8  <span class=\"_ _1b1\"> </span>5.<span class=\"_ _3\"></span>3<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1e1\"> </span>13<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.7  <span class=\"_ _28\"> </span>12<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3<span class=\"_ _421\"> </span>Curr<span class=\"_ _2\"></span>ent <span class=\"_ _1f4\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _f0\"> </span>13<span class=\"_ _3\"></span>1.7  <span class=\"_ _1e1\"> </span>1<span class=\"_ _3\"></span>23.3<span class=\"_ _421\"> </span>Non-current <span class=\"_ _1a9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1e1\"> </span>13<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.7  <span class=\"_ _28\"> </span>12<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3<span class=\"_ _421\"> </span>The carrying v<span class=\"_ _2\"></span>alue of <span class=\"_ _2\"></span>other pay<span class=\"_ _2\"></span>ables is a reasonable approximation of f<span class=\"_ _2\"></span>air value",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
    "language": "en",
    "entity": "scheme:213800VFRMBRTSZ3SJ06",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-59": {
   "value": " <span class=\"_ _5\"> </span>G6 <span class=\"_ _4\"></span>Other cur<span class=\"_ _2\"></span>rent liabilities<span class=\"_ _421\"> </span>31 December <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14b\"> </span>20<span class=\"_ _2\"></span>23  <span class=\"_ _14b\"> </span>2022 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Reinsurance payables<span class=\"_ _421\"> </span>Pay<span class=\"_ _2\"></span>ables <span class=\"_ _3\"></span>in <span class=\"_ _4\"></span>respect <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>investment <span class=\"_ _3\"></span>contracts <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _10e\"> </span>0.9  <span class=\"_ _56\"> </span>1.<span class=\"_ _3\"></span>2<span class=\"_ _421\"> </span>Liabilities <span class=\"_ _3\"></span>for <span class=\"_ _3\"></span>assets <span class=\"_ _3\"></span>withheld <span class=\"_ _24a\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _114\"> </span>45.5  <span class=\"_ _114\"> </span>47<span class=\"_ _a\"></span>.8<span class=\"_ _421\"> </span>Reinsurers share of def<span class=\"_ _2\"></span>erred acquisition costs and claims deposits <span class=\"_ _3f\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _5a\"> </span>0<span class=\"_ _2\"></span>.1 <span class=\"_ _2\"></span> <span class=\"_ _94\"> </span>0.1<span class=\"_ _421\"> </span>Sub-<span class=\"_ _3\"></span>total <span class=\"_ _102\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1e1\"> </span>4<span class=\"_ _3\"></span>6.<span class=\"_ _3\"></span>5  <span class=\"_ _114\"> </span>49.1<span class=\"_ _421\"> </span>Payab<span class=\"_ _3\"></span>les r<span class=\"_ _3\"></span>elat<span class=\"_ _3\"></span>ed to inve<span class=\"_ _3\"></span>stm<span class=\"_ _3\"></span>ent co<span class=\"_ _3\"></span>ntra<span class=\"_ _3\"></span>ct<span class=\"_ _3\"></span>s<span class=\"_ _421\"> </span>Accrued <span class=\"_ _3\"></span>claims <span class=\"_ _1eb\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b7\"> </span>19.9  <span class=\"_ _10f\"> </span>18.1<span class=\"_ _421\"> </span>Policyholder <span class=\"_ _3\"></span>liabilities <span class=\"_ _1b0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _57\"> </span>2<span class=\"_ _3\"></span>.6  <span class=\"_ _56\"> </span>1.5<span class=\"_ _421\"> </span>Sub-<span class=\"_ _3\"></span>total <span class=\"_ _102\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _2d\"> </span>22<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5  <span class=\"_ _114\"> </span>1<span class=\"_ _3\"></span>9.6<span class=\"_ _421\"> </span>Other payables<span class=\"_ _421\"> </span>Accrued <span class=\"_ _3\"></span>expenses <span class=\"_ _1bb\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>13.9  <span class=\"_ _12e\"> </span>13.3<span class=\"_ _421\"> </span>V<span class=\"_ _2\"></span>AT <span class=\"_ _24b\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _57\"> </span>0.2  <span class=\"_ _5a\"> </span>1.0<span class=\"_ _421\"> </span>Employee tax <span class=\"_ _24c\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _56\"> </span>2<span class=\"_ _3\"></span>.1  <span class=\"_ _1a1\"> </span>3.2<span class=\"_ _421\"> </span>Other <span class=\"_ _8b\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _152\"> </span>27<span class=\"_ _2\"></span>.7  <span class=\"_ _1b7\"> </span>31.8<span class=\"_ _421\"> </span>Sub-<span class=\"_ _3\"></span>total <span class=\"_ _102\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _7b\"> </span>43<span class=\"_ _3\"></span>.9  <span class=\"_ _11b\"> </span>49.<span class=\"_ _3\"></span>3<span class=\"_ _421\"> </span>Income <span class=\"_ _3\"></span>taxes <span class=\"_ _b6\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _20a\"> </span>18.8  <span class=\"_ _1b1\"> </span>5.<span class=\"_ _3\"></span>3<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1e1\"> </span>13<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.7  <span class=\"_ _28\"> </span>12<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3<span class=\"_ _421\"> </span>Curr<span class=\"_ _2\"></span>ent <span class=\"_ _1f4\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _f0\"> </span>13<span class=\"_ _3\"></span>1.7  <span class=\"_ _1e1\"> </span>1<span class=\"_ _3\"></span>23.3<span class=\"_ _421\"> </span>Non-current <span class=\"_ _1a9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1e1\"> </span>13<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.7  <span class=\"_ _28\"> </span>12<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3<span class=\"_ _421\"> </span>The carrying v<span class=\"_ _2\"></span>alue of <span class=\"_ _2\"></span>other pay<span class=\"_ _2\"></span>ables is a reasonable approximation of f<span class=\"_ _2\"></span>air value",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory",
    "language": "en",
    "entity": "scheme:213800VFRMBRTSZ3SJ06",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-438": {
   "value": "H1 <span class=\"_ _3\"></span>Share capital and shar<span class=\"_ _2\"></span>e premium<span class=\"_ _421\"> </span>Gr<span class=\"_ _3\"></span>oup 31 December <span class=\"_ _180\"> </span>2023<span class=\"_ _2\"></span> 2022 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _2e\"> </span>Numbe<span class=\"_ _3\"></span>r  <span class=\"_ _3e\"> </span>Share  <span class=\"_ _2e\"> </span>Numbe<span class=\"_ _3\"></span>r  <span class=\"_ _3e\"> </span>Share <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _62\"> </span>of <span class=\"_ _4\"></span>shares  <span class=\"_ _7c\"> </span>c<span class=\"_ _3\"></span>apital  <span class=\"_ _62\"> </span>of <span class=\"_ _4\"></span>shares  <span class=\"_ _7c\"> </span>capita<span class=\"_ _3\"></span>l <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _210\"> </span>issued  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _210\"> </span>issued  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Sha<span class=\"_ _3\"></span>re <span class=\"_ _4\"></span>capi<span class=\"_ _3\"></span>tal <span class=\"_ _34\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _f9\"> </span>1<span class=\"_ _3\"></span>50<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>84<span class=\"_ _3\"></span>9,<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>87  <span class=\"_ _10e\"> </span>7<span class=\"_ _2\"></span>.<span class=\"_ _3\"></span>5  <span class=\"_ _128\"> </span>15<span class=\"_ _3\"></span>0,<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>9,6<span class=\"_ _3\"></span>03  <span class=\"_ _10e\"> </span>7.<span class=\"_ _3\"></span>5 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _3e\"> </span>S<span class=\"_ _3\"></span>hare  <span class=\"_ _73\"> </span>  <span class=\"_ _112\"> </span>Share <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1f9\"> </span>premium  <span class=\"_ _9f\"> </span>  <span class=\"_ _1f9\"> </span>premium <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _9f\"> </span>  <span class=\"_ _12e\"> </span>\u00a3m <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _e7\"> </span>142<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5  <span class=\"_ _9f\"> </span>  <span class=\"_ _e7\"> </span>142<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _e8\"> </span>M<span class=\"_ _3\"></span>erger<span class=\"_ _2\"></span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _82\"> </span>Merger <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _be\"> </span>re<span class=\"_ _3\"></span>ser<span class=\"_ _3\"></span>ve  <span class=\"_ _9f\"> </span>  <span class=\"_ _1c8\"> </span>res<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>ve <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _9f\"> </span>  <span class=\"_ _12e\"> </span>\u00a3m <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _11b\"> </span>36<span class=\"_ _3\"></span>.3  <span class=\"_ _9f\"> </span>  <span class=\"_ _11b\"> </span>36<span class=\"_ _3\"></span>.3<span class=\"_ _421\"> </span>The number <span class=\"_ _2\"></span>of shares in issue at the balance sheet date included Nil shares held in treasury (3<span class=\"_ _2\"></span>1 December 2022: Nil)<span class=\"_ _421\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
    "language": "en",
    "entity": "scheme:213800VFRMBRTSZ3SJ06",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-60": {
   "value": "H1 <span class=\"_ _3\"></span>Share capital and shar<span class=\"_ _2\"></span>e premium<span class=\"_ _421\"> </span>Gr<span class=\"_ _3\"></span>oup 31 December <span class=\"_ _180\"> </span>2023<span class=\"_ _2\"></span> 2022 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _2e\"> </span>Numbe<span class=\"_ _3\"></span>r  <span class=\"_ _3e\"> </span>Share  <span class=\"_ _2e\"> </span>Numbe<span class=\"_ _3\"></span>r  <span class=\"_ _3e\"> </span>Share <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _62\"> </span>of <span class=\"_ _4\"></span>shares  <span class=\"_ _7c\"> </span>c<span class=\"_ _3\"></span>apital  <span class=\"_ _62\"> </span>of <span class=\"_ _4\"></span>shares  <span class=\"_ _7c\"> </span>capita<span class=\"_ _3\"></span>l <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _210\"> </span>issued  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _210\"> </span>issued  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Sha<span class=\"_ _3\"></span>re <span class=\"_ _4\"></span>capi<span class=\"_ _3\"></span>tal <span class=\"_ _34\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _f9\"> </span>1<span class=\"_ _3\"></span>50<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span>84<span class=\"_ _3\"></span>9,<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>87  <span class=\"_ _10e\"> </span>7<span class=\"_ _2\"></span>.<span class=\"_ _3\"></span>5  <span class=\"_ _128\"> </span>15<span class=\"_ _3\"></span>0,<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>9,6<span class=\"_ _3\"></span>03  <span class=\"_ _10e\"> </span>7.<span class=\"_ _3\"></span>5 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _3e\"> </span>S<span class=\"_ _3\"></span>hare  <span class=\"_ _73\"> </span>  <span class=\"_ _112\"> </span>Share <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1f9\"> </span>premium  <span class=\"_ _9f\"> </span>  <span class=\"_ _1f9\"> </span>premium <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _9f\"> </span>  <span class=\"_ _12e\"> </span>\u00a3m <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _e7\"> </span>142<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5  <span class=\"_ _9f\"> </span>  <span class=\"_ _e7\"> </span>142<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>3 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _e8\"> </span>M<span class=\"_ _3\"></span>erger<span class=\"_ _2\"></span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _82\"> </span>Merger <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _be\"> </span>re<span class=\"_ _3\"></span>ser<span class=\"_ _3\"></span>ve  <span class=\"_ _9f\"> </span>  <span class=\"_ _1c8\"> </span>res<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>ve <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _9f\"> </span>  <span class=\"_ _12e\"> </span>\u00a3m <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _11b\"> </span>36<span class=\"_ _3\"></span>.3  <span class=\"_ _9f\"> </span>  <span class=\"_ _11b\"> </span>36<span class=\"_ _3\"></span>.3<span class=\"_ _421\"> </span>The number <span class=\"_ _2\"></span>of shares in issue at the balance sheet date included Nil shares held in treasury (3<span class=\"_ _2\"></span>1 December 2022: Nil)<span class=\"_ _421\"> </span>H2 <span class=\"_ _3\"></span>Other reserv<span class=\"_ _2\"></span>es<span class=\"_ _421\"> </span>Group<span class=\"_ _421\"> </span>31 December <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14b\"> </span>20<span class=\"_ _2\"></span>23  <span class=\"_ _14b\"> </span>2022 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Capital <span class=\"_ _3\"></span>redemption <span class=\"_ _3\"></span>reserve <span class=\"_ _1b8\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _20b\"> </span>0.1  <span class=\"_ _5a\"> </span>0.1<span class=\"_ _421\"> </span>Foreign exchange <span class=\"_ _3\"></span>translation <span class=\"_ _3\"></span>reserve <span class=\"_ _249\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _10e\"> </span>6.4  <span class=\"_ _152\"> </span>14<span class=\"_ _3\"></span>.8<span class=\"_ _421\"> </span>Ba<span class=\"_ _3\"></span>lance <span class=\"_ _4\"></span>at <span class=\"_ _4\"></span>31 <span class=\"_ _4\"></span>D<span class=\"_ _3\"></span>ecem<span class=\"_ _3\"></span>ber <span class=\"_ _d9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _10f\"> </span>6<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5  <span class=\"_ _5b\"> </span>14.<span class=\"_ _3\"></span>9<span class=\"_ _e\"> </span>H3 <span class=\"_ _3\"></span>Retained earnings<span class=\"_ _421\"> </span>Group<span class=\"_ _421\"> </span>Y<span class=\"_ _2\"></span>ear ended<span class=\"_ _2\"></span> 31 December <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14b\"> </span>20<span class=\"_ _2\"></span>23  <span class=\"_ _14b\"> </span>2022 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Retained earnings attr<span class=\"_ _2\"></span>ibutable to equity holders of the parent c<span class=\"_ _2\"></span>ompany comprise:<span class=\"_ _421\"> </span>Ba<span class=\"_ _3\"></span>lance <span class=\"_ _4\"></span>at <span class=\"_ _4\"></span>1 <span class=\"_ _4\"></span>Janu<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y <span class=\"_ _1b0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _150\"> </span>1<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>3.<span class=\"_ _3\"></span>1  <span class=\"_ _a3\"> </span>2<span class=\"_ _3\"></span>50<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2<span class=\"_ _421\"> </span>Pr<span class=\"_ _2\"></span>ofit/(loss) <span class=\"_ _3\"></span>for <span class=\"_ _3\"></span>the <span class=\"_ _4\"></span>year <span class=\"_ _18a\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b7\"> </span>18<span class=\"_ _3\"></span>.7  <span class=\"_ _7b\"> </span>(33.7 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Share-based <span class=\"_ _3\"></span>payment <span class=\"_ _55\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _57\"> </span>0.7  <span class=\"_ _fe\"> </span>0.9<span class=\"_ _421\"> </span>Dividends<span class=\"_ _421\"> </span>Final <span class=\"_ _3\"></span>approv<span class=\"_ _2\"></span>ed <span class=\"_ _3\"></span>and <span class=\"_ _4\"></span>paid <span class=\"_ _3\"></span>for <span class=\"_ _3\"></span>2021 <span class=\"_ _232\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _5b\"> </span>(22<span class=\"_ _3\"></span>.1 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span>Interim <span class=\"_ _3\"></span>appro<span class=\"_ _2\"></span>ved <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>paid <span class=\"_ _3\"></span>for <span class=\"_ _3\"></span>2022 <span class=\"_ _24d\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _f0\"> </span>(<span class=\"_ _3\"></span>12<span class=\"_ _3\"></span>.2 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span>Final <span class=\"_ _3\"></span>approv<span class=\"_ _2\"></span>ed <span class=\"_ _3\"></span>and <span class=\"_ _4\"></span>paid <span class=\"_ _3\"></span>for <span class=\"_ _3\"></span>2022 <span class=\"_ _197\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1e1\"> </span>(22.8 <span class=\"_ _0\"></span>) <span class=\"_ _15b\"> </span>\u2013<span class=\"_ _421\"> </span>Interim <span class=\"_ _3\"></span>appro<span class=\"_ _2\"></span>ved <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>paid <span class=\"_ _3\"></span>for <span class=\"_ _3\"></span>2023 <span class=\"_ _24d\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _c2\"> </span>(<span class=\"_ _3\"></span>12.6 <span class=\"_ _7\"></span>) <span class=\"_ _15b\"> </span>\u2013<span class=\"_ _421\"> </span>Ba<span class=\"_ _3\"></span>lance <span class=\"_ _4\"></span>at <span class=\"_ _4\"></span>31 <span class=\"_ _4\"></span>D<span class=\"_ _3\"></span>ecem<span class=\"_ _3\"></span>ber <span class=\"_ _d9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _7b\"> </span>16<span class=\"_ _3\"></span>7<span class=\"_ _2\"></span>.1  <span class=\"_ _150\"> </span>1<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>.1<span class=\"_ _421\"> </span>The interim dividend in respect <span class=\"_ _2\"></span>of 2022, approv<span class=\"_ _2\"></span>ed and paid in 2022, was paid at the rate of 8.<span class=\"_ _7\"></span>1<span class=\"_ _a\"></span>2p per share. <span class=\"_ _0\"></span>The final dividend in respect of 2022, appro<span class=\"_ _2\"></span>ved and paid in 2023, was paid at the rate <span class=\"_ _2\"></span>of 1<span class=\"_ _2\"></span>5.<span class=\"_ _0\"></span>16p per share so that the total dividend paid to the <span class=\"_ _2\"></span>equity shareholders of the parent compan<span class=\"_ _2\"></span>y in respect of the <span class=\"_ _a\"></span>year <span class=\"_ _2\"></span>ended 3<span class=\"_ _2\"></span>1 December 2022 was made at the rate <span class=\"_ _2\"></span>of 23.28p per share.<span class=\"_ _421\"> </span>The interim dividend in respect <span class=\"_ _2\"></span>of 2023, approv<span class=\"_ _2\"></span>ed and paid in 2023, was paid at the rate of 8.36p per share to <span class=\"_ _2\"></span>equity shareholders of the parent compan<span class=\"_ _2\"></span>y registered at the close of business <span class=\"_ _2\"></span>on 29 <span class=\"_ _2\"></span>September 2023, the dividend record date.<span class=\"_ _421\"> </span>A final dividend of 1<span class=\"_ _a\"></span>5.<span class=\"_ _0\"></span>1<span class=\"_ _a\"></span>6p per share in respect of the <span class=\"_ _a\"></span>year <span class=\"_ _2\"></span>ended 31 December 2023 payable <span class=\"_ _2\"></span>on 28 May 2024 to <span class=\"_ _2\"></span>equity shareholders of the parent compan<span class=\"_ _2\"></span>y registered at the close of business <span class=\"_ _2\"></span>on 1<span class=\"_ _2\"></span>2 April 2024, the dividend record date, w<span class=\"_ _2\"></span>as approved b<span class=\"_ _2\"></span>y the directors after the balance sheet date. <span class=\"_ _0\"></span>The resulting total final dividend of \u00a323.5m has not been pro<span class=\"_ _2\"></span>vided for in these financial statements and there are no income tax consequences.<span class=\"_ _421\"> </span>The f<span class=\"_ _2\"></span>ollowing summarises dividends per share in respect <span class=\"_ _2\"></span>of the <span class=\"_ _a\"></span>year ended 3<span class=\"_ _a\"></span>1 December 2022 and 31 December 2023:<span class=\"_ _421\"> </span>Y<span class=\"_ _2\"></span>ear ended<span class=\"_ _2\"></span> 31 December <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14b\"> </span>20<span class=\"_ _2\"></span>23  <span class=\"_ _14b\"> </span>2022 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _ae\"> </span>P  <span class=\"_ _15b\"> </span>P<span class=\"_ _421\"> </span>Interim <span class=\"_ _3\"></span>\u2013 <span class=\"_ _3\"></span>approv<span class=\"_ _2\"></span>ed <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>paid <span class=\"_ _bc\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _114\"> </span>8.36  <span class=\"_ _1b7\"> </span>8.12<span class=\"_ _421\"> </span>Final <span class=\"_ _3\"></span>\u2013 <span class=\"_ _3\"></span>proposed/<span class=\"_ _a\"></span>paid <span class=\"_ _1c5\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5b\"> </span>15.61  <span class=\"_ _2d\"> </span>15<span class=\"_ _3\"></span>.16<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _119\"> </span>2<span class=\"_ _3\"></span>3.<span class=\"_ _3\"></span>9<span class=\"_ _3\"></span>7  <span class=\"_ _a3\"> </span>2<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>28<span class=\"_ _421\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
    "language": "en",
    "entity": "scheme:213800VFRMBRTSZ3SJ06",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-439": {
   "value": "<div class=\"t m0 h3 ff61 fs1 fcb sc0 lsd9 wsc7 gs5e7\">Group<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls190 wsc7 gs5e8\">Y<span class=\"_ _2\"></span>ear ended<span class=\"_ _2\"></span> 31 December</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls119 ws1b4 gs5e9\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14b\"> </span>20<span class=\"_ _2\"></span>23  <span class=\"_ _14b\"> </span>2022</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls190 ws1e0 gs5ea\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb ws2 gs5eb\">Retained earnings attr<span class=\"_ _2\"></span>ibutable to equity holders of the parent c<span class=\"_ _2\"></span>ompany comprise:<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs5ec\">Ba<span class=\"_ _3\"></span>lance <span class=\"_ _4\"></span>at <span class=\"_ _4\"></span>1 <span class=\"_ _4\"></span>Janu<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>y <span class=\"_ _1b0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _150\"> </span>1<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>3.<span class=\"_ _3\"></span>1  <span class=\"_ _a3\"> </span>2<span class=\"_ _3\"></span>50<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs5ed\">Pr<span class=\"_ _2\"></span>ofit/(loss) <span class=\"_ _3\"></span>for <span class=\"_ _3\"></span>the <span class=\"_ _4\"></span>year <span class=\"_ _18a\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b7\"> </span>18<span class=\"_ _3\"></span>.7  <span class=\"_ _7b\"> </span>(33.7 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs5ee\">Share-based <span class=\"_ _3\"></span>payment <span class=\"_ _55\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _57\"> </span>0.7  <span class=\"_ _fe\"> </span>0.9<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsfb gs5ef\">Dividends<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs5f0\">Final <span class=\"_ _3\"></span>approv<span class=\"_ _2\"></span>ed <span class=\"_ _3\"></span>and <span class=\"_ _4\"></span>paid <span class=\"_ _3\"></span>for <span class=\"_ _3\"></span>2021 <span class=\"_ _232\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _5b\"> </span>(22<span class=\"_ _3\"></span>.1 <span class=\"_ _7\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs5f1\">Interim <span class=\"_ _3\"></span>appro<span class=\"_ _2\"></span>ved <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>paid <span class=\"_ _3\"></span>for <span class=\"_ _3\"></span>2022 <span class=\"_ _24d\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _f0\"> </span>(<span class=\"_ _3\"></span>12<span class=\"_ _3\"></span>.2 <span class=\"_ _0\"></span>)<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs5f2\">Final <span class=\"_ _3\"></span>approv<span class=\"_ _2\"></span>ed <span class=\"_ _3\"></span>and <span class=\"_ _4\"></span>paid <span class=\"_ _3\"></span>for <span class=\"_ _3\"></span>2022 <span class=\"_ _197\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1e1\"> </span>(22.8 <span class=\"_ _0\"></span>) <span class=\"_ _15b\"> </span>\u2013<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs5f3\">Interim <span class=\"_ _3\"></span>appro<span class=\"_ _2\"></span>ved <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>paid <span class=\"_ _3\"></span>for <span class=\"_ _3\"></span>2023 <span class=\"_ _24d\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _c2\"> </span>(<span class=\"_ _3\"></span>12.6 <span class=\"_ _7\"></span>) <span class=\"_ _15b\"> </span>\u2013<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs5f4\">Ba<span class=\"_ _3\"></span>lance <span class=\"_ _4\"></span>at <span class=\"_ _4\"></span>31 <span class=\"_ _4\"></span>D<span class=\"_ _3\"></span>ecem<span class=\"_ _3\"></span>ber <span class=\"_ _d9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _7b\"> </span>16<span class=\"_ _3\"></span>7<span class=\"_ _2\"></span>.1  <span class=\"_ _150\"> </span>1<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>.1<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 lsc4 wsf gs5f5\">The interim dividend in respect <span class=\"_ _2\"></span>of 2022, approv<span class=\"_ _2\"></span>ed and paid in 2022, was paid at the rate of 8.<span class=\"_ _7\"></span>1<span class=\"_ _a\"></span>2p per share. <span class=\"_ _0\"></span>The final dividend in respect of 2022, appro<span class=\"_ _2\"></span>ved and </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls42 ws74 gs5f6\">paid in 2023, was paid at the rate <span class=\"_ _2\"></span>of 1<span class=\"_ _2\"></span>5.<span class=\"_ _0\"></span>16p per share so that the total dividend paid to the <span class=\"_ _2\"></span>equity shareholders of the parent compan<span class=\"_ _2\"></span>y in respect of the <span class=\"_ _a\"></span>year <span class=\"_ _2\"></span>ended </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs5f7\">3<span class=\"_ _2\"></span>1 December 2022 was made at the rate <span class=\"_ _2\"></span>of 23.28p per share.<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls18 ws74 gs5f8\">The interim dividend in respect <span class=\"_ _2\"></span>of 2023, approv<span class=\"_ _2\"></span>ed and paid in 2023, was paid at the rate of 8.36p per share to <span class=\"_ _2\"></span>equity shareholders of the parent compan<span class=\"_ _2\"></span>y registered </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs5f9\">at the close of business <span class=\"_ _2\"></span>on 29 <span class=\"_ _2\"></span>September 2023, the dividend record date.<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls6d ws11e gs5fa\">A final dividend of 1<span class=\"_ _a\"></span>5.<span class=\"_ _0\"></span>1<span class=\"_ _a\"></span>6p per share in respect of the <span class=\"_ _a\"></span>year <span class=\"_ _2\"></span>ended 31 December 2023 payable <span class=\"_ _2\"></span>on 28 May 2024 to <span class=\"_ _2\"></span>equity shareholders of the parent compan<span class=\"_ _2\"></span>y </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls6d ws72 gs5fb\">registered at the close of business <span class=\"_ _2\"></span>on 1<span class=\"_ _2\"></span>2 April 2024, the dividend record date, w<span class=\"_ _2\"></span>as approved b<span class=\"_ _2\"></span>y the directors after the balance sheet date. <span class=\"_ _0\"></span>The resulting total </div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs5fc\">final dividend of \u00a323.5m has not been pro<span class=\"_ _2\"></span>vided for in these financial statements and there are no income tax consequences.<span class=\"_ _421\"> </span></div><div class=\"t m0 h10 ff64 fsd fc1 sc0 ls2 ws2 gs5fd\">The f<span class=\"_ _2\"></span>ollowing summarises dividends per share in respect <span class=\"_ _2\"></span>of the <span class=\"_ _a\"></span>year ended 3<span class=\"_ _a\"></span>1 December 2022 and 31 December 2023:<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls190 wsc7 gs5fe\">Y<span class=\"_ _2\"></span>ear ended<span class=\"_ _2\"></span> 31 December</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 ls119 ws1b4 gs5ff\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14b\"> </span>20<span class=\"_ _2\"></span>23  <span class=\"_ _14b\"> </span>2022</div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs600\"> <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _ae\"> </span>P  <span class=\"_ _15b\"> </span>P<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs601\">Interim <span class=\"_ _3\"></span>\u2013 <span class=\"_ _3\"></span>approv<span class=\"_ _2\"></span>ed <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>paid <span class=\"_ _bc\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _114\"> </span>8.36  <span class=\"_ _1b7\"> </span>8.12<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff60 fs1 fcb sc0 lseb wsb3 gs602\">Final <span class=\"_ _3\"></span>\u2013 <span class=\"_ _3\"></span>proposed/<span class=\"_ _a\"></span>paid <span class=\"_ _1c5\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5b\"> </span>15.61  <span class=\"_ _2d\"> </span>15<span class=\"_ _3\"></span>.16<span class=\"_ _421\"> </span></div><div class=\"t m0 h3 ff61 fs1 fcb sc0 lseb ws1b5 gs603\">T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _119\"> </span>2<span class=\"_ _3\"></span>3.<span class=\"_ _3\"></span>9<span class=\"_ _3\"></span>7  <span class=\"_ _a3\"> </span>2<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>28<span class=\"_ _421\"> </span></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDividendsExplanatory",
    "language": "en",
    "entity": "scheme:213800VFRMBRTSZ3SJ06",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-440": {
   "value": " <span class=\"_ _79\"> </span>I1 <span class=\"_ _3\"></span>Employ<span class=\"_ _2\"></span>ee benefit expense, including dir<span class=\"_ _2\"></span>ectors<span class=\"_ _421\"> </span>Y<span class=\"_ _2\"></span>ear ended<span class=\"_ _2\"></span> 31 December <span class=\"_ _d\"> </span> <span class=\"_ _22c\"> </span>  <span class=\"_ _97\"> </span>  <span class=\"_ _97\"> </span>  <span class=\"_ _89\"> </span>Waard  <span class=\"_ _97\"> </span>  <span class=\"_ _74\"> </span>O<span class=\"_ _3\"></span>ther <span class=\"_ _3\"></span>group  <span class=\"_ _97\"> </span>   <span class=\"_ _d\"> </span> <span class=\"_ _22c\"> </span>  <span class=\"_ _2d\"> </span>U<span class=\"_ _3\"></span>K  <span class=\"_ _1c1\"> </span>Move<span class=\"_ _3\"></span>sti<span class=\"_ _3\"></span>c  <span class=\"_ _ec\"> </span>G<span class=\"_ _3\"></span>roup  <span class=\"_ _33\"> </span>Sci<span class=\"_ _3\"></span>ldon  <span class=\"_ _6c\"> </span>ac<span class=\"_ _3\"></span>ti<span class=\"_ _3\"></span>vit<span class=\"_ _3\"></span>ies  <span class=\"_ _3f\"> </span>2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>3  <span class=\"_ _14b\"> </span>20<span class=\"_ _3\"></span>22 <span class=\"_ _d\"> </span> <span class=\"_ _22c\"> </span>  <span class=\"_ _3e\"> </span>\u00a3<span class=\"_ _3\"></span>0m  <span class=\"_ _1e1\"> </span>\u00a3<span class=\"_ _3\"></span>m  <span class=\"_ _1e1\"> </span>\u00a3m  <span class=\"_ _1e1\"> </span>\u00a3<span class=\"_ _3\"></span>m  <span class=\"_ _45\"> </span>\u00a3<span class=\"_ _3\"></span>m  <span class=\"_ _1e1\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>W<span class=\"_ _2\"></span>ages <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>salaries <span class=\"_ _ea\"> </span>  <span class=\"_ _114\"> </span>3.8  <span class=\"_ _14e\"> </span>7<span class=\"_ _2\"></span>.8  <span class=\"_ _5b\"> </span>4.2  <span class=\"_ _5b\"> </span>8.8  <span class=\"_ _5b\"> </span>6.4  <span class=\"_ _44\"> </span>31.0  <span class=\"_ _114\"> </span>28.6<span class=\"_ _421\"> </span>Social <span class=\"_ _3\"></span>security <span class=\"_ _3\"></span>costs <span class=\"_ _1e9\"> </span>  <span class=\"_ _5b\"> </span>0.5  <span class=\"_ _114\"> </span>2<span class=\"_ _3\"></span>.9  <span class=\"_ _c2\"> </span>0.4  <span class=\"_ _10f\"> </span>1.1  <span class=\"_ _5b\"> </span>0.9  <span class=\"_ _5b\"> </span>5.<span class=\"_ _3\"></span>8  <span class=\"_ _96\"> </span>5.1<span class=\"_ _421\"> </span>Pension <span class=\"_ _3\"></span>costs-defined <span class=\"_ _3\"></span>contribution plans <span class=\"_ _e7\"> </span>  <span class=\"_ _114\"> </span>0.3<span class=\"_ _3\"></span>  <span class=\"_ _12b\"> </span>1.<span class=\"_ _3\"></span>8  <span class=\"_ _c2\"> </span>0.4  <span class=\"_ _1b7\"> </span>1.<span class=\"_ _4\"></span>3  <span class=\"_ _5b\"> </span>0.6  <span class=\"_ _c2\"> </span>4.4  <span class=\"_ _57\"> </span>4.<span class=\"_ _3\"></span>2<span class=\"_ _421\"> </span>Pension <span class=\"_ _3\"></span>costs-defined <span class=\"_ _3\"></span>benefit <span class=\"_ _3\"></span>plans <span class=\"_ _b4\"> </span>  <span class=\"_ _96\"> </span>\u2013  <span class=\"_ _a6\"> </span>\u2013  <span class=\"_ _96\"> </span>\u2013  <span class=\"_ _a6\"> </span>\u2013  <span class=\"_ _a6\"> </span>\u2013  <span class=\"_ _96\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _224\"> </span>  <span class=\"_ _11b\"> </span>4<span class=\"_ _3\"></span>.6  <span class=\"_ _46\"> </span>1<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5  <span class=\"_ _2d\"> </span>5<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>0  <span class=\"_ _44\"> </span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2  <span class=\"_ _c2\"> </span>7.9  <span class=\"_ _28\"> </span>41<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2  <span class=\"_ _c2\"> </span>3<span class=\"_ _3\"></span>7<span class=\"_ _2\"></span>.<span class=\"_ _3\"></span>9<span class=\"_ _421\"> </span>Monthly average number of emplo<span class=\"_ _2\"></span>yees<span class=\"_ _421\"> </span>Compan<span class=\"_ _2\"></span>y <span class=\"_ _24e\"> </span>  <span class=\"_ _97\"> </span>  <span class=\"_ _b9\"> </span>  <span class=\"_ _97\"> </span>  <span class=\"_ _b9\"> </span>  <span class=\"_ _97\"> </span>  <span class=\"_ _165\"> </span>62  <span class=\"_ _96\"> </span>52<span class=\"_ _421\"> </span>Subsidiaries <span class=\"_ _23f\"> </span>  <span class=\"_ _b9\"> </span>  <span class=\"_ _97\"> </span>  <span class=\"_ _b9\"> </span>  <span class=\"_ _97\"> </span>  <span class=\"_ _b9\"> </span>  <span class=\"_ _7b\"> </span>325  <span class=\"_ _12e\"> </span>362<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _224\"> </span>  <span class=\"_ _b9\"> </span>  <span class=\"_ _97\"> </span>  <span class=\"_ _b9\"> </span>  <span class=\"_ _97\"> </span>  <span class=\"_ _b9\"> </span>  <span class=\"_ _14b\"> </span>3<span class=\"_ _3\"></span>87  <span class=\"_ _12b\"> </span>4<span class=\"_ _3\"></span>14<span class=\"_ _421\"> </span>Directors<span class=\"_ _421\"> </span>The Direct<span class=\"_ _3\"></span>ors\u2019 Remun<span class=\"_ _3\"></span>erati<span class=\"_ _3\"></span>on Rep<span class=\"_ _3\"></span>ort a<span class=\"_ _3\"></span>nd Note I2 provides detail of compensation to directors <span class=\"_ _2\"></span>of the company<span class=\"_ _0\"></span>.<span class=\"_ _421\"> </span>UK<span class=\"_ _421\"> </span>UK-based emplo<span class=\"_ _2\"></span>yees are all <span class=\"_ _2\"></span>employed b<span class=\"_ _2\"></span>y Chesnara plc.<span class=\"_ _421\"> </span>At the end <span class=\"_ _2\"></span>of May 2005, the group allowed <span class=\"_ _2\"></span>eligible emplo<span class=\"_ _2\"></span>yees to <span class=\"_ _2\"></span>enter a pension scheme known as the Chesnara plc <span class=\"_ _2\"></span>Stakeholder <span class=\"_ _a\"></span>Scheme, on a basis where employ<span class=\"_ _2\"></span>er contributions are made to the <span class=\"_ _2\"></span>Scheme at the same rate as would be pay<span class=\"_ _2\"></span>able had their membership of their predecessor scheme continued, pro<span class=\"_ _2\"></span>vided that emplo<span class=\"_ _2\"></span>yee contributions also continued to be made at the same rate. <span class=\"_ _0\"></span>The <span class=\"_ _2\"></span>employ<span class=\"_ _2\"></span>ee may <span class=\"_ _2\"></span>opt to request the company to pay <span class=\"_ _2\"></span>employ<span class=\"_ _2\"></span>er contributions into a personal pension plan, in which instance, emplo<span class=\"_ _2\"></span>yer contributions will be made <span class=\"_ _2\"></span>on the same terms as for the Chesnara plc <span class=\"_ _2\"></span>Stakeholder <span class=\"_ _a\"></span>Scheme.<span class=\"_ _421\"> </span>The group has, f<span class=\"_ _2\"></span>or the period cov<span class=\"_ _2\"></span>ered by these financial statements, only made contributions to defined contribution plans to pro<span class=\"_ _2\"></span>vide pension benefits for <span class=\"_ _2\"></span>employees upon retirement and, otherwise, has no residual <span class=\"_ _2\"></span>obligation or commitments in respect of an<span class=\"_ _2\"></span>y defined benefit scheme.<span class=\"_ _421\"> </span>The group has <span class=\"_ _2\"></span>established framew<span class=\"_ _2\"></span>orks for approv<span class=\"_ _2\"></span>ed and unapprov<span class=\"_ _2\"></span>ed discretionary share option plans which may<span class=\"_ _0\"></span>, at the discretion of the Remuneration Committee, be utilised for granting <span class=\"_ _2\"></span>options to ex<span class=\"_ _2\"></span>ecutive directors and to <span class=\"_ _2\"></span>other group emplo<span class=\"_ _2\"></span>yees. Options hav<span class=\"_ _2\"></span>e been granted to e<span class=\"_ _2\"></span>xecutive directors in the period, in relation to the share-based payment components <span class=\"_ _2\"></span>of the new <span class=\"_ _2\"></span>executiv<span class=\"_ _2\"></span>e incentive schemes that w<span class=\"_ _2\"></span>as introduced under the 201<span class=\"_ _2\"></span>4 terms. F<span class=\"_ _2\"></span>urther details can be found in the<span class=\"_ _2\"></span> Directors<span class=\"_ _2\"></span>\u2019 Remuneration R<span class=\"_ _2\"></span>eport section and in Note I2 \u2013 share-based payments.<span class=\"_ _421\"> </span>W<span class=\"_ _2\"></span>aard<span class=\"_ _421\"> </span>The <span class=\"_ _0\"></span>W<span class=\"_ _a\"></span>aard business participates in a defined contribution scheme. As a result of the Conserv<span class=\"_ _2\"></span>atrix acquisition, <span class=\"_ _0\"></span>W<span class=\"_ _2\"></span>aard Lev<span class=\"_ _2\"></span>en assumed the obligations under a defined benefit pension scheme for a small number <span class=\"_ _2\"></span>of former Conserv<span class=\"_ _2\"></span>atrix employ<span class=\"_ _2\"></span>ees. <span class=\"_ _0\"></span>This scheme is closed to ne<span class=\"_ _2\"></span>w entrants with no further benefits accruing and as such the e<span class=\"_ _2\"></span>xposure for <span class=\"_ _0\"></span>W<span class=\"_ _2\"></span>aard Le<span class=\"_ _2\"></span>ven is limited to the longe<span class=\"_ _2\"></span>vity risk of the contracts. <span class=\"_ _0\"></span>The liability is v<span class=\"_ _2\"></span>alued under IAS 1<span class=\"_ _a\"></span>9 and reported under \u2018Other provisions<span class=\"_ _2\"></span>\u2019 in the balance sheet.<span class=\"_ _421\"> </span>Scildon Scildon operated a defined benefit pension scheme f<span class=\"_ _2\"></span>or the benefit of its present and past <span class=\"_ _2\"></span>employees. <span class=\"_ _7\"></span>This scheme was closed during 20<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>9 and transf<span class=\"_ _2\"></span>erred into a defined contribution scheme. F<span class=\"_ _2\"></span>rom 1 October 201<span class=\"_ _a\"></span>9, Scildon no longer bears an<span class=\"_ _2\"></span>y risks relating to the funding of the plan and all pension assets transf<span class=\"_ _a\"></span>erred to<span class=\"_ _3\"></span> ano<span class=\"_ _3\"></span>ther administrator in 2020. Until that point, <span class=\"_ _2\"></span>Scildon continued to bear only the fund administration costs.<span class=\"_ _421\"> </span>Under the company\u2019<span class=\"_ _0\"></span>s new defined contribution scheme, <span class=\"_ _a\"></span>Scildon pays a contribution to the scheme and subsequently has no further financial obligations with respect to this part of the scheme. <span class=\"_ _7\"></span>This contribution is recognised as an expense when paid<span class=\"_ _421\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
    "language": "en",
    "entity": "scheme:213800VFRMBRTSZ3SJ06",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-61": {
   "value": "I1 <span class=\"_ _3\"></span>Employ<span class=\"_ _2\"></span>ee benefit expense, including dir<span class=\"_ _2\"></span>ectors<span class=\"_ _421\"> </span>Y<span class=\"_ _2\"></span>ear ended<span class=\"_ _2\"></span> 31 December <span class=\"_ _d\"> </span> <span class=\"_ _22c\"> </span>  <span class=\"_ _97\"> </span>  <span class=\"_ _97\"> </span>  <span class=\"_ _89\"> </span>Waard  <span class=\"_ _97\"> </span>  <span class=\"_ _74\"> </span>O<span class=\"_ _3\"></span>ther <span class=\"_ _3\"></span>group  <span class=\"_ _97\"> </span>   <span class=\"_ _d\"> </span> <span class=\"_ _22c\"> </span>  <span class=\"_ _2d\"> </span>U<span class=\"_ _3\"></span>K  <span class=\"_ _1c1\"> </span>Move<span class=\"_ _3\"></span>sti<span class=\"_ _3\"></span>c  <span class=\"_ _ec\"> </span>G<span class=\"_ _3\"></span>roup  <span class=\"_ _33\"> </span>Sci<span class=\"_ _3\"></span>ldon  <span class=\"_ _6c\"> </span>ac<span class=\"_ _3\"></span>ti<span class=\"_ _3\"></span>vit<span class=\"_ _3\"></span>ies  <span class=\"_ _3f\"> </span>2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>3  <span class=\"_ _14b\"> </span>20<span class=\"_ _3\"></span>22 <span class=\"_ _d\"> </span> <span class=\"_ _22c\"> </span>  <span class=\"_ _3e\"> </span>\u00a3<span class=\"_ _3\"></span>0m  <span class=\"_ _1e1\"> </span>\u00a3<span class=\"_ _3\"></span>m  <span class=\"_ _1e1\"> </span>\u00a3m  <span class=\"_ _1e1\"> </span>\u00a3<span class=\"_ _3\"></span>m  <span class=\"_ _45\"> </span>\u00a3<span class=\"_ _3\"></span>m  <span class=\"_ _1e1\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>W<span class=\"_ _2\"></span>ages <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>salaries <span class=\"_ _ea\"> </span>  <span class=\"_ _114\"> </span>3.8  <span class=\"_ _14e\"> </span>7<span class=\"_ _2\"></span>.8  <span class=\"_ _5b\"> </span>4.2  <span class=\"_ _5b\"> </span>8.8  <span class=\"_ _5b\"> </span>6.4  <span class=\"_ _44\"> </span>31.0  <span class=\"_ _114\"> </span>28.6<span class=\"_ _421\"> </span>Social <span class=\"_ _3\"></span>security <span class=\"_ _3\"></span>costs <span class=\"_ _1e9\"> </span>  <span class=\"_ _5b\"> </span>0.5  <span class=\"_ _114\"> </span>2<span class=\"_ _3\"></span>.9  <span class=\"_ _c2\"> </span>0.4  <span class=\"_ _10f\"> </span>1.1  <span class=\"_ _5b\"> </span>0.9  <span class=\"_ _5b\"> </span>5.<span class=\"_ _3\"></span>8  <span class=\"_ _96\"> </span>5.1<span class=\"_ _421\"> </span>Pension <span class=\"_ _3\"></span>costs-defined <span class=\"_ _3\"></span>contribution plans <span class=\"_ _e7\"> </span>  <span class=\"_ _114\"> </span>0.3<span class=\"_ _3\"></span>  <span class=\"_ _12b\"> </span>1.<span class=\"_ _3\"></span>8  <span class=\"_ _c2\"> </span>0.4  <span class=\"_ _1b7\"> </span>1.<span class=\"_ _4\"></span>3  <span class=\"_ _5b\"> </span>0.6  <span class=\"_ _c2\"> </span>4.4  <span class=\"_ _57\"> </span>4.<span class=\"_ _3\"></span>2<span class=\"_ _421\"> </span>Pension <span class=\"_ _3\"></span>costs-defined <span class=\"_ _3\"></span>benefit <span class=\"_ _3\"></span>plans <span class=\"_ _b4\"> </span>  <span class=\"_ _96\"> </span>\u2013  <span class=\"_ _a6\"> </span>\u2013  <span class=\"_ _96\"> </span>\u2013  <span class=\"_ _a6\"> </span>\u2013  <span class=\"_ _a6\"> </span>\u2013  <span class=\"_ _96\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _224\"> </span>  <span class=\"_ _11b\"> </span>4<span class=\"_ _3\"></span>.6  <span class=\"_ _46\"> </span>1<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5  <span class=\"_ _2d\"> </span>5<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>0  <span class=\"_ _44\"> </span>1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2  <span class=\"_ _c2\"> </span>7.9  <span class=\"_ _28\"> </span>41<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>2  <span class=\"_ _c2\"> </span>3<span class=\"_ _3\"></span>7<span class=\"_ _2\"></span>.<span class=\"_ _3\"></span>9<span class=\"_ _421\"> </span>Monthly average number of emplo<span class=\"_ _2\"></span>yees<span class=\"_ _421\"> </span>Compan<span class=\"_ _2\"></span>y <span class=\"_ _24e\"> </span>  <span class=\"_ _97\"> </span>  <span class=\"_ _b9\"> </span>  <span class=\"_ _97\"> </span>  <span class=\"_ _b9\"> </span>  <span class=\"_ _97\"> </span>  <span class=\"_ _165\"> </span>62  <span class=\"_ _96\"> </span>52<span class=\"_ _421\"> </span>Subsidiaries <span class=\"_ _23f\"> </span>  <span class=\"_ _b9\"> </span>  <span class=\"_ _97\"> </span>  <span class=\"_ _b9\"> </span>  <span class=\"_ _97\"> </span>  <span class=\"_ _b9\"> </span>  <span class=\"_ _7b\"> </span>325  <span class=\"_ _12e\"> </span>362<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _224\"> </span>  <span class=\"_ _b9\"> </span>  <span class=\"_ _97\"> </span>  <span class=\"_ _b9\"> </span>  <span class=\"_ _97\"> </span>  <span class=\"_ _b9\"> </span>  <span class=\"_ _14b\"> </span>3<span class=\"_ _3\"></span>87  <span class=\"_ _12b\"> </span>4<span class=\"_ _3\"></span>14<span class=\"_ _421\"> </span>Directors<span class=\"_ _421\"> </span>The Direct<span class=\"_ _3\"></span>ors\u2019 Remun<span class=\"_ _3\"></span>erati<span class=\"_ _3\"></span>on Rep<span class=\"_ _3\"></span>ort a<span class=\"_ _3\"></span>nd Note I2 provides detail of compensation to directors <span class=\"_ _2\"></span>of the company<span class=\"_ _0\"></span>.<span class=\"_ _421\"> </span>UK<span class=\"_ _421\"> </span>UK-based emplo<span class=\"_ _2\"></span>yees are all <span class=\"_ _2\"></span>employed b<span class=\"_ _2\"></span>y Chesnara plc.<span class=\"_ _421\"> </span>At the end <span class=\"_ _2\"></span>of May 2005, the group allowed <span class=\"_ _2\"></span>eligible emplo<span class=\"_ _2\"></span>yees to <span class=\"_ _2\"></span>enter a pension scheme known as the Chesnara plc <span class=\"_ _2\"></span>Stakeholder <span class=\"_ _a\"></span>Scheme, on a basis where employ<span class=\"_ _2\"></span>er contributions are made to the <span class=\"_ _2\"></span>Scheme at the same rate as would be pay<span class=\"_ _2\"></span>able had their membership of their predecessor scheme continued, pro<span class=\"_ _2\"></span>vided that emplo<span class=\"_ _2\"></span>yee contributions also continued to be made at the same rate. <span class=\"_ _0\"></span>The <span class=\"_ _2\"></span>employ<span class=\"_ _2\"></span>ee may <span class=\"_ _2\"></span>opt to request the company to pay <span class=\"_ _2\"></span>employ<span class=\"_ _2\"></span>er contributions into a personal pension plan, in which instance, emplo<span class=\"_ _2\"></span>yer contributions will be made <span class=\"_ _2\"></span>on the same terms as for the Chesnara plc <span class=\"_ _2\"></span>Stakeholder <span class=\"_ _a\"></span>Scheme.<span class=\"_ _421\"> </span>The group has, f<span class=\"_ _2\"></span>or the period cov<span class=\"_ _2\"></span>ered by these financial statements, only made contributions to defined contribution plans to pro<span class=\"_ _2\"></span>vide pension benefits for <span class=\"_ _2\"></span>employees upon retirement and, otherwise, has no residual <span class=\"_ _2\"></span>obligation or commitments in respect of an<span class=\"_ _2\"></span>y defined benefit scheme.<span class=\"_ _421\"> </span>The group has <span class=\"_ _2\"></span>established framew<span class=\"_ _2\"></span>orks for approv<span class=\"_ _2\"></span>ed and unapprov<span class=\"_ _2\"></span>ed discretionary share option plans which may<span class=\"_ _0\"></span>, at the discretion of the Remuneration Committee, be utilised for granting <span class=\"_ _2\"></span>options to ex<span class=\"_ _2\"></span>ecutive directors and to <span class=\"_ _2\"></span>other group emplo<span class=\"_ _2\"></span>yees. Options hav<span class=\"_ _2\"></span>e been granted to e<span class=\"_ _2\"></span>xecutive directors in the period, in relation to the share-based payment components <span class=\"_ _2\"></span>of the new <span class=\"_ _2\"></span>executiv<span class=\"_ _2\"></span>e incentive schemes that w<span class=\"_ _2\"></span>as introduced under the 201<span class=\"_ _2\"></span>4 terms. F<span class=\"_ _2\"></span>urther details can be found in the<span class=\"_ _2\"></span> Directors<span class=\"_ _2\"></span>\u2019 Remuneration R<span class=\"_ _2\"></span>eport section and in Note I2 \u2013 share-based payments.<span class=\"_ _421\"> </span>W<span class=\"_ _2\"></span>aard<span class=\"_ _421\"> </span>The <span class=\"_ _0\"></span>W<span class=\"_ _a\"></span>aard business participates in a defined contribution scheme. As a result of the Conserv<span class=\"_ _2\"></span>atrix acquisition, <span class=\"_ _0\"></span>W<span class=\"_ _2\"></span>aard Lev<span class=\"_ _2\"></span>en assumed the obligations under a defined benefit pension scheme for a small number <span class=\"_ _2\"></span>of former Conserv<span class=\"_ _2\"></span>atrix employ<span class=\"_ _2\"></span>ees. <span class=\"_ _0\"></span>This scheme is closed to ne<span class=\"_ _2\"></span>w entrants with no further benefits accruing and as such the e<span class=\"_ _2\"></span>xposure for <span class=\"_ _0\"></span>W<span class=\"_ _2\"></span>aard Le<span class=\"_ _2\"></span>ven is limited to the longe<span class=\"_ _2\"></span>vity risk of the contracts. <span class=\"_ _0\"></span>The liability is v<span class=\"_ _2\"></span>alued under IAS 1<span class=\"_ _a\"></span>9 and reported under \u2018Other provisions<span class=\"_ _2\"></span>\u2019 in the balance sheet.<span class=\"_ _421\"> </span>Scildon Scildon operated a defined benefit pension scheme f<span class=\"_ _2\"></span>or the benefit of its present and past <span class=\"_ _2\"></span>employees. <span class=\"_ _7\"></span>This scheme was closed during 20<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>9 and transf<span class=\"_ _2\"></span>erred into a defined contribution scheme. F<span class=\"_ _2\"></span>rom 1 October 201<span class=\"_ _a\"></span>9, Scildon no longer bears an<span class=\"_ _2\"></span>y risks relating to the funding of the plan and all pension assets transf<span class=\"_ _a\"></span>erred to<span class=\"_ _3\"></span> ano<span class=\"_ _3\"></span>ther administrator in 2020. Until that point, <span class=\"_ _2\"></span>Scildon continued to bear only the fund administration costs.<span class=\"_ _421\"> </span>Under the company\u2019<span class=\"_ _0\"></span>s new defined contribution scheme, <span class=\"_ _a\"></span>Scildon pays a contribution to the scheme and subsequently has no further financial obligations with respect to this part of the scheme. <span class=\"_ _7\"></span>This contribution is recognised as an expense when paid<span class=\"_ _421\"> </span>I1 <span class=\"_ _3\"></span>Employ<span class=\"_ _2\"></span>ee benefit expense, including dir<span class=\"_ _2\"></span>ectors (continued)<span class=\"_ _421\"> </span>Mov<span class=\"_ _2\"></span>estic<span class=\"_ _421\"> </span>The <span class=\"_ _a\"></span>Swedish business participates in a combined defined benefit and defined contribution scheme <span class=\"_ _2\"></span>operated by F<span class=\"_ _2\"></span>\u00f6rs\u00e4kringsbranschens P<span class=\"_ _a\"></span>ensionskassa, \u2018FPK\u2019<span class=\"_ _0\"></span>. (the <span class=\"_ _2\"></span>Scheme). <span class=\"_ _0\"></span>The <span class=\"_ _a\"></span>Scheme is a multi-employer scheme with participants including other <span class=\"_ _a\"></span>Swedish insurance companies not related to the group. <span class=\"_ _7\"></span>The <span class=\"_ _2\"></span>Scheme provides, f<span class=\"_ _2\"></span>or those born in 1<span class=\"_ _2\"></span>97<span class=\"_ _2\"></span>1 or <span class=\"_ _2\"></span>earlier<span class=\"_ _a\"></span>, benefits to employ<span class=\"_ _2\"></span>ees which are linked to their final salary and to the amount <span class=\"_ _2\"></span>of time working f<span class=\"_ _2\"></span>or companies which are members of the <span class=\"_ _a\"></span>Scheme. For those <span class=\"_ _2\"></span>employees born in 1<span class=\"_ _a\"></span>972 or later<span class=\"_ _a\"></span>, the Scheme <span class=\"_ _2\"></span>operates on a defined contribution basis.<span class=\"_ _421\"> </span>Assets and liabilities are held <span class=\"_ _2\"></span>on a pooled basis and are not allocated by the <span class=\"_ _0\"></span>T<span class=\"_ _0\"></span>rustee to an<span class=\"_ _2\"></span>y individual company<span class=\"_ _a\"></span>. Consequently<span class=\"_ _a\"></span>, reliable information is not av<span class=\"_ _2\"></span>ailable to account for the <span class=\"_ _a\"></span>Scheme as a defined benefit scheme and therefore, in accordance with IAS <span class=\"_ _7\"></span>1<span class=\"_ _2\"></span>9 Employ<span class=\"_ _2\"></span>ee Benefits, the <span class=\"_ _a\"></span>Scheme is accounted for as a defined contribution scheme. Contributions to the <span class=\"_ _2\"></span>Scheme are based on the funding recommendations of the independent qualified act<span class=\"_ _2\"></span>uary: the contributions paid to the <span class=\"_ _2\"></span>Scheme <span class=\"_ _2\"></span>subsequent<span class=\"_ _2\"></span> to the acquisition of the <span class=\"_ _a\"></span>Swedish business <span class=\"_ _2\"></span>on 23 July 200<span class=\"_ _3\"></span>9 and up to 3<span class=\"_ _a\"></span>1 December 2022, totalled \u00a35.6m. During 2022 further contributions of \u00a35.2m w<span class=\"_ _2\"></span>ere made.<span class=\"_ _421\"> </span>The <span class=\"_ _2\"></span>employ<span class=\"_ _2\"></span>ers within the Scheme are collectiv<span class=\"_ _2\"></span>ely responsible for the funding <span class=\"_ _2\"></span>of the Scheme as a whole and theref<span class=\"_ _2\"></span>ore in the e<span class=\"_ _2\"></span>vent that other <span class=\"_ _2\"></span>employ<span class=\"_ _2\"></span>ers e<span class=\"_ _2\"></span>xit from the <span class=\"_ _2\"></span>Scheme, remaining emplo<span class=\"_ _2\"></span>yers would be responsible f<span class=\"_ _2\"></span>or the ongoing funding. <span class=\"_ _0\"></span>The collectiv<span class=\"_ _2\"></span>e nature of the <span class=\"_ _a\"></span>Scheme results in al<span class=\"_ _3\"></span>l participating <span class=\"_ _2\"></span>entities sharing the actuarial risk associated with the <span class=\"_ _2\"></span>Scheme.<span class=\"_ _421\"> </span>F<span class=\"_ _2\"></span>\u00f6rs\u00e4kringsbranschens P<span class=\"_ _2\"></span>ensionskassa, <span class=\"_ _a\"></span>\u2018FPK\u2019<span class=\"_ _a\"></span>, issues an audited Annual Report (under <span class=\"_ _a\"></span>Swedish la<span class=\"_ _2\"></span>w<span class=\"_ _2\"></span>-limited IFRS) each <span class=\"_ _0\"></span>year<span class=\"_ _a\"></span>. <span class=\"_ _0\"></span>The last a<span class=\"_ _2\"></span>vailable published report was as at 31 December 2022. The <span class=\"_ _2\"></span>Annual Report states that the <span class=\"_ _a\"></span>Scheme\u2019<span class=\"_ _0\"></span>s surplus is \u00a3339.3m (\u00a3408.2m as at 31 December 202<span class=\"_ _a\"></span>1<span class=\"_ _2\"></span>).<span class=\"_ _421\"> </span>As at 3<span class=\"_ _a\"></span>1 December 2022, the fund had assets under management of \u00a31<span class=\"_ _7\"></span>.3bn (31 <span class=\"_ _0\"></span>December 202<span class=\"_ _0\"></span>1<span class=\"_ _a\"></span>: \u00a31<span class=\"_ _0\"></span>.5bn). During 2022 there have been 95 <span class=\"_ _0\"></span>(<span class=\"_ _3\"></span>97) employ<span class=\"_ _2\"></span>er insurance companies participating in the <span class=\"_ _2\"></span>Scheme and 22,00<span class=\"_ _3\"></span>0 (3<span class=\"_ _2\"></span>1 <span class=\"_ _0\"></span>December 202<span class=\"_ _a\"></span>1<span class=\"_ _a\"></span>: 26,0<span class=\"_ _3\"></span>00) insured individuals. F<span class=\"_ _2\"></span>rom the av<span class=\"_ _2\"></span>ailable information, it cannot be determined with certainty as to whether there would be a change in the required <span class=\"_ _2\"></span>employer funding rate, although there is cur<span class=\"_ _2\"></span>rently no deficit in the Scheme",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
    "language": "en",
    "entity": "scheme:213800VFRMBRTSZ3SJ06",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-62": {
   "value": "I<span class=\"_ _3\"></span>2 <span class=\"_ _3\"></span>Share-based payments<span class=\"_ _421\"> </span>The group issues <span class=\"_ _2\"></span>equity-settled share-based pa<span class=\"_ _2\"></span>yments to the ex<span class=\"_ _2\"></span>ecutive directors and members <span class=\"_ _2\"></span>of the senior management team based on the 20<span class=\"_ _a\"></span>1<span class=\"_ _2\"></span>4 terms. Equity settled share-based payments are measured at f<span class=\"_ _2\"></span>air value at the date of the grant, and <span class=\"_ _2\"></span>expensed <span class=\"_ _2\"></span>on a straight-line o<span class=\"_ _2\"></span>ver the vesting period, based <span class=\"_ _2\"></span>on the group\u2019<span class=\"_ _0\"></span>s estimate of shares that will <span class=\"_ _2\"></span>event<span class=\"_ _2\"></span>ually vest. <span class=\"_ _0\"></span>The bonus scheme consists <span class=\"_ _2\"></span>of two components:<span class=\"_ _421\"> </span>(a) <span class=\"_ _14c\"> </span>Short-T<span class=\"_ _0\"></span>erm Incentive <span class=\"_ _2\"></span>Scheme (STIS)<span class=\"_ _421\"> </span>(b) <span class=\"_ _74\"> </span>Long-T<span class=\"_ _0\"></span>erm Incentive Plan (L<span class=\"_ _0\"></span>TIP)<span class=\"_ _421\"> </span>The <span class=\"_ _a\"></span>STIS is based upon a 1 <span class=\"_ _a\"></span>year performance period measured against cash generation, EcV <span class=\"_ _2\"></span>earnings and strategic group objectiv<span class=\"_ _2\"></span>es. In relation to 2023, upon meeting the necessary performance targets, the compan<span class=\"_ _2\"></span>y granted an award in the f<span class=\"_ _2\"></span>orm of a right to receiv<span class=\"_ _2\"></span>e a cash amount of up to 1<span class=\"_ _0\"></span>0<span class=\"_ _3\"></span>0% of the gross salary<span class=\"_ _0\"></span>. In the e<span class=\"_ _2\"></span>vent that the gross cash payment due is greater than \u00a320,000, a mandatory 35% of the cash aw<span class=\"_ _2\"></span>ard was def<span class=\"_ _a\"></span>erred into shares, which had a vesting period of 3 <span class=\"_ _a\"></span>years. <span class=\"_ _0\"></span>T<span class=\"_ _2\"></span>herefore the aw<span class=\"_ _2\"></span>ard was 65% settled in cash and 35% settled b<span class=\"_ _2\"></span>y a share option aw<span class=\"_ _2\"></span>ard, which cannot be e<span class=\"_ _2\"></span>xercised f<span class=\"_ _2\"></span>or 3 <span class=\"_ _a\"></span>years.<span class=\"_ _421\"> </span>Under the L<span class=\"_ _0\"></span>TIP<span class=\"_ _31\"></span>, options are granted with a v<span class=\"_ _2\"></span>esting period of 3 <span class=\"_ _0\"></span>years. <span class=\"_ _0\"></span>These a<span class=\"_ _2\"></span>wards are subject to performance conditions tied to the compan<span class=\"_ _2\"></span>y\u2019<span class=\"_ _0\"></span>s financial performance in respect of gro<span class=\"_ _2\"></span>wth in EcV<span class=\"_ _0\"></span>, commercial cash generation and <span class=\"_ _0\"></span>T<span class=\"_ _0\"></span>otal <span class=\"_ _2\"></span>Shareholder Return (TSR). F<span class=\"_ _2\"></span>or schemes with market perf<span class=\"_ _2\"></span>ormance criteria, the number of options <span class=\"_ _2\"></span>expected to in<span class=\"_ _2\"></span>vest is adjusted only f<span class=\"_ _2\"></span>or e<span class=\"_ _2\"></span>xpectations of lea<span class=\"_ _2\"></span>vers prior to vesting. Fair v<span class=\"_ _2\"></span>alue of the options is measured b<span class=\"_ _2\"></span>y use of the Monte Carlo model at the issuing date. The L<span class=\"_ _0\"></span>TIP also contains a target of EcV gro<span class=\"_ _2\"></span>wth and commercial cash generation. As these are non-mark<span class=\"_ _2\"></span>et performance conditions, the number <span class=\"_ _2\"></span>of options e<span class=\"_ _2\"></span>xpected to vest is recalculated at <span class=\"_ _2\"></span>each balance sheet date based on <span class=\"_ _2\"></span>expectations of perf<span class=\"_ _2\"></span>ormance against target. <span class=\"_ _0\"></span>The mo<span class=\"_ _2\"></span>vement in cumulativ<span class=\"_ _2\"></span>e expense since the pre<span class=\"_ _2\"></span>vious balance sheet date is recognised in the income statement, with a corresponding entry in reserv<span class=\"_ _2\"></span>es. If the options remain une<span class=\"_ _2\"></span>xercised after a period <span class=\"_ _2\"></span>of 1<span class=\"_ _a\"></span>0 <span class=\"_ _2\"></span>years from the date <span class=\"_ _2\"></span>of grant, the options <span class=\"_ _2\"></span>expire. F<span class=\"_ _a\"></span>urthermore, options are forf<span class=\"_ _a\"></span>eited if the employ<span class=\"_ _2\"></span>ee leaves the group before <span class=\"_ _2\"></span>options vest and is deemed to be a \u2018B<span class=\"_ _2\"></span>ad Leav<span class=\"_ _2\"></span>er\u2019<span class=\"_ _0\"></span>.  (a) <span class=\"_ _3\"></span>2023 awar<span class=\"_ _2\"></span>d made under the Short-T<span class=\"_ _7\"></span>erm Incentiv<span class=\"_ _2\"></span>e Scheme (S<span class=\"_ _2\"></span>TIS)<span class=\"_ _421\"> </span>Details of the short-term incentiv<span class=\"_ _2\"></span>e aw<span class=\"_ _2\"></span>ards made in the <span class=\"_ _a\"></span>year are as follo<span class=\"_ _2\"></span>ws:<span class=\"_ _421\"> </span>202<span class=\"_ _3\"></span>3 Short-<span class=\"_ _a\"></span>T<span class=\"_ _2\"></span>erm Incentiv<span class=\"_ _2\"></span>e Scheme (STIS)<span class=\"_ _421\"> </span>Award<span class=\"_ _3\"></span>s <span class=\"_ _4\"></span>made <span class=\"_ _4\"></span>in <span class=\"_ _4\"></span>year <span class=\"_ _1a5\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _46\"> </span>2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>3  <span class=\"_ _14b\"> </span>2<span class=\"_ _3\"></span>022 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Amount paid as cash bonus through the income stat<span class=\"_ _2\"></span>ement (65%) <span class=\"_ _240\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _10e\"> </span>0.5 <span class=\"_ _a\"></span> <span class=\"_ _179\"> </span>0.4<span class=\"_ _421\"> </span>Amount deferred int<span class=\"_ _2\"></span>o shares for 3 ye<span class=\"_ _2\"></span>ars and subject to forfeitur<span class=\"_ _2\"></span>e (35%) <span class=\"_ _1c7\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _10e\"> </span>0.3 <span class=\"_ _a\"></span> <span class=\"_ _10e\"> </span>0.2<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>otal <span class=\"_ _3\"></span>bonus <span class=\"_ _3\"></span>award <span class=\"_ _3\"></span>for <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>year <span class=\"_ _4e\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _fe\"> </span>0.8  <span class=\"_ _57\"> </span>0.6<span class=\"_ _421\"> </span>Amount of deferred e<span class=\"_ _2\"></span>xpense recorded in the curr<span class=\"_ _2\"></span>ent year <span class=\"_ _79\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _5a\"> </span>0<span class=\"_ _2\"></span>.1 <span class=\"_ _a\"></span> <span class=\"_ _5a\"> </span>0.1<span class=\"_ _421\"> </span>The def<span class=\"_ _a\"></span>erred share award will be made f<span class=\"_ _2\"></span>ollowing the <span class=\"_ _2\"></span>end of the performance period b<span class=\"_ _2\"></span>y the Remuneration Committee. <span class=\"_ _7\"></span>The defer<span class=\"_ _2\"></span>red amount will be divided by the share price on the a<span class=\"_ _2\"></span>ward date and the number of share a<span class=\"_ _2\"></span>wards will be a<span class=\"_ _2\"></span>warded. <span class=\"_ _0\"></span>T<span class=\"_ _2\"></span>he share awards will be accounted f<span class=\"_ _2\"></span>or per IFRS 2, under Equity <span class=\"_ _a\"></span>Settled share-<span class=\"_ _421\"> </span>based payments. <span class=\"_ _e\"> </span>(b) <span class=\"_ _3\"></span>2023 awar<span class=\"_ _2\"></span>d made under the Long-T<span class=\"_ _7\"></span>erm Incentiv<span class=\"_ _2\"></span>e Plan (L<span class=\"_ _0\"></span>TIP)<span class=\"_ _421\"> </span>In 2023, the group granted 57<span class=\"_ _0\"></span>1,645 Nil <span class=\"_ _2\"></span>priced share options with a vesting period <span class=\"_ _2\"></span>of 3 <span class=\"_ _a\"></span>years. <span class=\"_ _0\"></span>T<span class=\"_ _2\"></span>hese awards w<span class=\"_ _2\"></span>ere subject to performance conditions tied to the company\u2019<span class=\"_ _0\"></span>s financial performance in respect <span class=\"_ _2\"></span>of growth in Economic <span class=\"_ _a\"></span>V<span class=\"_ _a\"></span>alue, commercial cash generation and <span class=\"_ _0\"></span>T<span class=\"_ _a\"></span>otal <span class=\"_ _2\"></span>Shareholder Return (TSR). The f<span class=\"_ _2\"></span>air value <span class=\"_ _2\"></span>of the non-market base condition was determined to be 1<span class=\"_ _0\"></span>54.53p, which was the av<span class=\"_ _2\"></span>erage weighted share price as at the grant date of the <span class=\"_ _2\"></span>options.<span class=\"_ _421\"> </span>Details of the share <span class=\"_ _2\"></span>options outstanding during the <span class=\"_ _a\"></span>year are as f<span class=\"_ _2\"></span>ollows:<span class=\"_ _421\"> </span>20<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>3 Lon<span class=\"_ _3\"></span>g-T<span class=\"_ _a\"></span>er<span class=\"_ _3\"></span>m Ince<span class=\"_ _3\"></span>ntive P<span class=\"_ _3\"></span>lan (LTIP) 202<span class=\"_ _3\"></span>3 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _23a\"> </span>We<span class=\"_ _3\"></span>ig<span class=\"_ _3\"></span>ht<span class=\"_ _3\"></span>ed <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5d\"> </span>aver<span class=\"_ _3\"></span>age <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5d\"> </span>O<span class=\"_ _3\"></span>pti<span class=\"_ _3\"></span>on<span class=\"_ _3\"></span>s  <span class=\"_ _91\"> </span>exe<span class=\"_ _3\"></span>rc<span class=\"_ _3\"></span>ise <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5d\"> </span>nu<span class=\"_ _3\"></span>mber  <span class=\"_ _e7\"> </span>pri<span class=\"_ _3\"></span>ce <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _c2\"> </span>000  <span class=\"_ _15b\"> </span>\u00a3<span class=\"_ _421\"> </span>Outstanding <span class=\"_ _3\"></span>at <span class=\"_ _3\"></span>the <span class=\"_ _4\"></span>beginning <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>year <span class=\"_ _a9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span>Granted <span class=\"_ _3\"></span>during <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>year <span class=\"_ _cd\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12e\"> </span>572  <span class=\"_ _e9\"> </span>\u2013<span class=\"_ _421\"> </span>Lapsed <span class=\"_ _3\"></span>during <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>year <span class=\"_ _fc\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span>Outstanding <span class=\"_ _3\"></span>at <span class=\"_ _3\"></span>the <span class=\"_ _4\"></span>end <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>year <span class=\"_ _194\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12e\"> </span>572  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span>The w<span class=\"_ _2\"></span>eighted av<span class=\"_ _2\"></span>erage contractual lif<span class=\"_ _2\"></span>e is 1<span class=\"_ _2\"></span>0 <span class=\"_ _a\"></span>years.<span class=\"_ _421\"> </span>The inputs into the Monte Carlo model are as f<span class=\"_ _2\"></span>ollows:<span class=\"_ _421\"> </span>V<span class=\"_ _2\"></span>aluation <span class=\"_ _3\"></span>method <span class=\"_ _ab\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _11\"> </span>Monte <span class=\"_ _3\"></span>Carlo<span class=\"_ _421\"> </span>W<span class=\"_ _2\"></span>eighted <span class=\"_ _3\"></span>aver<span class=\"_ _2\"></span>age <span class=\"_ _3\"></span>share <span class=\"_ _3\"></span>price <span class=\"_ _3\"></span>(pence) <span class=\"_ _193\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _129\"> </span>268.00<span class=\"_ _421\"> </span>W<span class=\"_ _2\"></span>eighted <span class=\"_ _3\"></span>aver<span class=\"_ _2\"></span>age <span class=\"_ _3\"></span>exercise <span class=\"_ _3\"></span>price <span class=\"_ _3\"></span>(pence) <span class=\"_ _9e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b1\"> </span>Nil<span class=\"_ _421\"> </span>W<span class=\"_ _2\"></span>eighted av<span class=\"_ _2\"></span>erage fair value of options grant<span class=\"_ _2\"></span>ed (pence) <span class=\"_ _15d\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _112\"> </span>1<span class=\"_ _3\"></span>54.53<span class=\"_ _421\"> </span>Expected <span class=\"_ _3\"></span>volatilit<span class=\"_ _2\"></span>y <span class=\"_ _1bb\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14b\"> </span>29.39<span class=\"_ _421\"> </span>Expected <span class=\"_ _3\"></span>life <span class=\"_ _1b4\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9d\"> </span>3 <span class=\"_ _3\"></span>years<span class=\"_ _421\"> </span>Risk <span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>ree <span class=\"_ _3\"></span>rat<span class=\"_ _2\"></span>e <span class=\"_ _24f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _119\"> </span>5.70%<span class=\"_ _421\"> </span>Expected <span class=\"_ _3\"></span>dividend <span class=\"_ _3\"></span>yield <span class=\"_ _1ad\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _10e\"> </span>0%<span class=\"_ _421\"> </span>Expected volatility w<span class=\"_ _2\"></span>as determined by calculating the historical volatility <span class=\"_ _2\"></span>of the company\u2019<span class=\"_ _0\"></span>s share price o<span class=\"_ _2\"></span>ver the previous 1<span class=\"_ _0\"></span>0 <span class=\"_ _a\"></span>years. The group recognised total <span class=\"_ _2\"></span>expense <span class=\"_ _2\"></span>of \u00a388,222 related to equity-settled share-based pa<span class=\"_ _2\"></span>yments transactions in 2023. <span class=\"_ _18\"> </span>(c) <span class=\"_ _4\"></span>2022 awar<span class=\"_ _2\"></span>d made under the Short-T<span class=\"_ _7\"></span>er<span class=\"_ _2\"></span>m Incentive Sc<span class=\"_ _2\"></span>heme (STIS)<span class=\"_ _421\"> </span>The group has recorded an <span class=\"_ _2\"></span>expense <span class=\"_ _2\"></span>of \u00a359,31<span class=\"_ _a\"></span>9 with regards to the 35% element that has been def<span class=\"_ _a\"></span>erred ov<span class=\"_ _2\"></span>er the vesting period. <span class=\"_ _e\"> </span>(d) <span class=\"_ _3\"></span>2022 awar<span class=\"_ _2\"></span>d made under the Long-T<span class=\"_ _7\"></span>erm Incentiv<span class=\"_ _2\"></span>e Plan (L<span class=\"_ _0\"></span>TIP)<span class=\"_ _421\"> </span>In April 2022, the group granted 253,000 Nil priced share options with a vesting period <span class=\"_ _2\"></span>of 3 <span class=\"_ _a\"></span>years. <span class=\"_ _0\"></span>These a<span class=\"_ _2\"></span>wards w<span class=\"_ _2\"></span>ere subject to performance conditions tied to the company\u2019<span class=\"_ _0\"></span>s financial performance in respect <span class=\"_ _2\"></span>of growth in Economic <span class=\"_ _a\"></span>V<span class=\"_ _a\"></span>alue and <span class=\"_ _0\"></span>T<span class=\"_ _a\"></span>otal <span class=\"_ _2\"></span>Shareholder Return (TSR). The f<span class=\"_ _2\"></span>air value <span class=\"_ _2\"></span>of the non-market base condition was determined to be 284.00p, which was the share price as at 28 <span class=\"_ _2\"></span>April 2022, <span class=\"_ _2\"></span>the grant date of the <span class=\"_ _2\"></span>options.<span class=\"_ _421\"> </span>Details of the share <span class=\"_ _2\"></span>options outstanding during the <span class=\"_ _a\"></span>year are as f<span class=\"_ _2\"></span>ollows:<span class=\"_ _421\"> </span>20<span class=\"_ _3\"></span>22 L<span class=\"_ _3\"></span>ong<span class=\"_ _3\"></span>-<span class=\"_ _2\"></span>T<span class=\"_ _2\"></span>erm I<span class=\"_ _3\"></span>nce<span class=\"_ _3\"></span>ntive Pl<span class=\"_ _3\"></span>an (LTIP) <span class=\"_ _250\"> </span>2023 2022 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _23a\"> </span>We<span class=\"_ _3\"></span>ig<span class=\"_ _3\"></span>ht<span class=\"_ _3\"></span>ed<span class=\"_ _3\"></span>  <span class=\"_ _73\"> </span>  <span class=\"_ _7f\"> </span>We<span class=\"_ _3\"></span>ig<span class=\"_ _3\"></span>ht<span class=\"_ _3\"></span>ed <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1c2\"> </span>av<span class=\"_ _3\"></span>era<span class=\"_ _3\"></span>ge  <span class=\"_ _9f\"> </span>  <span class=\"_ _5d\"> </span>aver<span class=\"_ _3\"></span>ag<span class=\"_ _3\"></span>e <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5d\"> </span>O<span class=\"_ _3\"></span>pti<span class=\"_ _3\"></span>on<span class=\"_ _3\"></span>s  <span class=\"_ _91\"> </span>exe<span class=\"_ _3\"></span>rci<span class=\"_ _3\"></span>se  <span class=\"_ _5d\"> </span>O<span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>tio<span class=\"_ _3\"></span>ns  <span class=\"_ _2e\"> </span>exerc<span class=\"_ _3\"></span>is<span class=\"_ _3\"></span>e <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5d\"> </span>num<span class=\"_ _3\"></span>ber  <span class=\"_ _e7\"> </span>pri<span class=\"_ _3\"></span>ce  <span class=\"_ _5d\"> </span>num<span class=\"_ _3\"></span>ber  <span class=\"_ _e7\"> </span>pri<span class=\"_ _3\"></span>ce <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _c2\"> </span>000  <span class=\"_ _15b\"> </span>\u00a3  <span class=\"_ _f0\"> </span>000  <span class=\"_ _15b\"> </span>\u00a3<span class=\"_ _421\"> </span>Outstanding <span class=\"_ _3\"></span>at <span class=\"_ _3\"></span>the <span class=\"_ _4\"></span>beginning <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>year <span class=\"_ _a9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12e\"> </span>253  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span>Granted <span class=\"_ _3\"></span>during <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>year <span class=\"_ _cd\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _12e\"> </span>253  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span>Lapsed <span class=\"_ _3\"></span>during <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>year <span class=\"_ _fc\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span>Outstanding <span class=\"_ _3\"></span>at <span class=\"_ _3\"></span>the <span class=\"_ _4\"></span>end <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>year <span class=\"_ _194\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12e\"> </span>253  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _12e\"> </span>253  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span>The w<span class=\"_ _2\"></span>eighted av<span class=\"_ _2\"></span>erage contractual lif<span class=\"_ _2\"></span>e is 1<span class=\"_ _2\"></span>0 <span class=\"_ _a\"></span>year <span class=\"_ _3d\"> </span>I<span class=\"_ _3\"></span>2 <span class=\"_ _3\"></span>Share-based payments (continued) <span class=\"_ _e\"> </span>(d) <span class=\"_ _3\"></span>2022 awar<span class=\"_ _2\"></span>d made under the Long-T<span class=\"_ _7\"></span>erm Incentiv<span class=\"_ _2\"></span>e Plan (L<span class=\"_ _0\"></span>TIP) (continued)<span class=\"_ _421\"> </span>The inputs into the Monte Carlo model are as f<span class=\"_ _2\"></span>ollows:<span class=\"_ _421\"> </span>V<span class=\"_ _2\"></span>aluation <span class=\"_ _3\"></span>method <span class=\"_ _ab\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _11\"> </span>Monte <span class=\"_ _3\"></span>Carlo<span class=\"_ _421\"> </span>W<span class=\"_ _2\"></span>eighted <span class=\"_ _3\"></span>aver<span class=\"_ _2\"></span>age <span class=\"_ _3\"></span>share <span class=\"_ _3\"></span>price <span class=\"_ _3\"></span>(pence) <span class=\"_ _193\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _153\"> </span>284<span class=\"_ _3\"></span>.00<span class=\"_ _421\"> </span>W<span class=\"_ _2\"></span>eighted <span class=\"_ _3\"></span>aver<span class=\"_ _2\"></span>age <span class=\"_ _3\"></span>exercise <span class=\"_ _3\"></span>price <span class=\"_ _3\"></span>(pence) <span class=\"_ _9e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b1\"> </span>Nil<span class=\"_ _421\"> </span>W<span class=\"_ _2\"></span>eighted av<span class=\"_ _2\"></span>erage fair value of options grant<span class=\"_ _2\"></span>ed (pence) <span class=\"_ _15d\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _112\"> </span>162.50<span class=\"_ _421\"> </span>Expected <span class=\"_ _3\"></span>volatilit<span class=\"_ _2\"></span>y <span class=\"_ _1bb\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _e7\"> </span>29.04<span class=\"_ _421\"> </span>Expected <span class=\"_ _3\"></span>life <span class=\"_ _1b4\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9d\"> </span>3 <span class=\"_ _3\"></span>years<span class=\"_ _421\"> </span>Risk <span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>ree <span class=\"_ _3\"></span>rat<span class=\"_ _2\"></span>e <span class=\"_ _24f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _42\"> </span>2.24%<span class=\"_ _421\"> </span>Expected <span class=\"_ _3\"></span>dividend <span class=\"_ _3\"></span>yield <span class=\"_ _1ad\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _10e\"> </span>0%<span class=\"_ _421\"> </span>Expected volatility w<span class=\"_ _2\"></span>as determined by calculating the historical volatility <span class=\"_ _2\"></span>of the company\u2019<span class=\"_ _0\"></span>s share price o<span class=\"_ _2\"></span>ver the previous 1<span class=\"_ _0\"></span>0 <span class=\"_ _a\"></span>years. The group recognised total <span class=\"_ _2\"></span>expense <span class=\"_ _2\"></span>of \u00a355,<span class=\"_ _2\"></span>7<span class=\"_ _a\"></span>14 related to <span class=\"_ _2\"></span>equity-settled share-based pa<span class=\"_ _2\"></span>yments transactions in 2023.  (e) <span class=\"_ _3\"></span>2021 a<span class=\"_ _2\"></span>war<span class=\"_ _2\"></span>d made under the Short-T<span class=\"_ _7\"></span>er<span class=\"_ _2\"></span>m Incentive Scheme (S<span class=\"_ _2\"></span>TIS)<span class=\"_ _421\"> </span>The group has recorded an <span class=\"_ _2\"></span>expense <span class=\"_ _2\"></span>of \u00a376,9<span class=\"_ _2\"></span>1<span class=\"_ _a\"></span>3 with regards to the 35% element that has been def<span class=\"_ _2\"></span>erred o<span class=\"_ _2\"></span>ver the v<span class=\"_ _2\"></span>esting period. <span class=\"_ _10\"> </span>(f) <span class=\"_ _4\"></span>202<span class=\"_ _a\"></span>1 awar<span class=\"_ _2\"></span>d made under the Long-T<span class=\"_ _0\"></span>er<span class=\"_ _a\"></span>m Incentive Plan (L<span class=\"_ _0\"></span>TIP)<span class=\"_ _421\"> </span>In April 202<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>, the group granted 260,0<span class=\"_ _3\"></span>00 Nil priced share options with a vesting period <span class=\"_ _2\"></span>of 3 <span class=\"_ _a\"></span>years. <span class=\"_ _0\"></span>T<span class=\"_ _2\"></span>hese awards w<span class=\"_ _2\"></span>ere subject to performance conditions tied to the company\u2019<span class=\"_ _0\"></span>s financial performance in respect <span class=\"_ _2\"></span>of growth in Economic <span class=\"_ _a\"></span>V<span class=\"_ _a\"></span>alue and <span class=\"_ _0\"></span>T<span class=\"_ _a\"></span>otal <span class=\"_ _2\"></span>Shareholder Return (TSR). The f<span class=\"_ _2\"></span>air value <span class=\"_ _2\"></span>of the non-market base condition was determined to be 2<span class=\"_ _2\"></span>78.50p, which was the share price as at 28 <span class=\"_ _2\"></span>April 202<span class=\"_ _a\"></span>1<span class=\"_ _a\"></span>, <span class=\"_ _2\"></span>the grant date of the options.<span class=\"_ _421\"> </span>Details of the share <span class=\"_ _2\"></span>options outstanding during the <span class=\"_ _a\"></span>year are as f<span class=\"_ _2\"></span>ollows:<span class=\"_ _421\"> </span>20<span class=\"_ _3\"></span>21 L<span class=\"_ _3\"></span>ong<span class=\"_ _3\"></span>-<span class=\"_ _2\"></span>T<span class=\"_ _2\"></span>erm I<span class=\"_ _3\"></span>nce<span class=\"_ _3\"></span>ntive Pl<span class=\"_ _3\"></span>an (LTIP) <span class=\"_ _250\"> </span>2023 2022 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _23a\"> </span>We<span class=\"_ _3\"></span>ig<span class=\"_ _3\"></span>ht<span class=\"_ _3\"></span>ed<span class=\"_ _3\"></span>  <span class=\"_ _73\"> </span>  <span class=\"_ _7f\"> </span>We<span class=\"_ _3\"></span>ig<span class=\"_ _3\"></span>ht<span class=\"_ _3\"></span>ed <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1c2\"> </span>av<span class=\"_ _3\"></span>era<span class=\"_ _3\"></span>ge  <span class=\"_ _9f\"> </span>  <span class=\"_ _5d\"> </span>aver<span class=\"_ _3\"></span>ag<span class=\"_ _3\"></span>e <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5d\"> </span>O<span class=\"_ _3\"></span>pti<span class=\"_ _3\"></span>on<span class=\"_ _3\"></span>s  <span class=\"_ _91\"> </span>exe<span class=\"_ _3\"></span>rci<span class=\"_ _3\"></span>se  <span class=\"_ _5d\"> </span>O<span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>tio<span class=\"_ _3\"></span>ns  <span class=\"_ _2e\"> </span>exerc<span class=\"_ _3\"></span>is<span class=\"_ _3\"></span>e <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5d\"> </span>num<span class=\"_ _3\"></span>ber  <span class=\"_ _e7\"> </span>pri<span class=\"_ _3\"></span>ce  <span class=\"_ _5d\"> </span>num<span class=\"_ _3\"></span>ber  <span class=\"_ _e7\"> </span>pri<span class=\"_ _3\"></span>ce <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _c2\"> </span>000  <span class=\"_ _15b\"> </span>\u00a3  <span class=\"_ _f0\"> </span>000  <span class=\"_ _15b\"> </span>\u00a3<span class=\"_ _421\"> </span>Outstanding <span class=\"_ _3\"></span>at <span class=\"_ _3\"></span>the <span class=\"_ _4\"></span>beginning <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>year <span class=\"_ _a9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12e\"> </span>532  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _1b7\"> </span>702  <span class=\"_ _e9\"> </span>\u2013<span class=\"_ _421\"> </span>Exer<span class=\"_ _2\"></span>cised <span class=\"_ _3\"></span>during <span class=\"_ _3\"></span>the <span class=\"_ _4\"></span>ye<span class=\"_ _2\"></span>ar <span class=\"_ _220\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12b\"> </span>(123 <span class=\"_ _0\"></span>) <span class=\"_ _f0\"> </span>2.78  <span class=\"_ _10f\"> </span>(99 <span class=\"_ _7\"></span>) <span class=\"_ _f0\"> </span>2.66<span class=\"_ _421\"> </span>Lapsed <span class=\"_ _3\"></span>during <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>year <span class=\"_ _fc\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _fe\"> </span>(67 <span class=\"_ _0\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _94\"> </span>(71 <span class=\"_ _0\"></span>) <span class=\"_ _15b\"> </span>\u2013<span class=\"_ _421\"> </span>Outstanding <span class=\"_ _3\"></span>at <span class=\"_ _3\"></span>the <span class=\"_ _4\"></span>end <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>year <span class=\"_ _194\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b7\"> </span>342  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _12e\"> </span>532  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span>The w<span class=\"_ _2\"></span>eighted av<span class=\"_ _2\"></span>erage contractual lif<span class=\"_ _2\"></span>e is 1<span class=\"_ _2\"></span>0 <span class=\"_ _a\"></span>years.<span class=\"_ _421\"> </span>The inputs into the Monte Carlo model are as f<span class=\"_ _2\"></span>ollows:<span class=\"_ _421\"> </span>V<span class=\"_ _2\"></span>aluation <span class=\"_ _3\"></span>method <span class=\"_ _ab\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _11\"> </span>Monte <span class=\"_ _3\"></span>Carlo<span class=\"_ _421\"> </span>W<span class=\"_ _2\"></span>eighted <span class=\"_ _3\"></span>aver<span class=\"_ _2\"></span>age <span class=\"_ _3\"></span>share <span class=\"_ _3\"></span>price <span class=\"_ _3\"></span>(pence) <span class=\"_ _193\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _47\"> </span>278.50<span class=\"_ _421\"> </span>W<span class=\"_ _2\"></span>eighted <span class=\"_ _3\"></span>aver<span class=\"_ _2\"></span>age <span class=\"_ _3\"></span>exercise <span class=\"_ _3\"></span>price <span class=\"_ _3\"></span>(pence) <span class=\"_ _9e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b1\"> </span>Nil<span class=\"_ _421\"> </span>W<span class=\"_ _2\"></span>eighted av<span class=\"_ _2\"></span>erage fair value of options grant<span class=\"_ _2\"></span>ed (pence) <span class=\"_ _15d\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _3e\"> </span>160.56<span class=\"_ _421\"> </span>Expected <span class=\"_ _3\"></span>volatilit<span class=\"_ _2\"></span>y <span class=\"_ _1bb\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _44\"> </span>30.01<span class=\"_ _421\"> </span>Expected <span class=\"_ _3\"></span>life <span class=\"_ _1b4\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9d\"> </span>3 <span class=\"_ _3\"></span>years<span class=\"_ _421\"> </span>Risk <span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>ree <span class=\"_ _3\"></span>rat<span class=\"_ _2\"></span>e <span class=\"_ _24f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _240\"> </span>0.48%<span class=\"_ _421\"> </span>Expected <span class=\"_ _3\"></span>dividend <span class=\"_ _3\"></span>yield <span class=\"_ _1ad\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _10e\"> </span>0%<span class=\"_ _421\"> </span>Expected volatility w<span class=\"_ _2\"></span>as determined by calculating the historical volatility <span class=\"_ _2\"></span>of the company\u2019<span class=\"_ _0\"></span>s share price o<span class=\"_ _2\"></span>ver the previous 1<span class=\"_ _0\"></span>0 <span class=\"_ _a\"></span>years. The group recognised total <span class=\"_ _2\"></span>expense <span class=\"_ _2\"></span>of \u00a345,085 related to equity-settled share-based pa<span class=\"_ _2\"></span>yments transactions in 2023.  <span class=\"_ _e\"> </span>(g) <span class=\"_ _3\"></span>2020 awar<span class=\"_ _2\"></span>d made under the Short-T<span class=\"_ _7\"></span>er<span class=\"_ _2\"></span>m Incentive Sc<span class=\"_ _2\"></span>heme (STIS)<span class=\"_ _421\"> </span>The group has recorded an <span class=\"_ _2\"></span>expense <span class=\"_ _2\"></span>of \u00a359,099 with regards to the 35% element that has been def<span class=\"_ _2\"></span>erred o<span class=\"_ _2\"></span>ver the v<span class=\"_ _2\"></span>esting period. <span class=\"_ _e\"> </span>(h) <span class=\"_ _3\"></span>2020 awar<span class=\"_ _2\"></span>d made under the Long-T<span class=\"_ _7\"></span>erm Incentiv<span class=\"_ _2\"></span>e Plan (L<span class=\"_ _0\"></span>TIP)<span class=\"_ _421\"> </span>In April 2020, the group granted 224,<span class=\"_ _2\"></span>00<span class=\"_ _3\"></span>0 Nil priced share options with a v<span class=\"_ _2\"></span>esting period of 3 <span class=\"_ _0\"></span>years. <span class=\"_ _0\"></span>These a<span class=\"_ _2\"></span>wards were subject to perf<span class=\"_ _2\"></span>ormance conditions tied to the company\u2019<span class=\"_ _0\"></span>s financial performance in respect <span class=\"_ _2\"></span>of growth in Economic <span class=\"_ _a\"></span>V<span class=\"_ _a\"></span>alue and <span class=\"_ _0\"></span>T<span class=\"_ _a\"></span>otal <span class=\"_ _2\"></span>Shareholder Return (TSR).<span class=\"_ _421\"> </span>The f<span class=\"_ _2\"></span>air value <span class=\"_ _2\"></span>of the non-market base condition was determined to be 323.50p, which w<span class=\"_ _2\"></span>as the share price as at 28 April 2020, the grant date <span class=\"_ _2\"></span>of the options. Details of the share <span class=\"_ _2\"></span>options outstanding during the <span class=\"_ _a\"></span>year are as f<span class=\"_ _2\"></span>ollows:<span class=\"_ _421\"> </span>20<span class=\"_ _3\"></span>20 L<span class=\"_ _3\"></span>ong<span class=\"_ _3\"></span>-<span class=\"_ _2\"></span>T<span class=\"_ _2\"></span>erm I<span class=\"_ _3\"></span>nce<span class=\"_ _3\"></span>ntive Pl<span class=\"_ _3\"></span>an (LTIP) <span class=\"_ _250\"> </span>2023 2022 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _23a\"> </span>We<span class=\"_ _3\"></span>ig<span class=\"_ _3\"></span>ht<span class=\"_ _3\"></span>ed<span class=\"_ _3\"></span>  <span class=\"_ _73\"> </span>  <span class=\"_ _7f\"> </span>We<span class=\"_ _3\"></span>ig<span class=\"_ _3\"></span>ht<span class=\"_ _3\"></span>ed <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1c2\"> </span>av<span class=\"_ _3\"></span>era<span class=\"_ _3\"></span>ge  <span class=\"_ _9f\"> </span>  <span class=\"_ _5d\"> </span>aver<span class=\"_ _3\"></span>ag<span class=\"_ _3\"></span>e <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5d\"> </span>O<span class=\"_ _3\"></span>pti<span class=\"_ _3\"></span>on<span class=\"_ _3\"></span>s  <span class=\"_ _91\"> </span>exe<span class=\"_ _3\"></span>rci<span class=\"_ _3\"></span>se  <span class=\"_ _5d\"> </span>O<span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>tio<span class=\"_ _3\"></span>ns  <span class=\"_ _2e\"> </span>exerc<span class=\"_ _3\"></span>is<span class=\"_ _3\"></span>e <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5d\"> </span>num<span class=\"_ _3\"></span>ber  <span class=\"_ _e7\"> </span>pri<span class=\"_ _3\"></span>ce  <span class=\"_ _5d\"> </span>num<span class=\"_ _3\"></span>ber  <span class=\"_ _e7\"> </span>pri<span class=\"_ _3\"></span>ce <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _c2\"> </span>000  <span class=\"_ _15b\"> </span>\u00a3  <span class=\"_ _f0\"> </span>000  <span class=\"_ _15b\"> </span>\u00a3<span class=\"_ _421\"> </span>Outstanding <span class=\"_ _3\"></span>at <span class=\"_ _3\"></span>the <span class=\"_ _4\"></span>beginning <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>year <span class=\"_ _a9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _fe\"> </span>192  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _fe\"> </span>192  <span class=\"_ _e9\"> </span>\u2013<span class=\"_ _421\"> </span>Exer<span class=\"_ _2\"></span>cised <span class=\"_ _3\"></span>during <span class=\"_ _3\"></span>the <span class=\"_ _4\"></span>ye<span class=\"_ _2\"></span>ar <span class=\"_ _220\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _fe\"> </span>(28 <span class=\"_ _0\"></span>) <span class=\"_ _2d\"> </span>2.82  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span>Lapsed <span class=\"_ _3\"></span>during <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>year <span class=\"_ _fc\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _20a\"> </span>(126 <span class=\"_ _0\"></span>) <span class=\"_ _15b\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span>Outstanding <span class=\"_ _3\"></span>at <span class=\"_ _3\"></span>the <span class=\"_ _4\"></span>end <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>year <span class=\"_ _194\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _20b\"> </span>38  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _fe\"> </span>192  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span>The w<span class=\"_ _2\"></span>eighted av<span class=\"_ _2\"></span>erage contractual lif<span class=\"_ _2\"></span>e is 1<span class=\"_ _a\"></span>0 <span class=\"_ _2\"></span>years.<span class=\"_ _421\"> </span>The inputs into the Monte Carlo model are as f<span class=\"_ _2\"></span>ollows:<span class=\"_ _421\"> </span>V<span class=\"_ _2\"></span>aluation <span class=\"_ _3\"></span>method <span class=\"_ _ab\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _11\"> </span>Monte <span class=\"_ _3\"></span>Carlo<span class=\"_ _421\"> </span>W<span class=\"_ _2\"></span>eighted <span class=\"_ _3\"></span>aver<span class=\"_ _2\"></span>age <span class=\"_ _3\"></span>share <span class=\"_ _3\"></span>price <span class=\"_ _3\"></span>(pence) <span class=\"_ _193\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _47\"> </span>32<span class=\"_ _3\"></span>3.<span class=\"_ _3\"></span>50<span class=\"_ _421\"> </span>W<span class=\"_ _2\"></span>eighted <span class=\"_ _3\"></span>aver<span class=\"_ _2\"></span>age <span class=\"_ _3\"></span>exercise <span class=\"_ _3\"></span>price <span class=\"_ _3\"></span>(pence) <span class=\"_ _9e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b1\"> </span>Nil<span class=\"_ _421\"> </span>W<span class=\"_ _2\"></span>eighted av<span class=\"_ _2\"></span>erage fair value of options grant<span class=\"_ _2\"></span>ed (pence) <span class=\"_ _15d\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _48\"> </span>184.04<span class=\"_ _421\"> </span>Expected <span class=\"_ _3\"></span>volatilit<span class=\"_ _2\"></span>y <span class=\"_ _1bb\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _44\"> </span>28.<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>1<span class=\"_ _421\"> </span>Expected <span class=\"_ _3\"></span>life <span class=\"_ _1b4\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9d\"> </span>3 <span class=\"_ _3\"></span>years<span class=\"_ _421\"> </span>Risk <span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>ree <span class=\"_ _3\"></span>rat<span class=\"_ _2\"></span>e <span class=\"_ _24f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _43\"> </span>0.42%<span class=\"_ _421\"> </span>Expected <span class=\"_ _3\"></span>dividend <span class=\"_ _3\"></span>yield <span class=\"_ _1ad\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _10e\"> </span>0%<span class=\"_ _421\"> </span>Expected volatility w<span class=\"_ _2\"></span>as determined by calculating the historical volatility <span class=\"_ _2\"></span>of the company\u2019<span class=\"_ _0\"></span>s share price o<span class=\"_ _2\"></span>ver the previous 1<span class=\"_ _0\"></span>0 <span class=\"_ _a\"></span>years. The group recognised total <span class=\"_ _2\"></span>expense <span class=\"_ _2\"></span>of \u00a31<span class=\"_ _2\"></span>8,<span class=\"_ _2\"></span>750 related to equity<span class=\"_ _2\"></span>-settled share-based payments transactions in 2023.  <span class=\"_ _d\"> </span>(i) <span class=\"_ _4\"></span>201<span class=\"_ _2\"></span>9 awar<span class=\"_ _2\"></span>d made under the Short-T<span class=\"_ _7\"></span>er<span class=\"_ _2\"></span>m Incentive Sc<span class=\"_ _2\"></span>heme (STIS)<span class=\"_ _421\"> </span>The group has recorded an <span class=\"_ _2\"></span>expense <span class=\"_ _2\"></span>of \u00a31<span class=\"_ _a\"></span>4,289 with regards to the 35% element that has been def<span class=\"_ _2\"></span>erred o<span class=\"_ _2\"></span>ver the vesting period. <span class=\"_ _d\"> </span>(j) <span class=\"_ _4\"></span>201<span class=\"_ _2\"></span>9 awar<span class=\"_ _2\"></span>d made under the Long-T<span class=\"_ _7\"></span>erm Incentiv<span class=\"_ _2\"></span>e Plan (L<span class=\"_ _0\"></span>TIP)<span class=\"_ _421\"> </span>In April 20<span class=\"_ _a\"></span>1<span class=\"_ _a\"></span>9, the group granted 1<span class=\"_ _a\"></span>96,0<span class=\"_ _3\"></span>00 Nil priced share options with a vesting period <span class=\"_ _2\"></span>of 3 <span class=\"_ _a\"></span>years. <span class=\"_ _0\"></span>These a<span class=\"_ _2\"></span>wards w<span class=\"_ _2\"></span>ere subject to performance conditions tied to the company\u2019<span class=\"_ _0\"></span>s financial performance in respect <span class=\"_ _2\"></span>of growth in Economic <span class=\"_ _a\"></span>V<span class=\"_ _a\"></span>alue and <span class=\"_ _0\"></span>T<span class=\"_ _a\"></span>otal <span class=\"_ _2\"></span>Shareholder Return (TSR).<span class=\"_ _421\"> </span>The f<span class=\"_ _2\"></span>air value <span class=\"_ _2\"></span>of the non-market base condition was determined to be 358.50p, which w<span class=\"_ _2\"></span>as the share price as at 28 April 20<span class=\"_ _a\"></span>1<span class=\"_ _a\"></span>9, the grant date of the options. Details of the share <span class=\"_ _2\"></span>options outstanding during the <span class=\"_ _a\"></span>year are as f<span class=\"_ _2\"></span>ollows:<span class=\"_ _421\"> </span>20<span class=\"_ _3\"></span>19 L<span class=\"_ _3\"></span>ong<span class=\"_ _3\"></span>-T<span class=\"_ _a\"></span>erm I<span class=\"_ _3\"></span>ncen<span class=\"_ _3\"></span>tive Pl<span class=\"_ _3\"></span>an (LTIP) <span class=\"_ _250\"> </span>2023 2022 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _23a\"> </span>We<span class=\"_ _3\"></span>ig<span class=\"_ _3\"></span>ht<span class=\"_ _3\"></span>ed<span class=\"_ _3\"></span>  <span class=\"_ _73\"> </span>  <span class=\"_ _7f\"> </span>We<span class=\"_ _3\"></span>ig<span class=\"_ _3\"></span>ht<span class=\"_ _3\"></span>ed <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1c2\"> </span>av<span class=\"_ _3\"></span>era<span class=\"_ _3\"></span>ge  <span class=\"_ _9f\"> </span>  <span class=\"_ _5d\"> </span>aver<span class=\"_ _3\"></span>ag<span class=\"_ _3\"></span>e <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5d\"> </span>O<span class=\"_ _3\"></span>pti<span class=\"_ _3\"></span>on<span class=\"_ _3\"></span>s  <span class=\"_ _91\"> </span>exe<span class=\"_ _3\"></span>rci<span class=\"_ _3\"></span>se  <span class=\"_ _5d\"> </span>O<span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>tio<span class=\"_ _3\"></span>ns  <span class=\"_ _2e\"> </span>exerc<span class=\"_ _3\"></span>is<span class=\"_ _3\"></span>e <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5d\"> </span>num<span class=\"_ _3\"></span>ber  <span class=\"_ _e7\"> </span>pri<span class=\"_ _3\"></span>ce  <span class=\"_ _5d\"> </span>num<span class=\"_ _3\"></span>ber  <span class=\"_ _e7\"> </span>pri<span class=\"_ _3\"></span>ce <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _c2\"> </span>000  <span class=\"_ _15b\"> </span>\u00a3  <span class=\"_ _f0\"> </span>000  <span class=\"_ _15b\"> </span>\u00a3<span class=\"_ _421\"> </span>Outstanding <span class=\"_ _3\"></span>at <span class=\"_ _3\"></span>the <span class=\"_ _4\"></span>beginning <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>year <span class=\"_ _a9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _179\"> </span>1<span class=\"_ _3\"></span>96  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span>Lapsed <span class=\"_ _3\"></span>during <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>year <span class=\"_ _fc\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _152\"> </span>(196 <span class=\"_ _0\"></span>) <span class=\"_ _15b\"> </span>\u2013<span class=\"_ _421\"> </span>Outstanding <span class=\"_ _3\"></span>at <span class=\"_ _3\"></span>the <span class=\"_ _4\"></span>end <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>year <span class=\"_ _194\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span>The w<span class=\"_ _2\"></span>eighted av<span class=\"_ _2\"></span>erage contractual lif<span class=\"_ _2\"></span>e is 1<span class=\"_ _2\"></span>0 <span class=\"_ _a\"></span>years. I<span class=\"_ _3\"></span>2 <span class=\"_ _3\"></span>Share-based payments (continued) <span class=\"_ _d\"> </span>(j) <span class=\"_ _4\"></span>201<span class=\"_ _2\"></span>9 awar<span class=\"_ _2\"></span>d made under the Long-T<span class=\"_ _7\"></span>erm Incentiv<span class=\"_ _2\"></span>e Plan (L<span class=\"_ _0\"></span>TIP) (continued)<span class=\"_ _421\"> </span>The inputs into the Monte Carlo model are as f<span class=\"_ _2\"></span>ollows:<span class=\"_ _421\"> </span>V<span class=\"_ _2\"></span>aluation <span class=\"_ _3\"></span>method <span class=\"_ _ab\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _11\"> </span>Monte <span class=\"_ _3\"></span>Carlo<span class=\"_ _421\"> </span>W<span class=\"_ _2\"></span>eighted <span class=\"_ _3\"></span>aver<span class=\"_ _2\"></span>age <span class=\"_ _3\"></span>share <span class=\"_ _3\"></span>price <span class=\"_ _3\"></span>(pence) <span class=\"_ _193\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _47\"> </span>358.50<span class=\"_ _421\"> </span>W<span class=\"_ _2\"></span>eighted <span class=\"_ _3\"></span>aver<span class=\"_ _2\"></span>age <span class=\"_ _3\"></span>exercise <span class=\"_ _3\"></span>price <span class=\"_ _3\"></span>(pence) <span class=\"_ _9e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b1\"> </span>Nil<span class=\"_ _421\"> </span>W<span class=\"_ _2\"></span>eighted av<span class=\"_ _2\"></span>erage fair value of options grant<span class=\"_ _2\"></span>ed (pence) <span class=\"_ _15d\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _48\"> </span>202.7<span class=\"_ _2\"></span>4<span class=\"_ _421\"> </span>Expected <span class=\"_ _3\"></span>volatilit<span class=\"_ _2\"></span>y <span class=\"_ _1bb\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14b\"> </span>25.<span class=\"_ _3\"></span>35<span class=\"_ _421\"> </span>Expected <span class=\"_ _3\"></span>life <span class=\"_ _1b4\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9d\"> </span>3 <span class=\"_ _3\"></span>years<span class=\"_ _421\"> </span>Risk <span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>ree <span class=\"_ _3\"></span>rat<span class=\"_ _2\"></span>e <span class=\"_ _24f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _43\"> </span>1<span class=\"_ _3\"></span>.1<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>0%<span class=\"_ _421\"> </span>Expected <span class=\"_ _3\"></span>dividend <span class=\"_ _3\"></span>yield <span class=\"_ _1ad\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _10e\"> </span>0%<span class=\"_ _421\"> </span>Expected volatility w<span class=\"_ _2\"></span>as determined by calculating the historical volatility <span class=\"_ _2\"></span>of the company\u2019<span class=\"_ _0\"></span>s share price o<span class=\"_ _2\"></span>ver the previous 1<span class=\"_ _a\"></span>0 <span class=\"_ _a\"></span>years. The group recognised no <span class=\"_ _2\"></span>expense related to <span class=\"_ _2\"></span>equity-settled share-based payments transactions in 2023.  (k) <span class=\"_ _3\"></span>201<span class=\"_ _2\"></span>8 aw<span class=\"_ _2\"></span>ard made under the Shor<span class=\"_ _2\"></span>t-T<span class=\"_ _7\"></span>erm Incentive Sc<span class=\"_ _2\"></span>heme (STIS)<span class=\"_ _421\"> </span>The group has recorded no <span class=\"_ _2\"></span>expense with regards to the 35% <span class=\"_ _2\"></span>element that has been defer<span class=\"_ _2\"></span>red ov<span class=\"_ _2\"></span>er the vesting period. <span class=\"_ _d\"> </span>(l) <span class=\"_ _4\"></span>20<span class=\"_ _2\"></span>18 a<span class=\"_ _2\"></span>war<span class=\"_ _2\"></span>d made under the Long-T<span class=\"_ _7\"></span>erm Incentiv<span class=\"_ _2\"></span>e Plan (L<span class=\"_ _a\"></span>TIP)<span class=\"_ _421\"> </span>In April 20<span class=\"_ _a\"></span>1<span class=\"_ _a\"></span>8, the group granted 1<span class=\"_ _2\"></span>68,0<span class=\"_ _3\"></span>00 Nil priced share options with a vesting period <span class=\"_ _2\"></span>of 3 <span class=\"_ _a\"></span>years. <span class=\"_ _0\"></span>T<span class=\"_ _2\"></span>hese awards w<span class=\"_ _2\"></span>ere subject to performance conditions tied to the company\u2019<span class=\"_ _0\"></span>s financial performance in respect <span class=\"_ _2\"></span>of growth in Economic <span class=\"_ _a\"></span>V<span class=\"_ _a\"></span>alue and <span class=\"_ _0\"></span>T<span class=\"_ _a\"></span>otal <span class=\"_ _2\"></span>Shareholder Return (TSR). The f<span class=\"_ _2\"></span>air value <span class=\"_ _2\"></span>of the non-market base condition was determined to be 4<span class=\"_ _a\"></span>1<span class=\"_ _a\"></span>0.0<span class=\"_ _3\"></span>0p, which was the share price as at 28 <span class=\"_ _2\"></span>April 20<span class=\"_ _a\"></span>1<span class=\"_ _2\"></span>8, the grant date of the <span class=\"_ _2\"></span>options. Details of the share <span class=\"_ _2\"></span>options outstanding during the <span class=\"_ _a\"></span>year are as f<span class=\"_ _2\"></span>ollows:<span class=\"_ _421\"> </span>20<span class=\"_ _3\"></span>18 L<span class=\"_ _3\"></span>ong<span class=\"_ _3\"></span>-<span class=\"_ _2\"></span>T<span class=\"_ _2\"></span>erm I<span class=\"_ _3\"></span>nce<span class=\"_ _3\"></span>ntive Pl<span class=\"_ _3\"></span>an (LTIP) <span class=\"_ _250\"> </span>2023 2022 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _23a\"> </span>We<span class=\"_ _3\"></span>ig<span class=\"_ _3\"></span>ht<span class=\"_ _3\"></span>ed<span class=\"_ _3\"></span>  <span class=\"_ _73\"> </span>  <span class=\"_ _7f\"> </span>We<span class=\"_ _3\"></span>ig<span class=\"_ _3\"></span>ht<span class=\"_ _3\"></span>ed <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1c2\"> </span>av<span class=\"_ _3\"></span>era<span class=\"_ _3\"></span>ge  <span class=\"_ _9f\"> </span>  <span class=\"_ _5d\"> </span>aver<span class=\"_ _3\"></span>ag<span class=\"_ _3\"></span>e <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5d\"> </span>O<span class=\"_ _3\"></span>pti<span class=\"_ _3\"></span>on<span class=\"_ _3\"></span>s  <span class=\"_ _91\"> </span>exe<span class=\"_ _3\"></span>rci<span class=\"_ _3\"></span>se  <span class=\"_ _5d\"> </span>O<span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>tio<span class=\"_ _3\"></span>ns  <span class=\"_ _2e\"> </span>exerc<span class=\"_ _3\"></span>is<span class=\"_ _3\"></span>e <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5d\"> </span>num<span class=\"_ _3\"></span>ber  <span class=\"_ _e7\"> </span>pri<span class=\"_ _3\"></span>ce  <span class=\"_ _5d\"> </span>num<span class=\"_ _3\"></span>ber  <span class=\"_ _e7\"> </span>pri<span class=\"_ _3\"></span>ce <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _c2\"> </span>000  <span class=\"_ _15b\"> </span>\u00a3  <span class=\"_ _f0\"> </span>000  <span class=\"_ _15b\"> </span>\u00a3<span class=\"_ _421\"> </span>Outstanding <span class=\"_ _3\"></span>at <span class=\"_ _3\"></span>the <span class=\"_ _4\"></span>beginning <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>year <span class=\"_ _a9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _179\"> </span>168  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span>Lapsed <span class=\"_ _3\"></span>during <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>year <span class=\"_ _fc\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _14e\"> </span>(<span class=\"_ _3\"></span>168 <span class=\"_ _7\"></span>) <span class=\"_ _15b\"> </span>\u2013<span class=\"_ _421\"> </span>Outstanding <span class=\"_ _3\"></span>at <span class=\"_ _3\"></span>the <span class=\"_ _4\"></span>end <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>year <span class=\"_ _194\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span>The w<span class=\"_ _2\"></span>eighted av<span class=\"_ _2\"></span>erage contractual lif<span class=\"_ _2\"></span>e is 10 <span class=\"_ _a\"></span>years. The inputs into the Monte Carlo model are as f<span class=\"_ _2\"></span>ollows:<span class=\"_ _421\"> </span>V<span class=\"_ _2\"></span>aluation <span class=\"_ _3\"></span>method <span class=\"_ _ab\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _11\"> </span>Monte <span class=\"_ _3\"></span>Carlo<span class=\"_ _421\"> </span>W<span class=\"_ _2\"></span>eighted <span class=\"_ _3\"></span>aver<span class=\"_ _2\"></span>age <span class=\"_ _3\"></span>share <span class=\"_ _3\"></span>price <span class=\"_ _3\"></span>(pence) <span class=\"_ _193\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _47\"> </span>410.00<span class=\"_ _421\"> </span>W<span class=\"_ _2\"></span>eighted <span class=\"_ _3\"></span>aver<span class=\"_ _2\"></span>age <span class=\"_ _3\"></span>exercise <span class=\"_ _3\"></span>price <span class=\"_ _3\"></span>(pence) <span class=\"_ _9e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b1\"> </span>Nil<span class=\"_ _421\"> </span>W<span class=\"_ _2\"></span>eighted av<span class=\"_ _2\"></span>erage fair value of options grant<span class=\"_ _2\"></span>ed (pence) <span class=\"_ _15d\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _47\"> </span>229.78<span class=\"_ _421\"> </span>Expected <span class=\"_ _3\"></span>volatilit<span class=\"_ _2\"></span>y <span class=\"_ _1bb\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14b\"> </span>25.77<span class=\"_ _421\"> </span>Expected <span class=\"_ _3\"></span>life <span class=\"_ _1b4\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9d\"> </span>3 <span class=\"_ _3\"></span>years<span class=\"_ _421\"> </span>Risk <span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>ree <span class=\"_ _3\"></span>rat<span class=\"_ _2\"></span>e <span class=\"_ _24f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _3f\"> </span>1<span class=\"_ _3\"></span>.1<span class=\"_ _3\"></span>90%<span class=\"_ _421\"> </span>Expected <span class=\"_ _3\"></span>dividend <span class=\"_ _3\"></span>yield <span class=\"_ _1ad\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _10e\"> </span>0%<span class=\"_ _421\"> </span>Expected volatility w<span class=\"_ _2\"></span>as determined by calculating the historical volatility <span class=\"_ _2\"></span>of the company\u2019<span class=\"_ _0\"></span>s share price o<span class=\"_ _2\"></span>ver the previous 1<span class=\"_ _a\"></span>0 <span class=\"_ _a\"></span>years. The group recognised no <span class=\"_ _2\"></span>expense related to <span class=\"_ _2\"></span>equity-settled share-based payments transactions in 202 <span class=\"_ _0\"></span>(m) <span class=\"_ _4\"></span>20<span class=\"_ _a\"></span>17 a<span class=\"_ _2\"></span>war<span class=\"_ _2\"></span>d made under the Long-T<span class=\"_ _7\"></span>erm Incentiv<span class=\"_ _2\"></span>e Plan (L<span class=\"_ _a\"></span>TIP)<span class=\"_ _421\"> </span>In April 20<span class=\"_ _a\"></span>1<span class=\"_ _a\"></span>7<span class=\"_ _a\"></span>, the group granted 1<span class=\"_ _0\"></span>74,000 Nil priced share options with a vesting period <span class=\"_ _2\"></span>of 3 <span class=\"_ _a\"></span>years. <span class=\"_ _0\"></span>These a<span class=\"_ _2\"></span>wards w<span class=\"_ _2\"></span>ere subject to performance conditions tied to the company\u2019<span class=\"_ _0\"></span>s financial performance in respect <span class=\"_ _2\"></span>of growth in Economic <span class=\"_ _a\"></span>V<span class=\"_ _a\"></span>alue and <span class=\"_ _0\"></span>T<span class=\"_ _a\"></span>otal <span class=\"_ _2\"></span>Shareholder Return (TSR). The f<span class=\"_ _2\"></span>air value <span class=\"_ _2\"></span>of the non-market base condition was determined to be 382.<span class=\"_ _0\"></span>75p, which was the share price as at 28 April 20<span class=\"_ _2\"></span>1<span class=\"_ _0\"></span>7<span class=\"_ _a\"></span>, the grant date of the options. Details of the share <span class=\"_ _2\"></span>options outstanding during the <span class=\"_ _a\"></span>year are as f<span class=\"_ _2\"></span>ollows:<span class=\"_ _421\"> </span>20<span class=\"_ _3\"></span>17 L<span class=\"_ _3\"></span>ong<span class=\"_ _3\"></span>-<span class=\"_ _2\"></span>T<span class=\"_ _2\"></span>erm I<span class=\"_ _3\"></span>ncen<span class=\"_ _3\"></span>tive Pl<span class=\"_ _3\"></span>an (L<span class=\"_ _2\"></span>TI<span class=\"_ _3\"></span>P) <span class=\"_ _250\"> </span>2023 2022 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _23a\"> </span>We<span class=\"_ _3\"></span>ig<span class=\"_ _3\"></span>ht<span class=\"_ _3\"></span>ed<span class=\"_ _3\"></span>  <span class=\"_ _73\"> </span>  <span class=\"_ _7f\"> </span>We<span class=\"_ _3\"></span>ig<span class=\"_ _3\"></span>ht<span class=\"_ _3\"></span>ed <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1c2\"> </span>av<span class=\"_ _3\"></span>era<span class=\"_ _3\"></span>ge  <span class=\"_ _9f\"> </span>  <span class=\"_ _5d\"> </span>aver<span class=\"_ _3\"></span>ag<span class=\"_ _3\"></span>e <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5d\"> </span>O<span class=\"_ _3\"></span>pti<span class=\"_ _3\"></span>on<span class=\"_ _3\"></span>s  <span class=\"_ _91\"> </span>exe<span class=\"_ _3\"></span>rci<span class=\"_ _3\"></span>se  <span class=\"_ _5d\"> </span>O<span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>tio<span class=\"_ _3\"></span>ns  <span class=\"_ _2e\"> </span>exerc<span class=\"_ _3\"></span>is<span class=\"_ _3\"></span>e <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5d\"> </span>num<span class=\"_ _3\"></span>ber  <span class=\"_ _e7\"> </span>pri<span class=\"_ _3\"></span>ce  <span class=\"_ _5d\"> </span>num<span class=\"_ _3\"></span>ber  <span class=\"_ _e7\"> </span>pri<span class=\"_ _3\"></span>ce <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _c2\"> </span>000  <span class=\"_ _15b\"> </span>\u00a3  <span class=\"_ _f0\"> </span>000  <span class=\"_ _15b\"> </span>\u00a3<span class=\"_ _421\"> </span>Outstanding <span class=\"_ _3\"></span>at <span class=\"_ _3\"></span>the <span class=\"_ _4\"></span>beginning <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>year <span class=\"_ _a9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _56\"> </span>26  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _20b\"> </span>26  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span>Exer<span class=\"_ _2\"></span>cised <span class=\"_ _3\"></span>during <span class=\"_ _3\"></span>the <span class=\"_ _4\"></span>ye<span class=\"_ _2\"></span>ar <span class=\"_ _220\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _10e\"> </span>(26 <span class=\"_ _7\"></span>) <span class=\"_ _c2\"> </span>2.63  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span>Outstanding <span class=\"_ _3\"></span>at <span class=\"_ _3\"></span>the <span class=\"_ _4\"></span>end <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>year <span class=\"_ _194\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _56\"> </span>26  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span>The w<span class=\"_ _2\"></span>eighted av<span class=\"_ _2\"></span>erage contractual lif<span class=\"_ _2\"></span>e is 10 <span class=\"_ _a\"></span>years. The inputs into the Monte Carlo model are as f<span class=\"_ _2\"></span>ollows:<span class=\"_ _421\"> </span>V<span class=\"_ _2\"></span>aluation <span class=\"_ _3\"></span>method <span class=\"_ _ab\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _11\"> </span>Monte <span class=\"_ _3\"></span>Carlo<span class=\"_ _421\"> </span>W<span class=\"_ _2\"></span>eighted <span class=\"_ _3\"></span>aver<span class=\"_ _2\"></span>age <span class=\"_ _3\"></span>share <span class=\"_ _3\"></span>price <span class=\"_ _3\"></span>(pence) <span class=\"_ _193\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _3f\"> </span>382<span class=\"_ _3\"></span>.7<span class=\"_ _2\"></span>5<span class=\"_ _421\"> </span>W<span class=\"_ _2\"></span>eighted <span class=\"_ _3\"></span>aver<span class=\"_ _2\"></span>age <span class=\"_ _3\"></span>exercise <span class=\"_ _3\"></span>price <span class=\"_ _3\"></span>(pence) <span class=\"_ _9e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b1\"> </span>Nil<span class=\"_ _421\"> </span>W<span class=\"_ _2\"></span>eighted av<span class=\"_ _2\"></span>erage fair value of options grant<span class=\"_ _2\"></span>ed (pence) <span class=\"_ _15d\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _42\"> </span>21<span class=\"_ _4\"></span>1.73<span class=\"_ _421\"> </span>Expected <span class=\"_ _3\"></span>volatilit<span class=\"_ _2\"></span>y <span class=\"_ _1bb\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _46\"> </span>26.97<span class=\"_ _421\"> </span>Expected <span class=\"_ _3\"></span>life <span class=\"_ _1b4\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9d\"> </span>3 <span class=\"_ _3\"></span>years<span class=\"_ _421\"> </span>Risk <span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>ree <span class=\"_ _3\"></span>rat<span class=\"_ _2\"></span>e <span class=\"_ _24f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _43\"> </span>0.70%<span class=\"_ _421\"> </span>Expected <span class=\"_ _3\"></span>dividend <span class=\"_ _3\"></span>yield <span class=\"_ _1ad\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _10e\"> </span>0%<span class=\"_ _421\"> </span>Expected volatility w<span class=\"_ _2\"></span>as determined by calculating the historical volatility <span class=\"_ _2\"></span>of the company\u2019<span class=\"_ _0\"></span>s share price o<span class=\"_ _2\"></span>ver the previous 1<span class=\"_ _0\"></span>0 <span class=\"_ _a\"></span>years.<span class=\"_ _421\"> </span>The group recognised no <span class=\"_ _2\"></span>expense related to <span class=\"_ _2\"></span>equity-settled share-based payments transactions in 2023 and 2022. <span class=\"_ _e\"> </span>(n) <span class=\"_ _3\"></span>20<span class=\"_ _2\"></span>16 aw<span class=\"_ _2\"></span>ard made under the Long-T<span class=\"_ _7\"></span>erm Incentiv<span class=\"_ _2\"></span>e Plan (L<span class=\"_ _0\"></span>TIP)<span class=\"_ _421\"> </span>In April 20<span class=\"_ _0\"></span>16, the group granted 255,000 Nil priced share options with a vesting period <span class=\"_ _2\"></span>of three <span class=\"_ _a\"></span>years. <span class=\"_ _0\"></span>T<span class=\"_ _2\"></span>hese awards w<span class=\"_ _2\"></span>ere subject to performance conditions tied to the company\u2019<span class=\"_ _0\"></span>s financial performance in respect <span class=\"_ _2\"></span>of growth in Economic <span class=\"_ _a\"></span>V<span class=\"_ _a\"></span>alue and <span class=\"_ _0\"></span>T<span class=\"_ _a\"></span>otal <span class=\"_ _2\"></span>Shareholder Return (TSR). The f<span class=\"_ _2\"></span>air value <span class=\"_ _2\"></span>of the non-market base condition was determined to be 3<span class=\"_ _a\"></span>1<span class=\"_ _2\"></span>2.00p, which was the share price as at 28 April 20<span class=\"_ _0\"></span>16, the grant date <span class=\"_ _2\"></span>of the options. Details of the share <span class=\"_ _2\"></span>options outstanding during the <span class=\"_ _a\"></span>year are as f<span class=\"_ _2\"></span>ollows:<span class=\"_ _421\"> </span>20<span class=\"_ _3\"></span>16 L<span class=\"_ _3\"></span>ong<span class=\"_ _3\"></span>-<span class=\"_ _2\"></span>T<span class=\"_ _2\"></span>erm I<span class=\"_ _3\"></span>ncen<span class=\"_ _3\"></span>tive Pl<span class=\"_ _3\"></span>an (LTIP) <span class=\"_ _250\"> </span>2023 2022 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _23a\"> </span>We<span class=\"_ _3\"></span>ig<span class=\"_ _3\"></span>ht<span class=\"_ _3\"></span>ed<span class=\"_ _3\"></span>  <span class=\"_ _73\"> </span>  <span class=\"_ _7f\"> </span>We<span class=\"_ _3\"></span>ig<span class=\"_ _3\"></span>ht<span class=\"_ _3\"></span>ed <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1c2\"> </span>av<span class=\"_ _3\"></span>era<span class=\"_ _3\"></span>ge  <span class=\"_ _9f\"> </span>  <span class=\"_ _5d\"> </span>aver<span class=\"_ _3\"></span>ag<span class=\"_ _3\"></span>e <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5d\"> </span>O<span class=\"_ _3\"></span>pti<span class=\"_ _3\"></span>on<span class=\"_ _3\"></span>s  <span class=\"_ _91\"> </span>exe<span class=\"_ _3\"></span>rci<span class=\"_ _3\"></span>se  <span class=\"_ _5d\"> </span>O<span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>tio<span class=\"_ _3\"></span>ns  <span class=\"_ _2e\"> </span>exerc<span class=\"_ _3\"></span>is<span class=\"_ _3\"></span>e <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5d\"> </span>num<span class=\"_ _3\"></span>ber  <span class=\"_ _e7\"> </span>pri<span class=\"_ _3\"></span>ce  <span class=\"_ _5d\"> </span>num<span class=\"_ _3\"></span>ber  <span class=\"_ _e7\"> </span>pri<span class=\"_ _3\"></span>ce <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _c2\"> </span>000  <span class=\"_ _15b\"> </span>\u00a3  <span class=\"_ _f0\"> </span>000  <span class=\"_ _15b\"> </span>\u00a3<span class=\"_ _421\"> </span>Outstanding <span class=\"_ _3\"></span>at <span class=\"_ _3\"></span>the <span class=\"_ _4\"></span>beginning <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>year <span class=\"_ _a9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5a\"> </span>90  <span class=\"_ _e9\"> </span>\u2013  <span class=\"_ _5a\"> </span>90  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span>Exer<span class=\"_ _2\"></span>cised <span class=\"_ _3\"></span>during <span class=\"_ _3\"></span>the <span class=\"_ _4\"></span>ye<span class=\"_ _2\"></span>ar <span class=\"_ _220\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _10f\"> </span>(90 <span class=\"_ _7\"></span>) <span class=\"_ _c2\"> </span>2.63  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span>Outstanding <span class=\"_ _3\"></span>at <span class=\"_ _3\"></span>the <span class=\"_ _4\"></span>end <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>year <span class=\"_ _194\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _158\"> </span>\u2013  <span class=\"_ _5a\"> </span>90  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span>The w<span class=\"_ _2\"></span>eighted av<span class=\"_ _2\"></span>erage contractual lif<span class=\"_ _2\"></span>e is 1<span class=\"_ _a\"></span>0 <span class=\"_ _2\"></span>years <span class=\"_ _3d\"> </span>I<span class=\"_ _3\"></span>2 <span class=\"_ _3\"></span>Share-based payments (continued) <span class=\"_ _e\"> </span>(n) <span class=\"_ _3\"></span>20<span class=\"_ _2\"></span>16 aw<span class=\"_ _2\"></span>ard made under the Long-T<span class=\"_ _7\"></span>erm Incentiv<span class=\"_ _2\"></span>e Plan (L<span class=\"_ _0\"></span>TIP) (continued)<span class=\"_ _421\"> </span>The inputs into the Monte Carlo model are as f<span class=\"_ _2\"></span>ollows:<span class=\"_ _421\"> </span>V<span class=\"_ _2\"></span>aluation <span class=\"_ _3\"></span>method <span class=\"_ _ab\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _11\"> </span>Monte <span class=\"_ _3\"></span>Carlo<span class=\"_ _421\"> </span>W<span class=\"_ _2\"></span>eighted <span class=\"_ _3\"></span>aver<span class=\"_ _2\"></span>age <span class=\"_ _3\"></span>share <span class=\"_ _3\"></span>price <span class=\"_ _3\"></span>(pence) <span class=\"_ _193\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _112\"> </span>312<span class=\"_ _3\"></span>.00<span class=\"_ _421\"> </span>W<span class=\"_ _2\"></span>eighted <span class=\"_ _3\"></span>aver<span class=\"_ _2\"></span>age <span class=\"_ _3\"></span>exercise <span class=\"_ _3\"></span>price <span class=\"_ _3\"></span>(pence) <span class=\"_ _9e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b1\"> </span>Nil<span class=\"_ _421\"> </span>W<span class=\"_ _2\"></span>eighted av<span class=\"_ _2\"></span>erage fair value of options grant<span class=\"_ _2\"></span>ed (pence) <span class=\"_ _15d\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span>  <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _240\"> </span>179.72<span class=\"_ _421\"> </span>Expected <span class=\"_ _3\"></span>volatilit<span class=\"_ _2\"></span>y <span class=\"_ _1bb\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _28\"> </span>28.07<span class=\"_ _421\"> </span>Expected <span class=\"_ _3\"></span>life <span class=\"_ _1b4\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9d\"> </span>3 <span class=\"_ _3\"></span>years<span class=\"_ _421\"> </span>Risk <span class=\"_ _3\"></span>f<span class=\"_ _4\"></span>ree <span class=\"_ _3\"></span>rat<span class=\"_ _2\"></span>e <span class=\"_ _24f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _43\"> </span>0.86%<span class=\"_ _421\"> </span>Expected <span class=\"_ _3\"></span>dividend <span class=\"_ _3\"></span>yield <span class=\"_ _1ad\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _10e\"> </span>0%<span class=\"_ _421\"> </span>Expected volatility w<span class=\"_ _2\"></span>as determined by calculating the historical volatility <span class=\"_ _2\"></span>of the company\u2019<span class=\"_ _0\"></span>s share price o<span class=\"_ _2\"></span>ver the previous 1<span class=\"_ _0\"></span>0 <span class=\"_ _a\"></span>years. The group recognised no <span class=\"_ _2\"></span>expense related to <span class=\"_ _2\"></span>equity-settled share-based payments transactions in 2023 and 2022",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
    "language": "en",
    "entity": "scheme:213800VFRMBRTSZ3SJ06",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-64": {
   "value": " <span class=\"_ _3d\"> </span>I<span class=\"_ _3\"></span>3 <span class=\"_ _3\"></span>Earnings per shar<span class=\"_ _2\"></span>e<span class=\"_ _421\"> </span>Earnings per share are based on the f<span class=\"_ _2\"></span>ollowing:<span class=\"_ _421\"> </span>Y<span class=\"_ _2\"></span>ear ended<span class=\"_ _2\"></span> 31 December <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14b\"> </span>20<span class=\"_ _2\"></span>23  <span class=\"_ _14b\"> </span>2022<span class=\"_ _421\"> </span>(Loss)/<span class=\"_ _a\"></span>profit for the year at<span class=\"_ _2\"></span>tributable to shareholders (\u00a3<span class=\"_ _2\"></span>m) <span class=\"_ _3d\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _20a\"> </span>18.7 <span class=\"_ _2\"></span> <span class=\"_ _1e1\"> </span>(33.7 <span class=\"_ _31\"></span>)<span class=\"_ _421\"> </span>W<span class=\"_ _2\"></span>eighted <span class=\"_ _3\"></span>aver<span class=\"_ _2\"></span>age <span class=\"_ _3\"></span>number <span class=\"_ _4\"></span>of <span class=\"_ _3\"></span>ordinary <span class=\"_ _3\"></span>shares <span class=\"_ _a5\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _ef\"> </span>150,528,<span class=\"_ _3\"></span>597  <span class=\"_ _ef\"> </span>150,239,599<span class=\"_ _421\"> </span>Basic <span class=\"_ _3\"></span>earnings <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>share <span class=\"_ _251\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _f0\"> </span>12.41 <span class=\"_ _31\"></span>p <span class=\"_ _210\"> </span>(22.40 <span class=\"_ _7\"></span>)<span class=\"_ _a\"></span>p<span class=\"_ _421\"> </span>Diluted <span class=\"_ _3\"></span>earnings <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>share <span class=\"_ _ee\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _45\"> </span>12<span class=\"_ _3\"></span>.29 <span class=\"_ _7\"></span>p <span class=\"_ _240\"> </span>(2<span class=\"_ _3\"></span>1.13 <span class=\"_ _7\"></span>)<span class=\"_ _a\"></span>p<span class=\"_ _421\"> </span>The w<span class=\"_ _2\"></span>eighted av<span class=\"_ _2\"></span>erage number of ordinary shares in respect <span class=\"_ _2\"></span>of the <span class=\"_ _a\"></span>year ended 3<span class=\"_ _a\"></span>1 December 2023 is based upon 1<span class=\"_ _a\"></span>50,849,587 shares. No shares were held <span class=\"_ _19\"></span><span class=\"ls2 ws2\"> </span>in treasury<span class=\"_ _a\"></span>.<span class=\"_ _421\"> </span>There w<span class=\"_ _2\"></span>ere 1<span class=\"_ _7\"></span>,537<span class=\"_ _31\"></span>,582 share options <span class=\"_ _2\"></span>outstanding at 3<span class=\"_ _2\"></span>1 December 2023 (2022: 1<span class=\"_ _7\"></span>,81<span class=\"_ _0\"></span>5,60<span class=\"_ _2\"></span>1<span class=\"_ _a\"></span>). A<span class=\"_ _2\"></span>ccordingly<span class=\"_ _a\"></span>, there is dilution of the av<span class=\"_ _2\"></span>erage number of <span class=\"_ _2\"></span>ordinary shares in issue in respect of 2022 and 2023",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
    "language": "en",
    "entity": "scheme:213800VFRMBRTSZ3SJ06",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-441": {
   "value": "<span class=\"_ _d\"> </span>I<span class=\"_ _3\"></span>4 Contingencies<span class=\"_ _421\"> </span>P<span class=\"_ _2\"></span>ast sales<span class=\"_ _421\"> </span>The group has made pro<span class=\"_ _2\"></span>vision for the <span class=\"_ _2\"></span>estimated cost of settling complaints in respect of past sales <span class=\"_ _2\"></span>of endo<span class=\"_ _2\"></span>wment mortgages. Although the provisions are regularly revie<span class=\"_ _2\"></span>wed, the final <span class=\"_ _2\"></span>outcome could be different from the pro<span class=\"_ _2\"></span>visions established as these costs cannot be calculated with certainty and are influenced b<span class=\"_ _2\"></span>y external factors be<span class=\"_ _2\"></span>yond the control <span class=\"_ _2\"></span>of management, including future regulatory actions. In the UK division \u00a32.5m is held in respect of non-pension mis-selling, of which \u00a31<span class=\"_ _7\"></span>.8m is expected to be recov<span class=\"_ _2\"></span>erable under a pecuniary loss cov<span class=\"_ _2\"></span>er with Allianz. No complaints reserv<span class=\"_ _2\"></span>es are held in Mov<span class=\"_ _2\"></span>estic, Scildon <span class=\"_ _2\"></span>or the <span class=\"_ _0\"></span>W<span class=\"_ _2\"></span>aard Group. <span class=\"_ _3d\"> </span>I<span class=\"_ _3\"></span>5 <span class=\"_ _3\"></span>Capital commitments<span class=\"_ _421\"> </span>There w<span class=\"_ _2\"></span>ere no capital commitments as at 31 December 2023 or as at 31 December 2022<span class=\"_ _421\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
    "language": "en",
    "entity": "scheme:213800VFRMBRTSZ3SJ06",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-65": {
   "value": "<span class=\"_ _d\"> </span>I<span class=\"_ _3\"></span>4 Contingencies<span class=\"_ _421\"> </span>P<span class=\"_ _2\"></span>ast sales<span class=\"_ _421\"> </span>The group has made pro<span class=\"_ _2\"></span>vision for the <span class=\"_ _2\"></span>estimated cost of settling complaints in respect of past sales <span class=\"_ _2\"></span>of endo<span class=\"_ _2\"></span>wment mortgages. Although the provisions are regularly revie<span class=\"_ _2\"></span>wed, the final <span class=\"_ _2\"></span>outcome could be different from the pro<span class=\"_ _2\"></span>visions established as these costs cannot be calculated with certainty and are influenced b<span class=\"_ _2\"></span>y external factors be<span class=\"_ _2\"></span>yond the control <span class=\"_ _2\"></span>of management, including future regulatory actions. In the UK division \u00a32.5m is held in respect of non-pension mis-selling, of which \u00a31<span class=\"_ _7\"></span>.8m is expected to be recov<span class=\"_ _2\"></span>erable under a pecuniary loss cov<span class=\"_ _2\"></span>er with Allianz. No complaints reserv<span class=\"_ _2\"></span>es are held in Mov<span class=\"_ _2\"></span>estic, Scildon <span class=\"_ _2\"></span>or the <span class=\"_ _0\"></span>W<span class=\"_ _2\"></span>aard Group",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
    "language": "en",
    "entity": "scheme:213800VFRMBRTSZ3SJ06",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-63": {
   "value": "I<span class=\"_ _3\"></span>5 <span class=\"_ _3\"></span>Capital commitments<span class=\"_ _421\"> </span>There w<span class=\"_ _2\"></span>ere no capital commitments as at 31 December 2023 or as at 31 December 2022<span class=\"_ _421\"> </span>.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
    "language": "en",
    "entity": "scheme:213800VFRMBRTSZ3SJ06",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-66": {
   "value": " <span class=\"_ _3d\"> </span>I<span class=\"_ _3\"></span>6 <span class=\"_ _3\"></span>Related parties  (a) <span class=\"_ _3\"></span>Identity of related par<span class=\"_ _2\"></span>ties<span class=\"_ _421\"> </span>The shares <span class=\"_ _2\"></span>of the company w<span class=\"_ _2\"></span>ere widely held and no single shareholder ex<span class=\"_ _2\"></span>ercised significant influence or control <span class=\"_ _2\"></span>ov<span class=\"_ _2\"></span>er the company<span class=\"_ _a\"></span>.<span class=\"_ _421\"> </span>The compan<span class=\"_ _2\"></span>y has related party relationships with:<span class=\"_ _421\"> </span>(i) <span class=\"_ _79\"> </span>key management personnel who comprise the directors (including non-ex<span class=\"_ _2\"></span>ecutive directors) <span class=\"_ _2\"></span>of the company;<span class=\"_ _421\"> </span>(ii) <span class=\"_ _10\"> </span>its subsidiary companies;<span class=\"_ _421\"> </span>(iii)  other companies o<span class=\"_ _2\"></span>ver which the directors ha<span class=\"_ _2\"></span>ve significant influence; and<span class=\"_ _421\"> </span>(iv) <span class=\"_ _e\"> </span>transactions with persons related to k<span class=\"_ _2\"></span>ey management personne<span class=\"_ _421\"> </span>(b) <span class=\"_ _3\"></span>Related party tr<span class=\"_ _2\"></span>ansactions<span class=\"_ _421\"> </span>(<span class=\"_ _421\"> </span>i) <span class=\"_ _0\"></span>T<span class=\"_ _0\"></span>ransactions with ke<span class=\"_ _2\"></span>y management personnel.<span class=\"_ _421\"> </span>Ke<span class=\"_ _2\"></span>y management personnel comprise of the directors of the compan<span class=\"_ _2\"></span>y<span class=\"_ _a\"></span>. <span class=\"_ _0\"></span>This is <span class=\"_ _2\"></span>on the basis that the group\u2019<span class=\"_ _a\"></span>s gov<span class=\"_ _2\"></span>ernance map requires all strategically significant decisions to be approv<span class=\"_ _2\"></span>ed by the group board. <span class=\"_ _2\"></span>As such, they ha<span class=\"_ _2\"></span>ve the authority and responsibility f<span class=\"_ _2\"></span>or planning<span class=\"_ _3\"></span>, directing and controlling the activities of the group. Ke<span class=\"_ _2\"></span>y management compensation is as follo<span class=\"_ _2\"></span>ws: <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14b\"> </span>20<span class=\"_ _2\"></span>23  <span class=\"_ _14b\"> </span>2022 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Short-term <span class=\"_ _3\"></span>employee <span class=\"_ _3\"></span>benefits <span class=\"_ _163\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _96\"> </span>2.1  <span class=\"_ _56\"> </span>1.2<span class=\"_ _421\"> </span>Post-employment <span class=\"_ _3\"></span>benefits <span class=\"_ _201\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _20b\"> </span>0.1  <span class=\"_ _5a\"> </span>0.1<span class=\"_ _421\"> </span>Share-based <span class=\"_ _3\"></span>payments <span class=\"_ _1a\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _10e\"> </span>0.6  <span class=\"_ _fe\"> </span>0.8<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _179\"> </span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8  <span class=\"_ _94\"> </span>2<span class=\"_ _3\"></span>.1<span class=\"_ _421\"> </span>The share-based pa<span class=\"_ _2\"></span>yments charge comprises \u00a30.3m (2022: \u00a30.3m) of <span class=\"_ _a\"></span>Short-T<span class=\"_ _0\"></span>erm Incentive Scheme <span class=\"_ _2\"></span>(STIS), and \u00a30.2m (2022: \u00a30.2m) related to Long-T<span class=\"_ _7\"></span>erm Incentive Plan (L<span class=\"_ _0\"></span>TIP), which is determined in accordance with IFRS 2 \u2018Share-based Pa<span class=\"_ _2\"></span>yment\u2019<span class=\"_ _0\"></span>. F<span class=\"_ _a\"></span>urther details on the share-based payment are disclosed in Note I2.<span class=\"_ _421\"> </span>In addition to their salaries the company also pro<span class=\"_ _2\"></span>vides non-cash benefits to directors and contributes to a post-employment defined contribution pension plan on<span class=\"_ _2\"></span> their behalf<span class=\"_ _a\"></span>, or where regulatory contribution limits are reached, pay an equiv<span class=\"_ _2\"></span>alent amount as an addition to base salary<span class=\"_ _a\"></span>.<span class=\"_ _421\"> </span>The f<span class=\"_ _2\"></span>ollowing amounts w<span class=\"_ _2\"></span>ere payable to directors in respect <span class=\"_ _2\"></span>of bonuses and incentives: <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14b\"> </span>20<span class=\"_ _2\"></span>23  <span class=\"_ _14b\"> </span>2022 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>An<span class=\"_ _3\"></span>nual b<span class=\"_ _3\"></span>onus s<span class=\"_ _3\"></span>che<span class=\"_ _3\"></span>me (i<span class=\"_ _3\"></span>nclu<span class=\"_ _3\"></span>ded i<span class=\"_ _3\"></span>n the sh<span class=\"_ _3\"></span>or<span class=\"_ _3\"></span>t-te<span class=\"_ _3\"></span>rm empl<span class=\"_ _3\"></span>oyee b<span class=\"_ _3\"></span>ene<span class=\"_ _3\"></span>fit<span class=\"_ _3\"></span>s above) <span class=\"_ _112\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _8f\"> </span>0<span class=\"_ _3\"></span>.7 <span class=\"_ _0\"></span> <span class=\"_ _12e\"> </span>0.<span class=\"_ _4\"></span>5<span class=\"_ _421\"> </span>These amounts ha<span class=\"_ _2\"></span>ve been included in <span class=\"_ _2\"></span>Accrued Expenses as disclosed in Note G6. <span class=\"_ _7\"></span>The amounts pay<span class=\"_ _2\"></span>able under the annual bonus scheme were pay<span class=\"_ _2\"></span>able within <span class=\"_ _19\"></span><span class=\"ls2 ws2\"> </span>1 <span class=\"_ _a\"></span>year<span class=\"_ _a\"></span>. <span class=\"_ _0\"></span>The terms and conditions attached to the annual bonus scheme can be f<span class=\"_ _2\"></span>ound in the Remuneration section of the Corporate Go<span class=\"_ _2\"></span>vernance section <span class=\"_ _2\"></span>of the Annual Report and <span class=\"_ _2\"></span>Accounts.<span class=\"_ _421\"> </span>(ii) <span class=\"_ _0\"></span>T<span class=\"_ _0\"></span>ransactions with subsidiaries<span class=\"_ _421\"> </span>The compan<span class=\"_ _2\"></span>y undertakes centralised administration functions, the costs <span class=\"_ _2\"></span>of which it charges back to its operating subsidiaries. <span class=\"_ _0\"></span>The f<span class=\"_ _2\"></span>ollowing amounts which eff<span class=\"_ _2\"></span>ectively comprised a reco<span class=\"_ _2\"></span>very of <span class=\"_ _2\"></span>expenses at no mark-up w<span class=\"_ _2\"></span>ere credited to the Statement <span class=\"_ _2\"></span>of Comprehensive Income <span class=\"_ _2\"></span>of the company f<span class=\"_ _2\"></span>or the respective periods:<span class=\"_ _421\"> </span>Y<span class=\"_ _2\"></span>ear ended<span class=\"_ _2\"></span> 31 December <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14b\"> </span>2023  <span class=\"_ _14b\"> </span>20<span class=\"_ _2\"></span>22 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Re<span class=\"_ _3\"></span>cover<span class=\"_ _3\"></span>y <span class=\"_ _4\"></span>of <span class=\"_ _3\"></span>ex<span class=\"_ _3\"></span>pen<span class=\"_ _3\"></span>ses <span class=\"_ _dd\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _179\"> </span>5<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4  <span class=\"_ _12e\"> </span>4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8<span class=\"_ _421\"> </span>(iii) <span class=\"_ _0\"></span>T<span class=\"_ _0\"></span>ransactions between subsidiaries<span class=\"_ _421\"> </span>In the Netherlands, <span class=\"_ _2\"></span>Scildon owns a commercial property that has been <span class=\"_ _2\"></span>occupied by its f<span class=\"_ _a\"></span>ellow Dutch subsidiary <span class=\"_ _0\"></span>W<span class=\"_ _2\"></span>aard since October 2022. <span class=\"_ _0\"></span>The follo<span class=\"_ _2\"></span>wing amounts of rental income were receiv<span class=\"_ _2\"></span>ed from <span class=\"_ _0\"></span>Waard b<span class=\"_ _2\"></span>y <span class=\"_ _2\"></span>Scildon during the respective periods:<span class=\"_ _421\"> </span>Y<span class=\"_ _2\"></span>ear ended<span class=\"_ _2\"></span> 31 December <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14b\"> </span>2023  <span class=\"_ _14b\"> </span>20<span class=\"_ _2\"></span>22 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Ren<span class=\"_ _3\"></span>tal <span class=\"_ _4\"></span>inco<span class=\"_ _3\"></span>me <span class=\"_ _1eb\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _1b1\"> </span>0<span class=\"_ _3\"></span>.1  <span class=\"_ _158\"> </span>\u2013<span class=\"_ _421\"> </span>(iv) <span class=\"_ _0\"></span>T<span class=\"_ _0\"></span>ransactions with persons related to ke<span class=\"_ _2\"></span>y management personnel<span class=\"_ _421\"> </span>During the <span class=\"_ _a\"></span>year<span class=\"_ _a\"></span>, there were no transactions with persons related to k<span class=\"_ _2\"></span>ey management personnel (31 December 2022: \u00a3Nil)",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
    "language": "en",
    "entity": "scheme:213800VFRMBRTSZ3SJ06",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-442": {
   "value": "i) <span class=\"_ _0\"></span>T<span class=\"_ _0\"></span>ransactions with ke<span class=\"_ _2\"></span>y management personnel.<span class=\"_ _421\"> </span>Ke<span class=\"_ _2\"></span>y management personnel comprise of the directors of the compan<span class=\"_ _2\"></span>y<span class=\"_ _a\"></span>. <span class=\"_ _0\"></span>This is <span class=\"_ _2\"></span>on the basis that the group\u2019<span class=\"_ _a\"></span>s gov<span class=\"_ _2\"></span>ernance map requires all strategically significant decisions to be approv<span class=\"_ _2\"></span>ed by the group board. <span class=\"_ _2\"></span>As such, they ha<span class=\"_ _2\"></span>ve the authority and responsibility f<span class=\"_ _2\"></span>or planning<span class=\"_ _3\"></span>, directing and controlling the activities of the group. Ke<span class=\"_ _2\"></span>y management compensation is as follo<span class=\"_ _2\"></span>ws: <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14b\"> </span>20<span class=\"_ _2\"></span>23  <span class=\"_ _14b\"> </span>2022 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Short-term <span class=\"_ _3\"></span>employee <span class=\"_ _3\"></span>benefits <span class=\"_ _163\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _96\"> </span>2.1  <span class=\"_ _56\"> </span>1.2<span class=\"_ _421\"> </span>Post-employment <span class=\"_ _3\"></span>benefits <span class=\"_ _201\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _20b\"> </span>0.1  <span class=\"_ _5a\"> </span>0.1<span class=\"_ _421\"> </span>Share-based <span class=\"_ _3\"></span>payments <span class=\"_ _1a\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _10e\"> </span>0.6  <span class=\"_ _fe\"> </span>0.8<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _1e0\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _179\"> </span>2<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8  <span class=\"_ _94\"> </span>2<span class=\"_ _3\"></span>.1<span class=\"_ _421\"> </span>The share-based pa<span class=\"_ _2\"></span>yments charge comprises \u00a30.3m (2022: \u00a30.3m) of <span class=\"_ _a\"></span>Short-T<span class=\"_ _0\"></span>erm Incentive Scheme <span class=\"_ _2\"></span>(STIS), and \u00a30.2m (2022: \u00a30.2m) related to Long-T<span class=\"_ _7\"></span>erm Incentive Plan (L<span class=\"_ _0\"></span>TIP), which is determined in accordance with IFRS 2 \u2018Share-based Pa<span class=\"_ _2\"></span>yment\u2019<span class=\"_ _0\"></span>. F<span class=\"_ _a\"></span>urther details on the share-based payment are disclosed in Note I2.<span class=\"_ _421\"> </span>In addition to their salaries the company also pro<span class=\"_ _2\"></span>vides non-cash benefits to directors and contributes to a post-employment defined contribution pension plan on<span class=\"_ _2\"></span> their behalf<span class=\"_ _a\"></span>, or where regulatory contribution limits are reached, pay an equiv<span class=\"_ _2\"></span>alent amount as an addition to base salary<span class=\"_ _a\"></span>.<span class=\"_ _421\"> </span>The f<span class=\"_ _2\"></span>ollowing amounts w<span class=\"_ _2\"></span>ere payable to directors in respect <span class=\"_ _2\"></span>of bonuses and incentives: <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14b\"> </span>20<span class=\"_ _2\"></span>23  <span class=\"_ _14b\"> </span>2022 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>\u00a3m  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>An<span class=\"_ _3\"></span>nual b<span class=\"_ _3\"></span>onus s<span class=\"_ _3\"></span>che<span class=\"_ _3\"></span>me (i<span class=\"_ _3\"></span>nclu<span class=\"_ _3\"></span>ded i<span class=\"_ _3\"></span>n the sh<span class=\"_ _3\"></span>or<span class=\"_ _3\"></span>t-te<span class=\"_ _3\"></span>rm empl<span class=\"_ _3\"></span>oyee b<span class=\"_ _3\"></span>ene<span class=\"_ _3\"></span>fit<span class=\"_ _3\"></span>s above) <span class=\"_ _112\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _73\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _8f\"> </span>0<span class=\"_ _3\"></span>.7 <span class=\"_ _0\"></span> <span class=\"_ _12e\"> </span>0.<span class=\"_ _4\"></span>5<span class=\"_ _421\"> </span>These amounts ha<span class=\"_ _2\"></span>ve been included in <span class=\"_ _2\"></span>Accrued Expenses as disclosed in Note G6. <span class=\"_ _7\"></span>The amounts pay<span class=\"_ _2\"></span>able under the annual bonus scheme were pay<span class=\"_ _2\"></span>able within <span class=\"_ _19\"></span><span class=\"ls2 ws2\"> </span>1 <span class=\"_ _a\"></span>year<span class=\"_ _a\"></span>. <span class=\"_ _0\"></span>The terms and conditions attached to the annual bonus scheme can be f<span class=\"_ _2\"></span>ound in the Remuneration section of the Corporate Go<span class=\"_ _2\"></span>vernance section <span class=\"_ _2\"></span>of the Annual Report and <span class=\"_ _2\"></span>Accounts.<span class=\"_ _421\"> </span>(ii) <span class=\"_ _0\"></span>T<span class=\"_ _0\"></span>ransactions with subsidiaries<span class=\"_ _421\"> </span>The compan<span class=\"_ _2\"></span>y undertakes centralised administration functions, the costs <span class=\"_ _2\"></span>of which it charges back to its operating subsidiaries. <span class=\"_ _0\"></span>The f<span class=\"_ _2\"></span>ollowing amounts which eff<span class=\"_ _2\"></span>ectively comprised a reco<span class=\"_ _2\"></span>very of <span class=\"_ _2\"></span>expenses at no mark-up w<span class=\"_ _2\"></span>ere credited to the Statement <span class=\"_ _2\"></span>of Comprehensive Income <span class=\"_ _2\"></span>of the company f<span class=\"_ _2\"></span>or the respective periods:<span class=\"_ _421\"> </span>Y<span class=\"_ _2\"></span>ear ended<span class=\"_ _2\"></span> 31 December <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14b\"> </span>2023  <span class=\"_ _14b\"> </span>20<span class=\"_ _2\"></span>22 <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _2\"></span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Re<span class=\"_ _3\"></span>cover<span class=\"_ _3\"></span>y <span class=\"_ _4\"></span>of <span class=\"_ _3\"></span>ex<span class=\"_ _3\"></span>pen<span class=\"_ _3\"></span>ses <span class=\"_ _dd\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _179\"> </span>5<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>4  <span class=\"_ _12e\"> </span>4<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>8<span class=\"_ _421\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
    "language": "en",
    "entity": "scheme:213800VFRMBRTSZ3SJ06",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-451": {
   "value": " <span class=\"_ _79\"> </span>I7 <span class=\"_ _3\"></span>Group entities<span class=\"_ _421\"> </span>Control of the gr<span class=\"_ _2\"></span>oup<span class=\"_ _421\"> </span>The issued share capital <span class=\"_ _2\"></span>of Chesnara plc, the group parent company<span class=\"_ _0\"></span>, is widely held, with no single party able to control 20% or more of such capital <span class=\"_ _2\"></span>or of the rights which such o<span class=\"_ _2\"></span>wnership conf<span class=\"_ _2\"></span>ers.<span class=\"_ _421\"> </span>Group subsidiary companies <span class=\"_ _fd\"> </span>Countr<span class=\"_ _3\"></span>y of <span class=\"_ _10f\"> </span>O<span class=\"_ _3\"></span>wnership interest <span class=\"_ _2d\"> </span>Owne<span class=\"_ _3\"></span>rship interest <span class=\"_ _2d\"> </span>Functional<span class=\"_ _421\"> </span>Name <span class=\"_ _252\"> </span>incorporati<span class=\"_ _2\"></span>on <span class=\"_ _1c0\"> </span>31 December 202<span class=\"_ _3\"></span>3 <span class=\"_ _179\"> </span>31 December 202<span class=\"_ _3\"></span>2 <span class=\"_ _179\"> </span>Currency<span class=\"_ _421\"> </span>Countrywide Assured plc <span class=\"_ _106\"> </span>United Kingdom <span class=\"_ _5d\"> </span>1<span class=\"_ _3\"></span>00% of all share capital (1) <span class=\"_ _93\"> </span>100% of all share capital (1) <span class=\"_ _1f9\"> </span>Sterling<span class=\"_ _421\"> </span>Countrywide Assured Lif<span class=\"_ _2\"></span>e Holdings Limited <span class=\"_ _3f\"> </span>United Kingdom <span class=\"_ _bf\"> </span>100% of all share capital <span class=\"_ _7c\"> </span>100% of all share capital <span class=\"_ _7c\"> </span>Sterling<span class=\"_ _421\"> </span>Countrywide Assured Services Limit<span class=\"_ _2\"></span>ed <span class=\"_ _97\"> </span>United Kingdom <span class=\"_ _5d\"> </span>100% of all share capital (1) <span class=\"_ _93\"> </span>1<span class=\"_ _3\"></span>00% of all share capital (1) <span class=\"_ _93\"> </span>Sterling<span class=\"_ _421\"> </span>C<span class=\"_ _2\"></span>ount<span class=\"_ _2\"></span>rywi<span class=\"_ _2\"></span>de A<span class=\"_ _2\"></span>ssu<span class=\"_ _2\"></span>red<span class=\"_ _2\"></span> T<span class=\"_ _2\"></span>rust<span class=\"_ _a\"></span>ee C<span class=\"_ _2\"></span>omp<span class=\"_ _2\"></span>any<span class=\"_ _2\"></span> Li<span class=\"_ _2\"></span>mit<span class=\"_ _2\"></span>ed <span class=\"_ _7d\"> </span>United Kingdom <span class=\"_ _5d\"> </span>1<span class=\"_ _3\"></span>00% of all shar<span class=\"_ _2\"></span>e capital (1) <span class=\"_ _1f9\"> </span>100% of all share capital (1) <span class=\"_ _93\"> </span>Sterling<span class=\"_ _421\"> </span>Regis<span class=\"_ _3\"></span>tered address<span class=\"_ _421\"> </span>2nd Floor, <span class=\"_ _4\"></span>Building 4<span class=\"_ _3\"></span>, W<span class=\"_ _2\"></span>est Strand Business Park, <span class=\"ls2\"> </span>W<span class=\"_ _2\"></span>est Strand Road, Prest<span class=\"_ _2\"></span>on, Lancashire PR1 8UY<span class=\"_ _421\"> </span>CASLP Limit<span class=\"_ _2\"></span>ed <span class=\"_ _216\"> </span>United Kingdom <span class=\"_ _1c6\"> </span>100% of all share capital <span class=\"_ _14f\"> </span>100% of all share capital <span class=\"_ _76\"> </span>Sterling<span class=\"_ _421\"> </span>CASFS Limit<span class=\"_ _2\"></span>ed <span class=\"_ _111\"> </span>United Kingdom <span class=\"_ _1c6\"> </span>100% of all share capital (2) <span class=\"_ _1e3\"> </span>100% of all share capital (2) <span class=\"_ _93\"> </span>Sterling<span class=\"_ _421\"> </span>CASLP<span class=\"_ _2\"></span>TS Limited <span class=\"_ _d6\"> </span>United Kingdom <span class=\"_ _1c6\"> </span>100% of all share capital (2) <span class=\"_ _1e3\"> </span>100% of all share capital (2) <span class=\"_ _93\"> </span>Sterling<span class=\"_ _421\"> </span>Regis<span class=\"_ _3\"></span>tered address<span class=\"_ _421\"> </span>Third Floor, One T<span class=\"_ _a\"></span>emple Quay, 1 T<span class=\"_ _a\"></span>emple Back East, <span class=\"ls2\"> </span>Bristol, England, BS1 6D<span class=\"_ _2\"></span>Z<span class=\"_ _421\"> </span>Movestic Livf<span class=\"_ _2\"></span>\u00f6rs\u00e4kring AB <span class=\"_ _239\"> </span>Sweden <span class=\"_ _1d0\"> </span>1<span class=\"_ _3\"></span>00% of all shar<span class=\"_ _2\"></span>e capital <span class=\"_ _3b\"> </span>100% of all share capital <span class=\"_ _7c\"> </span>Swedish kr<span class=\"_ _2\"></span>ona<span class=\"_ _421\"> </span>Movestic F<span class=\"_ _2\"></span>onder AB <span class=\"_ _ee\"> </span>Sweden <span class=\"_ _1d0\"> </span>1<span class=\"_ _3\"></span>00% of all share capital (3) <span class=\"_ _1c7\"> </span>100% of all share capital (3) <span class=\"_ _1c7\"> </span>Swedish kr<span class=\"_ _2\"></span>ona<span class=\"_ _421\"> </span>Regis<span class=\"_ _3\"></span>tered address<span class=\"_ _421\"> </span>Box 7<span class=\"_ _2\"></span>853, S<span class=\"_ _4\"></span>-103 99 St<span class=\"_ _2\"></span>ockholm, Sweden<span class=\"_ _421\"> </span>Movestic F<span class=\"_ _2\"></span>und Management S.<span class=\"_ _3\"></span>A<span class=\"_ _3\"></span>. (6) <span class=\"_ _a4\"> </span>Luxembourg <span class=\"_ _7b\"> </span>\u2013 <span class=\"_ _100\"> </span>\u2013 <span class=\"_ _253\"> </span>Swedish kr<span class=\"_ _2\"></span>ona Regis<span class=\"_ _3\"></span>tered address<span class=\"_ _421\"> </span>12 Rue Gabriel Lippmann, L-5365 Munsbach,  Luxembour<span class=\"_ _2\"></span>g<span class=\"_ _421\"> </span>Chesnara Holdings B.<span class=\"_ _2\"></span>V. <span class=\"_ _17b\"> </span>Neth<span class=\"_ _3\"></span>erlands <span class=\"_ _5b\"> </span>100% of all share capital (4) <span class=\"_ _f6\"> </span>100% of all share capital (4) <span class=\"_ _1fc\"> </span>Euro<span class=\"_ _421\"> </span>W<span class=\"_ _2\"></span>aard Lev<span class=\"_ _2\"></span>en N.V<span class=\"_ _a\"></span>. <span class=\"_ _d6\"> </span>Netherlands <span class=\"_ _114\"> </span>100% of all share capital <span class=\"_ _76\"> </span>100% of all share capital <span class=\"_ _14f\"> </span>Euro<span class=\"_ _421\"> </span>W<span class=\"_ _2\"></span>aard Schade N.<span class=\"_ _2\"></span>V<span class=\"_ _2\"></span>. <span class=\"_ _177\"> </span>Netherlands <span class=\"_ _114\"> </span>100% of all share capital <span class=\"_ _14f\"> </span>100% of all share capital <span class=\"_ _76\"> </span>Euro<span class=\"_ _421\"> </span>W<span class=\"_ _2\"></span>aard V<span class=\"_ _a\"></span>erzekeringen B.<span class=\"_ _2\"></span>V. <span class=\"_ _122\"> </span>Netherlands <span class=\"_ _14e\"> </span>100% of all share capital (5) <span class=\"_ _1e3\"> </span>100% of all share capital (5) <span class=\"_ _1e3\"> </span>Euro<span class=\"_ _421\"> </span>Robein Leven N.<span class=\"_ _a\"></span>V. <span class=\"_ _d1\"> </span>Netherlands <span class=\"_ _114\"> </span>100% of all share capital (5) <span class=\"_ _93\"> </span>100% of all share capital (5) <span class=\"_ _1e3\"> </span>Euro<span class=\"_ _421\"> </span>Robein Effectendienstv<span class=\"_ _2\"></span>eriening N.V<span class=\"_ _a\"></span>. <span class=\"_ _3a\"> </span>Netherlands <span class=\"_ _114\"> </span>100% of all share capital (5) <span class=\"_ _93\"> </span>100% of all share capital (5) <span class=\"_ _1e3\"> </span>Euro<span class=\"_ _421\"> </span>Regis<span class=\"_ _3\"></span>tered address<span class=\"_ _421\"> </span>Geert Scholtenslaan II 1687 CL W<span class=\"_ _2\"></span>ognum, <span class=\"ls2\"> </span>Netherlands<span class=\"_ _421\"> </span>Scildon N.<span class=\"_ _2\"></span>V <span class=\"_ _1a2\"> </span>Netherlands <span class=\"_ _5b\"> </span>100% of all share capital <span class=\"_ _7c\"> </span>100% of all share capital <span class=\"_ _7c\"> </span>Euro<span class=\"_ _421\"> </span>Regis<span class=\"_ _3\"></span>tered address<span class=\"_ _421\"> </span>Laapersveld 68 Hilv<span class=\"_ _2\"></span>ersum, Netherlands<span class=\"_ _421\"> </span>(1) <span class=\"_ _74\"> </span>Held indirectly through Countrywide Assured Lif<span class=\"_ _a\"></span>e Holdings Limited.<span class=\"_ _421\"> </span>(2) <span class=\"_ _74\"> </span>Held indirectly through CASLP Limited.<span class=\"_ _421\"> </span>(3) <span class=\"_ _74\"> </span>Held indirectly through Movestic Livf<span class=\"_ _2\"></span>\u00f6rs\u00e4kring AB<span class=\"_ _2\"></span>.<span class=\"_ _421\"> </span>(4) <span class=\"_ _74\"> </span>Company formed <span class=\"_ _2\"></span>on 25 Nov<span class=\"_ _2\"></span>ember 20<span class=\"_ _a\"></span>14. (5) <span class=\"_ _74\"> </span>Held indirectly through <span class=\"_ _0\"></span>Waard L<span class=\"_ _2\"></span>even N.V<span class=\"_ _7\"></span>.<span class=\"_ _421\"> </span>(6) <span class=\"_ _74\"> </span>Company formed in March 20<span class=\"_ _0\"></span>1<span class=\"_ _2\"></span>7<span class=\"_ _31\"></span>. It was liquidated <span class=\"_ _2\"></span>on 5 September 2022",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory",
    "language": "en",
    "entity": "scheme:213800VFRMBRTSZ3SJ06",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-443": {
   "value": "Chesnara plc, the group parent company",
   "dimensions": {
    "concept": "ifrs-full:NameOfParentEntity",
    "language": "en",
    "entity": "scheme:213800VFRMBRTSZ3SJ06",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-67": {
   "value": "8 <span class=\"_ _3\"></span>Business combination and portf<span class=\"_ _2\"></span>olio acquisition<span class=\"_ _421\"> </span>Conserv<span class=\"_ _2\"></span>atr<span class=\"_ _2\"></span>ix<span class=\"_ _421\"> </span>On 22 July 2022, Chesnara announced the acquisition <span class=\"_ _2\"></span>of the insurance portfolio of Nederlandsche <span class=\"_ _2\"></span>Algemeene Maatschappij van L<span class=\"_ _2\"></span>ev<span class=\"_ _2\"></span>ensverz<span class=\"_ _2\"></span>ekering \u2018Conservatrix\u2019 N.V<span class=\"_ _0\"></span>. (\u2018Conserv<span class=\"_ _2\"></span>atrix\u2019), a specialist provider of lif<span class=\"_ _a\"></span>e insurance products in the Netherlands that was declared bankrupt <span class=\"_ _2\"></span>on 8 December 2020. <span class=\"_ _0\"></span>The acquisition was completed on 1 J<span class=\"_ _2\"></span>anuary 2023, follo<span class=\"_ _2\"></span>wing Court and Regulatory approv<span class=\"_ _2\"></span>als.<span class=\"_ _421\"> </span>The acquisition w<span class=\"_ _2\"></span>as eff<span class=\"_ _a\"></span>ected through the transfer of the insurance portf<span class=\"_ _2\"></span>olio (together with other assets and liabilities as set <span class=\"_ _2\"></span>out in the table below) into <span class=\"_ _0\"></span>W<span class=\"_ _2\"></span>aard Le<span class=\"_ _2\"></span>ven N.V<span class=\"_ _7\"></span>., Chesnara\u2019<span class=\"_ _a\"></span>s Dutch closed-book subsidiary<span class=\"_ _a\"></span>. In order to support the solvency position <span class=\"_ _2\"></span>of the Conservatrix insurance portfolio, a capital contribution <span class=\"_ _2\"></span>of \u00a335m was pro<span class=\"_ _2\"></span>vided by Chesnara, consisting <span class=\"_ _2\"></span>of a \u00a32<span class=\"_ _2\"></span>1<span class=\"_ _0\"></span>.4m contribution from Chesnara and \u00a31<span class=\"_ _a\"></span>4m of e<span class=\"_ _2\"></span>xisting <span class=\"_ _0\"></span>Waard resources. <span class=\"_ _7\"></span>The cash consideration for the acquisition was \u20ac1<span class=\"_ _7\"></span>.<span class=\"_ _421\"> </span>The acquisition is classed as a Business Combination under IFR<span class=\"_ _2\"></span>S 3 and the fair value <span class=\"_ _2\"></span>of the assets and liabilities recognised on 1 J<span class=\"_ _2\"></span>anuary 2023 are as follo<span class=\"_ _2\"></span>ws: <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _17d\"> </span>Fai<span class=\"_ _3\"></span>r <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>alu<span class=\"_ _3\"></span>e <span class=\"_ _19e\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _12e\"> </span>\u00a3m<span class=\"_ _421\"> </span>Asset<span class=\"_ _3\"></span>s<span class=\"_ _421\"> </span>Financial <span class=\"_ _3\"></span>investments <span class=\"_ _1a8\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _28\"> </span>366.9<span class=\"_ _421\"> </span>Other <span class=\"_ _3\"></span>assets <span class=\"_ _1a9\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _56\"> </span>1.3<span class=\"_ _421\"> </span>Deferred tax <span class=\"_ _4\"></span>asset <span class=\"_ _ab\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _14e\"> </span>36.5<span class=\"_ _421\"> </span>Cash <span class=\"_ _f3\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5b\"> </span>30.8<span class=\"_ _421\"> </span>T<span class=\"_ _2\"></span>ota<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ss<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>s <span class=\"_ _1ab\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _a3\"> </span>4<span class=\"_ _3\"></span>35<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>5<span class=\"_ _421\"> </span>Liabilities<span class=\"_ _421\"> </span>Insurance <span class=\"_ _3\"></span>contracts <span class=\"_ _ba\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _156\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _28\"> </span>346.<span class=\"_ _3\"></span>2<span class=\"_ _421\"> </span>Other <span class=\"_ _3\"></span>provisions <span class=\"_ _1ac\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _165\"> </span>12.6<span class=\"_ _421\"> </span>Investment <span class=\"_ _3\"></span>contracts <span class=\"_ _1c5\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _5b\"> </span>70<span class=\"_ _2\"></span>.0<span class=\"_ _421\"> </span>T<span class=\"_ _a\"></span>o<span class=\"_ _3\"></span>tal <span class=\"_ _3\"></span>liabilities <span class=\"_ _1b2\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _2a\"> </span>42<span class=\"_ _3\"></span>8.<span class=\"_ _3\"></span>8<span class=\"_ _421\"> </span>Fair <span class=\"_ _4\"></span>val<span class=\"_ _3\"></span>ue <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>f <span class=\"_ _4\"></span>net <span class=\"_ _4\"></span>as<span class=\"_ _3\"></span>set<span class=\"_ _3\"></span>s <span class=\"_ _251\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _10f\"> </span>6<span class=\"_ _3\"></span>.7<span class=\"_ _421\"> </span>Ne<span class=\"_ _3\"></span>t <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>sse<span class=\"_ _3\"></span>ts <span class=\"_ _4\"></span>ac<span class=\"_ _3\"></span>quir<span class=\"_ _3\"></span>ed <span class=\"_ _111\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _10f\"> </span>6<span class=\"_ _3\"></span>.7<span class=\"_ _421\"> </span>T<span class=\"_ _a\"></span>o<span class=\"_ _3\"></span>tal <span class=\"_ _3\"></span>consideration <span class=\"_ _4\"></span>paid <span class=\"_ _df\"> </span>  <span class=\"_ _73\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _b4\"> </span>\u2013<span class=\"_ _421\"> </span>Profit arising on busines<span class=\"_ _3\"></span>s combination and portfo<span class=\"_ _3\"></span>lio acquisitions <span class=\"_ _93\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _138\"> </span> <span class=\"_ _a\"></span> <span class=\"_ _179\"> </span>6<span class=\"_ _3\"></span>.<span class=\"_ _2\"></span>7<span class=\"_ _421\"> </span>A profit of \u00a36.<span class=\"_ _0\"></span>7m has been recognised on acquisition. <span class=\"_ _0\"></span>This has been recorded as a \u2018P<span class=\"_ _2\"></span>rofit arising on business combinations and portfolio acquisitions<span class=\"_ _a\"></span>\u2019 on the face of the statement of comprehensiv<span class=\"_ _2\"></span>e income. <span class=\"_ _0\"></span>This da<span class=\"_ _2\"></span>y one gain has arisen as by applying the pricing model that w<span class=\"_ _2\"></span>e generally adopt, we <span class=\"_ _2\"></span>offered a purchase price<span class=\"_ _2\"></span> which was at a discount to <span class=\"_ _2\"></span>our o<span class=\"_ _2\"></span>wn assessment of the value <span class=\"_ _2\"></span>of the net assets to be acquired.<span class=\"_ _421\"> </span>The CSM <span class=\"_ _2\"></span>on acquisition has been calculated as the difference betw<span class=\"_ _2\"></span>een the fair v<span class=\"_ _2\"></span>alue of the insurance liabilities and the fulfilment cash flows. <span class=\"_ _7\"></span>This has resulted in a CSM of \u00a346.2m being recognised as at 1 J<span class=\"_ _2\"></span>anuary 2023. <span class=\"_ _0\"></span>This amount f<span class=\"_ _2\"></span>orms part of the CSM value f<span class=\"_ _2\"></span>or \u2018Contracts initially recognised in the <span class=\"_ _a\"></span>year\u2019 in Note F2(ii) and is included in the \u2018insurance contracts<span class=\"_ _2\"></span>\u2019 balance within the table above.<span class=\"_ _421\"> </span>The group determined that a significant number <span class=\"_ _2\"></span>of the contracts acquired did not have an<span class=\"_ _2\"></span>y significant insurance risk at the acquisition date and hav<span class=\"_ _2\"></span>e therefore been classed as inv<span class=\"_ _2\"></span>estment contracts, to be accounted for under IFR<span class=\"_ _2\"></span>S 9.<span class=\"_ _421\"> </span>The assets and liabilities acquired are included within the respectiv<span class=\"_ _2\"></span>e line items on the face <span class=\"_ _2\"></span>of the cash flow statement.<span class=\"_ _421\"> </span>The results <span class=\"_ _2\"></span>of Conservatrix ha<span class=\"_ _2\"></span>ve been included in the Consolidated Financial <span class=\"_ _2\"></span>Statements of the group with <span class=\"_ _2\"></span>effect from 1 J<span class=\"_ _2\"></span>anuary 2023, within <span class=\"_ _0\"></span>W<span class=\"_ _2\"></span>aard Group.<span class=\"_ _421\"> </span>Canada Lif<span class=\"_ _2\"></span>e<span class=\"_ _421\"> </span>On 1<span class=\"_ _2\"></span>6 May 2023, Chesnara announced it had reached an agreement to acquire the <span class=\"_ _2\"></span>onshore UK individual protection business of Canada Lif<span class=\"_ _a\"></span>e Limited, represent<span class=\"_ _3\"></span>ing approximately 47<span class=\"_ _31\"></span>,000 life insurance and critical illness policies. <span class=\"_ _0\"></span>T<span class=\"_ _2\"></span>he transaction is initially in the form of a reinsurance agreement with the liabilities 1<span class=\"_ _0\"></span>0<span class=\"_ _3\"></span>0% ceded by Canada Lif<span class=\"_ _2\"></span>e Limited and accepted by CA, with the eff<span class=\"_ _a\"></span>ective date being 1 January 2023. F<span class=\"_ _a\"></span>rom this date all risks and rew<span class=\"_ _2\"></span>ards relating to the policies were transf<span class=\"_ _2\"></span>erred to CA along with the economic benefit <span class=\"_ _2\"></span>of those risks and rewards.<span class=\"_ _421\"> </span>The initial commission paid b<span class=\"_ _2\"></span>y CA to Canada Lif<span class=\"_ _2\"></span>e Limited for this reinsurance inw<span class=\"_ _2\"></span>ards transaction was \u00a39.0m and w<span class=\"_ _2\"></span>as funded from internal group resources. <span class=\"_ _0\"></span>The CSM on initial recognition has been calculated as \u00a31<span class=\"_ _0\"></span>1<span class=\"_ _7\"></span>.0m as at 1 January 2023.<span class=\"_ _421\"> </span>Customers<span class=\"_ _2\"></span>\u2019 policies are e<span class=\"_ _2\"></span>xpected to transfer to CA in the future via a P<span class=\"_ _a\"></span>art <span class=\"_ _2\"></span>VII transf<span class=\"_ _2\"></span>er<span class=\"_ _a\"></span>, following Court appro<span class=\"_ _2\"></span>val.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
    "language": "en",
    "entity": "scheme:213800VFRMBRTSZ3SJ06",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-68": {
   "value": " <span class=\"_ _3d\"> </span>I<span class=\"_ _3\"></span>9 <span class=\"_ _3\"></span>Post balance sheet ev<span class=\"_ _2\"></span>ent<span class=\"_ _421\"> </span>The directors are not a<span class=\"_ _2\"></span>ware <span class=\"_ _2\"></span>of any significant post balance sheet e<span class=\"_ _2\"></span>vents that require disclosure in the financial statements",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
    "language": "en",
    "entity": "scheme:213800VFRMBRTSZ3SJ06",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  }
 }
}